Vail Resorts, Inc. Financial Ratios — VAI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Return on Common Equity (%)	4.26	2.02	4.64	3.46	13.6	17.2	17.22	24.04	19.49	7.02	8.78	21.7	20.32	26.97	49.36
Return on Assets (%)	1.78	0.85	1.78	1.27	4.92	6.03	6.39	9.29	7.09	2.04	2.22	5.54	4.33	3.97	4.88
Return on Capital (%)	4.16	2.75	4.16	4.41	9.59	10.54	9.57	- -	10.68	4.99	6.16	9.22	8.03	7.93	9.4
Return on Invested Capital (%)	4.32	2.65	4.01	4.64	9.77	9.98	10.28	- -	11.81	5.46	5.63	9.86	8.26	8.29	9.94
Gross Margin (%)	18.47	18.39	20	20.76	37.23	41.08	43.06	43.12	42.89	39.52	43.46	46.58	42.26	42.61	42.78
EBITDA Margin (%)	18.2	18.25	20.49	20.55	25.69	27.76	29.8	30.49	30.57	24.09	26.89	33.81	26.77	26.62	28.89
Operating Margin (%)	8.36	5.93	8.16	9.55	13.74	17.94	20.72	20.44	21.21	12.62	14.69	22.83	19.47	18.72	18.15
Incremental Operating Margin (%)	12.4	25.79	31.85	21.2	49.9	47.15	35.28	15.19	27.17	76	- -	48.08	- -	535.11	- -
Pretax Margin (%)	4.76	2.64	5.28	3.51	10.67	15.15	18.27	16.91	17.56	5.93	6.56	18.1	12.82	11.78	13.57
Profit Margin (%)	2.96	1.61	3.37	2.27	8.2	9.35	11.04	18.89	13.26	5.03	6.69	13.77	9.2	8.01	9.45
Net Income to Common Margin (%)	2.96	1.61	3.37	2.27	8.2	9.35	11.04	18.89	13.26	5.03	6.69	13.77	9.2	8.01	9.45
Effective Tax Rate (%)	38	39.5	36.5	36	23.25	38.4	33.5	- -	18.92	6.34	0.58	19.43	23.66	27.31	25.95
Dvd Payout Ratio (%)	15.75	148.5	75.68	161.17	65.96	69.62	57.83	48.32	75.35	178.35	- -	58.08	104.88	123.14	103.87
Sustainable Growth Rate (%)	3.59	-0.98	1.13	-2.12	4.63	5.23	7.26	12.42	4.81	-5.5	8.78	9.1	-0.99	-6.24	-1.91

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Total Debt	492	527	831	658	844	728	1,297	1,295	1,595	2,705	3,076	2,943	3,025	3,059	3,444
ST Debt	1	1	1	1	10	13	38	38	49	100	149	98	106	92	634
LT Debt	491	526	830	657	834	714	1,259	1,256	1,547	2,605	2,927	2,845	2,919	2,967	2,810
Total Debt/EBITDA	2.31	2.82	3.62	2.55	2.35	1.64	2.28	2.11	2.3	5.72	5.99	3.45	3.91	3.98	4.02
Net Debt/EBITDA	1.98	2.38	2.87	2.26	2.17	1.42	2.03	1.78	2.11	4.36	3.13	1.9	2.92	3.21	3.22
Total Debt/EBIT	5.21	8.88	8.57	5.61	4.01	2.57	3.42	3.17	3.35	12.11	11.78	4.89	6	6.26	6.15
Net Debt/EBIT	4.46	7.5	6.79	4.97	3.7	2.23	3.05	2.68	3.08	9.22	6.15	2.7	4.47	5.05	4.92
EBITDA to Interest Expense	6.31	5.57	5.89	4.03	7.02	10.49	10.51	9.7	8.73	4.43	3.39	5.76	4.98	4.67	4.99
EBITDA-CapEx/Interest Expense	6.31	5.57	5.89	4.03	7.02	10.49	10.51	9.7	8.73	4.43	3.39	5.76	4.98	4.67	4.99
EBIT to Interest Expense	2.9	1.81	2.35	1.87	3.75	6.78	7.31	6.5	6.06	2.32	1.85	3.89	3.62	3.28	3.13
Interest Expense	34	34	39	64	51	42	54	63	79	107	151	148	155	165	172
Common Equity/Total Assets	42.63	41.62	35.69	37.76	34.84	35.24	38.22	39.1	33.9	25.11	25.51	25.52	16.88	12.48	7.35
Long-Term Debt/Equity (%)	58.16	64.41	99.06	78.69	94.75	80.39	69.97	69.33	89.57	170.05	160.01	153.99	218.54	289.46	372.71
Long-Term Debt/Capital (%)	36.74	39.15	49.73	44.01	48.37	44.2	40.65	40.44	46.56	61.48	59.67	59.39	66.94	72.65	66.93
Long-Term Debt/Total Assets (%)	25.21	27.28	35.96	30.22	33.54	28.78	30.62	30.9	34.95	49.67	46.82	45.03	49.08	52.17	48.63
Total Debt/Equity (%)	58.28	64.54	99.18	78.82	95.9	81.89	72.1	71.46	92.38	176.6	168.15	159.29	226.48	298.43	456.85
Total Debt/Capital (%)	36.82	39.22	49.79	44.08	48.95	45.02	41.89	41.68	48.02	63.85	62.71	61.43	69.37	74.9	82.04
Total Debt/Total Assets (%)	25.27	27.33	36	30.27	33.95	29.31	31.55	31.85	36.04	51.58	49.2	46.58	50.86	53.78	59.61
Net Debt to Equity	49.97	54.48	78.57	69.74	88.47	71.18	64.21	60.42	84.98	134.48	87.82	88.05	168.97	240.81	365.3
Net Debt/Capital (%)	33.32	34.29	43.02	40.2	46.11	40.85	38.78	37.38	45.67	53.56	43.88	44.17	59.43	65.63	73.29
EBITDA	212	187	230	258	360	444	568	613	694	473	514	854	774	768	856
EBITDA-CapEx	212	187	230	258	360	444	568	613	694	473	514	854	774	768	856
Operating Income (Loss)	98	61	92	120	192	287	395	411	482	248	280	577	562	540	538

