olivLaw · US equity research
Vail Resorts, Inc. MTN
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Vail Resorts operates destination mountain resorts and regional ski areas across North America, Europe and Australia, earning revenue mainly from lift tickets and passes. The company is working through a difficult year marked by weak winter snowfall in the western U.S., but its fiscal 2027 outlook could point to a recovery in Resort earnings if conditions normalise.
At the close of 05 Nov 2026, Vail Resorts, Inc. (MTN) stock was 158.54 USD (−1.58% on the day), with market capitalisation 5.6 bn USD, P/E 38.5 on diluted EPS of 4.12 USD over the last 12 months, dividend yield 5.60%, beta 0.76, 52-week range 119.02–161.76 USD. Latest reported quarter (Q4 2026): revenue of 278.1 m USD (+2.5% YoY), net income of -190.2 m USD, diluted EPS -5.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.8
- strong (55–70)
- Bollinger (20, 2)
- 143.98 – 159.03
- in the upper half of the band · %B 0.97 · band width 9.9%
- SMA 50 / 200
- 143.83 / 138.52
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.51 / 2.83
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.2% | −1.1% | +10.3 pp | — |
| 3 months | +8.1% | −0.5% | +8.5 pp | — |
| 6 months | +26.6% | +4.4% | +22.2 pp | — |
| Year to date | +19.4% | +12.3% | +7.1 pp | — |
| 1 year | +9.0% | +13.5% | −4.5 pp | −35.5% |
| 3 years | −28.8% | +76.4% | −105.2 pp | −22.6% |
| 5 years | −57.4% | +63.7% | −121.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260.3 m | 1.1 bn | 1.3 bn | 271.3 m | 271.0 m | 1.1 bn | 1.2 bn | 278.1 m |
| Operating income | -201.9 m | 383.2 m | 577.8 m | -199.1 m | -209.8 m | 345.0 m | 494.1 m | -208.8 m |
| Depreciation & amortisation | 71.5 m | 74.4 m | 76.1 m | 74.5 m | 73.1 m | 74.4 m | 77.2 m | 80.9 m |
| Interest expense | 42.8 m | 42.7 m | 41.9 m | 44.3 m | 51.3 m | 49.5 m | 51.3 m | 53.5 m |
| Pre-tax income | -240.3 m | 342.9 m | 541.4 m | -241.5 m | -257.1 m | 298.1 m | 445.9 m | -260.0 m |
| Income tax | -58.4 m | 86.0 m | 130.1 m | -53.2 m | -60.6 m | 72.3 m | 105.6 m | -61.1 m |
| Net income | -173.3 m | 244.4 m | 389.7 m | -180.9 m | -186.8 m | 210.0 m | 314.4 m | -190.2 m |
| Diluted EPS | -4.62 | 6.53 | 10.46 | -4.94 ≈ | -5.20 | 5.87 | 8.81 | -5.32 ≈ |
| Operating cash flow | 282.7 m | 326.4 m ≈ | 115.4 m ≈ | -169.7 m | 315.9 m | 259.9 m ≈ | 6.8 m ≈ | -103.0 m |
| Capex | 71.0 m | 75.0 m ≈ | 33.2 m ≈ | 55.9 m | 71.7 m | 74.9 m ≈ | 35.1 m ≈ | 50.0 m |
| Dividends paid | 83.1 m | 82.8 m ≈ | 82.5 m ≈ | 79.7 m | 79.8 m | 79.1 m ≈ | 79.1 m ≈ | 79.1 m |
| Share repurchases | 20.0 m | 20.0 m | 30.0 m | 200.0 m | 0 | 45.0 m | 0 ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 39-quarter history (min 18.0, median 33.0, max 203.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 2.0 bn | 1.9 bn | 2.5 bn | 2.9 bn | 2.9 bn | 3.0 bn | 2.8 bn |
| Revenue YoY | +12.9% | −13.6% | −2.7% | +32.3% | +14.4% | −0.1% | +2.7% | −4.3% |
