At a glance
Vail Resorts Inc is worth $5.41B, about 37 times its fiscal 2026 earnings. Revenue fell 4.3% to $2.84B in fiscal 2026, with 5.2% kept as profit; over 5 years it has grown 8.2% a year. It pays a 5.84% dividend yield, and returned $2.55B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +6.3% over the past year with dividends reinvested and −11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.7% in the 2020 crash (S&P 500: 33.7%) and 35.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Vail Resorts runs ski resorts. It operates 42 mountain resorts and regional ski areas in the US, Canada, Switzerland and Australia. Its destination resorts draw many long-distance travelers. They include Vail Mountain, Breckenridge and Park City in the Rocky Mountains, Whistler Blackcomb in British Columbia, and Heavenly near Lake Tahoe. The regional ski areas mostly serve local guests within driving distance of cities such as New York, Philadelphia and Chicago. Its North American resorts drew about 13.1 million skier visits in the 2025/2026 season. That was roughly 17.9% of all skier visits in North America.
The Mountain segment, which is the ski business, brought in about 88% of net revenue in the fiscal year ended July 31, 2026. It sells lift tickets, including pass products such as the Epic Day Pass. These passes are sold in advance at a discount to single-day tickets. It also earns money from ski and snowboard lessons, equipment rentals, retail shops, restaurants and summer activities such as mountain biking. The Lodging segment brought in about 12%. It owns or manages RockResorts luxury hotels, condominiums near the resorts, the Grand Teton Lodge Company in Grand Teton National Park, and golf courses. The Real Estate segment contributed close to nothing.
Total revenue was $2.84 billion in fiscal 2026. About 79% came from the US and 21% from other countries.
Price history
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MTN +6.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Geographic Distribution, Domestic | $2.24B | 78.9% |
| Geographic Distribution, Foreign | $600.0M | 21.1% |
Latest results
- In Q4 FY2026 (ended Jul 31, 2026), revenue was $278.1M, up 2.5% from a year earlier, and net income was $-190.2M.
- For fiscal 2026, revenue was $2.84B (-4.3% year over year; +8.2% a year from FY2021 to FY2026) with a 5.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +8.2% good |
|---|---|
| Operating margin | 14.8% watch |
| Free cash flow margin | 8.7% watch |
| Return on equity (FY2026) | 61.3% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 2.7% weak |
| Net cash (cash minus debt) | $-2.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.91B | $127.8M | $410.2M |
| FY2022 | $2.53B | $347.9M | $517.7M |
| FY2023 | $2.89B | $265.8M | $322.9M |
| FY2024 | $2.89B | $231.1M | $377.8M |
| FY2025 | $2.96B | $280.0M | $319.7M |
| FY2026 | $2.84B | $147.5M | $248.0M |
Valuation snapshot
| Market value | $5.41B |
|---|---|
| P/E ratio | 36.9 |
| Dividend yield | 5.84% |
Rank among 1514 US companies
Market value at each year end
Vail Resorts’s market value went from $6.45B at the end of 2016 to $5.41B on Oct 28, 2026, down 16%; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.41B | +14.0% |
| 2025 | $4.75B | -32.3% |
| 2024 | $7.02B | -13.4% |
| 2023 | $8.10B | -15.7% |
| 2022 | $9.61B | -27.5% |
| 2021 | $13.26B | +18.1% |
| 2020 | $11.23B | +16.3% |
| 2019 | $9.65B | +13.5% |
| 2018 | $8.51B | -0.9% |
| 2017 | $8.59B | +33.2% |
| 2016 | $6.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTN price data to Oct 28, 2026 | +20.1% | +6.3% | -4.7% | -11.0% | +2.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.1% |
| 2025 | -24.9% |
| 2024 | -8.0% |
| 2023 | -7.1% |
| 2022 | -25.0% |
| 2021 | +18.2% |
| 2020 | +17.7% |
| 2019 | +17.4% |
| 2018 | +1.7% |
| 2017 | +34.4% |
| 2016 | +28.9% |
| 2015 | +43.6% |
| 2014 | +23.7% |
| 2013 | +40.9% |
| 2012 | +30.1% |
| 2011 | -17.7% |
| 2010 | +37.7% |
| 2009 | +42.1% |
| 2008 | -50.6% |
| 2007 | +20.1% |
| 2006 | +35.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 77.1% over that stretch · deepest drop along the way 77.1%, back to its old high 48 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.2% over that stretch · deepest drop along the way 43.7%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.7% over that stretch · deepest drop along the way 35.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BAMCO INC /NY/ | 18.34% | Jun 30, 2026 |
| Capital World Investors | 12.1% | Jan 30, 2026 |
| Capital International Investors | 11.4% | Mar 31, 2026 |
| Oasis Management Co Ltd. | 7.9% | Mar 31, 2026 |
| Oasis Management Company Ltd. | 6.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
ETFs with the most weight in MTN
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF | 1.73% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.25% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.88% |
| HIDV AB US High Dividend ETF | 0.75% |
| WCEO Hypatia Women CEO ETF | 0.44% |
| NUSC Nuveen ESG Small-Cap ETF | 0.41% |
| TMFX Motley Fool Next Index ETF | 0.32% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.31% |
What could go wrong
- Poor snow and a warming climate. Skier visits depend on how much snow falls and when. Warm winters shrink skiable terrain and raise snowmaking costs. The company warns that climate change could bring less snow and more unpredictable weather.
