Vail Resorts (MTN) Financials

$147.80 -0.60 (-0.40%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$147.00 -0.80 (-0.54%)

As of 05/23/2025 06:30 PM Eastern

Annual Income Statements for Vail Resorts

This table shows Vail Resorts' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Net Income / (Loss) Attributable to Common Shareholders	230	268	348	128	99	301	380	211	150	115
Consolidated Net Income / (Loss)	246	285	368	124	109	323	401	232	149	115
Net Income / (Loss) Continuing Operations	246	285	368	124	109	323	401	232	149	115
Total Pre-Tax Income	345	374	457	125	116	399	340	348	243	149
Total Operating Income	491	505	602	261	223	476	409	379	283	211
Total Gross Profit	1,229	1,221	1,177	830	776	974	867	821	658	521
Total Revenue	2,885	2,889	2,526	1,910	1,964	2,272	2,012	1,907	1,601	1,400
Operating Revenue	2,885	2,889	2,526	1,910	1,964	2,272	2,012	1,907	1,601	1,400
Total Cost of Revenue	1,656	1,668	1,349	1,080	1,188	1,297	1,144	1,086	944	879
Operating Cost of Revenue	1,656	1,668	1,349	1,080	1,188	1,297	1,144	1,086	944	879
Total Operating Expenses	738	716	575	569	553	498	459	442	375	311
Selling, General & Admin Expense	410	389	347	297	279	274	252	237	209	180
Depreciation Expense	276	269	252	253	250	218	204	189	161	149
Other Operating Expenses / (Income)	48	50	20	14	-2.96	5.37	-1.85	16	4.20	-3.65
Other Special Charges / (Income)	3.35	8.23	-45	5.05	-1.05	0.08	4.11	-0.34	0.12	-14
Total Other Income / (Expense), net	-146	-132	-145	-136	-107	-77	-69	-31	-40	-61
Interest Expense	162	153	148	151	107	79	63	54	42	62
Interest & Investment Income	20	24	6.30	7.28	3.00	5.05	3.47	8.00	2.01	1.07
Other Income / (Expense), net	-4.14	-2.91	-2.68	8.28	-3.23	-2.85	-8.97	15	0.00	0.00
Income Tax Expense	99	88	89	0.73	7.38	75	-61	117	93	35
Net Income / (Loss) Attributable to Noncontrolling Interest	16	17	20	-3.39	10	22	21	21	-0.30	-0.14
Basic Earnings per Share	$6.08	$6.76	$8.60	$3.17	$2.45	$7.46	$9.40	$5.36	$4.13	$3.16
Weighted Average Basic Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.40M	40.02M	36.28M	36.34M
Diluted Earnings per Share	$6.07	$6.74	$8.55	$3.13	$2.42	$7.32	$9.13	$5.22	$4.01	$3.07
Weighted Average Diluted Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.40M	40.02M	36.28M	36.34M
Weighted Average Basic & Diluted Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.40M	40.02M	36.28M	36.34M
Cash Dividends to Common per Share	$8.56	$7.94	$5.58	$0.00	$5.28	$6.46	$5.05	$3.73	$2.87	$2.08

This table shows Vail Resorts' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Income / (Loss) Attributable to Common Shareholders	246	-173	-175	362	219	-176	-129	325	209	-137	-109
Consolidated Net Income / (Loss)	258	-182	-182	381	230	-183	-135	343	220	-144	-110
Net Income / (Loss) Continuing Operations	258	-182	-182	381	230	-183	-135	343	220	-144	-110
Total Pre-Tax Income	344	-240	-235	511	317	-248	-192	467	299	-202	-131
Total Operating Income	384	-202	-199	547	351	-207	-160	501	328	-163	-98
Total Gross Profit	572	-36	-20	746	537	-33	-2.89	711	513	0.69	23
Total Revenue	1,137	260	265	1,283	1,078	259	270	1,238	1,102	279	267
Operating Revenue	1,137	260	265	1,283	1,078	259	270	1,238	1,102	279	267
Total Cost of Revenue	565	297	286	537	541	292	273	528	589	279	244
Operating Cost of Revenue	565	297	286	537	541	292	273	528	589	279	244
Total Operating Expenses	187	166	178	200	186	174	157	210	185	164	121
Selling, General & Admin Expense	115	107	95	94	113	108	85	89	117	99	87
Depreciation Expense	73	72	72	68	69	67	69	69	66	65	63
Other Operating Expenses / (Income)	0.10	2.08	5.00	37	3.40	3.06	2.20	46	1.10	0.64	-1.30
Other Special Charges / (Income)	-0.29	-15	6.26	0.57	0.76	-4.24	1.02	6.18	1.02	0.01	-28
Total Other Income / (Expense), net	-40	-38	-36	-36	-33	-41	-31	-33	-29	-38	-33
Interest Expense	42	42	41	40	41	41	40	39	38	35	36
Interest & Investment Income	3.77	4.64	4.63	6.19	4.28	4.54	6.13	7.83	7.15	3.23	2.62
Other Income / (Expense), net	-1.39	-0.26	0.09	-2.31	3.04	-4.97	2.66	-1.77	2.34	-6.14	0.40
Income Tax Expense	86	-58	-53	129	87	-65	-57	124	79	-58	-22
Net Income / (Loss) Attributable to Noncontrolling Interest	13	-8.71	-6.49	19	11	-7.54	-6.06	18	11	-6.59	-0.97
Basic Earnings per Share	$6.57	($4.61)	($4.67)	$9.57	$5.78	($4.60)	($3.21)	$8.20	$5.17	($3.40)	($2.65)
Weighted Average Basic Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Diluted Earnings per Share	$6.56	($4.61)	($4.63)	$9.54	$5.76	($4.60)	($3.20)	$8.18	$5.16	($3.40)	($2.64)
Weighted Average Diluted Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Weighted Average Basic & Diluted Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Cash Dividends to Common per Share	$2.22	$2.22	$2.22	$2.22	$2.06	$2.06	$2.06	$2.06	$1.91	$1.91	$1.91