| Net income | 301.2 m | 98.8 m | 127.9 m | 347.9 m | 265.8 m | 231.1 m | 280.0 m | 147.5 m |
| Net income YoY | −20.7% | −67.2% | +29.4% | +172.1% | −23.6% | −13.1% | +21.2% | −47.3% |
| Diluted EPS | 7.32 | 2.42 | 3.13 | 8.55 | 6.69 | 6.09 | 7.53 | 4.12 |
| Diluted EPS YoY | −19.8% | −66.9% | +29.3% | +173.2% | −21.8% | −9.0% | +23.6% | −45.3% |
| net % | 13.3% | 5.0% | 6.7% | 13.8% | 9.2% | 8.0% | 9.4% | 5.2% |
| Free cash flow | 442.2 m | 222.6 m | 410.2 m | 517.7 m | 322.9 m | 377.8 m | 319.7 m | 248.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jul 2026
- Cash
- 231.3 m USD
- Financial debt
- 3.2 bn USD
- Net debt
- 3.0 bn USD
- Equity
- 557.4 m USD
- Total assets
- 5.5 bn USD
- Debt / equity
- 5.72x
- Current ratio
- 0.80x
- ROE
- 22.5%
- ROA
- 2.6%
- FCF margin
- 8.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.5 bn | 2.9 bn | 2.9 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 28 Sept 2026verified |
| Operating income | 261.0 m | 601.7 m | 504.4 m | 488.8 m | 560.0 m | 420.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Depreciation & amortisation | 252.6 m | 252.4 m | 269.2 m | 279.1 m | 296.4 m | 305.6 m | SEC (XBRL)· 28 Sept 2026verified |
| EBITDA | 513.6 m ≈ | 854.1 m ≈ | 773.6 m ≈ | 767.9 m ≈ | 856.4 m ≈ | 726.2 m ≈ | SEC (XBRL)· 28 Sept 2026derived |
| Interest expense | 151.4 m | 148.2 m | 155.4 m | 164.6 m | 171.6 m | 205.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Pre-tax income | 125.2 m | 457.2 m | 370.4 m | 339.8 m | 402.4 m | 227.0 m | SEC (XBRL)· 28 Sept 2026verified |
| Income tax | 726.0 k | 88.8 m | 87.6 m | 92.8 m | 104.4 m | 56.2 m | SEC (XBRL)· 28 Sept 2026verified |
| Net income | 127.9 m | 347.9 m | 265.8 m | 231.1 m | 280.0 m | 147.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Diluted EPS | 3.13 | 8.55 | 6.69 | 6.09 | 7.53 | 4.12 | SEC (XBRL)· 28 Sept 2026verified |
| Weighted average diluted shares | 40.8 m | 40.7 m | 39.8 m | 38.0 m | 37.2 m | 35.8 m | SEC (XBRL)· 28 Sept 2026verified |
| Dividend per share | 0.00 | 5.58 | 7.94 | 8.56 | 8.88 | 8.88 | SEC (XBRL)· 28 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 1.1 bn | 563.0 m | 322.8 m | 440.3 m | 231.3 m | SEC (XBRL)· 28 Sept 2026verified |
| Receivables | 345.4 m | 383.4 m | 381.1 m | 375.8 m | 382.4 m | 355.3 m | SEC (XBRL)· 28 Sept 2026verified |
| Inventories | 80.3 m | 108.7 m | 132.5 m | 119.0 m | 117.2 m | 134.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Current assets | 1.7 bn | 1.8 bn | 1.2 bn | 902.0 m | 1.0 bn | 876.5 m | SEC (XBRL)· 28 Sept 2026verified |
| Property, plant & equipment, net | 2.1 bn | 2.1 bn | 2.4 bn | 2.4 bn | 2.4 bn | 2.3 bn | SEC (XBRL)· 28 Sept 2026verified |
| Goodwill | 1.8 bn | 1.8 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 28 Sept 2026verified |
| Intangibles (excl. goodwill) | 319.1 m | 314.1 m | 309.3 m | 302.5 m | 298.5 m | 293.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Total assets | 6.3 bn | 6.3 bn | 5.9 bn | 5.7 bn | 5.8 bn | 5.5 bn | SEC (XBRL)· 28 Sept 2026verified |
