Forensic Analysis · Hospitality & Leisure · as of Aug 10, 2026

Vail Resorts Inc (MTN)

A forensic read on Vail Resorts Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

1.4

Distress distance

Clean

Earnings quality

Forensic signals

34.8

P / E (ttm)

66.0%

ROE

$5.2B

Market cap

6.05%

Dividend yield

2.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Vail Resorts Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

187% of FCF

FY2025

Shareholder returns. Returned $598M to shareholders (buybacks + dividends) in FY2025 — 187% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $34M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 198%.

9.7%

FY2025

Return on invested capital. Return on invested capital is 9.7% in the latest fiscal year and slipping from 12% — around its ~8% cost of capital, so growth is roughly value-neutral.

$26M

FY2020–FY2020

Goodwill impairments. Took $26M of goodwill writedowns across 1 year (FY2020 ($26M)) — about 26% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$2.96B

Revenue Growth YoY+2.7%

Revenue CAGR (3yr)+5.5%

Net Margin9.4%

Free Cash Flow$319.7M

Return on Equity66.0%

Debt / Equity7.52x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.