This table details how cash moves in and out of Vail Resorts' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Net Change in Cash & Equivalents	-236	-553	-132	856	284	-67	57	50	32	-8.95
Net Cash From Operating Activities	587	640	710	525	395	634	548	471	437	304
Net Cash From Continuing Operating Activities	587	640	710	525	395	634	548	471	437	304
Net Income / (Loss) Continuing Operations	246	285	368	124	109	323	401	232	149	115
Consolidated Net Income / (Loss)	246	285	368	124	109	323	401	232	149	115
Depreciation Expense	276	269	252	253	250	218	204	189	161	149
Non-Cash Adjustments To Reconcile Net Income	29	30	-16	23	37	6.44	-48	-9.89	26	23
Changes in Operating Assets and Liabilities, net	35	56	105	126	-0.64	86	-9.26	60	100	17
Net Cash From Investing Activities	-241	-273	-348	-103	-493	-596	-135	-677	-124	-427
Net Cash From Continuing Investing Activities	-241	-273	-348	-103	-493	-596	-135	-677	-124	-427
Purchase of Property, Plant & Equipment	-211	-315	-193	-115	-172	-192	-141	-144	-109	-124
Acquisitions	-94	76	-231	0.00	-328	-419	-1.36	-547	-20	-307
Purchase of Investments	0.00	-87	0.00	0.00	-	-	-	-	-	-
Sale of Property, Plant & Equipment	0.34	5.67	66	9.71	6.63	-	-	-	7.39	2.54
Sale and/or Maturity of Investments	58	38	0.00	0.00	-	-	-	-	-	-
Other Investing Activities, net	6.50	8.91	9.39	2.06	0.52	15	7.39	15	-1.92	1.33
Net Cash From Financing Activities	-575	-916	-493	435	376	-100	-351	256	-281	115
Net Cash From Continuing Financing Activities	-575	-916	-493	435	376	-100	-351	256	-281	115
Repayment of Debt	-95	-96	-155	-129	-1,047	-297	-288	-268	-329	-509
Repurchase of Common Equity	-150	-500	-75	0.00	-46	-85	-26	-0.21	-54	0.00
Payment of Dividends	-324	-314	-226	0.00	-213	-261	-204	-146	-104	-76
Other Financing Activities, net	-5.63	-5.49	-37	-39	-19	-27	-104	-16	-10	-
Other Net Changes in Cash	-6.95	-3.70	-1.91	-0.10	5.25	-5.29	-5.81	-	-	-
Cash Interest Paid	147	141	114	126	88	71	54	46	33	46
Cash Income Taxes Paid	129	94	20	5.01	4.13	27	17	49	22	-

This table details how cash moves in and out of Vail Resorts' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Change in Cash & Equivalents	86	81	-380	-109	85	167	-346	-401	118	75	-296
Net Cash From Operating Activities	326	282	-94	110	243	328	-87	121	273	333	-62
Net Cash From Continuing Operating Activities	326	282	-94	110	243	328	-87	121	273	333	-62
Net Income / (Loss) Continuing Operations	258	-182	-182	381	230	-183	-135	343	220	-144	-110
Consolidated Net Income / (Loss)	258	-182	-182	381	230	-183	-135	343	220	-144	-110
Depreciation Expense	73	72	72	68	69	67	69	69	66	65	63
Non-Cash Adjustments To Reconcile Net Income	5.29	-4.46	-183	185	11	15	-31	24	22	15	-47
Changes in Operating Assets and Liabilities, net	-10	397	198	-525	-67	430	9.14	-314	-35	397	31
Net Cash From Investing Activities	-57	-71	-150	-25	-72	5.57	-52	-15	-71	-135	-92
Net Cash From Continuing Investing Activities	-57	-71	-150	-25	-72	5.57	-52	-15	-71	-135	-92
Purchase of Property, Plant & Equipment	-75	-71	-56	-25	-77	-53	-54	-55	-82	-124	-31
Other Investing Activities, net	18	0.01	-0.08	0.01	0.06	6.51	-3.93	1.49	11	0.39	-13
Net Cash From Financing Activities	-170	-132	-141	-182	-98	-154	-213	-502	-97	-105	-140
Net Cash From Continuing Financing Activities	-170	-132	-141	-182	-98	-154	-213	-502	-97	-105	-140
Repayment of Debt	-67	-23	-33	-23	-19	-20	-34	-20	-19	-24	-26
Repurchase of Common Equity	-20	-20	-25	-75	-	-50	-100	-400	-	0.00	-38
Payment of Dividends	-83	-83	-83	-84	-78	-78	-79	-82	-77	-77	-77
Other Financing Activities, net	-0.18	-5.78	-0.03	-0.31	-0.09	-5.20	-0.13	-0.17	-1.14	-4.04	0.13
Effect of Exchange Rate Changes	-13	2.26	-	-	-	-	-	-	-	-	-

This table presents Vail Resorts' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Total Assets	5,698	5,948	6,318	6,251	5,244	4,426	4,065	4,111	2,482	2,487
Total Current Assets	911	1,208	1,792	1,746	665	528	539	433	323	288
Cash & Equivalents	323	563	1,107	1,244	391	109	178	117	68	35
Restricted Cash	14	10	19	15	11	9.54	6.90	10	6.05	13
Accounts Receivable	376	381	383	345	107	271	231	187	147	114
Inventories, net	119	133	109	80	102	97	86	85	75	73
Other Current Assets	80	121	173	61	54	42	37	34	27	24
Plant, Property, & Equipment, net	2,423	2,372	2,118	2,068	2,193	1,843	1,627	1,714	1,364	1,386
Total Noncurrent Assets	2,364	2,368	2,408	2,438	2,386	2,056	1,899	1,963	795	813
Goodwill	1,678	1,720	1,755	1,781	1,709	1,608	1,476	1,520	509	500
Intangible Assets	303	309	314	319	315	306	281	295	140	144
Other Noncurrent Operating Assets	384	338	339	337	363	141	143	149	146	168
Total Liabilities & Shareholders' Equity	5,698	5,948	6,318	6,251	5,244	4,426	4,065	4,111	2,482	2,487
Total Liabilities	4,660	4,612	4,471	4,422	3,713	2,699	2,253	2,312	1,594	1,607
Total Current Liabilities	1,113	1,131	1,111	978	603	719	594	605	506	399
Short-Term Debt	57	69	64	114	64	49	38	38	13	10
Accounts Payable	1,001	978	943	815	499	608	505	468	397	331
Current Deferred & Payable Income Tax Liabilities	55	84	104	49	41	63	51	98	96	57
Total Noncurrent Liabilities	3,547	3,481	3,360	3,444	3,109	1,980	1,660	1,707	1,087	1,208
Long-Term Debt	2,722	2,751	2,670	2,736	2,387	1,528	1,234	1,234	687	804
Noncurrent Deferred & Payable Income Tax Liabilities	280	276	268	253	234	169	134	171	130	148
Other Noncurrent Operating Liabilities	545	455	421	455	488	284	292	302	270	256
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,038	1,336	1,847	1,829	1,532	1,727	1,812	1,799	888	881
Total Preferred & Common Equity	724	1,004	1,612	1,595	1,317	1,501	1,589	1,571	875	867
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	724	1,004	1,612	1,595	1,317	1,501	1,589	1,571	875	867
Common Stock	1,146	1,125	1,185	1,197	1,132	1,131	1,138	1,223	636	624
Retained Earnings	780	874	896	774	646	760	727	551	487	441
Treasury Stock	-1,136	-984	-479	-404	-404	-358	-273	-247	-247	-193
Accumulated Other Comprehensive Income / (Loss)	-67	-10	11	28	-57	-32	-2.23	44	-1.55	-4.91
Noncontrolling Interest	315	332	235	234	215	226	222	228	14	14

