Vail Resorts MTN

NYSE · Services-Miscellaneous Amusement & Recreation · $5.7B

Every report since 2022 →

No closes on file for MTN yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$5.7B

Enterprise value$8.8B

Revenue$2.8B −4.3%

ROIC8.8%

EPS, diluted$4.12 −45.3%

Modern Valuation (EOD)

Market Cap$5.7B

Enterprise Value$8.8B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT20.83

EV / Sales3.09

P / E (GAAP)38.91

P / FCF—

P / Oper. CF11.97

P / Book10.30

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield2.6%

Shareholder Yield+5.8%

Buyback Yield0.8%

Dividend Yield—

Dividend / sh$8.88

Payout Ratio215%

FCF / sh—

EPS (diluted)$4.12

Compounder & Returns

Rule of 40—

ROIC8.8%

Cash ROIC (CROIC)—

GP / Assets—

ROE26.5%

ROA2.7%

Gross Margin—

Oper. Margin14.8%

Net Margin5.2%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−6.0%

SBC % of FCF—

SBC % of Rev1.0%

Reinvest. Rate—

Sales Growth Y/Y−4.3%

Sales 3Y CAGR−0.6%

EPS Growth Y/Y−45.3%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−3.8%

Balance Sheet & Scale

Revenue (FY)$2.8B

Gross Profit (FY)—

Oper. Income (FY)$420.5M

GAAP Net Income$147.5M

True FCF (ex-SBC)—

Cash & Equiv$247.0M

Total Debt$3.3B

Net Cash (Debt)$-3.0B

Net Cash % MCap−52.6%

Debt / FCF (yrs)—

Current Ratio0.8035.64M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of MTN revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$2.4B ($85.2 / $100)

Tax & Non-Operating$273.0M ($9.6 / $100)

Net Profit Kept$147.5M ($5.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$147.5M (5.2% margin)

Operating Cash Flow (OCF)$479.6M(16.9% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$28.2M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.5B	$2.9B	$2.9B	$3.0B	$2.8B	−4.3%	+3.0%
Operating Income (EBIT)	$601.7M	$504.4M	$488.8M	$560.0M	$420.5M	−24.9%	−8.6%
Interest Expense	$148.2M	$155.4M	$164.6M	$171.6M	$205.6M	+19.8%	+8.5%
Income Tax Expense	$88.8M	$87.6M	$92.8M	$104.4M	$56.2M	−46.2%	−10.8%
GAAP Net Income	$368.3M	$285.1M	$246.3M	$298.0M	$147.5M	−50.5%	−20.4%
Diluted EPS	$8.55	$6.69	$6.09	$7.53	$4.12	−45.3%	−16.7%
Diluted Shares	40.7M	39.8M	38.0M	37.2M	35.8M	−3.8%	−3.2%
Balance Sheet
Cash & Equivalents	$1.1B	$573.1M	$337.1M	$456.4M	$247.0M	−45.9%	−31.6%
Inventory	$108.7M	$132.5M	$119.0M	$117.2M	$134.6M	+14.9%	+5.5%
Total Current Assets	$1.8B	$1.2B	$902.0M	$1.0B	$876.5M	−16.5%	−16.4%
Total Assets	$6.3B	$5.9B	$5.7B	$5.8B	$5.5B	−4.4%	−3.3%
Total Current Liabilities	$1.1B	$1.1B	$1.1B	$1.7B	$1.1B	−34.2%	−0.3%
Total Debt (Short + Long Term)	$2.9B	$2.9B	$2.8B	$3.7B	$3.3B	−12.1%	+3.3%
Total Liabilities	$4.5B	$4.6B	$4.7B	$5.0B	$5.0B	−1.1%	+2.7%
Stockholders' Equity	$1.8B	$1.3B	$1.0B	$753.9M	$557.4M	−26.1%	−25.8%
Net Cash / (Net Debt)	$-1.7B	$-2.3B	$-2.5B	$-3.3B	$-3.0B	+7.4%	—
Invested Capital	$3.6B	$3.6B	$3.5B	$4.0B	$3.6B	−10.9%	−0.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$710.5M	$637.9M	$589.0M	$554.9M	$479.6M	−13.6%	−9.4%
Depreciation & Amortization (D&A)	$252.4M	$269.2M	$279.1M	$296.4M	$305.6M	+3.1%	+4.9%
Stock-Based Compensation (SBC)	$24.9M	$25.4M	$26.8M	$34.0M	$28.2M	−17.1%	+3.1%
Share Repurchases (Buybacks)	$75.0M	$500.0M	$150.0M	$270.0M	$45.0M	−83.3%	−12.0%
Dividends Paid	$225.8M	$314.4M	$323.7M	$328.2M	$317.1M	−3.4%	+8.9%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MTN did at the next close after each story

No Wire story has named MTN yet.

