Vail Resorts Inc Stock Research

Market Summary

USD252.19+4.80

Market Closed

1.94%

MTN Stock Price

MTN RSI Chart

MTN Valuation

Market Cap

10.2B

Price/Earnings (Trailing)

30.3

Price/Sales (Trailing)

3.6

EV/EBITDA

13.29

Price/Free Cashflow

14.43

MTN Price/Sales (Trailing)

MTN Profitability

EBT Margin

16.68%

Return on Equity

18.88%

Return on Assets

5.11%

Free Cashflow Yield

6.93%

MTN Fundamentals

MTN Revenue

Revenue (TTM)

2.8B

Revenue Y/Y

21.53%

Revenue Q/Q

294.25%

MTN Earnings

Earnings (TTM)

335.6M

Earnings Y/Y

-6.59%

Earnings Q/Q

252.35%

Price Action

52 Week Range

200.11267.26

(Low)(High)

Last 7 days

4.5%

Last 30 days

5.8%

Last 90 days

5.5%

Trailing 12 Months

0.1%

MTN Financial Health

Current Ratio

1.37

Debt/Equity

1.57

Debt/Cashflow

0.25

MTN Investor Care

Dividend Yield

3.03%

Dividend/Share (TTM)

7.64

Buy Backs (1Y)

0.31%

Diluted EPS (TTM)

8.27

Peers (Alternatives to Vail Resorts)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MCD	212.6B	23.4B	-1.80%	18.41%	34.42	9.17	-1.47%	-3.33%
MGM	15.0B	14.1B	-6.93%	15.91%	7.64	1.06	29.94%	24.85%
WYNN	11.4B	4.2B	-8.21%	50.52%	-50.05	2.7	6.20%	65.33%
MID-CAP
CHDN	10.7B	2.0B	-4.02%	34.91%	19.34	5.33	22.49%	116.78%
ARMK	10.3B	17.7B	17.07%	14.50%	41.99	0.58	23.57%	68.31%
MTN	10.2B	2.8B	5.82%	0.11%	30.3	3.6	29.86%	54.02%
PENN	4.5B	6.4B	-12.29%	-21.59%	20.2	0.7	8.41%	79.53%
SEAS	3.8B	1.8B	9.16%	6.81%	12.94	2.18	9.45%	-2.98%
FUN	2.4B	-	10.30%	-4.61%	9.26	1.33	35.81%	1083.17%
SIX	2.2B	1.4B	18.55%	-10.36%	21.4	1.65	-12.28%	-34.58%
SMALL-CAP
PLAY	1.6B	2.0B	-8.21%	-12.17%	11.8	0.82	50.64%	26.23%
GDEN	1.3B	1.1B	10.52%	-9.03%	22.18	1.14	-0.39%	-69.07%
DIN	995.2M	892.8M	-1.87%	-14.90%	11.89	1.11	-3.21%	-13.84%
FLL	239.5M	172.0M	1.90%	-4.66%	-9.1	1.39	-4.13%	-272.52%
CPHC	114.8M	66.5M	3.22%	7.77%	13.49	1.73	2.58%	-34.65%