This table presents Vail Resorts' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	1/31/2025	10/31/2024	4/30/2024	1/31/2024	10/31/2023	4/30/2023	1/31/2023	10/31/2022	4/30/2022
Total Assets	5,531	5,642	5,809	5,848	5,760	6,199	6,565	6,281	6,397
Total Current Assets	844	854	1,231	1,179	1,135	1,482	1,760	1,622	1,845
Cash & Equivalents	488	404	705	812	729	896	1,295	1,181	1,401
Restricted Cash	16	15	11	13	12	23	24	20	21
Accounts Receivable	124	130	343	138	106	352	160	118	267
Inventories, net	132	153	108	135	158	104	122	140	93
Other Current Assets	84	152	64	80	131	109	158	162	64
Plant, Property, & Equipment, net	2,383	2,435	2,289	2,349	2,345	2,370	2,421	2,313	2,143
Total Noncurrent Assets	2,304	2,354	2,289	2,319	2,281	2,347	2,383	2,346	2,409
Goodwill	1,627	1,671	1,677	1,700	1,668	1,694	1,723	1,689	1,753
Intangible Assets	293	301	299	304	300	307	311	307	315
Other Noncurrent Operating Assets	384	382	313	315	312	346	350	350	341
Total Liabilities & Shareholders' Equity	5,531	5,642	5,809	5,848	5,760	6,199	6,565	6,281	6,397
Total Liabilities	4,715	4,897	4,487	4,697	4,832	4,600	4,788	4,729	4,332
Total Current Liabilities	1,787	1,364	1,041	1,229	1,363	986	1,288	1,343	830
Short-Term Debt	584	57	68	69	70	69	70	68	64
Accounts Payable	1,192	1,298	852	1,142	1,277	868	1,145	1,191	742
Current Deferred & Payable Income Tax Liabilities	10	8.63	121	18	17	49	74	84	24
Total Noncurrent Liabilities	2,928	3,533	3,446	3,468	3,469	3,614	3,500	3,386	3,502
Long-Term Debt	2,118	2,710	2,700	2,722	2,732	2,774	2,790	2,770	2,687
Noncurrent Deferred & Payable Income Tax Liabilities	278	280	285	287	286	401	288	206	404
Other Noncurrent Operating Liabilities	532	544	461	460	451	439	422	411	411
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	816	745	1,322	1,151	928	1,599	1,777	1,552	2,065
Total Preferred & Common Equity	531	444	1,004	830	633	1,274	1,463	1,265	1,829
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	531	444	1,004	830	633	1,274	1,463	1,265	1,829
Common Stock	1,154	1,147	1,140	1,134	1,127	1,119	1,113	1,107	1,179
Retained Earnings	687	524	1,039	761	620	1,081	838	706	1,082
Treasury Stock	-1,176	-1,156	-1,110	-1,035	-1,035	-883	-479	-479	-442
Accumulated Other Comprehensive Income / (Loss)	-135	-71	-65	-30	-78	-42	-8.57	-69	11
Noncontrolling Interest	285	301	319	321	295	326	315	287	236