- Refunds under the Epic Coverage program. The Epic Coverage program may require large refunds to pass holders. Big refunds would reduce revenue. They could also lead to customer complaints and hurt how people see Vail's passes.
- Seasonal business with high fixed costs. Most revenue comes in during the ski season. The quarter ended July 31, 2026 showed a net loss of about $190 million. Resort costs are largely fixed, so falling revenue can sharply cut margins.
- Ski trips are costly and optional. Skiing is an optional and costly purchase, and Vail charges some of the highest single-day lift ticket prices in the industry. In an economic slowdown, guests may spend less, which could force more discounts.
- A heavy debt load. Total debt was about $3.18 billion against roughly $268 million in cash and investments as of July 31, 2026. Debt payments can divert cash, and higher interest rates raise refinancing costs.
- Dividend larger than earnings and cash flow. Fiscal 2026 dividends equaled about 215% of earnings and 128% of free cash flow. The company says it cannot assure that dividends will continue, or that they will stay at past levels.
Recent events
- Major agreement signed
- Quarterly results released
- Executive or board change
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Vail Resorts paid no dividend in fiscal 2021. Dividends per share then rose from $5.58 in fiscal 2022 to $8.88 in fiscal 2025. They stayed at $8.88 in fiscal 2026, which ended the run of increases. The yield was 5.84% as of October 28, 2026. The dividend was larger than both profits and free cash flow, which is the cash left after capital spending. Fiscal 2026 dividends equaled about 215% of earnings and 128% of free cash flow. The company says it cannot promise future dividends will match past levels. Buybacks totaled about $1.04 billion over fiscal 2022–2026 but slowed to $45 million in fiscal 2026.
The shares fell 77.1% in the 2008 financial crisis and did not recover until March 2013. They lost 43.7% in the 2020 COVID crash but recovered by October 2020. After a 35.7% drop in 2022, they had not regained their January 2022 peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Vail Resorts make money?
Mostly from skiing. In the fiscal year ended July 31, 2026, the Mountain segment produced about 88% of net revenue. It earns money from lift tickets and pass products such as the Epic Day Pass, plus ski school, equipment rentals, retail and dining at its 42 resorts and ski areas. The Lodging segment, which includes RockResorts hotels and the Grand Teton Lodge Company, added about 12%. Total revenue was $2.84 billion, and about 79% of it was earned in the US.
What ski resorts does Vail Resorts operate?
Vail Resorts operates 42 mountain resorts and regional ski areas. Its destination resorts include Vail Mountain, Breckenridge, Keystone, Beaver Creek and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood near Lake Tahoe; Whistler Blackcomb in Canada; and Andermatt-Sedrun and Crans-Montana in Switzerland. Its regional ski areas include Stowe, Okemo, Mount Snow and Hunter Mountain in the Northeast, Stevens Pass in Washington State, and Perisher, Falls Creek and Mount Hotham in Australia.
Is Vail Resorts' dividend covered by its earnings?
Not in fiscal 2026. Vail Resorts paid $8.88 per share in dividends, while diluted earnings were $4.12 per share. Its dividends equaled about 215% of earnings and 128% of free cash flow, which is the cash left after capital spending. The dividend was $8.88 in both fiscal 2025 and fiscal 2026, up from $5.58 in fiscal 2022. No dividend was paid in fiscal 2021. The yield was 5.84% as of October 28, 2026. The company says it cannot assure future dividends will match past levels.
How much debt does Vail Resorts have?
About $3.18 billion as of July 31, 2026, against roughly $268 million in cash and investments. Shareholders' equity, the accounting value of the owners' stake, was only about $241 million. That small base helps explain why return on equity (profit divided by equity) was 61.3% in fiscal 2026. The company warns that its debt could divert cash flow to debt payments. It could also limit the company's ability to respond to changes in the economy or its industry.
How has Vail Resorts stock performed over the past five years?
It has fallen sharply. As of October 28, 2026, the share price was down about 44% over five years, or roughly 11% a year. It fell in every calendar year from 2022 through 2025, including drops of about 25% in both 2022 and 2025. The price rose 20.1% in 2026 through October 28. Over ten years, it was up about 34% in total, or 2.9% a year.