Financials for Vail Resorts

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	7.4%	2,825	2,630	2,526	2,463	2,175
EBITDA	2.1%	876	857	858	-	-
EBITDA Margin	-4.9%	0.31*	0.33*	0.34*	-	-
Earnings Before Taxes	2.9%	471	458	457	378	227
EBT Margin	-4.2%	0.17*	0.17*	0.18*	-	-
Interest Expenses	0.7%	145	144	148	151	155
Net Income	-4.2%	336	350	348	316	218
Net Income Margin	-10.8%	0.12*	0.13*	0.14*	-	-
Free Cahsflow	1.5%	705	694	710	-	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	4.5%	6,565	6,281	6,318	6,397	6,370
Current Assets	8.5%	1,760	1,622	1,792	1,845	1,767
Cash Equivalents	11.7%	1,319	1,181	1,107	1,401	1,407
Inventory	-12.7%	122	140	109	93.00	105
Net PPE	4.7%	2,421	2,313	2,118	2,143	2,190
Goodwill	2.0%	1,723	1,689	1,755	1,753	1,764
Liabilities	1.2%	4,788	4,729	4,471	4,332	4,576
Current Liabilities	-4.1%	1,288	1,343	1,111	830	1,155
Long Term Debt	0.7%	2,790	2,770	2,670	2,687	2,696
Shareholder's Equity	40.5%	1,777	1,265	1,612	1,829	1,794
Retained Earnings	18.6%	838	706	896	1,082	786
Additional Paid-In Capital	0.5%	1,113	1,107	1,105	1,178	1,173
Minority Interest	9.7%	315	287	235	236	228

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	1.5%	705	694	710	747	678
Share Based Compensation	1.5%	25.00	25.00	25.00	25.00	25.00
Cashflow From Investing	25.8%	-328	-442	-347	-283	-263
Cashflow From Financing	7.6%	-473	-513	-493	-392	-299
Dividend Payments	15.4%	309	267	226	149	71.00
Buy Backs	0%	75.00	75.00	-	-	-

Risks for MTN

What is the probability of a big loss on MTN?

63.1%

Probability that Vail Resorts stock will be more than 20% underwater in next one year

55.8%

Probability that Vail Resorts stock will be more than 30% underwater in next one year.

25.4%

Probability that Vail Resorts stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MTN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Vail Resorts was unfortunately bought at previous high price.

Drawdowns

Returns for MTN

Cumulative Returns on MTN

17.0%

10-Year Cumulative Returns

11.6%

7-Year Cumulative Returns

2.4%

5-Year Cumulative Returns

9.8%

3-Year Cumulative Returns

What are the long-term rolling returns for MTN?

FIve years rolling returns for Vail Resorts.

Annualized Returns

Which funds bought or sold MTN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-06-01	MACQUARIE GROUP LTD	added	9.58	12,845,600	185,584,000	0.22%
2023-06-01	PRELUDE CAPITAL MANAGEMENT, LLC	new	-	442,590	442,590	0.03%
2023-05-30	Aspire Private Capital, LLC	reduced	-97.81	-191,664	4,206	-%
2023-05-23	Front Row Advisors LLC	unchanged	-	-	4,000	-%
2023-05-23	Toroso Investments, LLC	added	102	3,097,000	6,228,000	0.11%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-34.64	-9,138,080	16,305,900	-%
2023-05-22	FDx Advisors, Inc.	unchanged	-	-	305,000	0.01%
2023-05-22	PUTNAM INVESTMENTS LLC	added	2.43	-160,966	11,652,600	0.02%
2023-05-22	PUTNAM INVESTMENTS LLC	added	32.62	1,784,950	7,731,300	0.01%
2023-05-22	Raleigh Capital Management Inc.	sold off	-100	-63,694	-	-%

Latest Funds Activity

Are funds buying MTN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MTN

No. of Funds

Vail Resorts News

Schedule 13G FIlings of Vail Resorts

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	0.5%	205,540	SC 13G/A
Feb 14, 2023	select equity group, l.p.	6.48%	2,612,048	SC 13G
Feb 14, 2023	bamco inc /ny/	10.69%	4,309,980	SC 13G/A
Feb 09, 2023	vanguard group inc	9.21%	3,711,862	SC 13G/A
Jan 30, 2023	blackrock inc.	8.8%	3,527,848	SC 13G/A
Jan 25, 2023	blackrock inc.	8.8%	3,527,848	SC 13G/A
Jan 12, 2023	apg asset management us inc.	5.3%	2,139,550	SC 13G/A
May 10, 2022	price t rowe associates inc /md/	6.2%	2,540,138	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	11.5%	4,674,147	SC 13G/A
Feb 14, 2022	bamco inc /ny/	10.17%	4,113,757	SC 13G/A