This table displays calculated financial ratios and metrics derived from Vail Resorts' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020	7/31/2019	7/31/2018	7/31/2017	7/31/2016	7/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.14%	14.39%	32.27%	-2.75%	-13.55%	12.93%	5.47%	19.11%	14.38%	11.58%
EBITDA Growth	-0.90%	-9.48%	63.15%	11.10%	-32.07%	14.43%	3.53%	31.33%	23.59%	39.47%
EBIT Growth	-2.97%	-16.17%	122.45%	22.32%	-53.50%	18.40%	1.35%	39.42%	34.42%	79.52%
NOPAT Growth	-9.03%	-20.48%	86.83%	24.03%	-45.82%	-19.93%	91.24%	44.68%	7.89%	115.29%
Net Income Growth	-13.62%	-22.60%	195.96%	14.12%	-66.29%	-19.37%	73.15%	55.04%	30.40%	306.33%
EPS Growth	-9.94%	-21.17%	173.16%	29.34%	-66.94%	-19.82%	74.90%	30.17%	30.62%	298.70%
Operating Cash Flow Growth	-8.25%	-9.98%	35.27%	32.99%	-37.73%	15.63%	16.46%	7.78%	43.90%	23.50%
Free Cash Flow Firm Growth	75.18%	-42.57%	7.42%	324.79%	-284.92%	-80.86%	144.76%	-484.37%	476.97%	-152.47%
Invested Capital Growth	-2.85%	3.67%	1.01%	-4.46%	12.42%	9.84%	-1.51%	94.33%	-8.01%	17.29%
Revenue Q/Q Growth	-0.15%	0.09%	2.56%	7.12%	-7.83%	1.45%	0.13%	1.56%	1.12%	1.94%
EBITDA Q/Q Growth	-4.75%	-6.56%	9.55%	-1.30%	-7.89%	0.50%	-4.83%	2.57%	-0.46%	2.54%
EBIT Q/Q Growth	-7.79%	-10.63%	14.15%	-2.50%	-17.54%	-0.59%	-7.42%	1.67%	-1.84%	2.94%
NOPAT Q/Q Growth	-12.48%	-4.88%	3.81%	23.17%	-22.55%	-1.29%	0.76%	-2.61%	-0.77%	-0.35%
Net Income Q/Q Growth	-16.09%	-8.05%	10.60%	11.69%	-37.58%	-1.38%	-6.20%	1.77%	3.38%	4.81%
EPS Q/Q Growth	-19.07%	-7.67%	9.62%	11.79%	-39.20%	-2.14%	-8.88%	13.48%	2.30%	5.14%
Operating Cash Flow Q/Q Growth	-1.17%	-3.74%	-4.90%	9.63%	-9.33%	0.13%	-1.61%	-1.00%	19.85%	-9.13%
Free Cash Flow Firm Q/Q Growth	-17.71%	-6.39%	-24.51%	65.63%	-66.88%	-27.23%	56.05%	-17.75%	156.32%	-193.35%
Invested Capital Q/Q Growth	3.15%	1.67%	1.80%	-2.92%	0.40%	0.02%	-1.10%	5.49%	-1.13%	11.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.61%	42.26%	46.58%	43.46%	39.52%	42.89%	43.12%	43.06%	41.08%	37.23%
EBITDA Margin	26.47%	26.67%	33.71%	27.33%	23.92%	30.44%	30.04%	30.60%	27.76%	25.69%
Operating Margin	17.03%	17.48%	23.82%	13.67%	11.38%	20.97%	20.32%	19.89%	17.67%	15.04%
EBIT Margin	16.89%	17.38%	23.72%	14.10%	11.21%	20.84%	19.88%	20.69%	17.67%	15.04%
Profit (Net Income) Margin	8.54%	9.87%	14.58%	6.52%	5.55%	14.24%	19.95%	12.15%	9.33%	8.19%
Tax Burden Percent	71.37%	76.33%	80.57%	99.42%	93.66%	81.08%	117.98%	66.50%	61.60%	76.75%
Interest Burden Percent	70.82%	74.38%	76.31%	46.48%	52.89%	84.27%	85.05%	88.32%	85.74%	70.94%
Effective Tax Rate	28.63%	23.67%	19.43%	0.58%	6.34%	18.92%	-17.98%	33.50%	38.40%	23.25%
Return on Invested Capital (ROIC)	9.93%	10.96%	14.10%	7.41%	6.19%	12.69%	16.51%	11.31%	11.03%	10.59%
ROIC Less NNEP Spread (ROIC-NNEP)	5.48%	5.75%	6.82%	-0.01%	0.47%	7.77%	9.25%	9.00%	7.46%	3.56%
Return on Net Nonoperating Assets (RNNOA)	10.82%	6.96%	5.94%	-0.01%	0.51%	5.59%	5.72%	5.93%	5.87%	2.77%
Return on Equity (ROE)	20.75%	17.91%	20.04%	7.41%	6.69%	18.28%	22.23%	17.24%	16.90%	13.36%
Cash Return on Invested Capital (CROIC)	12.83%	7.35%	13.09%	11.97%	-5.51%	3.31%	18.03%	-52.79%	19.37%	-5.32%
Operating Return on Assets (OROA)	8.37%	8.19%	9.53%	4.69%	4.55%	11.15%	9.78%	11.97%	11.39%	9.03%
Return on Assets (ROA)	4.23%	4.65%	5.86%	2.17%	2.26%	7.62%	9.82%	7.03%	6.02%	4.92%
Return on Common Equity (ROCE)	15.10%	14.72%	17.48%	6.42%	5.79%	15.97%	19.45%	15.69%	16.63%	13.14%
Return on Equity Simple (ROE_SIMPLE)	34.04%	28.40%	22.84%	7.80%	8.28%	21.56%	25.24%	14.75%	17.09%	13.23%
Net Operating Profit after Tax (NOPAT)	351	386	485	260	209	386	482	252	174	162
NOPAT Margin	12.16%	13.34%	19.19%	13.59%	10.66%	17.00%	23.98%	13.22%	10.89%	11.54%
Net Nonoperating Expense Percent (NNEP)	4.45%	5.21%	7.28%	7.42%	5.71%	4.92%	7.26%	2.31%	3.57%	7.03%
Return On Investment Capital (ROIC_SIMPLE)	9.19%	9.28%	10.58%	5.55%	5.25%	11.69%	15.64%	8.21%	10.97%	9.53%
Cost of Revenue to Revenue	57.39%	57.74%	53.42%	56.54%	60.48%	57.11%	56.88%	56.94%	58.92%	62.77%
SG&A Expenses to Revenue	14.21%	13.48%	13.76%	15.55%	14.19%	12.08%	12.52%	12.42%	13.05%	12.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.57%	24.78%	22.76%	29.80%	28.14%	21.92%	22.79%	23.17%	23.41%	22.20%
Earnings before Interest and Taxes (EBIT)	487	502	599	269	220	473	400	395	283	211
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	764	771	851	522	470	692	604	584	444	360
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.11	8.35	5.28	6.73	5.11	5.61	5.80	4.33	4.68	3.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.15	13.88
Price to Revenue (P/Rev)	2.28	2.90	3.37	5.62	3.43	3.71	4.58	3.57	2.56	2.20
Price to Earnings (P/E)	28.61	31.26	24.46	83.94	68.07	27.96	24.25	32.34	27.32	26.86
Dividend Yield	4.89%	3.65%	2.64%	0.00%	4.20%	3.08%	2.21%	1.71%	2.53%	2.45%
Earnings Yield	3.50%	3.20%	4.09%	1.19%	1.47%	3.58%	4.12%	3.09%	3.66%	3.72%
Enterprise Value to Invested Capital (EV/IC)	2.69	3.06	3.00	3.67	2.51	3.17	3.63	2.78	3.12	2.35
Enterprise Value to Revenue (EV/Rev)	3.24	3.79	4.10	6.58	4.58	4.45	5.23	4.29	2.96	2.76
Enterprise Value to EBITDA (EV/EBITDA)	12.24	14.22	12.16	24.06	19.14	14.61	17.41	14.02	10.65	10.74
Enterprise Value to EBIT (EV/EBIT)	19.18	21.83	17.29	46.63	40.84	21.34	26.32	20.74	16.72	18.35
Enterprise Value to NOPAT (EV/NOPAT)	26.66	28.43	21.36	48.39	42.97	26.17	21.82	32.44	27.15	23.90
Enterprise Value to Operating Cash Flow (EV/OCF)	15.93	17.14	14.57	23.91	22.77	15.93	19.18	17.37	10.83	12.72
Enterprise Value to Free Cash Flow (EV/FCFF)	20.64	42.40	23.00	29.96	0.00	100.23	19.98	0.00	15.46	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.68	2.11	1.48	1.56	1.60	0.91	0.70	0.71	0.79	0.93
Long-Term Debt to Equity	2.62	2.06	1.45	1.50	1.56	0.88	0.68	0.69	0.77	0.91
Financial Leverage	1.97	1.21	0.87	1.08	1.08	0.72	0.62	0.66	0.79	0.78
Leverage Ratio	4.91	3.85	3.42	3.42	2.97	2.40	2.26	2.45	2.81	2.72
Compound Leverage Factor	3.47	2.87	2.61	1.59	1.57	2.02	1.93	2.17	2.41	1.93
