Latest Ratios: P/E Ratio 19.0x · EV/EBITDA 9.5x · ROE 31.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $5.6B | $6.9B | $9.4B | $9.6B | $12.5B | $7.8B | $10.1B | $11.5B | $8.5B | $5.3B |
| Enterprise Value | $8.1B | $8.6B | $9.6B | $11.8B | $11.5B | $14.3B | $10.2B | $11.6B | $12.6B | $9.7B | $6.0B |
| P/E Ratio → | 19.01 | 19.95 | 29.99 | 35.20 | 27.73 | 97.51 | 79.35 | 33.68 | 30.33 | 40.38 | 35.68 |
| P/S Ratio | 1.72 | 1.89 | 2.39 | 3.24 | 3.82 | 6.52 | 3.99 | 4.47 | 5.73 | 4.46 | 3.33 |
| P/B Ratio | 7.06 | 7.42 | 6.65 | 7.01 | 5.22 | 6.81 | 5.12 | 5.88 | 6.36 | 4.73 | 6.01 |
| P/FCF | 15.96 | 17.49 | 18.39 | 28.84 | 18.64 | 30.38 | 35.23 | 22.95 | 28.03 | 27.23 | 16.81 |
| P/OCF | 9.19 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 9.46 | 10.04 | 12.54 | 15.29 | 13.44 | 27.83 | 21.48 | 16.75 | 20.61 | 17.04 | 13.49 |
| EV / EBIT | 14.47 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 3.34 | 3.34 | 3.06 | 3.38 | 4.09 | 1.83 | 2.09 | 6.02 | 6.38 | 7.44 | 6.73 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 6.2% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 5.0% | 3.3% | 2.8% | 3.6% | 1.0% | 1.3% | 3.0% | 3.3% | 2.5% | 2.8% |
| FCF Yield | 6.3% | 5.7% | 5.4% | 3.5% | 5.4% | 3.3% | 2.8% | 4.4% | 3.6% | 3.7% | 5.9% |
| Buyback Yield | 5.3% | 4.8% | 2.2% | 5.3% | 0.8% | 0.0% | 0.6% | 0.8% | 0.2% | 0.0% | 1.0% |
| Total Shareholder Yield | 11.5% | 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 |
High Leverage and Seasonality
According to recent market data, MTN trades at a forward P/E of 31.88, which appears elevated relative to its historical averages and suggests that investors are pricing in a recovery in earnings growth that may be difficult to achieve given current top-line deceleration trends.
The discrepancy between the TTM P/E of 18.32 and the forward multiple indicates that the market anticipates a significant earnings contraction or a reset in profitability expectations. This valuation premium warrants caution, as it implies a growth trajectory that may not align with the maturing North American pass market and the company's increasing reliance on international acquisitions.
Based on reported financial figures, the company's ROIC has fluctuated significantly, dropping to 10.3% in 2026Q3 from a peak of 13.4% in 2026Q2, which indicates that the firm is struggling to maintain efficient returns on its heavy investments in mountain infrastructure and resort assets.
The volatility in ROIC suggests that the capital-intensive nature of the business is becoming a drag on shareholder value creation, particularly as the company faces higher maintenance costs and potential saturation in its core markets. Investors should monitor whether future capital expenditures can generate returns that exceed the company's cost of capital, as current trends suggest a potential decay in long-term compounding power.
As reported in recent quarterly filings, the company's asset turnover remains low at 0.21, reflecting the massive fixed-asset base required to operate its resort portfolio, which limits the firm's ability to quickly pivot its capital efficiency in response to changing seasonal demand patterns.
The wide swings in the cash conversion cycle, evidenced by the shift from -37 days in 2026Q3 to 22 days in 2026Q2, highlight the extreme seasonal working capital requirements inherent in the ski industry. This reliance on pre-season pass sales to fund operations creates a structural vulnerability where any disruption in early-season cash collection could lead to significant liquidity strain.
According to the company's balance sheet, the debt-to-equity ratio has escalated to 3.52 in 2026Q3, a marked increase from 2.24 in 2024Q3, suggesting that the firm's reliance on leverage has intensified as it navigates a more challenging operating environment and higher interest expense.
The rising debt-to-EBITDA ratio indicates that the company's ability to service its obligations is becoming increasingly sensitive to fluctuations in operating income. This leverage profile leaves little room for error, particularly if the company needs to fund further acquisitions or manage unexpected capital expenditures during periods of poor snowfall.
Market participants often misapply standard SaaS-style subscription metrics to MTN's pass model, failing to account for the fact that unlike software, the company's revenue is tied to physical assets with high, non-discretionary operating costs that do not scale linearly with pass holder growth.
Investors should focus on 'Effective Ticket Price' and 'Ancillary Spend per Visit' rather than simple pass unit growth, as the latter obscures the rising costs of snowmaking and labor. Relying on a subscription-based valuation framework ignores the reality that MTN's margins are highly susceptible to weather-related operational shocks that do not exist in traditional recurring revenue business models.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MTN stock.
Vail Resorts, Inc.'s current P/E ratio is 19.0x. The historical average is 52.2x. This places it at the 4th percentile of its historical range.
Vail Resorts, Inc.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
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%.
Based on historical data, Vail Resorts, Inc. is trading at a P/E of 19.0x. This is at the 4th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vail Resorts, Inc.'s current dividend yield is 6.16% with a payout ratio of 117.2%.
Vail Resorts, Inc. has 42.8% gross margin and 18.9% operating margin. Operating margin between 10-20% is typical for established companies.
Vail Resorts, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.