MTN Fair Value

Show Fair-Value

Recent SEC filings of Vail Resorts

View All Filings

Date Filed	Form Type	Document
May 11, 2023	3	Insider Trading
Apr 21, 2023	8-K	Current Report
Mar 28, 2023	8-K	Current Report
Mar 09, 2023	8-K	Current Report
Mar 09, 2023	10-Q	Quarterly Report
Mar 02, 2023	8-K	Current Report

Latest Insider Trading transactions for MTN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-12-12	Barkin Michael Z	sold	-1,784,200	258	-6,891	evp & chief financial officer
2022-12-12	Barkin Michael Z	sold (taxes)	-9,143,090	257	-35,492	evp & chief financial officer
2022-12-12	Barkin Michael Z	acquired	8,760,760	234	37,383	evp & chief financial officer
2022-09-29	Gronberg Nathan Mark	sold (taxes)	-5,552	213	-26.00	vp, controller & cao
2022-09-29	Gronberg Nathan Mark	acquired	-	-	87.00	vp, controller & cao
2022-09-25	Shapiro David T	sold (taxes)	-98,048	208	-471	evp, general counsel & sec.
2022-09-25	Bennett Ryan	acquired	-	-	348	svp & chief marketing officer
2022-09-25	O'Donnell James C.	sold (taxes)	-66,614	208	-320	president, mountain division
2022-09-25	KATZ ROBERT A	sold (taxes)	-309,757	208	-1,488	exec. chair of the board
2022-09-25	Barkin Michael Z	sold (taxes)	-160,499	208	-771	evp & chief financial officer

About Vail Resorts

Kirsten A. Lynch

www.vailresorts.com

46500

Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. It operates through three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates 37 destination mountain resorts and regional ski areas. This segment is also involved in the ancillary activities, including ski school, dining, and retail/rental operations, as well as real estate brokerage activities. The Lodging segment owns and/or manages various luxury hotels and condominiums, and other lodging properties under the RockResorts brand; various condominiums located in proximity to the company's mountain resorts; destination resorts; and golf courses, as well as offers resort ground transportation services. This segment operates owned and managed hotel and condominium units. The Real Estate segment owns, develops, and sells real estate properties. The company was incorporated in 1997 and is based in Broomfield, Colorado.

MTN Income Statement

2023-01-31

Consolidated Condensed Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Net revenue:
Mountain and Lodging services and other	$ 901,837	$ 770,300	$ 1,112,223	$ 892,160
Mountain and Lodging retail and dining	192,182	136,055	261,130	189,456
Resort net revenue	1,094,019	906,355	1,373,353	1,081,616
Real Estate Revenue	7,699	180	7,812	495
Revenues	1,101,718	906,535	1,381,165	1,082,111
Operating expense (exclusive of depreciation and amortization shown separately below):
Mountain and Lodging operating expense	507,216	364,336	749,502	548,061
Mountain and Lodging retail and dining cost of products sold	75,431	53,715	110,516	77,944
General and administrative	116,616	91,261	215,415	168,495
Resort operating expense	699,263	509,312	1,075,433	794,500
Real Estate operating expense	6,310	1,511	7,692	2,981
Total segment operating expense	705,573	510,823	1,083,125	797,481
Other operating (expense) income:
Depreciation and amortization	(65,989)	(62,070)	(130,603)	(123,559)
Gain on sale of real property	757	931	757	962
Change in estimated fair value of contingent consideration (Note 8)	(1,100)	(16,780)	(1,736)	(18,780)
(Loss) gain on disposal of fixed assets and other, net	(1,780)	7,347	(1,786)	16,214
Income from operations	328,033	325,140	164,672	159,467
Mountain equity investment income, net	42	818	388	2,332
Investment income and other, net	7,108	257	9,994	756
Foreign currency gain (loss) on intercompany loans (Note 5)	2,338	(2,870)	(3,797)	(2,039)
Interest expense, net	(38,370)	(37,366)	(73,672)	(76,911)
Income before (provision for) benefit from income taxes	299,151	285,979	97,585	83,605
(Provision for) benefit from income taxes	(79,032)	(52,049)	(21,026)	7,804
Net income	220,119	233,930	76,559	91,409
Net income attributable to noncontrolling interests	(11,440)	(10,539)	(4,851)	(7,350)
Net income attributable to Vail Resorts, Inc.	$ 208,679	$ 223,391	$ 71,708	$ 84,059
Per share amounts (Note 4):
Basic net income per share attributable to Vail Resorts, Inc.	$ 5.17	$ 5.51	$ 1.78	$ 2.08
Diluted net income per share attributable to Vail Resorts, Inc.	5.16	5.47	1.77	2.06
Cash dividends declared per share	$ 1.91	$ 0.88	$ 3.82	$ 1.76

