VAIL RESORTS INC MTN
Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as "we," "us," "our" or the "Company."
Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 ("Fiscal 2025").
Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our "Resorts"). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.89B | $2.89B | $2.53B | $1.91B | $1.96B | $2.27B | $2.01B | $1.91B | $1.60B |
| Operating income | $560.0M | $488.8M | $504.4M | $601.7M | $261.0M | $223.4M | $476.3M | $408.8M | $379.3M | $283.0M |
| Interest expense | $171.6M | $164.6M | $155.4M | $148.2M | $151.4M | $106.7M | $79.5M | $63.2M | $54.1M | $42.4M |
| Pre-tax income | $402.4M | $339.8M | $370.4M | $457.2M | $125.2M | $116.4M | $399.0M | $340.1M | $348.4M | $242.6M |
| Income tax | $104.4M | $92.8M | $87.6M | $88.8M | $726.0K | $7.4M | $75.5M | $61.1M | $116.7M | $93.2M |
| Net income | $280.0M | $231.1M | $265.8M | $347.9M | $127.8M | $98.8M | $301.2M | $379.9M | $210.6M | $149.8M |
| EPS, basic | 7.54 | 6.10 | 6.70 | 8.60 | 3.17 | 2.45 | 7.46 | 9.40 | 5.36 | 4.13 |
| EPS, diluted | 7.53 | 6.09 | 6.69 | 8.55 | 3.13 | 2.42 | 7.32 | 9.13 | 5.22 | 4.01 |
| Shares, diluted (wtd. avg.) | $37.2M | $38.0M | $39.8M | $40.7M | $40.8M | $40.8M | $41.2M | $41.6M | $40.4M | $37.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $440.3M | $322.8M | $573.1M | $1.13B | $1.26B | $402.1M | $118.4M | $185.0M | $127.7M | $73.9M |
| Receivables | $382.4M | $375.8M | $381.1M | $383.4M | $345.4M | $106.7M | $270.9M | $230.8M | $186.9M | $147.1M |
| Inventory | $117.2M | $119.0M | $132.5M | $108.7M | $80.3M | $101.9M | $96.5M | $85.6M | $84.8M | $74.6M |
| Total current assets | $1.05B | $902.0M | $1.21B | $1.79B | $1.75B | $665.1M | $527.9M | $538.7M | $433.1M | $322.9M |
| Property, plant and equipment | $2.37B | $2.42B | $2.37B | $2.12B | $2.07B | $2.19B | $1.84B | $1.63B | $1.71B | $1.36B |
| Goodwill | $1.68B | $1.68B | $1.72B | $1.75B | $1.78B | $1.71B | $1.61B | $1.48B | $1.52B | $509.0M |
| Other intangibles | $298.5M | $302.5M | $309.3M | $314.1M | $319.1M | $314.8M | $306.2M | $280.6M | $294.9M | $140.0M |
| Total assets | $5.78B | $5.69B | $5.95B | $6.32B | $6.25B | $5.24B | $4.43B | $4.06B | $4.11B | $2.48B |
| Short-term debt | $599.5M | $59.3M | $69.2M | $63.7M | $114.1M | $63.7M | $48.5M | $38.5M | $38.4M | $13.4M |
| Total current liabilities | $1.67B | $1.11B | $1.13B | $1.11B | $978.4M | $603.5M | $719.1M | $593.6M | $604.6M | $506.5M |
| Long-term debt | $2.59B | $2.73B | $2.75B | $2.67B | $2.74B | $2.39B | $1.53B | $1.23B | $1.23B | $686.9M |
| Total liabilities | $5.02B | $4.66B | $4.61B | $4.47B | $4.42B | $3.71B | $2.70B | $2.25B | $2.31B | $1.59B |
| Retained earnings | $718.7M | $766.8M | $873.7M | $895.9M | $773.8M | $645.9M | $759.8M | $726.7M | $551.0M | $486.7M |
| Total equity | $424.5M | $709.9M | $1.32B | $1.84B | $1.83B | $1.53B | $1.73B | $1.81B | $1.80B | $888.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $554.9M | $589.0M | $637.9M | $710.5M | $525.2M | $394.9M | $634.2M | $548.5M | $471.0M | $437.0M |
| Depreciation and amortisation | $292.2M | $274.4M | $264.1M | $247.2M | $247.2M | $243.1M | $210.7M | $199.2M | $180.8M | $156.8M |
| Stock-based compensation | $34.0M | $26.8M | $25.4M | $24.9M | $24.4M | $21.0M | $19.9M | $19.0M | $18.3M | $17.0M |
| Capital expenditure | $235.2M | $211.2M | $314.9M | $192.8M | $115.1M | $172.3M | $192.0M | $140.6M | $144.4M | $109.2M |
| Investing cash flow | -$204.5M | -$241.1M | -$273.2M | -$347.9M | -$103.3M | -$492.7M | -$596.0M | -$134.6M | -$676.7M | -$124.0M |
| Financing cash flow | -$242.6M | -$577.0M | -$914.0M | -$493.1M | $434.7M | $376.2M | -$99.6M | -$350.7M | $255.6M | -$281.4M |
| Dividends paid | $328.2M | $323.7M | $314.4M | $225.8M | $0 | $212.7M | $260.6M | $204.2M | $146.2M | $103.8M |
| Buybacks | $270.0M | $150.0M | $500.0M | $75.0M | $0 | $46.4M | $85.0M | $25.8M | $210.0K | $53.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000812011-25-000104.
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