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Cash Ratio	0.29	0.18	0.44	0.14	0.09	0.13	0.19	0.3	0.15	0.65	1.27	1	0.5	0.29	0.26
Current Ratio	1.01	0.93	1.1	0.85	0.72	0.64	0.72	0.91	0.73	1.1	1.78	1.61	1.07	0.82	0.63
Quick Ratio	0.53	0.45	0.69	0.43	0.37	0.42	0.5	0.69	0.53	0.82	1.62	1.34	0.83	0.63	0.49
CFO/Avg Current Liab	1	0.75	0.79	0.77	0.84	0.97	0.85	0.92	0.97	0.6	0.66	0.68	0.57	0.53	0.4
Common Equity/Total Assets	42.63	41.62	35.69	37.76	34.84	35.24	38.22	39.1	33.9	25.11	25.51	25.52	16.88	12.48	7.35
Long-Term Debt/Equity (%)	58.16	64.41	99.06	78.69	94.75	80.39	69.97	69.33	89.57	170.05	160.01	153.99	218.54	289.46	372.71
Long-Term Debt/Capital (%)	36.74	39.15	49.73	44.01	48.37	44.2	40.65	40.44	46.56	61.48	59.67	59.39	66.94	72.65	66.93
Long-Term Debt/Total Assets (%)	25.21	27.28	35.96	30.22	33.54	28.78	30.62	30.9	34.95	49.67	46.82	45.03	49.08	52.17	48.63
Total Debt/Equity (%)	58.28	64.54	99.18	78.82	95.9	81.89	72.1	71.46	92.38	176.6	168.15	159.29	226.48	298.43	456.85
Total Debt/Capital (%)	36.82	39.22	49.79	44.08	48.95	45.02	41.89	41.68	48.02	63.85	62.71	61.43	69.37	74.9	82.04
Total Debt/Total Assets (%)	25.27	27.33	36	30.27	33.95	29.31	31.55	31.85	36.04	51.58	49.2	46.58	50.86	53.78	59.61
CFO/Total Liabilities	24.24	16.69	15.13	18.36	18.9	27.42	20.37	24.34	23.5	10.64	11.88	15.89	13.83	12.64	11.04
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Accounts Receivable Turnover	20.81	16.49	15.48	14.34	13.33	12.27	11.42	9.63	9.06	10.4	8.45	6.93	7.56	7.62	7.82
Days Sales Outstanding	17.54	22.14	23.57	25.46	27.37	29.76	31.96	37.9	40.31	35.09	43.2	52.66	48.29	47.87	46.67
Inventory Turnover	18.6	13.95	13.36	14.67	12.49	12.74	13.63	13.43	14.25	11.97	11.85	14.28	13.83	13.17	14.36
Days Inventory Outstanding	19.62	26.17	27.31	24.87	29.22	28.64	26.79	27.18	25.62	30.49	30.79	25.57	26.39	27.72	25.41
Accounts Payable Turnover	18	14.7	15.25	14.91	13.22	14.02	15.2	15.03	14.77	15.29	13.4	11.04	11.29	11.34	12.05
Accounts Payable Turnover Days	20.28	24.82	23.93	24.48	27.62	26.04	24.01	24.28	24.71	23.87	27.24	33.05	32.33	32.2	30.29
Cash Conversion Cycle	16.88	23.49	26.96	25.85	28.97	32.36	34.74	40.8	41.21	41.7	46.75	45.17	42.35	43.39	41.79
Inventory to Cash Days	-2.08	-4.03	-3.74	0.58	-1.84	1.12	5.18	10.72	14.69	4.6	12.41	27.09	21.89	20.15	21.26
Inventories	54	66	68	67	73	75	85	86	97	102	80	109	133	119	117
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	56	68	70	69	75	76	86	87	99	106	83	111	133	119	117