| Short-term debt | 114.1 m | 63.7 m | 69.2 m | 59.3 m | 525.0 m | 83.9 m | SEC (XBRL)· 28 Sept 2026verified |
| Long-term debt | 2.7 bn | 2.7 bn | 2.8 bn | 2.7 bn | 2.6 bn | 3.1 bn | SEC (XBRL)· 28 Sept 2026verified |
| Current liabilities | 978.4 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.7 bn | 1.1 bn | SEC (XBRL)· 28 Sept 2026verified |
| Total liabilities | 4.4 bn | 4.5 bn | 4.6 bn | 4.7 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 28 Sept 2026verified |
| Equity | 1.8 bn | 1.8 bn | 1.3 bn | 1.0 bn | 753.9 m | 557.4 m | SEC (XBRL)· 28 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 525.3 m | 710.5 m | 637.9 m | 589.0 m | 554.9 m | 479.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Capex | 115.1 m | 192.8 m | 314.9 m | 211.2 m | 235.2 m | 231.6 m | SEC (XBRL)· 28 Sept 2026verified |
| Free cash flow | 410.2 m ≈ | 517.7 m ≈ | 322.9 m ≈ | 377.8 m ≈ | 319.7 m ≈ | 248.0 m ≈ | SEC (XBRL)· 28 Sept 2026derived |
| Investing cash flow | -103.3 m | -347.9 m | -273.2 m | -241.1 m | -204.5 m | -266.0 m | SEC (XBRL)· 28 Sept 2026verified |
| Financing cash flow | 434.7 m | -493.1 m | -914.0 m | -577.0 m | -242.6 m | -421.0 m | SEC (XBRL)· 28 Sept 2026verified |
| Dividends paid | 0 | 225.8 m | 314.4 m | 323.7 m | 328.2 m | 317.1 m | SEC (XBRL)· 28 Sept 2026verified |
| Share repurchases | 0 | 75.0 m | 500.0 m | 150.0 m | 270.0 m | 45.0 m | SEC (XBRL)· 28 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality80
- Growth0
- Balance sheet24
- Returns55
- Valuation35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.59 – 212.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)83.83 – 212.79 (Mid 129.33)WACC 7.6% · starting FCFF 402.7 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 4.9%
- Peers: EV/EBITDA65.09 – 138.77 (Mid 104.07)4 companies used · median multiple 9.2x · quartiles 7.3x – 10.9xBRSL, DIS, FBYD, PRKS
- Peers: P/E58.59 – 142.50 (Mid 101.13)7 companies used · median multiple 24.5x · quartiles 14.2x – 34.6xBRSL, DIS, MSGE, PRKS, PRSU, RSI, SEAT
- Dividend discount (DDM)116.69 – 156.93 (Mid 133.85)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.1% | 75 (vs peers) | 10% |
| Net margin · Quality | 5.2% | 68 (vs peers) | 6% |
| FCF conversion · Quality | 168.1% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -14.9% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 4.1x | 43 (vs peers) | 10% |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 38.5x | 25 (vs peers) | 10% |
| EV/EBITDA · Valuation | 11.8x | 29 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 6.4% | 92 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 127.9% | 0 (on a fixed band) | 4% |
Score groups
- Balance sheet24/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation35/100 · 3/3 factors with a value
Memo
VAIL RESORTS, INC. (MTN). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 2.8 bn USD in 2026; YoY growth -4.3%; net margin 5.2%; ROE 44.4%; net debt/EBITDA 4.1x.
