Vail Resorts Inc (MTN)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Buying here mainly buys a dividend yield of roughly 6.1 percent — and on the most recently reported numbers that yield is not covered by earnings: $8.88 of annual payout per share stands against $4.63 of earnings per share. The difference is funded from the balance sheet, whose equity ratio had fallen to 9.7 percent by April 30, 2026. At the same time the business model is reaching into thin air for the first time: pre-sales for the 2026/2027 season are running roughly 10 percent below the prior year in units. Three things are measurable and will appear in the annual report for the year ending July 31, 2026: the final result of the pass campaign against the interim reading of minus 10 percent, whether the $37 million of savings from fiscal 2025 has become the promised $100 million, and whether the quarterly dividend of $2.22 stays unchanged. The decision is yours.
symbol.quality_note
Vail Resorts took the weather risk out of the ski business: buy your pass in spring and you pay even if January brings no snow. That is exactly what happened in the 2025/2026 winter — revenue fell only 4.9 percent although 12.5 percent fewer people showed up on the mountain. The catch sits one page later in the same quarterly report: for the 2026/2027 season, the company had sold roughly 10 percent fewer passes through May 26, 2026 than a year earlier. Add equity that has melted from $1,594.6 million to $424.5 million in four fiscal years while dividends and buybacks exceed profit. No recommendation — just the question of what a subscription is worth once it starts losing subscribers.
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Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at MTN since then.
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Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 149.40 $ — 68% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIVail Resorts setzt KI im eigenen Betrieb ein — der „My Epic Assistant“ in der hauseigenen App beantwortet Gästefragen in Echtzeit „powered by artificial intelligence“ —, verkauft aber keine KI-Produkte und weist keinen KI-Umsatz aus.
View the full file — quotes, sources, reviewed filings
„Powered by artificial intelligence and resort experts, My Epic Assistant provides real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease."
Angetrieben von künstlicher Intelligenz und Resort-Fachleuten bietet der My Epic Assistant Betreuung in Echtzeit, damit unsere Gäste ihren Tag in unseren Resorts sicher, effizient und mühelos gestalten können.
„During the 2024/2025 North American ski season, we launched the new My Epic Assistant, a new technology within My Epic App."
In der nordamerikanischen Skisaison 2024/2025 haben wir den neuen My Epic Assistant eingeführt, eine neue Technik innerhalb der My-Epic-App.
„Powered by artificial intelligence and resort experts, My Epic Assistant will provide real-time service to allow our guests to navigate their day at our resorts with confidence, efficiency and ease."
Angetrieben von künstlicher Intelligenz und Resort-Fachleuten wird der My Epic Assistant Betreuung in Echtzeit bieten, damit unsere Gäste ihren Tag in unseren Resorts sicher, effizient und mühelos gestalten können.
„The rapid evolution and increased adoption of artificial intelligence technologies have also intensified cybersecurity risks."
Die rasche Entwicklung und die zunehmende Verbreitung von Techniken der künstlichen Intelligenz haben auch die Risiken für die Cybersicherheit verschärft.
Filings Reviewed: 10-Q 2026-06-08 · 10-Q 2026-03-09 · 10-Q 2025-12-10 · 10-Q 2025-06-05 · 10-K 2025-09-29 · 10-K 2024-09-26
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 0.6% below the current price.
