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Owns and operates ski resorts worldwide, selling the Epic Pass season pass network alongside lodging and lift tickets.
Owns and operates ski resorts worldwide, selling the Epic Pass season pass network alongside lodging and lift tickets.
A large part of lift revenue comes from pass holders who pay in advance, so a season's pass sales are largely known before the first lift runs, while day tickets, lessons, rentals, dining and lodging add on-mountain spend. It has grown by acquiring resorts across North America, Australia and Switzerland, and snowfall and visitor numbers decide each season.
Moat: narrow (scale, network effects, installed base). Epic Pass network across owned resorts locks in repeat visitation that single-mountain operators cannot match.
Headquarters: Broomfield, Colorado, United States · Founded: 1997 · Employees: 44,870
Size Vail Resorts (MTN) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $5.66B, the 1103rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $158.59 on 6 Nov 2026.
Performance Over six months the shares gained 26.4%, against +4.9% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 4.3% over the last twelve months (peer median +4.7%); the operating margin is 15.6% (peer median 16.4%).
Valuation It trades at 27.9× forward earnings against a peer median of 17.1× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.4 points above its cost of capital (7.4% WACC).
Credit Vail Resorts has 2 bonds outstanding ($1.10B), rated BB- by the agencies and trading like BB+ at a weighted spread of 159 bp.
Short interest Short interest is 18.3% of the free float (15 Oct 2026).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $2.84B | $2.84B | $2.96B | $2.89B | $2.89B |
| Revenue growth | — | -4% | +3% | 0% | — |
| Gross profit | $867M | $867M | $972M | $950M | $956M |
| EBITDA | $749M | $780M | $857M | $827M | $835M |
| Net income | $148M | $148M | $280M | $231M | $268M |
| Free cash flow | $248M | $248M | $320M | $378M | $325M |
| Capital expenditure | $232M | $232M | $235M | $211M | $315M |
| Total debt | $3.41B | $3.41B | $3.44B | $3.06B | $3.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.6% | +12.7% | 8th lowest of 21 |
| 6-month return | +26.4% | +4.9% | 4th highest of 21 |
| Distance from 52-week high | -3.3% | -13.6% | 4th highest of 21 |
| Revenue growth (TTM) | -4.3% | +4.7% | 3rd lowest of 21 |
| Operating margin | 15.6% | 16.4% | 11th highest of 21 |
| Forward P/E | 27.9× | 17.1× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 9.6% | 4.0% | 7th most demanding of 17 |
| Growth delivered (Del g) | +8.2% | +18.4% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +1.3 pp | -15.4 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | +1.4 pp | -1.8 pp | 7th highest of 20 |
| EV / EBITDA | 12.2× | 13.5× | 8th cheapest of 18 |
| Net debt / EBITDA | 4.2× | 3.9× | 9th most indebted of 19 |
| Bond spread | 159 bp | 142 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 16.4× | -6.4% | +9.4% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% | +24.4% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 17.0× | -11.1% | +7.6% |
Vail Resorts has 2 bonds outstanding with $1.10B face value. The agencies rate it BB-; its bonds trade like BB+. Weighted yield 6.25%, a spread of 159 bp over government bonds.