MTN Vail Resorts, Inc. Common Stock

NYSE · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗
$152.55
Price · Aug 19, 2026
Fundamentals as of Jun 8, 2026

About Vail Resorts, Inc. Common Stock Company overview from Wikipedia

Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided among divisions that own and operate 42 mountain resorts in four countries, along with hotels, lodging, condominiums, and golf courses that comprise property real estate holdings.

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Vail Resorts, Inc. is an American mountain resort company headquartered in Broomfield, Colorado. The company is divided among divisions that own and operate 42 mountain resorts in four countries, along with hotels, lodging, condominiums, and golf courses that comprise property real estate holdings.

History

Vail Resorts was founded as Vail Associates Ltd. by Pete Seibert and Earl Eaton in the early 1960s. Eaton, a lifelong resident, led Seibert (a former WWII 10th Mountain Division ski trooper) to the area in March 1957. They both became ski patrol guides at Aspen, Colorado, when they shared their dream of finding the "next great ski mountain." Seibert set off to secure financing, and Eaton engineered the early lifts. Their Vail ski resort opened in 1962. George N. Gillett Jr. purchased Vail Associates in 1985, but the company veered toward bankruptcy by 1991.

In 1992 Vail Associates was acquired by Apollo Ski Partners, a new arm of the private equity firm Apollo Global Management led by billionaire Leon Black. The new ownership led Vail Resorts public in 1997.

In 1996, Vail Resorts completed its first major acquisition with a $310 million purchase of Ralston Resorts, the owner of Keystone, Breckenridge, and Arapahoe Basin. This led to antitrust concerns, and Vail Resorts ultimately sold Arapahoe Basin to a third party due to a ruling from the Department of Justice.

In 2001, Vail Resorts acquired the hotel chain RockResorts.

Rob Katz, a former executive at Apollo, ran Vail Resorts as CEO until November 2021, when he was appointed executive chairperson of the board. Kirsten Lynch, the company's former chief marketing officer, then took over as CEO.

In June 2024, Vail Resorts reported lower-than-expected revenue during the February–April quarter due to a significantly warmer-than-anticipated winter across western North American resorts, with snowfall 28% lower than average. The company generated $1.28 billion in revenue during the quarter despite the stabilizing effect of its Epic Pass program, which allows customers to purchase a season pass for its North American resorts at a significant upfront cost. However, Vail's stock price has declined by 50% since its October 2021 peak of $360.

Declining sales and visitation (2024–2025)

In the 2024–25 season the company reported that in North America it sold 2% fewer Epic passes than the year prior, which is the first decline in pass sales the company has ever reported. The company attributed the decline to travel "normalization" after COVID and poor snowfall in some areas.

Visitation at Vail's North American resorts in the 2025 ski season, throughout February, March and April, were down by 7% year-over-year.

The outlook for the 2025–26 season is also lower. In early June the company announced fewer pass sales for the upcoming season compared to 2024–25.

In May 2025, CEO Kirsten Lynch resigned after the company had lost over half of its value during her tenure from 2021–2025. Robert Katz, who was formerly CEO for 16 years, returned to the leadership role.

Criticism

Some of Vail Resort's acquisitions have fueled anger among local residents. Locals complain that the Vail's pass structure caters to wealthy international pass holders and reduces access to nearby residents; additionally, residents have seen their cost of living increase following Vail's takeovers.

Vail Resorts’ visitors often complain about long lines. At times the long lines have been caused by ski patrol striking due to inflated property values and inadequate wages. A two-week strike at Park City, Utah around the Christmas holiday in 2024, led to increased wages for ski patrollers, and was followed by new contracts for employees at Keystone and Crested Butte, Colorado.

Local towns have also complained recently about their partnerships with Vail and its mountains. At Heavenly Mountain Resort, the town of South Lake Tahoe, California has voiced grievances of overflowing traffic, parking and negligent tourists, which drain from local resources outside from the town's tax authority. The town has increased its parking rates and capped snow plowing as a result, and hopes to annex parts of the ski mountain to access the tax base. Rural areas like Crested Butte are also finding Vail is unwilling to contribute to costs of airline transportation at regional airports, where resort owners had historically helped subsidize the transportation that helped deliver their customers.

A shareholder, Late Apex Partners, called for massive changes to the company—including a sweep of both the c-suite and board—after five years of significant underperformance by Vail.

All of the aforementioned items, among other things, have contributed to Vail’s poor reputation and earned the company the appellation “Evil Empire.”

Epic Pass price increases

Vail Resorts has increased the price of the all-access Epic Pass each year since 2021, amounting to a 34% hike over five years.

