VAIL RESORTS INC
MTN · Services-Miscellaneous Amusement & Recreation · 35.6M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $1.4B (gross $1.4B, SBC $25M)
Reference price $131.85 · est. market cap ~$4.7B — last insider purchase, 2026-03-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Wide-moat ski franchise with top-decile margins and cash generation but a stalled top line and very high leverage.
Strengths
- Operating margin 18.9% (87.5th pct) and OCF margin 18.7% (82.4th) reflect irreplaceable destination resorts and Epic Pass pricing power
- Net income growth 21% (80th) and net margin 70.6th pct with strong interest coverage 3.3x
Risks
- Debt/equity 7.35 (100th pct) inflates the headline 65.9% ROE; current/quick ratios ~0.6 (40th)
- Revenue growth only 2.7% (33rd pct); weather-dependent, discretionary demand
Notable findings
- High leverageHigh leverage (debt/equity 7.35)
- Weak liquidityCurrent ratio 0.63 (<1)
- Customer concentration~89% of revenue from one customer/distributor — The Mountain, Lodging and Real Estate segments represented approximately 89%, 11% and 0%, respectively, of our net revenue for Fiscal 2025
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$5M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
18.9%
Net margin
9.4%
Return on equity
66.0%
Return on assets
4.8%
ROIC
12.5%
Revenue growth (QoQ)
11.2%
Net-income growth
21.2%
Debt / equity
7.3×
Net debt / EBITDA
3.1×
Interest coverage
3.3×
Current ratio
0.6×
EBITDA
$856M
Tangible book value
-$1.5B
Cash & investments
$440M
Stock comp / revenue
1.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | KATZ ROBERT A | Tax withheld | 589 | $134.40 |
| 2026-06-04 | KATZ ROBERT A | Option exercise | 2.0K | — |
| 2026-05-01 | DeCecco Julie A. | Option exercise | 73 | — |
| 2026-05-01 | DeCecco Julie A. | Tax withheld | 21 | $125.86 |
| 2026-03-16 | KATZ ROBERT A | Buy | 38K | $131.81 |
| 2026-03-16 | Korch Angela A | Buy | 190 | $131.85 |
| 2026-02-01 | Korch Angela A | Option exercise | 408 | — |
| 2026-02-01 | Korch Angela A | Tax withheld | 202 | $133.07 |
| 2026-02-01 | Korch Angela A | Option exercise | 473 | — |
| 2026-02-01 | Korch Angela A | Tax withheld | 235 | $133.07 |
| 2025-11-01 | DeCecco Julie A. | Tax withheld | 31 | $148.33 |
| 2025-11-01 | DeCecco Julie A. | Option exercise | 106 | — |
| 2025-10-07 | Korch Angela A | Buy | 210 | $155.00 |
| 2025-10-06 | Vaughn Peter A | Gift | 70 | — |
| 2025-09-29 | Korch Angela A | Tax withheld | 523 | $148.06 |
| 2025-09-29 | Kunkel Lynanne | Option exercise | 1.0K | — |
| 2025-09-29 | Kunkel Lynanne | Tax withheld | 297 | $148.06 |
| 2025-09-29 | Kunkel Lynanne | Option exercise | 1.0K | — |
| 2025-09-29 | Kunkel Lynanne | Tax withheld | 295 | $148.06 |
| 2025-09-29 | Rock William | Option exercise | 448 | — |
| 2025-09-29 | Rock William | Tax withheld | 129 | $148.06 |
| 2025-09-29 | Rock William | Option exercise | 839 | — |
| 2025-09-29 | Rock William | Tax withheld | 242 | $148.06 |
| 2025-09-29 | Sullivan Gregory Jon | Option exercise | 371 | — |
| 2025-09-29 | Sullivan Gregory Jon | Option exercise | 368 | — |
| 2025-09-29 | DeCecco Julie A. | Option exercise | 309 | — |
| 2025-09-29 | DeCecco Julie A. | Tax withheld | 90 | $148.06 |
| 2025-09-29 | DeCecco Julie A. | Option exercise | 402 | — |
| 2025-09-29 | DeCecco Julie A. | Tax withheld | 117 | $148.06 |
| 2025-09-29 | Gronberg Nathan Mark | Option exercise | 269 | — |
| 2025-09-29 | Gronberg Nathan Mark | Tax withheld | 78 | $148.06 |
| 2025-09-29 | Gronberg Nathan Mark | Option exercise | 222 | — |
