Vail Resorts, Inc. (MTN) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Gambling, Resorts & Casinos
EV/EBITDA
↓
8.78
↓-44% vs avg
5yr avg: 15.83
30Y Low6.9·High27.8
P/FCF
↓
14.14
↓-38% vs avg
5yr avg: 22.75
30Y Low5.6·High37.8
P/B Ratio
↑
6.23
-6% vs avg
5yr avg: 6.62
30Y Low0.9·High7.4
ROE
↑
31.2%
↓+66% vs avg
5yr avg: 18.8%
30Y Low-2%·High31%
Debt/EBITDA
↓
4.02
↓-6% vs avg
5yr avg: 4.27
30Y Low1.6·High6.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MTN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Vail Resorts, Inc. trades at 16.8x earnings, 60% below its 5-year average of 42.1x, sitting at the 4th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a discount of 14%. On a free-cash-flow basis, the stock trades at 14.1x P/FCF, 38% below the 5-year average of 22.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $5.6B | $6.9B | $9.4B | $9.6B | $12.5B | $7.8B | $10.1B | $11.5B | $8.5B | $5.3B |
| Enterprise Value | $7.5B | $8.6B | $9.6B | $11.8B | $11.5B | $14.3B | $10.2B | $11.6B | $12.6B | $9.7B | $6.0B |
| P/E Ratio → | 16.78 | 19.95 | 29.99 | 35.20 | 27.73 | 97.51 | 79.35 | 33.68 | 30.33 | 40.38 | 35.68 |
| P/S Ratio | 1.52 | 1.89 | 2.39 | 3.24 | 3.82 | 6.52 | 3.99 | 4.47 | 5.73 | 4.46 | 3.33 |
| P/B Ratio | 6.23 | 7.42 | 6.65 | 7.01 | 5.22 | 6.81 | 5.12 | 5.88 | 6.36 | 4.73 | 6.01 |
| P/FCF | 14.14 | 17.49 | 18.39 | 28.84 | 18.64 | 30.38 | 35.23 | 22.95 | 28.03 | 27.23 | 16.81 |
| P/OCF | 8.14 | 10.07 | 11.77 | 14.64 | 13.58 | 23.72 | 19.86 | 16.00 | 20.89 | 18.62 | 12.51 |
P/E links to full P/E history page with 30-year chart
MTN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Vail Resorts, Inc.'s enterprise value stands at 8.8x EBITDA, 44% below its 5-year average of 15.8x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 23% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.90 | 3.34 | 4.09 | 4.55 | 7.48 | 5.17 | 5.12 | 6.28 | 5.08 | 3.75 |
| EV / EBITDA | 8.78 | 10.04 | 12.54 | 15.29 | 13.44 | 27.83 | 21.48 | 16.75 | 20.61 | 17.04 | 13.49 |
| EV / EBIT | 13.44 | 14.97 | 19.09 | 22.49 | 18.97 | 51.67 | 45.52 | 24.31 | 31.34 | 24.07 | 21.05 |
| EV / FCF | — | 26.88 | 25.64 | 36.42 | 22.18 | 34.85 | 45.63 | 26.31 | 30.75 | 31.00 | 18.89 |
MTN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Vail Resorts, Inc. earns an operating margin of 18.9%, significantly above the Consumer Cyclical sector average of 2.9%. Operating margins have expanded from 17.5% to 18.9% over the past 3 years, signaling improving operational efficiency. Return on equity of 31.2% is exceptionally high — well above the sector median of 5.6%. ROIC of 11.2% represents solid returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.8% | 42.8% | 42.6% | 42.3% | 46.6% | 43.5% | 39.5% | 42.9% | 43.1% | 43.1% | 41.1% |
| Operating Margin | 18.9% | 18.9% | 16.9% | 17.5% | 23.8% | 13.7% | 11.4% | 21.0% | 20.3% | 19.9% | 17.7% |
| Net Profit Margin | 9.4% | 9.4% | 8.0% | 9.2% | 13.8% | 6.7% | 5.0% | 13.3% | 18.9% | 11.0% | 9.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.2% | 31.2% | 19.5% | 16.7% | 18.9% | 7.6% | 6.1% | 17.0% | 21.0% | 15.7% | 16.9% |
| ROA | 4.9% | 4.9% | 4.0% | 4.3% | 5.5% | 2.2% | 2.0% | 7.1% | 9.3% | 6.4% | 6.0% |
| ROIC | 11.2% | 11.2% | 9.7% | 10.1% | 12.3% | 5.2% | 4.7% | 11.6% | 10.4% | 12.6% | 13.1% |
| ROCE | 12.9% | 12.9% | 10.4% | 10.1% | 11.5% | 5.3% | 5.4% | 13.3% | 11.7% | 13.8% | 13.9% |
MTN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Vail Resorts, Inc. carries a Debt/EBITDA ratio of 4.0x, which is highly leveraged (9% below the sector average of 4.4x). Net debt stands at $3.0B ($3.4B total debt minus $440M cash). Interest coverage of 3.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.57 | 4.57 | 2.93 | 2.26 | 1.59 | 1.68 | 1.77 | 0.92 | 0.71 | 0.72 | 0.82 |
| Debt / EBITDA | 4.02 | 4.02 | 3.97 | 3.91 | 3.45 | 5.99 | 5.72 | 2.30 | 2.11 | 2.28 | 1.64 |
| Net Debt / Equity | — | 3.98 | 2.62 | 1.84 | 0.99 | 1.00 | 1.51 | 0.86 | 0.62 | 0.66 | 0.74 |
| Net Debt / EBITDA | 3.51 | 3.51 | 3.54 | 3.18 | 2.15 | 3.57 | 4.90 | 2.14 | 1.82 | 2.08 | 1.48 |
