MTNNYSEServices-Miscellaneous Amusement & RecreationFiscal year ends July 31
VAIL RESORTS INC
Financials through Q4 FY2026, quarter ended Jul 31, 2026Last filing: 10-K on Sep 28, 2026
$150.97−0.04 (-0.03%)
Close on Oct 19, 2026
- Market cap
- $5.39B
- P/E (TTM)
- 36.6
- Dividend yield
- 5.88%
Margins
Share of revenue, fiscal years 2012 to 2026
Operating margin
14.8%+1.1 pts over 5 years
Net margin
5.2%−1.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -4.3% | -0.6% | +8.2% | +5.9% | |
| Operating income | -24.9% | -5.9% | +10.0% | +4.0% | |
| Net income | -47.3% | -17.8% | +2.9% | -0.1% | |
| EPS, diluted | -45.3% | -14.9% | +5.7% | +0.3% | |
| Free cash flow | -22.4% | -8.4% | -9.6% | -2.7% | |
| Dividend per share | 0.0% | +3.8% | – | +12.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 17.2% | 8.8% | 44.4% | |
| Return on assets | 6.4% | 2.2% | 2.6% | |
| Current ratio | 0.72 | 1.78 | 0.80 | |
| Debt to equity | 0.81 | 1.79 | 13.25 | |
| Net debt to EBITDA | 2.01× | 3.10× | 4.07× | |
| Interest coverage | 7.0× | 1.7× | 2.0× | |
| Capex to revenue | 7.6% | 6.0% | 8.2% | |
| Diluted shares | 40M | 41M | 36M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Vail Resorts generated $2.97B from operations and spent $3.73B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$2.97B
Used
$3.73B
Capital expenditure$1.19B32%Dividends$1.51B40%Share buybacks$1.04B28%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.2%
×Asset turnover0.50×
×Equity multiplier17.00×
=Return on equity, FY202644.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 5.2% | 0.50× | 17.00× | 44.4% |
| FY2025 | 9.4% | 0.52× | 10.11× | 49.4% |
| FY2024 | 8.0% | 0.50× | 6.79× | 27.0% |
| FY2023 | 9.2% | 0.47× | 4.69× | 20.3% |
| FY2022 | 13.8% | 0.40× | 3.92× | 21.7% |
| FY2021 | 6.7% | 0.33× | 3.95× | 8.8% |
| FY2020 | 5.0% | 0.41× | 3.43× | 7.0% |
| FY2019 | 13.3% | 0.54× | 2.75× | 19.5% |
| FY2018 | 18.9% | 0.49× | 2.59× | 24.0% |
| FY2017 | 11.0% | 0.58× | 2.70× | 17.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
5of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero$147.54M
- Cash generatingOperating cash flow above zero$479.63M
- Return on assets improvedROA up on the prior year4.9% → 2.6%
- Earnings backed by cashOperating cash flow above net income$479.63M vs $147.54M
- Less leverageLong-term debt to assets fell44.9% → 56.1%
- Better liquidityCurrent ratio rose0.63 → 0.80
- No dilutionShare count did not rise37M → 36M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.52 → 0.49