Vail Resorts (MTN)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $5.5B, Vail Resorts's free cash flow of $248M (fiscal 2026) would need to grow about 6% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Vail Resorts's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from MTN's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Vail Resorts's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.9B | $2.9B | $3.0B | $2.8B |
| Net income | $348M | $266M | $231M | $280M | $148M |
| Free cash flow | $518M | $323M | $378M | $320M | $248M |
| EPS (diluted) | $8.55 | $6.69 | $6.09 | $7.53 | $4.12 |
| Operating margin | 23.8% | 17.5% | 16.9% | 18.9% | 14.8% |
Where the revenue comes from
Revenue by regions, fiscal 2026.
Superinvestors who own MTN
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ron Baron Baron Capital (BAMCO) |
Added | $890M | 1.3% | Q2 2026 |
| Steven Romick First Pacific Advisors |
Added | $178M | 2.2% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Added | $104M | 0.14% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $23M | 0.05% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $15M | 0.15% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Trimmed | $3M | 0.16% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Held | $3M | 0.00% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $1M | 0.0% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Trimmed | $620,163 | 0.04% | Q2 2026 |
Insider buying
Open-market purchases by Vail Resorts's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 16, 2026 | Angela A Korch |
190 | $131.85 | $25,052 |
| Mar 16, 2026 | Robert A Katz |
37,500 | $131.81 | $5M |
| Oct 7, 2025 | Angela A Korch |
210 | $155.00 | $32,550 |
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In the full deep dive
Questions
What growth does Vail Resorts's stock price imply?
At a market value of $5.5B, Vail Resorts would need its free cash flow to grow about 6% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -3% a year.
Are Vail Resorts insiders buying the stock?
3 open-market insider purchases of MTN in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Vail Resorts?
9 of the superinvestors Investingly tracks hold MTN in their latest 13F, including Ron Baron, Steven Romick, Bill Nygren.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.