List of resorts

Vail Resorts operates 42 ski resorts in the United States, Canada, Australia and Switzerland including, notably, the Vail, Beaver Creek, Breckenridge, Keystone, and Crested Butte ski areas in Colorado, and Northstar California, Kirkwood Mountain Resort, and Heavenly Mountain Resort on the California-Nevada border. In British Columbia, Canada, they also acquired the largest ski resort in North America: Whistler Blackcomb. Vail Resorts offers a variety of multi-resort season passes under the Epic Pass program. The Epic Pass also has partnerships that allow access to several other resorts in the US, Canada, Japan, France, Switzerland, Austria, and Italy.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

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MTN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$152.55
Market Cap
P/E (TTM)
20.0
EPS (TTM)
$7.53
Revenue (TTM)
$2.96B
Div Yield
ROE
59.6%
Debt/Equity
7.5
52W Range
$119 – $166

MTN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $2.96B
3-point trend, +2.6%
2023-07-31 2025-07-31
EPS $7.53
3-point trend, +12.6%
2023-07-31 2025-07-31
Free Cash Flow $320M
3-point trend, -1.5%
2023-07-31 2025-07-31
Margins 9.4%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
MTN
Peer Median
P/E (TTM)
3-point trend, -43.3%
20.0
28.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
MTN
Peer Median
Operating Margin
3-point trend, +8.1%
18.9%
Net Profit Margin
3-point trend, +1.8%
9.4%
5.4%
ROA
3-point trend, +12.5%
5.0%
2.7%
ROE
3-point trend, +153.1%
59.6%
24.5%
ROIC
3-point trend, +13.7%
11.5%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
MTN
Peer Median
Debt / Equity
3-point trend, +167.9%
7.5
1217.9
Current Ratio
3-point trend, -41.1%
0.6
0.7
Quick Ratio
3-point trend, -40.9%
0.5

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
MTN
Peer Median
Revenue YoY
3-point trend, +2.6%
2.7%
Revenue CAGR 3Y
3-point trend, +2.6%
5.5%
Revenue CAGR 5Y
3-point trend, +2.6%
8.6%
EPS YoY
3-point trend, +12.6%
23.6%
Net Income YoY
3-point trend, +5.3%
21.2%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
MTN
Peer Median
EPS (Diluted)
3-point trend, +12.6%
$7.53

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
MTN
Peer Median
Payout Ratio
3-point trend, -0.0%
117.2%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
117.2%
5Y Div CAGR
Ex-dateAmount
June 25, 2026$2.2200
March 26, 2026$2.2200
Dec. 30, 2025$2.2200
Oct. 9, 2025$2.2200
June 24, 2025$2.2200
March 27, 2025$2.2200
Dec. 26, 2024$2.2200
Oct. 8, 2024$2.2200
June 25, 2024$2.2200
March 27, 2024$2.2200
Dec. 22, 2023$2.0600
Oct. 6, 2023$2.0600
June 26, 2023$2.0600
March 24, 2023$2.0600
Dec. 23, 2022$1.9100
Oct. 4, 2022$1.9100
June 24, 2022$1.9100
March 29, 2022$1.9100
Dec. 27, 2021$0.8800
Oct. 4, 2021$0.8800

MTN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 18 analysts
  • Strong Buy 3 16.7%
  • Buy 5 27.8%
  • Hold 9 50.0%
  • Sell 1 5.6%
  • Strong Sell 0 0.0%

12-Month Price Target

13 analysts · 2026-08-17
Median target $140.00 -8.2%
Mean target $147.23 -3.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.07%
Next Report
Sep 28, 2026
Period EPS Actual EPS Est Surprise
Sept. 30, 2026 $8.81 $-5.28
June 30, 2026 $8.81 $9.05 -0.24%
March 31, 2026 $5.87 $6.16 -0.29%
Dec. 31, 2025 $-5.20 $-5.24 0.04%
Sept. 30, 2025 $-5.08 $-4.78 -0.30%
June 30, 2025 $10.54 $10.07 0.47%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
MTN 20.0 2.7% 9.4% 59.6%
LTH $5.88B 16.0 14.3% 12.5% 12.5%
PLNT 12.1% 16.6% -62.8%
PRKS 11.9 -3.6% 10.1% -40.5%
FUN $1.56B -1.0 14.4% -51.6% -137.6%
PRSU $943M 42.1 23.4% 5.0% 4.1%
LUCK -71.6 4.0% -0.83% 4.2%
PLAY $708M -14.5 -1.4% -2.3% -37.8%
XPOF -5.6 -20.7% -348.8% 15.9%
PUSA