Debt to Total Capital	72.79%	67.86%	59.68%	60.91%	61.54%	47.72%	41.26%	41.43%	44.08%	48.05%
Short-Term Debt to Total Capital	1.50%	1.66%	1.39%	2.44%	1.60%	1.47%	1.25%	1.25%	0.84%	0.60%
Long-Term Debt to Total Capital	71.30%	66.19%	58.28%	58.47%	59.94%	46.25%	40.02%	40.18%	43.24%	47.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.25%	7.98%	5.13%	5.01%	5.40%	6.85%	7.20%	7.42%	0.88%	0.83%
Common Equity to Total Capital	18.95%	24.16%	35.19%	34.08%	33.06%	45.43%	51.53%	51.15%	55.05%	51.12%
Debt to EBITDA	3.64	3.66	3.21	5.46	5.22	2.28	2.11	2.18	1.58	2.26
Net Debt to EBITDA	3.20	2.92	1.89	3.05	4.36	2.11	1.80	1.96	1.41	2.13
Long-Term Debt to EBITDA	3.56	3.57	3.14	5.24	5.08	2.21	2.04	2.11	1.55	2.24
Debt to NOPAT	7.92	7.31	5.64	10.98	11.71	4.08	2.64	5.05	4.02	5.04
Net Debt to NOPAT	6.96	5.83	3.32	6.13	9.79	3.78	2.26	4.54	3.59	4.74
Long-Term Debt to NOPAT	7.76	7.13	5.51	10.54	11.41	3.96	2.56	4.89	3.94	4.98
Altman Z-Score	1.79	2.08	2.18	2.22	1.79	2.93	3.51	2.69	2.75	2.19
Noncontrolling Interest Sharing Ratio	27.24%	17.81%	12.77%	13.37%	13.54%	12.67%	12.46%	8.99%	1.58%	1.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	1.07	1.61	1.78	1.10	0.73	0.91	0.72	0.64	0.72
Quick Ratio	0.63	0.83	1.34	1.62	0.82	0.53	0.69	0.50	0.42	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	453	259	450	419	-186	101	527	-1,177	306	-81
Operating Cash Flow to CapEx	278.28%	206.82%	561.42%	498.38%	238.35%	330.27%	390.07%	326.09%	429.04%	250.25%
Free Cash Flow to Firm to Interest Expense	2.80	1.69	3.04	2.77	-1.75	1.27	8.33	-21.76	7.23	-1.30
Operating Cash Flow to Interest Expense	3.63	4.18	4.79	3.47	3.70	7.98	8.68	8.71	10.31	4.88
Operating Cash Flow Less CapEx to Interest Expense	2.32	2.16	3.94	2.77	2.15	5.56	6.45	6.04	7.91	2.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.47	0.40	0.33	0.41	0.54	0.49	0.58	0.64	0.60
Accounts Receivable Turnover	7.62	7.56	6.93	8.45	10.40	9.06	9.63	11.42	12.27	13.33
Inventory Turnover	13.17	13.83	14.28	11.85	11.97	14.25	13.43	13.63	12.74	12.49
Fixed Asset Turnover	1.20	1.29	1.21	0.90	0.97	1.31	1.20	1.24	1.16	1.10
Accounts Payable Turnover	1.67	1.74	1.53	1.64	2.15	2.33	2.35	2.51	2.59	2.83
Days Sales Outstanding (DSO)	47.87	48.29	52.66	43.20	35.09	40.31	37.90	31.96	29.76	27.37
Days Inventory Outstanding (DIO)	27.72	26.39	25.57	30.79	30.49	25.62	27.18	26.79	28.64	29.22
Days Payable Outstanding (DPO)	218.08	210.14	237.82	222.21	170.10	156.48	155.06	145.38	140.97	128.88
Cash Conversion Cycle (CCC)	-142.49	-135.45	-159.59	-148.21	-104.52	-90.56	-89.99	-86.63	-82.57	-72.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,480	3,582	3,455	3,421	3,580	3,185	2,899	2,944	1,515	1,647
Invested Capital Turnover	0.82	0.82	0.73	0.55	0.58	0.75	0.69	0.86	1.01	0.92
Increase / (Decrease) in Invested Capital	-102	127	35	-160	396	285	-44	1,429	-132	243
Enterprise Value (EV)	9,348	10,962	10,355	12,557	8,991	10,105	10,523	8,181	4,732	3,862
Market Capitalization	6,592	8,383	8,512	10,731	6,727	8,421	9,213	6,809	4,092	3,082
Book Value per Share	$19.23	$26.04	$40.06	$39.60	$32.82	$37.33	$39.42	$39.27	$24.18	$23.83
Tangible Book Value per Share	($33.41)	($26.61)	($11.34)	($12.55)	($17.62)	($10.29)	($4.14)	($6.09)	$6.24	$6.10
Total Capital	3,817	4,155	4,582	4,679	3,982	3,303	3,084	3,071	1,589	1,695
Total Debt	2,779	2,820	2,734	2,850	2,451	1,576	1,273	1,272	700	815
Total Long-Term Debt	2,722	2,751	2,670	2,736	2,387	1,528	1,234	1,234	687	804
Net Debt	2,442	2,247	1,608	1,592	2,049	1,458	1,088	1,145	626	766
Capital Expenditures (CapEx)	211	309	127	105	166	192	141	144	102	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-482	-427	-382	-377	-277	-261	-201	-261	-244	-149
Debt-free Net Working Capital (DFNWC)	-145	147	744	881	125	-143	-16	-133	-170	-100
Net Working Capital (NWC)	-202	77	681	767	62	-191	-55	-171	-184	-111
Net Nonoperating Expense (NNE)	104	100	116	135	100	63	81	20	25	47
Net Nonoperating Obligations (NNO)	2,442	2,247	1,608	1,592	2,049	1,458	1,088	1,145	626	766
Total Depreciation and Amortization (D&A)	276	269	252	253	250	218	204	189	161	149
Debt-free, Cash-free Net Working Capital to Revenue	-16.70%	-14.76%	-15.11%	-19.76%	-14.10%	-11.49%	-10.02%	-13.67%	-15.25%	-10.63%
Debt-free Net Working Capital to Revenue	-5.02%	5.07%	29.47%	46.15%	6.38%	-6.28%	-0.82%	-6.98%	-10.63%	-7.17%
Net Working Capital to Revenue	-7.00%	2.68%	26.95%	40.17%	3.14%	-8.42%	-2.73%	-8.99%	-11.47%	-7.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.08	$6.76	$8.60	$3.17	$2.45	$7.46	$9.40	$5.36	$4.13	$3.16
Adjusted Weighted Average Basic Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.48M	40.02M	36.18M	36.55M
Adjusted Diluted Earnings per Share	$6.07	$6.74	$8.55	$3.13	$2.42	$7.32	$9.13	$5.22	$4.01	$3.07
Adjusted Weighted Average Diluted Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.48M	40.02M	36.18M	36.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$7.46	$9.40	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.49M	38.15M	40.28M	40.39M	40.19M	40.29M	40.48M	40.02M	36.18M	36.55M
Normalized Net Operating Profit after Tax (NOPAT)	353	392	448	265	235	386	289	252	174	150
Normalized NOPAT Margin	12.24%	13.56%	17.75%	13.85%	11.96%	17.00%	14.37%	13.21%	10.89%	10.75%
Pre Tax Income Margin	11.96%	12.93%	18.10%	6.56%	5.93%	17.56%	16.91%	18.27%	15.15%	10.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.01	3.28	4.04	1.78	2.06	5.96	6.32	7.29	6.68	3.38
NOPAT to Interest Expense	2.17	2.52	3.27	1.71	1.96	4.86	7.63	4.66	4.11	2.60
EBIT Less CapEx to Interest Expense	1.71	1.26	3.19	1.08	0.51	3.54	4.10	4.62	4.28	1.43
NOPAT Less CapEx to Interest Expense	0.86	0.50	2.42	1.02	0.41	2.44	5.40	1.99	1.71	0.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	131.43%	110.26%	61.30%	0.00%	195.07%	80.55%	50.88%	63.11%	69.48%	65.88%
Augmented Payout Ratio	192.34%	285.63%	81.66%	0.00%	237.64%	106.82%	57.31%	63.20%	105.47%	65.88%