| 2025-09-29 | Gronberg Nathan Mark | Tax withheld | 64 | $148.06 |
| 2025-09-29 | KATZ ROBERT A | Option exercise | 897 | — |
| 2025-09-29 | KATZ ROBERT A | Tax withheld | 363 | $148.06 |
| 2025-09-29 | KATZ ROBERT A | Option exercise | 889 | — |
| 2025-09-29 | KATZ ROBERT A | Tax withheld | 389 | $148.06 |
| 2025-09-29 | Korch Angela A | Grant | 1.2K | — |
| 2025-09-27 | SEWELL D BRUCE | Option exercise | 1.3K | — |
| 2025-09-27 | DECKER SUSAN L | Option exercise | 1.3K | — |
| 2025-09-27 | Knobloch Iris | Option exercise | 1.3K | — |
| 2025-09-27 | Knobloch Iris | Tax withheld | 52 | $147.74 |
| 2025-09-27 | REDMOND JOHN | Option exercise | 1.3K | — |
| 2025-09-27 | Romanow Michele | Option exercise | 1.3K | — |
| 2025-09-27 | Romanow Michele | Tax withheld | 45 | $147.74 |
| 2025-09-27 | Rawlinson Nadia Nicole | Option exercise | 1.3K | — |
| 2025-09-27 | KATZ ROBERT A | Option exercise | 1.1K | — |
| 2025-09-27 | KATZ ROBERT A | Tax withheld | 331 | $147.74 |
| 2025-09-27 | SCHNEIDER HILARY | Option exercise | 1.3K | — |
| 2025-09-27 | SORTE JOHN F | Option exercise | 1.3K | — |
| 2025-09-27 | Vaughn Peter A | Option exercise | 1.3K | — |
| 2025-09-27 | DeCecco Julie A. | Option exercise | 586 | — |
| 2025-09-27 | DeCecco Julie A. | Tax withheld | 169 | $147.74 |
| 2025-09-27 | Gronberg Nathan Mark | Option exercise | 344 | — |
| 2025-09-27 | Gronberg Nathan Mark | Tax withheld | 99 | $147.74 |
| 2025-09-27 | Korch Angela A | Option exercise | 1.5K | — |
| 2025-09-27 | Korch Angela A | Tax withheld | 676 | $147.74 |
| 2025-09-27 | Kunkel Lynanne | Option exercise | 1.3K | — |
| 2025-09-27 | Kunkel Lynanne | Tax withheld | 384 | $147.74 |
| 2025-09-27 | Rock William | Option exercise | 1.1K | — |
| 2025-09-27 | Rock William | Tax withheld | 329 | $147.74 |
| 2025-09-27 | Sullivan Gregory Jon | Option exercise | 695 | — |
| 2025-09-27 | Chambers Reginald | Option exercise | 1.3K | — |
| 2025-06-20 | Korch Angela A | Buy | 200 | $157.00 |
| 2025-06-09 | Rock William | Option exercise | 2.1K | $107.42 |
| 2025-06-09 | Rock William | Tax withheld | 1.6K | $155.13 |
| 2025-05-01 | DeCecco Julie A. | Option exercise | 73 | — |
| 2025-05-01 | DeCecco Julie A. | Tax withheld | 21 | $139.82 |
| 2025-05-01 | Goldstein Courtney K. | Option exercise | 430 | — |
| 2025-05-01 | Goldstein Courtney K. | Tax withheld | 123 | $139.82 |
| 2025-03-13 | Korch Angela A | Buy | 185 | $160.00 |
| 2025-03-11 | Chambers Reginald | Option exercise | 564 | — |
| 2025-02-02 | Knobloch Iris | Option exercise | 678 | — |
| 2025-02-01 | Korch Angela A | Option exercise | 408 | — |
| 2025-02-01 | Korch Angela A | Tax withheld | 133 | $170.12 |
| 2025-02-01 | Korch Angela A | Option exercise | 473 | — |
| 2025-02-01 | Korch Angela A | Tax withheld | 164 | $170.12 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-23 | 0000812011-26-000029 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0000812011-26-000025 ↗ |
| 10-Q | 2026-06-08 | 2026-04-30 | 0000812011-26-000026 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0000812011-26-000024 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0000812011-26-000019 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0000812011-26-000013 ↗ |
| 10-Q | 2026-03-09 | 2026-01-31 | 0000812011-26-000014 ↗ |
| 8-K | 2026-02-12 | 2026-02-09 | 0000812011-26-000010 ↗ |
| 8-K | 2026-01-15 | 2026-01-15 | 0000812011-26-000002 ↗ |
| 8-K | 2025-12-10 | 2025-12-10 | 0000812011-25-000240 ↗ |
| 10-Q | 2025-12-10 | 2025-10-31 | 0000812011-25-000241 ↗ |
| 8-K | 2025-12-10 | 2025-12-09 | 0000812011-25-000242 ↗ |