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 13
Annual Income Statement data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +136.3% $2.96B $2.89B $2.89B $2.53B $1.91B $1.96B $2.27B $2.01B $1.91B $1.60B $1.40B $1.25B
Operating Expenses · · · · · · · · · · · $1.14B
Operating Income 12-point trend, +377.5% $560M $489M $504M $602M $261M $223M $476M $409M $379M $283M $211M $117M
Interest Expense 12-point trend, +168.2% $172M $165M $155M $148M $151M $107M $79M $63M $54M $42M $51M $64M
Interest Income 12-point trend, +2600.3% $10M $19M $24M $4M $586.0K $1M $3M $2M $6M $723.0K $246.0K $375.0K
Pretax Income 12-point trend, +813.0% $402M $340M $370M $457M $125M $116M $399M $340M $348M $243M $149M $44M
Income Tax 12-point trend, +558.1% $104M $93M $88M $89M $726.0K $7M $75M $-61M $117M $93M $35M $16M
Net Income 12-point trend, +883.2% $280M $231M $266M $348M $128M $99M $301M $380M $211M $150M $115M $28M
EPS (Basic) 12-point trend, +854.4% $7.54 $6.10 $6.70 $8.60 $3.17 $2.45 $7.46 $9.40 $5.36 $4.13 $3.16 $0.79
EPS (Diluted) 12-point trend, +877.9% $7.53 $6.09 $6.69 $8.55 $3.13 $2.42 $7.32 $9.13 $5.22 $4.01 $3.07 $0.77
Shares (Basic) 12-point trend, +2.8% 37,155,000 37,868,000 39,654,000 40,465,000 40,301,000 40,273,000 40,349,000 40,397,000 39,251,000 36,276,000 36,342,000 36,127,000
Shares (Diluted) 12-point trend, +0.4% 37,204,000 37,957,000 39,760,000 40,687,000 40,828,000 40,838,000 41,158,000 41,618,000 40,366,000 37,312,000 37,406,000 37,057,000
EBITDA 12-point trend, +377.5% $560M $491M $505M $602M $261M $223M $476M $409M $379M $283M $211M $117M
Balance Sheet 26
Annual Balance Sheet data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +891.5% $440M $323M $563M $1.11B $1.24B $391M $109M $178M $117M $68M $35M $44M
Receivables 12-point trend, +298.4% $382M $376M $381M $383M $345M $107M $271M $231M $187M $147M $114M $96M
Inventory 12-point trend, +74.4% $117M $119M $133M $109M $80M $102M $97M $86M $85M $75M $73M $67M
Prepaid Expense 3-point trend, +34.4% $58M $52M $43M · · · · · · · · ·
Other Current Assets 12-point trend, +274.5% $94M $70M $121M $173M $61M $54M $42M $37M $34M $27M $24M $25M
Current Assets 12-point trend, +281.7% $1.05B $902M $1.21B $1.79B $1.75B $665M $528M $539M $433M $323M $288M $275M
PP&E (Net) 12-point trend, +106.9% $2.37B $2.42B $2.37B $2.12B $2.07B $2.19B $1.84B $1.63B $1.71B $1.36B $1.39B $1.15B
PP&E (Gross) 12-point trend, +123.3% $5.39B $5.16B $4.90B $4.47B $4.25B $4.16B $3.64B $3.27B $3.25B $2.82B $2.76B $2.41B
Accum. Depreciation 12-point trend, +138.3% $3.01B $2.74B $2.53B $2.35B $2.18B $1.97B $1.80B $1.64B $1.53B $1.45B $1.38B $1.26B
Goodwill 12-point trend, +343.0% $1.68B $1.68B $1.72B $1.75B $1.78B $1.71B $1.61B $1.48B $1.52B $509M $500M $378M
Intangibles 12-point trend, +154.0% $298M $303M $309M $314M $319M $315M $306M $281M $295M $140M $144M $118M
Other Non-current Assets 12-point trend, -49.2% $49M $41M $56M $51M $37M $40M $40M $43M $45M $35M $38M $97M
Total Assets 12-point trend, +165.8% $5.78B $5.69B $5.95B $6.32B $6.25B $5.24B $4.43B $4.06B $4.11B $2.48B $2.49B $2.17B
Current Liabilities 12-point trend, +414.4% $1.67B $1.11B $1.13B $1.11B $978M $603M $719M $594M $605M $506M $399M $324M
Capital Leases 7-point trend, +215085000.00 $215M $235M $168M $175M $191M $218M $0 · · · · ·
Deferred Tax 12-point trend, +96.0% $252M $277M $276M $268M $253M $234M $169M $134M $171M $130M $148M $129M