This table displays calculated financial ratios and metrics derived from Vail Resorts' official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.48%	0.64%	-1.62%	3.62%	-2.16%	-7.47%	0.99%	5.25%	21.53%	59.16%	30.82%
EBITDA Growth	7.84%	10.08%	-42.97%	7.92%	6.72%	-38.53%	-156.61%	-6.14%	3.13%	-1.48%	68.24%
EBIT Growth	8.33%	4.59%	-26.15%	9.14%	7.03%	-25.09%	-61.12%	-7.52%	2.51%	-2.82%	43.18%
NOPAT Growth	13.46%	2.43%	-24.11%	11.10%	5.19%	-26.75%	-63.17%	-11.21%	-9.25%	1.40%	42.43%
Net Income Growth	12.31%	0.82%	-35.09%	11.14%	4.40%	-27.51%	-22.77%	-11.23%	-5.90%	-0.73%	24.35%
EPS Growth	13.89%	-0.22%	-44.69%	16.63%	11.63%	-35.29%	-21.21%	-10.70%	-5.67%	1.16%	22.12%
Operating Cash Flow Growth	34.45%	-14.03%	-7.92%	-9.50%	-10.95%	-1.35%	-39.75%	-24.91%	3.89%	-4.59%	-141.38%
Free Cash Flow Firm Growth	-14.31%	-557.35%	84.58%	134.14%	738.31%	117.94%	-131.37%	-56.12%	-86.10%	-226.94%	-356.48%
Invested Capital Growth	-3.28%	3.49%	-2.85%	-4.25%	-6.07%	-6.23%	3.67%	3.80%	5.98%	6.17%	1.01%
Revenue Q/Q Growth	336.97%	-1.95%	-79.32%	19.05%	316.90%	-4.15%	-78.22%	12.41%	294.25%	4.61%	-77.30%
EBITDA Q/Q Growth	449.13%	-3.09%	-120.68%	44.88%	391.13%	-63.91%	-115.61%	43.27%	477.91%	-203.62%	-105.71%
EBIT Q/Q Growth	289.35%	-1.85%	-136.49%	53.94%	266.77%	-34.66%	-131.57%	50.97%	294.91%	-73.45%	-118.12%
NOPAT Q/Q Growth	303.70%	-1.67%	-134.07%	60.79%	275.17%	-29.33%	-130.50%	52.23%	311.08%	-66.49%	-116.60%
Net Income Q/Q Growth	242.17%	0.17%	-147.68%	65.96%	225.54%	-35.97%	-139.23%	55.90%	253.33%	-30.92%	-128.37%
EPS Q/Q Growth	242.30%	0.43%	-148.53%	65.63%	225.22%	-43.75%	-139.12%	58.53%	251.76%	-28.79%	-128.82%
Operating Cash Flow Q/Q Growth	15.52%	399.69%	-185.79%	-54.73%	-26.13%	476.20%	-171.93%	-55.45%	-18.17%	632.91%	-138.65%
Free Cash Flow Firm Q/Q Growth	258.77%	-566.84%	-106.61%	22.52%	747.39%	122.48%	-200.31%	338.68%	118.14%	-189.92%	-119.02%
Invested Capital Q/Q Growth	-2.59%	-11.10%	3.15%	8.28%	4.23%	-16.55%	1.67%	6.22%	4.05%	-7.73%	1.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.28%	-14.02%	-7.72%	58.16%	49.80%	-12.95%	-1.07%	57.38%	46.54%	0.25%	8.62%
EBITDA Margin	40.12%	-50.21%	-47.75%	47.75%	39.24%	-56.19%	-32.86%	45.85%	35.98%	-37.53%	-12.93%
Operating Margin	33.81%	-77.64%	-74.87%	42.60%	32.52%	-80.08%	-59.35%	40.42%	29.77%	-58.46%	-36.73%
EBIT Margin	33.69%	-77.74%	-74.84%	42.42%	32.80%	-82.00%	-58.36%	40.27%	29.99%	-60.65%	-36.58%
Profit (Net Income) Margin	22.70%	-69.77%	-68.53%	29.72%	21.32%	-70.79%	-49.90%	27.71%	19.98%	-51.37%	-41.05%
Tax Burden Percent	74.94%	75.71%	77.50%	74.68%	72.43%	73.75%	70.29%	73.41%	73.58%	71.22%	83.55%
Interest Burden Percent	89.92%	118.54%	118.15%	93.82%	89.73%	117.07%	121.64%	93.72%	90.55%	118.92%	134.30%
Effective Tax Rate	25.06%	0.00%	0.00%	25.32%	27.57%	0.00%	0.00%	26.59%	26.42%	0.00%	0.00%
Return on Invested Capital (ROIC)	24.35%	-51.58%	-42.82%	26.65%	20.83%	-52.06%	-34.11%	24.76%	19.20%	-34.76%	-18.89%
ROIC Less NNEP Spread (ROIC-NNEP)	22.91%	-53.40%	-44.65%	25.30%	19.46%	-54.12%	-35.28%	23.27%	17.72%	-36.73%	-21.45%
Return on Net Nonoperating Assets (RNNOA)	48.50%	-140.71%	-88.17%	34.44%	23.29%	-80.69%	-42.72%	20.66%	14.27%	-33.93%	-18.67%
Return on Equity (ROE)	72.85%	-192.29%	-130.99%	61.09%	44.12%	-132.75%	-76.84%	45.42%	33.47%	-68.69%	-37.56%
Cash Return on Invested Capital (CROIC)	15.88%	8.01%	12.83%	15.96%	17.40%	17.66%	7.35%	7.98%	8.32%	9.67%	13.09%
Operating Return on Assets (OROA)	17.44%	-39.36%	-37.08%	20.41%	15.04%	-39.07%	-27.50%	18.46%	13.10%	-25.38%	-14.70%
Return on Assets (ROA)	11.75%	-35.33%	-33.95%	14.30%	9.77%	-33.73%	-23.51%	12.70%	8.73%	-21.49%	-16.50%
Return on Common Equity (ROCE)	50.40%	-123.77%	-95.31%	47.62%	34.54%	-101.60%	-63.15%	38.46%	28.38%	-57.58%	-32.76%
Return on Equity Simple (ROE_SIMPLE)	52.02%	55.79%	0.00%	29.25%	30.76%	38.80%	0.00%	24.34%	24.17%	29.04%	0.00%
Net Operating Profit after Tax (NOPAT)	288	-141	-139	408	254	-145	-112	367	241	-114	-69
NOPAT Margin	25.33%	-54.35%	-52.41%	31.81%	23.55%	-56.06%	-41.54%	29.67%	21.91%	-40.92%	-25.71%
Net Nonoperating Expense Percent (NNEP)	1.44%	1.82%	1.82%	1.35%	1.37%	2.06%	1.17%	1.49%	1.48%	1.96%	2.56%
Return On Investment Capital (ROIC_SIMPLE)	8.19%	-4.03%	-3.64%	9.98%	6.44%	-3.89%	-2.70%	8.27%	5.21%	-2.61%	-1.50%
Cost of Revenue to Revenue	49.72%	114.02%	107.72%	41.84%	50.20%	112.95%	101.07%	42.62%	53.46%	99.75%	91.38%
SG&A Expenses to Revenue	10.07%	41.07%	35.82%	7.34%	10.46%	41.78%	31.58%	7.18%	10.58%	35.36%	32.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.49%	63.64%	67.15%	15.57%	17.28%	67.13%	58.28%	16.96%	16.77%	58.71%	45.35%
Earnings before Interest and Taxes (EBIT)	383	-202	-199	544	354	-212	-157	499	330	-169	-98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	456	-131	-127	613	423	-145	-89	568	396	-105	-35
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.84	13.64	9.11	6.81	9.56	11.93	8.35	6.97	6.56	6.28	5.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.13	2.10	2.28	2.37	2.79	2.63	2.90	3.08	3.40	3.02	3.37
Price to Earnings (P/E)	24.23	25.98	28.61	24.66	33.02	32.88	31.26	30.83	28.59	22.67	24.46
Dividend Yield	5.29%	5.40%	4.89%	4.67%	3.94%	4.09%	3.65%	3.54%	3.21%	3.35%	2.64%
Earnings Yield	4.13%	3.85%	3.50%	4.06%	3.03%	3.04%	3.20%	3.24%	3.50%	4.41%	4.09%
Enterprise Value to Invested Capital (EV/IC)	2.91	2.81	2.69	2.73	3.28	3.31	3.06	3.16	3.45	3.09	3.00
Enterprise Value to Revenue (EV/Rev)	2.98	3.02	3.24	3.19	3.59	3.45	3.79	3.86	4.05	3.75	4.10
Enterprise Value to EBITDA (EV/EBITDA)	10.80	11.18	12.24	11.48	13.50	13.57	14.22	13.50	13.28	11.61	12.16
Enterprise Value to EBIT (EV/EBIT)	16.65	17.52	19.18	17.42	21.16	21.55	21.83	19.81	19.00	16.60	17.29
Enterprise Value to NOPAT (EV/NOPAT)	22.79	25.02	26.66	22.97	28.54	28.57	28.43	27.46	25.14	20.36	21.36
Enterprise Value to Operating Cash Flow (EV/OCF)	14.04	16.10	15.93	15.51	16.88	15.60	17.14	16.75	16.25	14.21	14.57
Enterprise Value to Free Cash Flow (EV/FCFF)	18.01	35.74	20.64	16.73	18.26	18.17	42.40	40.30	42.67	32.97	23.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.31	3.71	2.68	2.09	2.43	3.02	2.11	1.78	1.61	1.83	1.48
Long-Term Debt to Equity	2.60	3.64	2.62	2.04	2.37	2.94	2.06	1.73	1.57	1.78	1.45
Financial Leverage	2.12	2.64	1.97	1.36	1.20	1.49	1.21	0.89	0.81	0.92	0.87
