Vail Resorts

MTN

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$147.86

-1.27 (-0.85%)

Market Cap

$5.27B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−8.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 40.8M (2021) → 37.2M (2025)

Vail Resorts owns and operates ski resorts across the United States, Canada, and Australia. Its properties include well-known mountains like Vail, Breckenridge, Park City, and Whistler Blackcomb. The company serves recreational skiers and snowboarders, selling lift tickets, ski lessons, lodging, and food at its resorts.

The company's biggest revenue driver is its Epic Pass, a season pass product that lets customers ski at any of its roughly 40 resorts for a flat annual fee. This subscription-like model gives Vail Resorts predictable income before each ski season even begins, which is a meaningful competitive advantage over single-resort operators. The company operates primarily in North America, with a smaller presence in Australia and Switzerland. The main risk is weather and climate — poor snowfall seasons directly hurt skier visits and spending, and long-term warming trends could reduce the number of viable ski days at its mountains over time.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-10.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$385M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Vail Resorts's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

94.6%

Premium pricing power — 94.6% gross margin

Operating Margin

55.6%

Excellent — 55.6% operating margin

ROCE

18.4%

Strong — 18.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+30.7%

Fast-growing sales (30.7% YoY)

EPS YoY

+226.1%

Earnings growing fast (226.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

80%

Modest — 80% of profit becomes cash

FCF Margin

7.7%

Modest free cash flow (7.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

9.83

Heavy debt load (9.83)

Interest Cover

7.63x

Adequate interest coverage (7.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-23.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

6.52%

Healthy income — 6.52% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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