Is the business good?
How good a business is MTN?
Vail Resorts, Inc. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 1.6 points above what the capital costs: growth creates value
- Operating margin
- 15%
Operating margin · Resorts & Casinos median 15% · 12 months to Q3 2026
- Cash conversion
- 1.12×
Cash conversion · 1.39× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.3%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 14% |
| FY2022 | 24% |
| FY2023 | 17% |
| FY2024 | 17% |
| FY2025 | 19% |
Details›
- Operating margin12 months to Q3 2026
- 15%
- Net margin12 months to Q3 2026
- 5.5%
- Free cash flow margin
- 6.2%
- Revenue, trailing twelve months
- $2.83B
- Free cash flow, trailing twelve months
- $175M
- Net income, trailing twelve months
- $157M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.