Other Non-current Liabilities 7-point trend, +64.3% · · · · · $165M $155M $155M $159M $121M $100M $101M
Total Liabilities 11-point trend, +212.7% $5.02B $4.66B $4.61B $4.47B $4.42B $3.71B $2.70B $2.25B $2.31B $1.59B $1.61B ·
Long-term Debt 12-point trend, +409.7% $3.19B $2.79B $2.83B $2.81B $2.95B $2.44B $1.58B $1.28B $1.28B $702M $817M $627M
Total Debt 12-point trend, +409.8% $3.19B $2.78B $2.82B $2.73B $2.85B $2.45B $1.58B $1.27B $1.27B $700M $817M $627M
Common Stock 12-point trend, +13.8% $469.0K $469.0K $468.0K $467.0K $466.0K $464.0K $461.0K $460.0K $454.0K $416.0K $415.0K $412.0K
Retained Earnings 12-point trend, +79.0% $719M $767M $874M $896M $774M $646M $760M $727M $551M $487M $441M $402M
Treasury Stock 10-point trend, +629.0% $1.41B · · $479M $404M $404M $358M $273M $247M $247M $193M $193M
AOCI 12-point trend, -28989.9% $-58M $-67M $-10M $11M $28M $-57M $-32M $-2M $44M $-2M $-5M $-199.0K
Stockholders' Equity 12-point trend, -48.3% $424M $710M $1.00B $1.61B $1.59B $1.32B $1.50B $1.59B $1.57B $875M $867M $821M
Liabilities + Equity 12-point trend, +165.8% $5.78B $5.69B $5.95B $6.32B $6.25B $5.24B $4.43B $4.06B $4.11B $2.48B $2.49B $2.17B
Cash Flow 15
Annual Cash Flow data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +110.8% $296M $279M $269M $252M $253M $250M $218M $204M $189M $161M $149M $141M
Stock-based Comp 12-point trend, +138.8% $34M $27M $25M $25M $24M $21M $20M $19M $18M $17M $16M $14M
Deferred Tax 12-point trend, -436.9% $-21M $7M $23M $-9M $-16M $17M $22M $-46M $36M $8M $13M $6M
Amort. of Intangibles 12-point trend, +5.0% $4M $5M $5M $5M $5M $6M $7M $5M $8M $5M $5M $4M
Operating Cash Flow 12-point trend, +125.7% $555M $589M $638M $710M $525M $395M $634M $548M $471M $437M $304M $246M
CapEx 12-point trend, +98.8% $235M $211M $315M $193M $115M $172M $192M $141M $144M $109M $124M $118M
Investing Cash Flow 12-point trend, -73.4% $-204M $-241M $-273M $-348M $-103M $-493M $-596M $-135M $-677M $-124M $-427M $-118M
Net Debt Issued 3-point trend, +73.3% · · · · · · · · · $-266.0K $-1M $-998.0K
Stock Repurchased 12-point trend, +270000000.00 $270M $150M $500M $75M $0 $46M $85M $26M $210.0K $54M $0 $0
Net Stock Activity 11-point trend, -270000000.00 $-270M $-150M $-500M $-75M $0 $-46M $-85M $-26M $-210.0K $-54M · $0
Dividends Paid 12-point trend, +628.9% $328M $324M $314M $226M $0 $213M $261M $204M $146M $104M $76M $45M
Financing Cash Flow 12-point trend, -9.2% $-243M $-577M $-914M $-493M $435M $376M $-100M $-351M $256M $-281M $115M $-222M
Net Change in Cash 12-point trend, +226.7% $119M $-236M $-553M $-132M $856M $284M $-67M $57M $54M $32M $-9M $-94M
Free Cash Flow 12-point trend, +150.6% $320M $376M $325M $518M $410M $223M $442M $411M $312M $318M $180M $128M
Levered FCF 12-point trend, +122.3% $193M $260M $208M $398M $260M $123M $378M $336M $277M $291M $140M $87M
Profitability 7
Annual Profitability data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +102.0% 18.9% 17.0% 17.5% 23.8% 13.7% 11.4% 21.0% 20.3% 19.9% 17.7% 15.0% 9.3%
Net Margin 12-point trend, +316.3% 9.4% 8.0% 9.3% 13.8% 6.7% 5.0% 13.3% 18.9% 11.0% 9.3% 8.2% 2.3%
Pretax Margin 12-point trend, +286.6% 13.6% 12.0% 12.9% 18.1% 6.6% 5.9% 17.6% 16.9% 18.3% 15.2% 10.7% 3.5%
EBITDA Margin 12-point trend, +102.0% 18.9% 17.0% 17.5% 23.8% 13.7% 11.4% 21.0% 20.3% 19.9% 17.7% 15.0% 9.3%
