Vail Resorts Inc key statistics and ratios

In fiscal 2026, Vail Resorts Inc had return on equity of 44.4%, an operating margin of 14.8%, debt equal to 1324.7% of equity and a current ratio of 0.80. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Vail Resorts Inc: financial ratios, annual
Fiscal year	2010Jul 2010	2011Jul 2011	2012Jul 2012	2013Jul 2013	2014Jul 2014	2015Jul 2015	2016Jul 2016	2017Jul 2017	2018Jul 2018	2019Jul 2019	2020Jul 2020	2021Jul 2021	2022Jul 2022	2023Jul 2023	2024Jul 2024	2025Jul 2025	2026Jul 2026
Operating margin	7.7%	8.1%	5.8%	8.7%	9.3%	15.0%	17.7%	19.9%	20.3%	21.0%	11.4%	13.7%	23.8%	17.5%	16.9%	18.9%	14.8%
Net margin	3.4%	3.0%	1.6%	3.4%	2.3%	8.2%	9.4%	11.0%	18.9%	13.3%	5.0%	6.7%	13.8%	9.2%	8.0%	9.4%	5.2%
Free-cash-flow margin	−3.7%	14.7%	5.2%	11.4%	10.2%	12.8%	20.5%	17.1%	20.3%	19.5%	11.3%	21.5%	20.5%	11.2%	13.1%	10.8%	8.7%
Return on equity	3.9%	4.3%	2.0%	4.6%	3.5%	13.6%	17.2%	17.2%	24.0%	19.5%	7.0%	8.8%	21.7%	20.3%	27.0%	49.4%	44.4%
Return on assets	1.6%	1.8%	0.8%	1.8%	1.3%	4.9%	6.0%	6.4%	9.3%	7.1%	2.0%	2.2%	5.5%	4.3%	4.0%	4.9%	2.6%
Asset turnover	0.47	0.60	0.53	0.53	0.56	0.60	0.64	0.58	0.49	0.54	0.41	0.33	0.40	0.47	0.50	0.52	0.50
Current ratio	0.59	1.01	0.93	1.10	0.85	0.72	0.64	0.72	0.91	0.73	1.10	1.78	1.61	1.07	0.82	0.63	0.80
Debt to equity	66.8%	59.3%	61.2%	96.7%	76.3%	94.3%	80.3%	81.2%	80.3%	105.3%	186.1%	184.9%	174.1%	281.5%	393.1%	752.5%	>999%
Interest cover (operating income ÷ interest)	4.0x	2.8x	1.8x	2.5x	1.8x	4.1x	6.7x	7.0x	6.5x	6.0x	2.1x	1.7x	4.1x	3.2x	3.0x	3.3x	2.0x
Effective tax rate	33.5%	38.0%	39.5%	36.5%	36.0%	23.2%	38.4%	33.5%	−18.0%	18.9%	6.3%	0.6%	19.4%	23.7%	27.3%	25.9%	24.8%
Capital spending as % of revenue	7.7%	8.2%	12.9%	8.5%	9.4%	8.8%	6.8%	7.6%	7.0%	8.5%	8.8%	6.0%	7.6%	10.9%	7.3%	7.9%	8.2%
Free cash flow ÷ net income	−108.6%	497.7%	320.9%	337.8%	448.0%	156.7%	218.9%	155.1%	107.4%	146.8%	225.2%	320.8%	148.8%	121.5%	163.5%	114.2%	168.1%
Dividends ÷ net income	0.0%	15.7%	147.4%	75.1%	158.1%	65.8%	69.3%	69.5%	53.7%	86.5%	215.2%	0.0%	64.9%	118.3%	140.1%	117.2%	215.0%
Dividends and buybacks ÷ free cash flow	—	3.2%	103.4%	22.2%	35.3%	42.0%	48.1%	44.8%	56.4%	78.1%	116.4%	0.0%	58.1%	252.2%	125.4%	187.1%	146.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Vail Resorts Inc: financial ratios, quarterly
Quarter	2025 Q1Oct 2024	2025 Q2Jan 2025	2025 Q3Apr 2025	2025 Q4Jul 2025	2026 Q1Oct 2025	2026 Q2Jan 2026	2026 Q3Apr 2026	2026 Q4Jul 2026
Operating margin	−77.6%	33.7%	44.6%	−73.4%	−77.4%	31.8%	41.0%	−75.1%
Net margin	−66.6%	21.5%	30.1%	−66.7%	−68.9%	19.4%	26.1%	−68.4%
Free-cash-flow margin	81.3%	22.1%	6.3%	−83.2%	90.1%	17.1%	−2.3%	−55.0%
Current ratio	0.62	0.47	0.61	0.63	0.54	0.62	0.91	0.80
Debt to equity	643.4%	512.7%	300.0%	734.9%	>999%	970.0%	547.8%	>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 7 checks passed · July 31, 2026

What it owns · $5.5bn

Short-term assets $876mLonger-term assets $4.6bn

What it owes, and who funded it · $5.2bn

Short-term liabilities $1.1bnLonger-term liabilities $3.9bnShareholders' equity $241m

Short-term assets cover short-term liabilities $876m of assets due within a year against $1.1bn of liabilities due within a year.
Short-term assets cover long-term liabilities $876m short-term assets against $3.9bn of longer-dated liabilities.
More cash than debt $231m of cash against $3.2bn of debt.
Debt below 40% of shareholders' equity Debt is 1325% of equity.
Debt burden no higher than five years ago Debt to equity moved from 172% to 1325% over five years.
A year's operating cash flow covers at least 20% of debt $480m of operating cash flow against $3.2bn of debt.
Operating profit covers interest at least five times over Operating income of $421m against $206m of interest.

From Vail Resorts Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

66 /100

Moderate moat

How hard Vail Resorts's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 5 / 20

Net income has been a median 4.7% of total assets over 10 years.
Durability 14 / 20

Operating margin has been a median 18.2%; its worst year was 11.4%.
Cash conversion 18 / 20

Free cash flow was positive in 10 of 10 years, at a median 15.1% of revenue.
Discipline 20 / 20

The diluted share count fell 12.3% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Vail Resorts Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vail Resorts Inc.