Leverage Ratio	5.79	6.81	4.91	4.11	4.24	4.86	3.85	3.44	3.62	3.91	3.42
Compound Leverage Factor	5.20	8.08	5.80	3.86	3.80	5.68	4.69	3.22	3.28	4.65	4.59
Debt to Total Capital	76.81%	78.78%	72.79%	67.68%	70.81%	75.12%	67.86%	63.99%	61.67%	64.65%	59.68%
Short-Term Debt to Total Capital	16.61%	1.62%	1.50%	1.67%	1.75%	1.87%	1.66%	1.55%	1.50%	1.54%	1.39%
Long-Term Debt to Total Capital	60.20%	77.16%	71.30%	66.01%	69.05%	73.25%	66.19%	62.44%	60.17%	63.10%	58.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.11%	8.58%	8.25%	7.79%	8.14%	7.91%	7.98%	7.33%	6.79%	6.54%	5.13%
Common Equity to Total Capital	15.08%	12.64%	18.95%	24.53%	21.06%	16.97%	24.16%	28.68%	31.54%	28.82%	35.19%
Debt to EBITDA	3.33	3.55	3.64	3.45	3.69	3.84	3.66	3.45	3.32	3.34	3.21
Net Debt to EBITDA	2.71	3.02	3.20	2.56	2.60	2.82	2.92	2.33	1.79	1.93	1.89
Long-Term Debt to EBITDA	2.61	3.48	3.56	3.37	3.60	3.74	3.57	3.36	3.24	3.26	3.14
Debt to NOPAT	7.03	7.95	7.92	6.91	7.79	8.08	7.31	7.01	6.28	5.86	5.64
Net Debt to NOPAT	5.71	6.75	6.96	5.12	5.49	5.95	5.83	4.75	3.38	3.38	3.32
Long-Term Debt to NOPAT	5.51	7.79	7.76	6.74	7.60	7.88	7.13	6.84	6.13	5.72	5.51
Altman Z-Score	1.53	1.16	1.39	2.01	1.87	1.42	1.71	2.23	2.06	1.55	1.82
Noncontrolling Interest Sharing Ratio	30.82%	35.64%	27.24%	22.05%	21.71%	23.47%	17.81%	15.32%	15.20%	16.18%	12.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	0.63	0.82	1.18	0.96	0.83	1.07	1.50	1.37	1.21	1.61
Quick Ratio	0.34	0.39	0.63	1.01	0.77	0.61	0.83	1.26	1.13	0.97	1.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	390	-246	-37	558	455	54	-239	238	54	-300	-103
Operating Cash Flow to CapEx	434.94%	397.69%	-168.03%	442.60%	315.51%	615.41%	-162.75%	221.90%	330.49%	268.33%	-201.73%
Free Cash Flow to Firm to Interest Expense	9.21	-5.83	-0.91	14.00	11.22	1.32	-5.94	6.09	1.42	-8.49	-2.86
Operating Cash Flow to Interest Expense	7.70	6.70	-2.32	2.76	5.98	8.07	-2.17	3.10	7.10	9.43	-1.73
Operating Cash Flow Less CapEx to Interest Expense	5.93	5.02	-3.70	2.13	4.08	6.75	-3.51	1.70	4.95	5.92	-2.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.51	0.50	0.48	0.46	0.48	0.47	0.46	0.44	0.42	0.40
Accounts Receivable Turnover	22.50	24.50	7.62	8.32	19.05	25.61	7.56	9.33	17.25	23.12	6.93
Inventory Turnover	12.63	10.69	13.17	15.54	12.72	11.30	13.83	16.71	14.01	11.65	14.28
Fixed Asset Turnover	1.25	1.21	1.20	1.24	1.19	1.23	1.29	1.28	1.23	1.20	1.21
Accounts Payable Turnover	1.44	1.29	1.67	1.91	1.43	1.36	1.74	2.04	1.44	1.23	1.53
Days Sales Outstanding (DSO)	16.22	14.90	47.87	43.86	19.16	14.25	48.29	39.11	21.16	15.79	52.66
Days Inventory Outstanding (DIO)	28.90	34.14	27.72	23.49	28.70	32.30	26.39	21.84	26.05	31.34	25.57
Days Payable Outstanding (DPO)	252.80	282.94	218.08	191.07	255.41	267.75	210.14	179.27	254.20	295.91	237.82
Cash Conversion Cycle (CCC)	-207.68	-233.90	-142.49	-123.72	-207.55	-221.20	-135.45	-118.31	-207.00	-248.78	-159.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,014	3,094	3,480	3,374	3,116	2,989	3,582	3,524	3,317	3,188	3,455
Invested Capital Turnover	0.96	0.95	0.82	0.84	0.88	0.93	0.82	0.83	0.88	0.85	0.73
Increase / (Decrease) in Invested Capital	-102	104	-102	-150	-201	-199	127	129	187	185	35
Enterprise Value (EV)	8,766	8,706	9,348	9,207	10,219	9,907	10,962	11,131	11,449	9,866	10,355
Market Capitalization	6,283	6,056	6,592	6,836	7,933	7,550	8,383	8,881	9,595	7,942	8,512
Book Value per Share	$14.18	$11.85	$19.23	$26.43	$21.86	$16.59	$26.04	$31.59	$36.27	$31.40	$40.06
Tangible Book Value per Share	($37.10)	($40.75)	($33.41)	($25.61)	($30.93)	($35.01)	($26.61)	($18.02)	($14.16)	($18.15)	($11.34)
Total Capital	3,518	3,512	3,817	4,091	3,941	3,730	4,155	4,442	4,637	4,389	4,582
Total Debt	2,702	2,767	2,779	2,769	2,791	2,802	2,820	2,843	2,859	2,838	2,734
Total Long-Term Debt	2,118	2,710	2,722	2,700	2,722	2,732	2,751	2,774	2,790	2,770	2,670
Net Debt	2,198	2,349	2,442	2,052	1,965	2,061	2,247	1,924	1,540	1,636	1,608
Capital Expenditures (CapEx)	75	71	56	25	77	53	54	55	82	124	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-863	-871	-482	-458	-806	-899	-427	-354	-778	-854	-382
Debt-free Net Working Capital (DFNWC)	-358	-453	-145	259	19	-159	147	565	542	347	744
Net Working Capital (NWC)	-942	-510	-202	191	-50	-228	77	496	472	279	681
Net Nonoperating Expense (NNE)	30	40	43	27	24	38	23	24	21	29	41
Net Nonoperating Obligations (NNO)	2,198	2,349	2,442	2,052	1,965	2,061	2,247	1,924	1,540	1,636	1,608
Total Depreciation and Amortization (D&A)	73	72	72	68	69	67	69	69	66	65	63
Debt-free, Cash-free Net Working Capital to Revenue	-29.28%	-30.19%	-16.70%	-15.85%	-28.34%	-31.34%	-14.76%	-12.25%	-27.53%	-32.49%	-15.11%
Debt-free Net Working Capital to Revenue	-12.15%	-15.69%	-5.02%	8.96%	0.67%	-5.53%	5.07%	19.57%	19.18%	13.19%	29.47%
Net Working Capital to Revenue	-31.98%	-17.67%	-7.00%	6.59%	-1.76%	-7.96%	2.68%	17.18%	16.72%	10.61%	26.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.57	($4.61)	($4.67)	$9.57	$5.78	($4.60)	($3.21)	$8.20	$5.17	($3.40)	($2.65)
Adjusted Weighted Average Basic Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Adjusted Diluted Earnings per Share	$6.56	($4.61)	($4.63)	$9.54	$5.76	($4.60)	($3.20)	$8.18	$5.16	($3.40)	($2.64)
Adjusted Weighted Average Diluted Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.34M	37.44M	37.49M	37.62M	37.97M	37.97M	38.15M	38.55M	40.33M	40.32M	40.28M
Normalized Net Operating Profit after Tax (NOPAT)	288	-152	-135	409	254	-148	-111	372	242	-114	-88
Normalized NOPAT Margin	25.31%	-58.37%	-50.76%	31.85%	23.60%	-57.20%	-41.28%	30.04%	21.98%	-40.92%	-33.04%
Pre Tax Income Margin	30.29%	-92.15%	-88.42%	39.79%	29.43%	-95.99%	-71.00%	37.75%	27.15%	-72.13%	-49.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.04	-4.80	-4.88	13.66	8.71	-5.21	-3.92	12.74	8.61	-4.80	-2.70
NOPAT to Interest Expense	6.80	-3.35	-3.42	10.24	6.26	-3.56	-2.79	9.39	6.29	-3.24	-1.90
EBIT Less CapEx to Interest Expense	7.27	-6.48	-6.26	13.04	6.82	-6.52	-5.25	11.35	6.46	-8.32	-3.56
NOPAT Less CapEx to Interest Expense	5.03	-5.04	-4.80	9.62	4.36	-4.87	-4.12	7.99	4.14	-6.75	-2.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	120.61%	132.52%	131.43%	108.74%	124.16%	128.58%	110.26%	100.81%	87.27%	72.75%	61.30%
Augmented Payout Ratio	171.32%	180.95%	192.34%	185.39%	339.59%	352.50%	285.63%	241.91%	87.27%	72.75%	81.66%

