Vail Resorts (MTN) Financials

$138.21 +0.63 (+0.46%)

Closing price 04/17/2025 03:59 PM Eastern

Extended Trading

$138.32 +0.11 (+0.08%)

As of 04/17/2025 05:17 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	115	150	211	380	301	99	128	348	268	230
Consolidated Net Income / (Loss)	115	149	232	401	323	109	124	368	285	246
Net Income / (Loss) Continuing Operations	115	149	232	401	323	109	124	368	285	246
Total Pre-Tax Income	149	243	348	340	399	116	125	457	374	345
Total Operating Income	211	283	379	409	476	223	261	602	505	491
Total Gross Profit	521	658	821	867	974	776	830	1,177	1,221	1,229
Total Revenue	1,400	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885
Operating Revenue	1,400	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885
Total Cost of Revenue	879	944	1,086	1,144	1,297	1,188	1,080	1,349	1,668	1,656
Operating Cost of Revenue	879	944	1,086	1,144	1,297	1,188	1,080	1,349	1,668	1,656
Total Operating Expenses	311	375	442	459	498	553	569	575	716	738
Selling, General & Admin Expense	180	209	237	252	274	279	297	347	389	410
Depreciation Expense	149	161	189	204	218	250	253	252	269	276
Other Operating Expenses / (Income)	-3.65	4.20	16	-1.85	5.37	-2.96	14	20	50	48
Other Special Charges / (Income)	-14	0.12	-0.34	4.11	0.08	-1.05	5.05	-45	8.23	3.35
Total Other Income / (Expense), net	-61	-40	-31	-69	-77	-107	-136	-145	-132	-146
Interest Expense	62	42	54	63	79	107	151	148	153	162
Interest & Investment Income	1.07	2.01	8.00	3.47	5.05	3.00	7.28	6.30	24	20
Other Income / (Expense), net	0.00	0.00	15	-8.97	-2.85	-3.23	8.28	-2.68	-2.91	-4.14
Income Tax Expense	35	93	117	-61	75	7.38	0.73	89	88	99
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.14	-0.30	21	21	22	10	-3.39	20	17	16
Basic Earnings per Share	$3.16	$4.13	$5.36	$9.40	$7.46	$2.45	$3.17	$8.60	$6.76	$6.08
Weighted Average Basic Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M
Diluted Earnings per Share	$3.07	$4.01	$5.22	$9.13	$7.32	$2.42	$3.13	$8.55	$6.74	$6.07
Weighted Average Diluted Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M
Weighted Average Basic & Diluted Shares Outstanding	36.34M	36.28M	40.02M	40.40M	40.29M	40.19M	40.39M	40.28M	38.15M	37.49M
Cash Dividends to Common per Share	$2.08	$2.87	$3.73	$5.05	$6.46	$5.28	$0.00	$5.58	$7.94	$8.56

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

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

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

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

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

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

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

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

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

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

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.

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 4/20/2025 by MarketBeat.com Staff

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Vail Resorts (MTN) Financials

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