What happened · big days

15 big days in a year, and what we hold on each

A big day is a close more than 4.41% from the one before, three times MTN’s median day (1.47%). On 4 of the 15, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.41%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMTNWhat we hold that dayGroup (median of 4) · each

1 Nov 4, 2025−4.98%
Before our storiesgroup −0.9%, did not move with it
1Nov 4, 2025−4.98%
Before our stories
−0.9% did not move with itDKNG −6.4 · MSGE −0.9 · DIS −0.6
2 Dec 11, 2025+9.32%
Resultsgroup +2.4%, did not move with it
2Dec 11, 2025+9.32%
ResultsFirst close after the Dec 10 results filing
+2.4% did not move with itMSGE +2.6 · DIS +2.4 · DKNG +0.8
3 Dec 12, 2025+4.49%
Before our storiesgroup +0.1%, did not move with it
3Dec 12, 2025+4.49%
Before our stories
+0.1% did not move with itDKNG +1.8 · DIS +0.1 · MSGE +0.0
4 Feb 4, 2026+5.80%
Before our storiesgroup +1.8%, did not move with it
4Feb 4, 2026+5.80%
Before our stories
+1.8% did not move with itDIS +2.7 · DKNG +1.8 · MSGE −0.9
5 Mar 17, 2026+9.02%
Before our storiesgroup +1.3%, did not move with it
5Mar 17, 2026+9.02%
Before our stories
+1.3% did not move with itDIS +1.7 · DKNG +1.3 · MSGE −0.4
6 Mar 18, 2026−5.73%
Before our storiesgroup −0.9%, did not move with it
6Mar 18, 2026−5.73%
Before our stories
−0.9% did not move with itMSGE −1.2 · DIS −0.9 · DKNG +0.2
7 Apr 23, 2026−5.05%
Before our storiesgroup −1.1%, did not move with it
7Apr 23, 2026−5.05%
Before our stories
−1.1% did not move with itDKNG −1.3 · DIS −1.1 · MSGE +0.1
8 Apr 28, 2026+5.10%
Before our storiesgroup −0.6%, did not move with it
8Apr 28, 2026+5.10%
Before our stories
−0.6% did not move with itMSGE +1.0 · DKNG −0.6 · DIS −0.9
9 Jun 17, 2026−4.94%
Nothing on MTNgroup −3.1%, moved with MTN
9Jun 17, 2026−4.94%
Nothing on MTNNo MTN story, brief or results filing in our record that day
−3.1% moved with MTNDKNG −7.7 · MSGE −3.1 · DIS −0.4
10 Jun 18, 2026+11.43%
Nothing on MTNgroup +0.6%, did not move with it
10Jun 18, 2026+11.43%
Nothing on MTNNo MTN story, brief or results filing in our record that day
+0.6% did not move with itDIS +3.0 · MSGE +0.6 · DKNG +0.3
11 Jun 25, 2026−7.56%
Nothing on MTNgroup −3.0%, did not move with it
11Jun 25, 2026−7.56%
Nothing on MTNNo MTN story, brief or results filing in our record that day
−3.0% did not move with itDKNG −5.8 · DIS −3.0 · MSGE +3.0
12 Jul 28, 2026+5.93%
Nothing on MTNgroup +2.1%, did not move with it
12Jul 28, 2026+5.93%
Nothing on MTNNo MTN story, brief or results filing in our record that day
+2.1% did not move with itDIS +2.3 · DKNG +2.1 · MSGE −0.2
13 Jul 30, 2026−4.49%
Nothing on MTNgroup −2.4%, moved with MTN
13Jul 30, 2026−4.49%
Nothing on MTNNo MTN story, brief or results filing in our record that day
−2.4% moved with MTNDKNG −3.4 · DIS −2.4 · MSGE +3.8
14 Sep 11, 2026+5.07%
Nothing on MTNgroup +4.3%, moved with MTN
14Sep 11, 2026+5.07%
Nothing on MTNNo MTN story, brief or results filing in our record that day
+4.3% moved with MTNMSGE +4.5 · DKNG +4.3 · DIS +0.7
15 Nov 4, 2026+5.03%
Nothing on MTNgroup +3.7%, moved with MTN
15Nov 4, 2026+5.03%
Nothing on MTNNo MTN story, brief or results filing in our record that day
+3.7% moved with MTNDKNG +5.4 · DIS +4.2 · MSGK +3.2 · MSGE −1.0

A story on the same day is not a cause, and a group move is not proof either. Group: the median of DIS, DKNG, MSGK and MSGE that day, the largest companies in MTN’s SEC industry; “moved with MTN” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MTN reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Dec 10, 2025

day 1+9.32%day 6+8.95%

Reported Mar 9, 2026

day 1+0.93%day 6+7.80%

Reported Jun 8, 2026

day 1−4.34%day 6−0.39%

Reported Sep 28, 2026

day 1+2.32%day 6+5.15%

Next report: expected early-to-late DecemberEstimated from the dates of its last four results filings. Not announced. Since the Sep 28 report: +16.65%. Four reports is a small sample.

Every report since 2022 →

Each line is MTN’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MTN against four same-industry peers, a year at 100

MTN is up 9.2% in a year. Madison Square Garden Entertainment is up 69.3%. Of these four, Disney (+7.4%), DraftKings (−24.0%) and Rush Street Interactive (−28.4%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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MTN +9.2%. Madison Square Garden Entertainment +69.3%, Disney +7.4%, DraftKings −24.0%, Rush Street Interactive −28.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MTN’s SEC industry (Services-Miscellaneous Amusement & Recreation) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

DIS	Disney	$205.4B	−1.45%
DKNG	DraftKings	$11.5B	+1.77%
MSGK	MSG Knickerbockers	$7.8B	−2.35%
MSGE	Madison Square Garden Entertainment	$3.8B	−4.23%
RSI	Rush Street Interactive	$2.9B	−3.64%
STUB	StubHub Holdings	$2.1B	−4.70%
BRSL	Brightstar Lottery	$1.9B	−0.99%
GENI	Genius Sports	$1.8B	−15.55%