MTN Balance Sheet

2023-01-31

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Assets
Cash and cash equivalents	$ 1,295,252	$ 1,107,427	$ 1,407,019
Restricted cash	24,103	18,680	15,643
Trade receivables, net	160,393	383,425	167,088
Inventories, net	122,088	108,723	104,573
Other current assets	158,295	173,277	73,104
Total current assets	1,760,131	1,791,532	1,767,427
Property, plant and equipment, net (Note 7)	2,421,395	2,118,052	2,190,332
Real estate held for sale or investment	90,354	95,983	95,331
Goodwill, net (Note 7)	1,723,019	1,754,928	1,764,106
Intangible assets, net	310,666	314,058	318,078
Operating right-of-use assets	200,667	192,070	198,672
Other assets	58,730	51,405	35,796
Total assets	6,564,962	6,318,028	6,369,742
Liabilities
Accounts payable and accrued liabilities (Note 7)	1,144,795	942,830	1,067,137
Income taxes payable	73,559	104,275	24,153
Long-term debt due within one year (Note 5)	69,582	63,749	63,746
Total current liabilities	1,287,936	1,110,854	1,155,036
Long-term debt, net (Note 5)	2,789,827	2,670,300	2,695,589
Operating lease liabilities	184,298	174,567	188,797
Other long-term liabilities	237,478	246,359	254,209
Deferred income taxes, net	288,072	268,464	282,427
Total liabilities	4,787,611	4,470,544	4,576,058
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000	25,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Preferred stock, $0.01 par value, 25,000 shares authorized, no shares issued and outstanding	$ 0	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	46,795,000	46,744,000	46,713,000
Common stock, $0.01 par value, 100,000 shares authorized, 46,795, 46,744 and 46,713 shares issued, respectively	$ 468	$ 467	$ 467
Exchangeable Shares Par Value Per Share	$ 0.01	$ 0.01	$ 0.01
Exchangeable Shares, Shares, Issued	0	3,000	33,000
Exchangeable shares, $0.01 par value, 0, 3 and 33 shares issued and outstanding, respectively (Note 4)	$ 0	$ 0	$ 0
Additional paid-in capital	1,112,519	1,184,577	1,172,595
Accumulated other comprehensive (loss) income	(8,565)	10,923	10,418
Retained earnings	$ 837,573	$ 895,889	$ 786,473
Treasury stock, shares	6,465,708	6,466,000	6,161,000
Treasury stock, at cost, 6,466, 6,466 and 6,161 shares, respectively (Note 11)	$ (479,417)	$ (479,417)	$ (404,411)
Total Vail Resorts, Inc. stockholders’ equity	1,462,578	1,612,439	1,565,542
Noncontrolling interests	314,773	235,045	228,142
Total stockholders’ equity	1,777,351	1,847,484	1,793,684
Total liabilities and stockholders’ equity	$ 6,564,962	$ 6,318,028	$ 6,369,742