ROA 12-point trend, +303.3% 5.0% 4.0% 4.4% 5.5% 2.0% 1.9% 6.9% 9.3% 5.2% 6.0% 4.7% 1.2%
ROE 12-point trend, +1705.2% 59.6% 26.7% 23.5% 20.2% 7.6% 7.2% 19.0% 22.6% 13.4% 16.3% 12.5% 3.3%
ROIC 12-point trend, +121.2% 11.5% 10.0% 10.1% 11.2% 5.8% 5.5% 12.6% 16.9% 8.9% 11.1% 9.6% 5.2%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -25.8% 0.6 0.8 1.1 1.6 1.8 1.1 0.7 0.9 0.7 0.6 0.7 0.8
Quick Ratio 12-point trend, +13.9% 0.5 0.6 0.8 1.3 1.6 0.8 0.5 0.7 0.5 0.4 0.4 0.4
Debt / Equity 12-point trend, +885.7% 7.5 3.8 2.8 1.7 1.8 1.9 1.1 0.8 0.8 0.8 0.9 0.8
LT Debt / Equity 12-point trend, +702.1% 6.1 3.8 2.7 1.7 1.7 1.8 1.0 0.8 0.8 0.8 0.9 0.8
Interest Coverage 12-point trend, +78.1% 3.3 3.0 3.3 4.1 1.7 2.1 6.0 6.5 7.0 6.7 4.1 1.8
Efficiency 2
Annual Efficiency data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -3.3% 0.5 0.5 0.5 0.4 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.5
Receivables Turnover 12-point trend, -17.9% 11.7 8.0 7.9 7.8 6.9 19.0 8.4 8.9 10.6 10.9 12.7 14.3
Per Share 5
Annual Per Share data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 12-point trend, +135.3% $79.68 $76.01 $72.67 $62.08 $46.77 $48.09 $55.19 $48.33 $47.25 $42.92 $37.43 $33.86
Cash Flow / Share 12-point trend, +124.8% $14.91 $15.46 $16.09 $17.46 $12.86 $9.67 $15.41 $13.25 $11.32 $11.44 $8.12 $6.64
Dividend / Share 12-point trend, +613.3% $9 $9 $8 $6 $0 $5 $6 $5 $4 $3 $2 $1
Dividend Paid / Share 11-point trend, +613.3% $9 $9 $8 $6 · $5 $6 $5 $4 $3 $2 $1
EPS (TTM) 12-point trend, +877.9% $7.53 $6.09 $6.69 $8.55 $3.13 $2.42 $7.32 $9.13 $5.22 $4.01 $3.07 $0.77
Growth Rates 10
Annual Growth Rates data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +199.6% 2.7% -0.14% 14.4% 32.3% -2.8% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -60.1% 5.5% 14.8% 13.7% · · · · · · · · ·
Revenue CAGR 5Y 8.6% · · · · · · · · · · ·
EPS YoY 5-point trend, -19.4% 23.6% -9.0% -21.8% 173.2% 29.3% · · · · · · ·
EPS CAGR 3Y 3-point trend, -110.3% -4.2% 24.8% 40.4% · · · · · · · · ·
EPS CAGR 5Y 25.5% · · · · · · · · · · ·
Net Income YoY 5-point trend, -27.9% 21.2% -13.1% -23.6% 172.1% 29.4% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -117.9% -7.0% 21.8% 39.1% · · · · · · · · ·
Net Income CAGR 5Y 23.2% · · · · · · · · · · ·
Dividend CAGR 5Y 9.1% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for MTN
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +136.3% $2.96B $2.89B $2.89B $2.53B $1.91B $1.96B $2.27B $2.01B $1.91B $1.60B $1.40B $1.25B
Net Income TTM 12-point trend, +883.2% $280M $231M $266M $348M $128M $99M $301M $380M $211M $150M $115M $28M
P/E 12-point trend, -79.6% 20.0 29.9 35.2 27.7 97.5 79.4 33.7 30.3 40.4 35.7 35.7 98.1
Earnings Yield 12-point trend, +391.2% 5.0% 3.4% 2.8% 3.6% 1.0% 1.3% 3.0% 3.3% 2.5% 2.8% 2.8% 1.0%
Payout Ratio 12-point trend, -25.9% 117.2% 140.5% 117.2% 64.9% 0.00% 215.2% 86.5% 53.7% 69.5% 69.3% 65.8% 158.1%
Annual Payout 12-point trend, +628.9% $328M $324M $314M $226M $0 $213M $261M $204M $146M $104M $76M $45M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-07-312025-04-302025-01-312024-10-312024-07-31
Revenue $2.96B$2.89B
Operating Margin % 18.9%17.0%
Net Income $280M$231M
Diluted EPS $7.53$6.09
Balance Sheet
2025-07-312025-04-302025-01-312024-10-312024-07-31
Debt / Equity 7.53.8
Current Ratio 0.60.8
Quick Ratio 0.50.6
Cash Flow
2025-07-312025-04-302025-01-312024-10-312024-07-31
Free Cash Flow $320M$376M

