MTN
Vail Resorts, Inc.
MTN's fundamentals are weak and it looks expensive: trading at 37x earnings, above its usual 31x. Analysts expect strong earnings growth.
MTN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
MTN's revenue, profitability and cash flow are currently stable, but its balance sheet is weak.
MTN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $87.81 | -42% |
| Forward | 27x | $151 | — |
| Fair | 31x | $128 | -16% |
| Current | 37x | $151 | — |
| Expensive | 79x | $325 | +115% |
Historical ranges are pointers, not guarantees.
MTN's PE is in its expensive range at 37x. If earnings grow as analysts expect, today's price would be 27x next year's earnings, in its cheap range.
MTN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MTN, with profitability improving.
MTN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.63 | +37% |
| Q3 2026 | $4.12 | -45% |
| Q2 2026 | $4.52 | -42% |
| Q1 2026 | $6.25 | -8.9% |
| Q4 2025 | $6.94 | +15% |
| Q3 2025 | $7.53 | +24% |
| Q2 2025 | $7.86 | +4.8% |
| Q1 2025 | $6.86 | +12% |
| Q4 2024 | $6.06 | +9.4% |
MTN's earnings per share have fallen from their peak: $4.12 over the past year, against $8.59 in late 2022.
MTN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $278.1M | +2.5% |
| Q2 2026 | $1.2B | -7% |
| Q1 2026 | $1.1B | -4.7% |
| Q4 2025 | $271M | +4.1% |
| Q3 2025 | $271.3M | +2.2% |
| Q2 2025 | $1.3B | +1% |
| Q1 2025 | $1.1B | +5.5% |
| Q4 2024 | $260.3M | +0.7% |
MTN's revenue has slid since its 2025 peak: $278M last quarter, up 2.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -75% | 0 points |
| Q2 2026 | 41% | -3.9 points |
| Q1 2026 | 32% | -2 points |
| Q4 2025 | -77% | +0.2 points |
| Q3 2025 | -75% | -0.2 points |
| Q2 2025 | 45% | +2.3 points |
| Q1 2025 | 34% | +1.3 points |
| Q4 2024 | -78% | +2.5 points |
MTN's operating margin was −75% last quarter, about level with the same quarter a year ago.
MTN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$153M | +$74.5M |
| Q2 2026 | -$28.2M | -133% |
| Q1 2026 | $185M | -26% |
| Q4 2025 | $244.3M | +16% |
| Q3 2025 | -$227.5M | -$77.2M |
| Q2 2025 | $84.5M | -0.6% |
| Q1 2025 | $251.2M | +52% |
| Q4 2024 | $211.4M | -23% |
MTN usually generates cash, though not every quarter: the latest was −$153M, but it generated $248M over the past year.
MTN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +106K shares |
| 1 year | -3.8% | -1.4M shares |
| 3 years | -10% | -4M shares |
| 5 years | -12% | -5M shares |
| Available history | -11% | -4.5M shares |
MTN has 36M diluted shares, down 3.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $45M |
| Q4 2025 | — |
| Q3 2025 | $200M |
| Q2 2025 | $30M |
| Q1 2025 | $20M |
| Q4 2024 | $20M |
MTN spent $45M buying back its own shares over the past year, down 83% from the year before.
MTN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 3.6x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.0x | Moderate |
| Q3 2025 | 3.1x | Elevated |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 3.0x | Elevated |
MTN's net debt is about 4.1 years of its operating earnings (EBITDA), up from 3.1 years a year ago.
MTN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.3 | Neutral |
| Stochastic | 73.5 | Neutral |
MTN's weekly RSI is 55 (neutral) and its Stochastic is 73 (neutral).
MTN PE vs Consumer Cyclical Sector
| Metric | MTN | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 18x | 104% above |
| PE % | 69 | 47 | 22 pts above |
MTN is trading at 37x earnings, a 104% premium to the Consumer Cyclical sector's median of 18x.
MTN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $147.8 | 2.3% above |
| 20 week MA | $146.2 | 3.4% above |
| 50 week MA | $139.7 | 8.2% above |
| 100 week MA | $148.0 | 2.2% above |
| 200 week MA | $181.3 | 17% below |
MTN has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 17% below its 200-week average.
MTN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $242.3 | $275.2 | +14% |
| 2021 | $275.2 | $332.2 | +21% |
| 2022 | $332.2 | $241.1 | -27% |
| 2023 | $241.1 | $213.5 | -11% |
| 2024 | $213.5 | $190.5 | -11% |
| 2025 | $190.5 | $140.3 | -26% |
| 2026 YTD | $140.3 | $151.2 | +7.8% |
MTN has finished four years in a row lower, and it's up 7.8% so far in 2026.