WinstonWınston
Stock

Vail Resorts

MTN
43
Gambling, Resorts & Casinos · Consumer Cyclical
Also trades as: 0LK3.L GBP 1.39 (-2.06%)
Price
$138.44
-2.72 (-1.93%)
Market Cap
$4.93B
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Weak
2/20
Cash Flow
Strong
8/10
Stability
Mixed
3/10
Valuation
Good
6/10
Ownership
Good
8/15
Dividends
Good
3/5

43 of 100 counted points = Winston Score 43.

Share count falling — buybacks

−12.0% over 4y

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

Diluted shares outstanding: 40.7M (2022) → 35.8M (2026)

§Winston Score History

The full picture

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.

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Score breakdown

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Quality

Profit per sale
Gross Margin
394.2%
Premium pricing power — 394.2% gross margin
Profit after running costs
Operating Margin
-171.4%
Losing money on operations — -171.4%
Return on the money invested
ROCE
12.0%
Below par — 12.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-4.5%
Shrinking sales (-4.5% YoY)
Profit growth
EPS YoY
-45.1%
Earnings shrinking (-45.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
274%
Turns 274% of profit into real cash
Spare cash per sale
FCF Margin
8.4%
Modest free cash flow (8.4%)

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

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Stability

What it owes vs what it owns
Debt / Equity
13.60
Heavy debt load (13.60)
Covers its interest
Interest Cover
4.27x
Adequate interest coverage (4.3x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
34.0x
Pricey — P/E 34.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+9.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (34.0 → 24.7)

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Dividends

Dividend
Dividend Yield
6.45%
Healthy income — 6.45% yield

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

Dividend record
Dividend Growth
+0.0%
Dividend flat

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