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Institutional owners (13F) 482 filers · $5.5B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
79 (+5 vs prior Q) 64 (-10 vs prior Q) 147 (-26 vs prior Q) 148 (+19 vs prior Q) +3.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BAMCO INC /NY/ $889,971,297 6,536,697 16.16% Shares
Capital World Investors $593,053,334 4,355,882 10.77% Shares
Capital International Investors $520,107,432 3,820,106 9.45% Shares
Oasis Management Co Ltd. $317,095,800 2,329,018 5.76% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $231,396,183 1,699,568 4.20% Shares
VANGUARD CAPITAL MANAGEMENT LLC $218,286,300 1,603,278 3.96% Shares
GEODE CAPITAL MANAGEMENT, LLC $217,509,591 1,595,065 3.95% Shares
First Pacific Advisors, LP $177,670,168 1,304,959 3.23% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $176,983,427 1,299,915 3.21% Shares
FMR LLC $160,224,315 1,176,822 2.91% Shares
STATE STREET CORP $157,325,944 1,136,937 2.86% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $131,418,243 965,246 2.39% Shares
HARRIS ASSOCIATES L P $104,071,018 764,385 1.89% Shares
HighTower Advisors, LLC $96,997,281 712,430 1.76% Shares
EMINENCE CAPITAL, LP $91,630,361 714,077 1.66% Shares
DIMENSIONAL FUND ADVISORS LP $86,044,409 631,982 1.56% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $74,106,445 544,300 1.35% Put option
River Road Asset Management, LLC $67,317,598 494,437 1.22% Shares
Corient Private Wealth LP $55,443,170 407,222 1.01% Shares
GOLDMAN SACHS GROUP INC $43,606,939 320,286 0.79% Shares
CRAMER ROSENTHAL MCGLYNN LLC $37,010,471 271,836 0.67% Shares
VANGUARD FIDUCIARY TRUST CO $31,234,035 229,409 0.57% Shares
TWO SIGMA INVESTMENTS, LP $29,353,395 215,596 0.53% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $26,780,705 196,700 0.49% Call option
Gotham Asset Management, LLC $22,939,233 168,485 0.42% Shares
Aperture Investors, LLC $21,911,573 160,937 0.40% Shares
Artisan Partners Limited Partnership $21,263,499 156,177 0.39% Shares
NORGES BANK $21,151,992 155,358 0.38% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $20,043,000 147,214 0.36% Shares
JANE STREET GROUP, LLC $19,619,215 144,100 0.36% Call option
WELLINGTON MANAGEMENT GROUP LLP $19,617,173 144,085 0.36% Shares
MORGAN STANLEY $19,597,676 143,941 0.36% Shares
Connor, Clark & Lunn Investment Management Ltd. $19,181,357 140,884 0.35% Shares
CITADEL ADVISORS LLC $16,814,525 123,500 0.31% Put option
RICE HALL JAMES & ASSOCIATES, LLC $15,941,123 117,085 0.29% Shares
LONDON CO OF VIRGINIA $15,197,114 111,532 0.28% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $15,076,026 110,731 0.27% Shares
ALPS ADVISORS INC $15,025,650 110,361 0.27% Shares
WESTWOOD HOLDINGS GROUP INC $14,941,373 109,742 0.27% Shares
ARIEL INVESTMENTS, LLC $14,858,050 109,130 0.27% Shares
KETTLE HILL CAPITAL MANAGEMENT, LLC $14,845,796 109,040 0.27% Shares
CITADEL ADVISORS LLC $14,823,604 108,877 0.27% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $14,260,759 104,743 0.26% Shares
RHUMBLINE ADVISERS $14,226,381 104,491 0.26% Shares
RAYMOND JAMES FINANCIAL INC $13,897,729 102,077 0.25% Shares
Marathon Asset Management Ltd $12,671,599 91,699 0.23% Shares
Lodge Hill Capital, LLC $12,253,500 90,000 0.22% Shares
Eldred Rock Partners, LLC $11,940,627 87,702 0.22% Shares
PRINCIPAL FINANCIAL GROUP INC $10,962,798 80,520 0.20% Shares
PERRY CREEK CAPITAL LP $10,380,893 76,246 0.19% Shares
Capital International, Inc./CA/ $10,329,701 75,870 0.19% Shares
Invenomic Capital Management LP $10,241,884 75,225 0.19% Shares
AMERICAN CENTURY COMPANIES INC $10,061,485 73,900 0.18% Shares
Swiss National Bank $9,734,725 71,500 0.18% Shares
UBS Group AG $9,511,711 69,862 0.17% Shares
Schonfeld Strategic Advisors LLC $9,466,780 69,532 0.17% Shares
CITADEL ADVISORS LLC $9,244,585 67,900 0.17% Call option
FIRETRAIL INVESTMENTS PTY LTD $8,976,050 66,330 0.16% Shares
BancorpSouth Bank $8,504,379 64,039 0.15% Shares
California Public Employees Retirement System $7,910,179 58,099 0.14% Shares
Orvieto Partners, L.P. $7,896,700 58,000 0.14% Shares
ENVESTNET ASSET MANAGEMENT INC $7,749,929 57,422 0.14% Shares
JANE STREET GROUP, LLC $7,542,710 55,400 0.14% Put option
BRADLEY FOSTER & SARGENT INC/CT $7,095,730 52,117 0.13% Shares
Oakum Bay Capital LLC $6,948,656 54,151 0.13% Shares
IAT REINSURANCE CO LTD. $6,807,500 84,000 0.12% Shares
BlackRock, Inc. $6,706,341 49,257 0.12% Shares
WOLVERINE TRADING, LLC $6,440,610 43,500 0.12% Put option
D. E. Shaw & Co., Inc. $6,249,285 45,900 0.11% Call option
ALLIANCEBERNSTEIN L.P. $6,241,870 48,643 0.11% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $5,929,605 43,552 0.11% Shares
MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC $5,910,680 43,413 0.11% Shares
TD Asset Management Inc $5,603,662 41,158 0.10% Shares
Tenere Capital LLC $5,544,573 40,724 0.10% Shares
PEREGRINE CAPITAL MANAGEMENT LLC $5,526,601 40,592 0.10% Shares
AMERIPRISE FINANCIAL INC $5,423,226 39,760 0.10% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $5,406,892 42,136 0.10% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $5,370,573 39,446 0.10% Shares
Retirement Systems of Alabama $5,017,808 36,855 0.09% Shares
Clearline Capital LP $4,772,058 35,050 0.09% Shares
VANGUARD ASSET MANAGEMENT, Ltd $4,666,677 34,276 0.08% Shares
MAC Alpha Capital Management, LP $4,588,630 33,700 0.08% Shares
CONFLUENCE INVESTMENT MANAGEMENT LLC $4,552,311 33,436 0.08% Shares
Ceredex Value Advisors LLC $4,492,950 33,000 0.08% Shares
LONGFELLOW INVESTMENT MANAGEMENT CO LLC $4,356,800 32,000 0.08% Shares
Walleye Trading LLC $4,329,570 31,800 0.08% Put option
Caption Management, LLC $4,220,650 31,000 0.08% Call option
Slagle Financial, LLC $4,192,875 30,796 0.08% Shares
JPMORGAN CHASE & CO $4,173,218 30,867 0.08% Shares
VANGUARD GROUP INC $4,076,429 30,696 0.07% Shares
Mirae Asset Global Investments Co., Ltd. $4,054,139 29,777 0.07% Shares
Quadrature Capital Ltd $4,048,829 29,738 0.07% Shares
KING LUTHER CAPITAL MANAGEMENT CORP $3,881,364 28,508 0.07% Shares
VICTORY CAPITAL MANAGEMENT INC $3,848,824 28,269 0.07% Shares
Ilex Capital Partners (UK) LLP $3,833,712 28,158 0.07% Shares
LPL Financial LLC $3,814,620 28,018 0.07% Shares
PYA Waltman Capital, LLC $3,775,785 27,733 0.07% Shares
WOLVERINE TRADING, LLC $3,760,724 25,400 0.07% Call option
OCCUDO QUANTITATIVE STRATEGIES LP $3,574,754 26,256 0.06% Shares
BANK OF AMERICA CORP /DE/ $3,499,056 25,700 0.06% Shares

