Vail Resorts, Inc. (MTN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+21.5%

$184.65

vs $151.96 price

Levered DCF

$118.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.52

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.17×	19.93×	29.94×	35.15×	27.74×	96.28×	78.38×	33.05×
P/B	22.19×	13.15×	9.53×	9.3×	5.99×	7.71×	5.87×	6.63×
P/S	1.88×	1.88×	2.39×	3.23×	3.82×	6.44×	3.94×	4.38×
EV / EBITDA	11.55×	9.86×	12.31×	14.84×	13.4×	26.71×	21.26×	16.41×
Gross margin	41.8%	42.8%	42.6%	42.3%	46.6%	43.5%	39.5%	42.9%
Operating margin	14.8%	18.9%	16.9%	17.5%	23.8%	13.7%	11.4%	21.0%
Net margin	5.2%	9.4%	8.0%	9.2%	13.8%	6.7%	5.0%	13.3%
Current ratio	0.8×	0.63×	0.82×	1.07×	1.61×	1.78×	1.1×	0.73×
Debt / equity	14.23×	8.11×	4.21×	3.01×	1.83×	1.93×	2.06×	1.06×
Interest coverage	2.05×	3.26×	2.97×	3.24×	4.06×	1.72×	2.09×	5.99×
Dividend yield	5.9%	5.9%	4.7%	3.4%	2.3%	0.0%	2.8%	2.6%
Payout ratio	215.0%	117.2%	140.1%	118.3%	64.9%	0.0%	215.2%	86.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	61.3%	66.0%	31.9%	26.5%	21.6%	8.0%	7.5%	20.1%
Return on invested capital	7.0%	8.7%	7.6%	7.8%	9.1%	4.8%	4.4%	10.3%
Return on assets	2.7%	4.8%	4.1%	4.5%	5.5%	2.0%	1.9%	6.8%
Free cash flow yield	4.6%	5.7%	5.4%	3.5%	5.4%	3.3%	2.9%	4.4%
Earnings yield	2.8%	5.0%	3.4%	2.8%	3.6%	1.0%	1.3%	3.0%
Enterprise value	$8.5B	$8.6B	$9.6B	$11.8B	$11.5B	$14.1B	$10B	$11.4B
Net debt / EBITDA	4.32×	3.45×	3.49×	3.1×	2.14×	3.46×	4.9×	2.13×
Cash conversion cycle (days)	42	42	43	45	44	60	33	44