Frequently Asked Questions About Vail Resorts' Financials

When does Vail Resorts's fiscal year end?

According to the most recent income statement we have on file, Vail Resorts' financial year ends in July. Their financial year 2024 ended on July 31, 2024.

How has Vail Resorts' net income changed over the last 9 years?

Vail Resorts' net income appears to be on an upward trend, with a most recent value of $246.28 million in 2024, rising from $114.61 million in 2015. The previous period was $285.10 million in 2023. Find out what analysts predict for Vail Resorts in the coming months.

What is Vail Resorts's operating income?

Vail Resorts's total operating income in 2024 was $491.43 million, based on the following breakdown:

Total Gross Profit: $1.23 billion
Total Operating Expenses: $737.83 million

How has Vail Resorts revenue changed over the last 9 years?

Over the last 9 years, Vail Resorts' total revenue changed from $1.40 billion in 2015 to $2.89 billion in 2024, a change of 106.1%.

How much debt does Vail Resorts have?

Vail Resorts' total liabilities were at $4.66 billion at the end of 2024, a 1.0% increase from 2023, and a 190.0% increase since 2015.

How much cash does Vail Resorts have?

In the past 9 years, Vail Resorts' cash and equivalents has ranged from $35.46 million in 2015 to $1.24 billion in 2021, and is currently $322.83 million as of their latest financial filing in 2024.

How has Vail Resorts' book value per share changed over the last 9 years?

Over the last 9 years, Vail Resorts' book value per share changed from 23.83 in 2015 to 19.23 in 2024, a change of -19.3%.

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This page (NYSE:MTN) was last updated on 5/25/2025 by MarketBeat.com Staff

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Vail Resorts (MTN) Financials

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