The estimated value range is 74.46–149.71 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 116.70 USD, the price of 158.54 USD leaves a potential of -26.4% (value / price − 1) and a margin of safety of -35.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 9.1%
- FCF conversion: 168.1%
- Shareholder yield (distributions): 6.4%
What contradicts it
- Revenue CAGR 3Y: -0.6%
- EPS CAGR 3Y: -14.9%
- Interest coverage: 2.0x
- Current ratio: 0.8x
- P/E (TTM): 38.5x
- EV/EBITDA: 11.8x
- Payout ratio (FCF): 127.9%
- The price is above the estimated value range
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +9% / −29% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
1- and 3-year price returns: for MTN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 89.35 Total return -42% · Per year -42% | 158.37 Total return 2% · Per year 2% | 239.11 Total return 54% · Per year 54% |
| 3 years | 78.06 Total return -45% · Per year -18% | 156.49 Total return 6% · Per year 2% | 260.64 Total return 74% · Per year 20% |
| 5 years | 68.20 Total return -48% · Per year -12% | 154.64 Total return 10% · Per year 2% | 284.12 Total return 96% · Per year 14% |
- Exit P/E± 39.12
- Net margin± 27.39
- Annual revenue growth± 23.63
- Annual dilution± 2.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vail Resorts operates destination mountain resorts and regional ski areas across North America, Europe and Australia, earning revenue mainly from lift tickets and passes. The company is working through a difficult year marked by weak winter snowfall in the western U.S., but its fiscal 2027 outlook could point to a recovery in Resort earnings if conditions normalise.
SWOT
Strengths
- An integrated network of premier resorts and a pass model that brings advance payments and builds loyalty 1.
- Presence in diverse markets across North America, Europe and Australia, which reduces reliance on one regional climate 1.
- An efficiency programme whose savings exceeded the original plan, according to company communications 2.
Weaknesses
Opportunities
- The Epic Experience strategy could lift visitation and guest spending through personalisation and technology 2.
- Guests who delayed purchases could be won back through passes or lift tickets during the season 2.
- The Australian market and international pass alliances offer room for growth if weather normalises 1.
Risks
- Unfavourable weatherhigh
A lack of snow could reduce visits and revenue, especially in the Rockies and Tahoe, and effects could carry into later seasons 1.
- Epic Coverage refundsmedium
The refund programme for pass holders could create significant costs if qualifying events occur during the season 1.
- Inflation and interest ratesmedium
Inflationary pressure and elevated rates could raise capital and labour costs and weigh on margins 1.
- Travel disruptionmedium
Geopolitical conflict, airfares and road travel costs could discourage destination visitors 1.
- AI and cybersecuritylow
Growing use of artificial intelligence and personal data could create privacy and reputational risks 1.
Investment thesis
What would need to be true (bull case)
- If the coming season returns to normal snowfall, the company could recover some lost revenue, supported by pricing and higher guest spending 2.
- The efficiency programme and cost control could support margins even if volumes stay below expectations 2.
- The integrated resort network and pass loyalty could provide stability over the longer term 1.
What to watch
- Final pass sales for the 2026/2027 seasonQ1 2027
- Delivery against the fiscal 2027 Resort Reported EBITDA guidance2027
- Trend in skier visits at North American resortsnext 10-K
- Effects of the Resource Efficiency Transformation programme2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vail Resorts, Inc. is a Delaware holding company organised in 1997 that runs three reportable segments: Mountain, Lodging and Real Estate. The Mountain segment represented approximately 88% of net revenue for fiscal 2026 1, Lodging approximately 12% 1, and Real Estate nothing material 1.
The Mountain segment operates 42 destination mountain resorts and regional ski areas 1, including Vail, Breckenridge, Park City, Whistler Blackcomb and resorts in Lake Tahoe, Switzerland and Australia 1. Besides lift tickets and passes, revenue comes from ski school, rentals, dining and retail.