Company insiders 54 insiders · 30 officers · 24 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Robert A Katz CEO & Chairperson of the Board June 4, 2026 M 286,771 1 0 $4,942,875
Kirsten A. Lynch CEO & Director Sept. 29, 2024 M 35,986 0 0 $0
Adam M Aron Chief Executive Officer Jan. 6, 2006 M 132,144 0 0 $0
Angela A Korch EVP & Chief Financial Officer Oct. 7, 2025 P 4,905 1 0 $32,550
Michael Z Barkin EVP & Chief Financial Officer Dec. 12, 2022 M 14,303 0 0 $0
Jeffrey W Jones CFO & Pres. - Lodg., Ret., RE. Sept. 27, 2012 M 172,381 0 0 $0
William Rock President, Mountain Division Sept. 30, 2025 A 9,447 0 0 $0
James C. O'Donnell President, Mountain Division Sept. 29, 2022 A 8,483 0 0 $0
Campbell Patricia A President-Mountain Division Sept. 28, 2020 M 16,819 0 0 $0
Blaise Carrig President - Mountain Division June 12, 2015 M 19,801 0 0 $0
John Mcd Garnsey Co-President Oct. 10, 2011 S 1,494 0 0 $0
Keith Fernandez President & COO, VRDC Sept. 25, 2009 M 10,639 0 0 $0
JENSEN WILLIAM President, Mtn Div-COO Vail Oct. 4, 2007 M 1,205 0 0 $0
James P Thompson President, VRDC Oct. 7, 2004 M 20,000 0 0 $0
Paul Toner SVP & COO RockResorts & VRHosp April 4, 2011 M 2,576 0 0 $0
Roger Dudley Mccarthy Co-Pres Mtn Div, COO Breck. Feb. 13, 2007 M 7,666 0 0 $0
Lynanne Kunkel Chief HR & Trnsfrm Ofc Sept. 30, 2025 A 9,271 0 0 $0
Julie A. Dececco GC & Chief Public Affairs Ofc Sept. 30, 2025 A 1,649 0 0 $0
Gregory Jon Sullivan EVP, Retail & Hospitality Sept. 30, 2025 A 3,485 0 0 $0
Nathan Mark Gronberg VP, Controller & CAO Sept. 30, 2025 A 1,739 0 0 $0
Courtney K. Goldstein EVP & Chief Marketing Officer May 1, 2025 M 307 0 0 $0
Ryan Bennett SVP & Chief Marketing Officer Sept. 29, 2023 A 2,162 0 0 $0
David T Shapiro EVP, General Counsel & Sec. Sept. 29, 2023 A 6,704 0 0 $0
Ryan H Siurek SVP, Controller & CAO Sept. 28, 2020 M 609 0 0 $0
Mark L Schoppet SVP, Controller & CAO Dec. 10, 2015 M 6,537 0 0 $0
Randall E Mehrberg EVP & General Counsel Dec. 2, 2014 M 397 0 0 $0
Fiona Arnold Exec. V.P., G.C. & Secy. Sept. 21, 2013 M 11,507 0 0 $0
Stanley D. Brown Pres. RockResorts & VR Hospit March 10, 2009 A 223 0 0 $0
Martha D Rehm EVP, General Counsel Jan. 10, 2007 M 996 0 0 $0
James S Mandel SVP Vail Resorts Dev Co Nov. 20, 2003 A 0 0 $0
Peter A Vaughn Director Oct. 6, 2025 G 8,784 0 0 $0
Reginald Chambers Director Sept. 30, 2025 A 1,845 0 0 $0
Nadia Nicole Rawlinson Director Sept. 30, 2025 A 5,642 0 0 $0
Michele Romanow Director Sept. 30, 2025 A 8,290 0 0 $0
Iris Knobloch Director Sept. 30, 2025 A 1,907 0 0 $0
Bruce D Sewell Director Sept. 30, 2025 A 22,155 0 0 $0
Susan L Decker Director Sept. 30, 2025 A 9,389 0 0 $0
Hilary Schneider Director Sept. 30, 2025 A 17,111 0 0 $0
John Redmond Director Sept. 27, 2025 M 23,854 0 0 $0
John F Sorte Director Sept. 27, 2025 M 46,392 0 0 $0
Roland A Hernandez Director Sept. 27, 2019 M 9,353 0 0 $0
Richard D Kincaid Director Sept. 23, 2014 A 28,103 0 0 $0
Thomas D Hyde Director Sept. 21, 2012 A 17,937 0 0 $0
William P Stiritz Director Sept. 23, 2009 M 11,338 0 0 $0
Joe R Micheletto Director Jan. 7, 2009 A 15,879 0 0 $0
John J Hannan Director Oct. 4, 2007 M 6,559 0 0 $0
William L Mack Director Nov. 20, 2003 A 0 0 $0
ROWAN MARC J Director Nov. 20, 2003 A 0 0 $0
Frank Biondi Director Nov. 20, 2003 A 0 0 $0
James S Tisch Director Nov. 20, 2003 A 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 17 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Ralcorp Holdings, Inc. (Formerly known as New Ralcorp Holdings, Inc.), RH Financial Corporation ×7 filings Aug. 25, 2009 Initial filing SEC