- Consensus
- Hold
- Analyst Ratings
- 12
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 07/31/2027 | 6.26 | 4.37 – 7.00 | 2,993 | 45.9% | 11 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -5.22 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -4.67 | -39.40 | 265 | -1.60 | -66.10 | -94 | -150 |
| 2024: Q4 | -4.61 | -0.20 | 260 | 0.70 | -66.60 | 282 | 211 |
| 2025: Q1 | 6.56 | 13.90 | 1,137 | 5.50 | 21.60 | 326 | 251 |
| 2025: Q2 | 10.54 | 10.50 | 1,296 | 1.00 | 30.30 | 118 | 85 |
| 2025: Q3 | -5.08 | -8.80 | 271 | 2.20 | -68.40 | -172 | -228 |
| 2025: Q4 | -5.20 | -12.80 | 271 | 4.10 | -68.90 | 316 | 244 |
| 2026: Q1 | 5.87 | -10.50 | 1,084 | -4.70 | 19.40 | 260 | 185 |
| 2026: Q2 | 8.81 | -16.40 | 1,205 | -7.00 | 28.20 | 71 | 36 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,601 | 283 | 150 | 4.01 | 427 | 875 | 2,482 |
| 2017 | 1,907 | 379 | 211 | 5.22 | 457 | 1,571 | 4,111 |
| 2018 | 2,012 | 409 | 380 | 9.13 | 552 | 1,589 | 4,065 |
| 2019 | 2,272 | 476 | 301 | 7.32 | 634 | 1,501 | 4,426 |
| 2020 | 1,964 | 223 | 99 | 2.42 | 395 | 1,317 | 5,244 |
| 2021 | 1,910 | 261 | 128 | 3.13 | 525 | 1,595 | 6,251 |
| 2022 | 2,526 | 602 | 348 | 8.55 | 711 | 1,612 | 6,318 |
| 2023 | 2,889 | 504 | 266 | 6.69 | 640 | 1,004 | 5,948 |
| 2024 | 2,885 | 489 | 231 | 6.09 | 587 | 724 | 5,698 |
| 2025 | 2,964 | 560 | 280 | 7.53 | 555 | 425 | 5,778 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
The pass sold before the season decouples revenue from the weather: in the nine months ended April 30, 2026, pass products generated 70 percent of lift revenue (prior year 66 percent), which is why revenue fell only 4.9 percent to $2,560.1 million despite 12.5 percent fewer visits. The effective ticket price rose 12.0 percent to $100.24 in the quarter ended April 30, 2026. Forty-two ski areas in irreplaceable locations underpin that pricing power.
The pre-sale itself is shrinking for the first time: for the 2026/2027 season, pass sales through May 26, 2026 were down roughly 10 percent in units, 8 percent in skier days and 5 percent in dollars versus the prior-year period. Skier visits fell from 19.410 million in fiscal 2023 to 17.665 million in fiscal 2025, and by another 15.5 percent to 7.276 million in the quarter ended April 30, 2026.
The payout exceeds the profit: in fiscal 2025, $328.2 million of dividends and $270.0 million of buybacks flowed out — a combined $598.2 million against net income of $280.0 million and operating cash flow of $554.9 million. The annual dividend of $8.88 stands against $4.63 of diluted earnings per share over the four most recently reported quarters. In the quarter ended April 30, 2026 the company repurchased no shares at all for the first time.
Equity attributable to Vail Resorts shareholders fell from $1,594.6 million (fiscal 2021) to $424.5 million (fiscal 2025) and stood at $551.7 million on April 30, 2026 — 9.7 percent of total assets of $5,686.0 million — against $3,023.1 million of debt and $371.4 million of cash. Net interest expense rose 19.4 percent over nine months to $152.1 million. On the relief side: the amended and restated credit agreement of February 9, 2026 extended the maturity and reduced the interest rate.
In the fourth quarter of fiscal 2025 Vail Resorts found errors in interest accretion on the EPR Secured Notes and in depreciation of completed capital projects, classified them as immaterial and nonetheless revised the fiscal 2023 and 2024 statements and the interim figures as of April 30, 2025 voluntarily. Retained earnings as of April 30, 2025 fell by $18.2 million and nine-month net income by $4.6 million. Comparatives from older reports are therefore superseded.
A market capitalization of roughly $5.19 billion (35,633,526 shares at the $145.72 closing price of July 24, 2026) equals roughly 1.8 times revenue over the four most recently reported quarters and roughly 31 times earnings per share of $4.63; enterprise value is roughly $7.8 billion. The dividend yield of roughly 6.1 percent is the real price anchor. Of 12 analyst ratings, seven sit on hold and the average price target is $148.50 (as of July 25, 2026); roughly 6.79 million shares are sold short.