The Lodging segment includes RockResorts luxury hotels, condominiums near resorts, National Park Service concessions and a Colorado ground transportation company 1. The Epic Pass model brings advance payments and builds guest loyalty, which is central to the business 1.
Segments
Mountain
The Mountain segment is the main revenue source and includes lift tickets, passes and ancillary services. Lift tickets, including passes, were about 58% of segment net revenue in fiscal 2026 1, and pass revenue was about 70% of total lift revenue in the same year 1.
Lodging
The Lodging segment covers luxury hotels, condominiums near resorts, National Park Service concessions and golf. Revenue from properties close to the resorts tracks the Mountain segment and depends on destination guests 1.
Real Estate
The Real Estate segment sells land parcels to third-party developers and prepares future projects without major vertical development. Its revenue is volatile because it depends on the timing of closings 1.
Market context
North America has approximately 770 ski areas, about 490 of them in the U.S. 1. Combined skier visits were about 72.9 million in the 2025/2026 season, and the company's resorts had about 13.1 million visits, or 17.9% of the total 1.
The resorts sit near population centres of about 110 million people 1, and Australia and Switzerland add geographic diversity. Demand remains sensitive to climate and economic conditions, and destination visitation is still under pressure 2.
Trends
- Weak western U.S. winterheadwind
Record-low snowfall and warm temperatures reduced visits in the Rockies and Tahoe during the 2025/2026 season, lowering core revenue 12.
- Efficiency programmetailwind
The Resource Efficiency Transformation programme delivered savings and is being expanded to add a further 30 million USD by fiscal 2028 2, which could offset cost pressures.
- Pass sales under pressuremixed
Pass unit and day sales for the 2026/2027 season declined, although the company suggests some demand may be delayed rather than lost 2.
- Inflation and interest ratesheadwind
Persistent inflation and elevated interest rates raise labour and borrowing costs, and could weigh on guest spending if disposable incomes fall 1.
Competitive position
Vail's resorts compete with other destination resorts such as Aspen Snowmass, Deer Valley, Jackson Hole, Palisades Tahoe and Killington, as well as regional ski areas in Colorado, California and Utah 1. Its passes compete with multi-resort products such as the IKON Pass and Indy Pass 1.
The company's advantage lies in its integrated network of owned and operated resorts with a shared pass and data ecosystem 1. It says it invests more in capital improvements than competitors, which could help sustain its position 1.
- Aspen Snowmass
Destination resort in Colorado named as a direct rival to Vail's resorts 1.
- Palisades Tahoe
Destination resort in the Lake Tahoe region competing with Vail's Tahoe resorts 1.
- IKON Pass
Multi-resort pass product competing directly with the Epic Pass 1.
- Indy Pass
Pass product aimed at independent ski areas that competes with the company's pass offering 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Oasis Drops Board Nominees in Vail Resorts Proxy BattleBloomberg Markets · 03 Nov 2026 · EN
- Vail Resorts Wins Large Shareholder Support in Fight with OasisBloomberg Markets · 30 Oct 2026 · EN
- Here’s What Pressured Vail Resorts (MTN) in Q2Yahoo Finance — News · 21 Sept 2026 · EN
- JM Smucker Moves on Profit Beat; Vail Resorts Down on Full Year Guidance Cut | Stock MoversBloomberg Markets · 09 Jun 2026 · EN
SEC filings
- Current report19 Oct 2026Material agreement
- Annual report28 Sept 2026
- Current report28 Sept 2026Results of operations · Financial statements and exhibits
- Current report02 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report30 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report24 Jun 2026Regulation FD disclosure
- Quarterly report08 Jun 2026
- Current report08 Jun 2026Results of operations · Financial statements and exhibits
- Current report23 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Mar 2026Regulation FD disclosure
Sources
- [1] Form 10-K, fiscal year ended 2026-07-31 · SEC / Vail Resorts, Inc. · 28 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Vail Resorts, Inc. · 28 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.