| Debt / FCF | — | 9.40 | 7.25 | 7.58 | 3.55 | 4.47 | 10.40 | 3.36 | 2.72 | 3.78 | 2.08 |
| Interest Coverage | 3.26 | 3.26 | 2.97 | 3.24 | 4.06 | 1.72 | 2.09 | 5.99 | 6.47 | 7.01 | 6.68 |
MTN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.63x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.07x to 0.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.82 | 1.07 | 1.61 | 1.78 | 1.10 | 0.73 | 0.91 | 0.72 | 0.64 |
| Quick Ratio | 0.56 | 0.56 | 0.72 | 0.95 | 1.51 | 1.70 | 0.93 | 0.60 | 0.76 | 0.58 | 0.49 |
| Cash Ratio | 0.26 | 0.26 | 0.29 | 0.50 | 1.00 | 1.27 | 0.65 | 0.15 | 0.30 | 0.19 | 0.13 |
| Asset Turnover | — | 0.51 | 0.51 | 0.49 | 0.40 | 0.31 | 0.37 | 0.51 | 0.49 | 0.46 | 0.65 |
| Inventory Turnover | 14.48 | 14.48 | 13.92 | 12.59 | 12.41 | 13.44 | 11.66 | 13.44 | 13.37 | 12.80 | 12.65 |
| Days Sales Outstanding | — | 47.08 | 47.54 | 48.14 | 55.41 | 66.02 | 19.83 | 43.53 | 41.88 | 35.77 | 33.53 |
MTN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Vail Resorts, Inc. returns 13.0% to shareholders annually — split between a 7.0% dividend yield and 6.0% buyback yield. The payout ratio exceeds 100% at 117.2%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 6.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.0% | 5.9% | 4.7% | 3.4% | 2.3% | — | 2.7% | 2.6% | 1.8% | 1.7% | 1.9% |
| Payout Ratio | 117.2% | 117.2% | 140.1% | 118.3% | 64.9% | — | 215.2% | 86.5% | 53.7% | 69.5% | 69.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 5.0% | 3.3% | 2.8% | 3.6% | 1.0% | 1.3% | 3.0% | 3.3% | 2.5% | 2.8% |
| FCF Yield | 7.1% | 5.7% | 5.4% | 3.5% | 5.4% | 3.3% | 2.8% | 4.4% | 3.6% | 3.7% | 5.9% |
| Buyback Yield | 6.0% | 4.8% | 2.2% | 5.3% | 0.8% | 0.0% | 0.6% | 0.8% | 0.2% | 0.0% | 1.0% |
| Total Shareholder Yield | 13.0% | 10.7% | 6.9% | 8.7% | 3.1% | 0.0% | 3.3% | 3.4% | 2.0% | 1.7% | 3.0% |
| Shares Outstanding | — | $37M | $38M | $40M | $41M | $41M | $41M | $41M | $42M | $40M | $37M |
Peer Comparison
Compare MTN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MTNYou | $5B | 16.8 | 8.8 | 14.1 | 42.8% | 18.9% | 31.2% | 11.2% | 4.0 |
 SNOW | $48B | -35.4 | — | 42.7 | 67.2% | -30.6% | -53.0% | -43.1% | — |
 CNK | $3B | 26.7 | 12.3 | 18.3 | 18.6% | 11.0% | 27.2% | 7.5% | 7.0 |
 EPR | $4B | 17.2 | 13.5 | 10.2 | 44.7% | 52.5% | 11.8% | 5.3% | 5.8 |
 FUN | $2B | -8.6 | 11.3 | 37.9 | 91.4% | 11.5% | -27.2% | 5.1% | 8.2 |
 PRKS | $2B | 11.7 | 3.4 | 7.4 | 92.3% | 22.0% | — | 25.5% | — |
 PLNT | $5B | 32.0 | 15.7 | 28.1 | 52.0% | 27.4% | — | 12.0% | 5.3 |
 MAR | $95B | 37.8 | 25.2 | 36.5 | 21.3% | 15.8% | — | 25.0% | 3.8 |
 HLT | $73B | 52.5 | 30.6 | 36.1 | 41.1% | 22.4% | — | 24.7% | 5.5 |
 H | $16B | -313.6 | 22.8 | 101.7 | 11.2% | 7.8% | -1.4% | 5.8% | 5.4 |
 BKNG | $130B | 25.4 | 13.2 | 14.4 | 100.0% | 34.5% | — | — | 1.9 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 15.0 | 36.9% | 2.9% | 5.6% | 5.8% | 4.4 |
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Start ComparisonMTN — Frequently Asked Questions
Quick answers to the most common questions about buying MTN stock.
What is Vail Resorts, Inc.'s P/E ratio?
Vail Resorts, Inc.'s current P/E ratio is 16.8x. The historical average is 52.2x. This places it at the 4th percentile of its historical range.
What is Vail Resorts, Inc.'s EV/EBITDA?
Vail Resorts, Inc.'s current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
What is Vail Resorts, Inc.'s ROE?
Vail Resorts, Inc.'s return on equity (ROE) is 31.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 8.8%.
Is MTN stock overvalued?
Based on historical data, Vail Resorts, Inc. is trading at a P/E of 16.8x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Vail Resorts, Inc.'s dividend yield?
Vail Resorts, Inc.'s current dividend yield is 6.98% with a payout ratio of 117.2%.
What are Vail Resorts, Inc.'s profit margins?
Vail Resorts, Inc. has 42.8% gross margin and 18.9% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Vail Resorts, Inc. have?
Vail Resorts, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.