Ralcorp Holdings, Inc. (Formerly known as New Ralcorp Holdings, Inc.) S.S. OR, RH Financial Corporation S.S. OR ×4 filings March 31, 2006 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person April 23, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person March 30, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person March 1, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 6, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Jan. 16, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 15, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 28, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 3, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Oct. 7, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Sept. 19, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Aug. 21, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person July 3, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person June 13, 2003 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 119 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
LBAY · Tidal Trust I 4.87% 6,427 NS May 31, 2026 N-PORT
EZA · iShares, Inc. 4.40% 1,964,799 SH Aug. 8, 2026 Daily
DIV · Global X Funds 1.84% 108,651 NS April 30, 2026 N-PORT
TBG · EA Series Trust 1.70% 30,731 NS April 30, 2026 N-PORT
OUSM · ALPS ETF Trust 1.50% 98,163 NS May 31, 2026 N-PORT
CGMM · Capital Group Equity ETF Trust I 1.39% 291,220 NS May 31, 2026 N-PORT
FDVV · FIDELITY COVINGTON TRUST 1.27% 917,788 NS April 30, 2026 N-PORT
RFDA · ALPS ETF Trust 0.95% 6,250 NS May 31, 2026 N-PORT
FDRR · FIDELITY COVINGTON TRUST 0.74% 39,909 NS April 30, 2026 N-PORT
HIDV · AB Active ETFs, Inc. 0.67% 9,564 NS May 31, 2026 N-PORT
PIE · Invesco Exchange-Traded Fund Trust … 0.50% 96,222 SH Aug. 8, 2026 Daily
EEMO · Invesco Exchange-Traded Fund Trust … 0.50% 9,760 SH Aug. 8, 2026 Daily
LDEM · iShares Trust 0.46% 12,280 SH Aug. 8, 2026 Daily
RCGE · EA Series Trust 0.46% 3,418 NS April 30, 2026 N-PORT
PXH · Invesco Exchange-Traded Fund Trust … 0.39% 606,384 SH Aug. 8, 2026 Daily
MCOW · Pacer Funds Trust 0.39% 30 NS April 30, 2026 N-PORT
QDEF · FlexShares Trust 0.35% 14,691 NS April 30, 2026 N-PORT
GTOS · Invesco Actively Managed Exchange-T… 0.34% 416,000 Aug. 8, 2026 Daily
EMGF · iShares, Inc. 0.31% 461,925 SH Aug. 8, 2026 Daily
FFLC · FIDELITY COVINGTON TRUST 0.29% 26,045 NS April 30, 2026 N-PORT
FXD · First Trust Exchange-Traded AlphaDE… 0.26% 5,439 NS April 30, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.24% 50,054 NS May 31, 2026 N-PORT
TMFX · RBB Fund, Inc. 0.23% 561 NS May 31, 2026 N-PORT
EMXC · iShares, Inc. 0.23% 4,399,577 SH Aug. 8, 2026 Daily
BKSE · BNY Mellon ETF Trust 0.21% 1,308 NS April 30, 2026 N-PORT
VWO · VANGUARD INTERNATIONAL EQUITY INDEX… 0.20% 23,981,260 SH Aug. 8, 2026 Daily
EEM · iShares, Inc. 0.18% 4,332,533 SH Aug. 8, 2026 Daily
XJH · iShares Trust 0.17% 4,836 SH Aug. 8, 2026 Daily
IEMG · iShares, Inc. 0.16% 19,979,690 SH Aug. 8, 2026 Daily
QVMM · Invesco Exchange-Traded Fund Trust … 0.16% 4,677 SH Aug. 8, 2026 Daily
IJJ · iShares Trust 0.15% 92,514 SH Aug. 8, 2026 Daily
KNCT · Invesco Exchange-Traded Fund Trust 0.15% 19,092 SH Aug. 8, 2026 Daily
IJH · iShares Trust 0.14% 1,229,575 SH Aug. 8, 2026 Daily
IVOV · VANGUARD ADMIRAL FUNDS 0.14% 15,609 SH Aug. 8, 2026 Daily
VCR · VANGUARD WORLD FUND 0.14% 69,470 SH Aug. 8, 2026 Daily
FNK · First Trust Exchange-Traded AlphaDE… 0.14% 2,365 NS April 30, 2026 N-PORT
IJK · iShares Trust 0.14% 102,236 SH Aug. 8, 2026 Daily
FSMD · FIDELITY COVINGTON TRUST 0.14% 25,222 NS April 30, 2026 N-PORT
PTMC · Pacer Funds Trust 0.13% 4,078 NS April 30, 2026 N-PORT
IVOO · VANGUARD ADMIRAL FUNDS 0.13% 57,697 SH Aug. 8, 2026 Daily
QDF · FlexShares Trust 0.12% 20,790 NS April 30, 2026 N-PORT
RWK · Invesco Exchange-Traded Fund Trust … 0.12% 11,017 SH Aug. 8, 2026 Daily
SCHD · SCHWAB STRATEGIC TRUST 0.12% 854,407 NS May 31, 2026 N-PORT
IVOG · VANGUARD ADMIRAL FUNDS 0.12% 17,228 SH Aug. 8, 2026 Daily
IWP · iShares Trust 0.12% 164,369 SH Aug. 8, 2026 Daily
IEDI · iShares U.S. ETF Trust 0.12% 227 SH Aug. 8, 2026 Daily
MVV · ProShares Trust 0.10% 1,236 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.10% 171,864 NS May 31, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.10% 518,950 SH Aug. 8, 2026 Daily
FDIS · FIDELITY COVINGTON TRUST 0.10% 13,816 NS April 30, 2026 N-PORT