Vail Resorts took the weather risk out of the ski business — and that is exactly what worked in the poor 2025/2026 winter: despite 12.5 percent fewer skier visits, revenue in the nine months ended April 30, 2026 fell only 4.9 percent to $2,560.1 million. The price for it appears in two places in the same quarterly report: roughly 10 percent fewer passes were sold for the 2026/2027 season through May 26, 2026, and equity attributable to Vail Resorts shareholders has shrunk from $1,594.6 million in fiscal 2021 to $551.7 million as of April 30, 2026 because dividends and buybacks exceed profit — $8.88 of annual dividend against $4.63 of earnings per share over the four most recently reported quarters. Not investment advice.
- Vail Resorts landed on our research list through our in-house stock scanner "Turnaround-Kandidaten": rank 9 of 62 U.S. hits, turnaround check 7 of 8, as of July 25, 2026. These lists are recalculated daily, so the ranking is a dated snapshot.
- The fiscal year ends July 31. References to the "third quarter of 2026" cover February 1 to April 30, 2026 (reported June 8, 2026); references to "fiscal 2025" cover the year to July 31, 2025. The fourth fiscal quarter is seasonally a loss quarter, so annual and nine-month figures cannot be extrapolated linearly.
- Earnings per share over the four most recently reported quarters ($4.63) is our own calculation: fiscal 2025 (7.53) less the nine months ended April 30, 2025 (12.33) plus the nine months ended April 30, 2026 (9.43). The prior-year figures come from the latest quarterly report and already include the voluntary revision of earlier statements.
- Prices are dated valuation anchors, not buy arguments: closing price $145.72 on July 24, 2026, all-time closing high $372.51 on November 5, 2021. The share count of 35,633,526 comes from the cover page of the quarterly report (as of June 3, 2026); market capitalization and share count were cross-checked against each other.
- Risk of confusion: on the New York Stock Exchange the ticker MTN stands for Vail Resorts, not for the similarly named African telecoms group MTN Group, which is listed in Johannesburg. The company was named Gillett Holdings, Inc. until 1996.
- No merger and no take-private is underway: the SEC filing history through July 25, 2026 shows no DEFM14A/PREM14A, no SC 13E-3, no SC 13D and no Form 25 or Form 15. The most recent filing after the quarterly report is an Item 7.01 disclosure dated June 24, 2026.
About the Company
Vail Resorts, Inc., together with its subsidiaries, operates mountain resorts and regional ski areas in the United States and internationally. It operates in three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates destination mountain resorts and regional ski areas. This segment is also involved in ancillary activities, including ski school, dining, and retail/rental operations, as well as real estate brokerage activities. Its lodging segment owns and manages various luxury hotels and condominiums under the RockResorts brand; operates other lodging properties and various condominiums; and offers resort ground transportation services. The Real Estate segment owns, develops, and sells real estate properties. Vail Resorts, Inc. was founded in 1962 and is based in Broomfield, Colorado.
| CEO Insider Trades (12 Mo.) | buying own stock |
|---|---|
| Employees | 6,800 |
| Headquarters | Broomfield, CO |
| Address | 390 Interlocken Crescent, 80021 Broomfield, United States |
| Phone | 303 404 1800 |
| Website | vailresorts.com |
| IPO Date | 3. Feb 1997 |
| ISIN | US91879Q1094 |
| Stock Split | 1:1 on 11/06/2008 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Robert A. Katz | CEO & Executive Chairman | 1967 |
| Angela A. Korch | Executive VP & CFO | 1980 |
| Julie A. DeCecco | Executive VP, General Counsel & Chief Public Affairs Officer | 1973 |
| Lynanne J. Kunkel | Executive VP, Chief Human Resources Officer & Chief Transformation Officer | 1968 |
| William C. Rock | President of Mountain Division | 1966 |
| Nathan Mark Gronberg | VP, Controller & Chief Accounting Officer | 1979 |
| Chris Smith | Senior VP & Chief Information Officer | – |
| Connie Wang | Vice President of Investor Relations | – |
| Gregory Jon Sullivan | Executive Vice President, Retail/Rental, Hospitality, and Food & Beverage | 1972 |
| Celeste Burgoyne | EVP & Chief Revenue Officer | 1974 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.