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	70	46	139	44	35	68	117	178	109	391	1,244	1,107	563	323	440
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	14	14	14	14	14	14	228	222	226	215	234	235	332	315	329
+ Total Debt	492	527	831	658	844	728	1,297	1,295	1,595	2,705	3,076	2,943	3,025	3,059	3,444
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	1,335	1,343	1,669	1,493	1,725	1,616	3,096	3,106	3,322	4,237	4,905	4,790	4,361	4,083	4,198
Total Debt/Capital (%)	36.82	39.22	49.79	44.08	48.95	45.02	41.89	41.68	48.02	63.85	62.71	61.43	69.37	74.9	82.04
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	1,167	1,024	1,121	1,255	1,400	1,601	1,907	2,012	2,272	1,964	1,910	2,526	2,889	2,885	2,964
TTM EBITDA	212	187	230	258	360	444	568	613	694	473	514	854	774	768	856
TTM Operating Income	98	61	92	120	192	287	395	411	482	248	280	577	562	540	538
TTM Cash Flow to Firm	288	206	247	287	343	463	507	- -	699	495	676	830	757	709	682
TTM Free Cash Flow to Firm	288	206	247	287	343	463	507	- -	699	495	676	830	757	709	682

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	07/31/2011	07/31/2012	07/31/2013	07/31/2014	07/31/2015	07/31/2016	07/31/2017	07/31/2018	07/31/2019	07/31/2020	07/31/2021	07/31/2022	07/31/2023	07/31/2024	07/31/2025

Shares Outstanding	36	36	36	36	37	36	40	41	40	40	40	40	38	37	36
Diluted Weighted Avg Shares	37	37	37	37	37	37	40	42	41	41	41	41	40	38	37
Basic Weighted Avg Shares	36	36	36	36	36	36	39	40	40	40	40	40	40	38	37
Revenue per Share	32.41	28.45	31.26	34.92	38.52	44.14	48.59	49.79	56.3	48.76	47.39	62.42	72.86	76.19	79.78
EBITDA per Share	5.9	5.19	6.4	7.18	9.9	12.25	14.48	15.18	17.21	11.74	12.74	21.11	19.51	20.28	23.05
Operating Income per Share	2.71	1.69	2.55	3.34	5.29	7.92	10.07	10.18	11.94	6.15	6.96	14.25	14.18	14.26	14.48
Basic EPS, GAAP	0.96	0.46	1.05	0.79	3.16	4.13	5.36	9.4	7.46	2.45	3.17	8.6	6.7	6.1	7.54
Basic EPS from Cont Ops	0.96	0.46	1.05	0.79	3.15	4.12	5.9	9.93	8.02	2.71	3.09	9.1	7.13	6.52	8.02
Diluted EPS, GAAP	0.94	0.45	1.03	0.77	3.07	4.01	5.22	9.13	7.32	2.42	3.13	8.55	6.69	6.09	7.53
Diluted EPS from Cont Ops	0.94	0.45	1.02	0.76	3.06	4.01	5.74	9.64	7.86	2.67	3.05	9.05	7.11	6.51	8.01
Dividend per Share	0.15	0.67	0.79	1.25	2.08	2.86	3.73	5.05	6.46	5.28	- -	5.58	7.93	8.55	8.83
Cash Flow per Share	7.42	5.15	6.2	6.84	8.36	12.05	12	13.58	15.72	9.81	13.03	17.56	16.09	15.55	14.93
Free Cash Flow per Basic Share	7.42	5.15	6.2	6.84	8.36	12.05	12	13.58	15.72	9.81	13.03	17.56	16.09	15.55	14.93
Cash & Equivalents per Share	1.94	1.29	3.85	1.23	0.97	1.88	2.93	4.4	2.7	9.72	30.77	27.49	14.76	8.61	12.27
Book Value per Share	23	22.55	22.91	22.67	23.73	24.17	39.2	39.22	37.2	32.73	39.45	40.03	26.32	18.94	11.83
Tangible Book Value per Share	13.05	12.38	8.92	8.98	6.08	6.23	-6.08	-4.12	-10.26	-17.58	-12.51	-11.33	-26.89	-33.9	-43.17