, /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today announced that Bill Hornbuckle has been appointed to the company's board of directors.
Bill Hornbuckle joins Vail Resorts board of directors Hornbuckle is Chief Executive Officer and President of MGM Resorts International ("MGM"), a global hospitality and entertainment company with a portfolio of iconic, integrated brands. Hornbuckle oversees all aspects of MGM Resorts' strategy, operations, hospitality and gaming development projects. Since assuming the role six years ago, he has led MGM through transformative periods while advancing the company's evolution toward a more diversified, experience-led business model and driving growth in dining, entertainment and premium experiences.
Hornbuckle brings more than 35 years of experience across hospitality, resort operations, marketing, strategy and large-scale integrated resort management. Before becoming CEO, he held a range of senior leadership roles at MGM Resorts, including president and chief operating officer, chief marketing officer and executive roles at several of the company's largest resorts. He has played a key role in leading MGM Resorts' domestic and international expansion and the launch of its customer loyalty platform.
"Bill is an accomplished hospitality leader with deep experience operating world-class resorts, building guest loyalty and elevating service," said Rob Katz, Chief Executive Officer of Vail Resorts. "As we launch Epic Experience—our multi-year roadmap to make every part of the mountain journey more seamless, personalized and memorable—we are thrilled to welcome Bill to our board and know he will immediately make a substantial contribution to our efforts."
"I am excited to join the Vail Resorts Board of Directors," said Hornbuckle. "Having spent my entire career in hospitality and as someone with a personal connection to the mountains, I have long admired the iconic destinations and exceptional experiences that define Vail Resorts. Throughout my career, I've been passionate about leveraging technology and digital innovation to elevate the guest experience while keeping guests at the center of every decision. I look forward to working alongside my fellow directors and the leadership team to help the company continue creating exceptional experiences and delivering long-term value for shareholders."
Hornbuckle, who resides in Las Vegas, received a Bachelor of Science in Hotel Administration from the University of Nevada, Las Vegas. He currently serves as Chair of the U.S. Travel Association, a nonprofit organization dedicated to growing travel and tourism to the United States. He has also played a significant role in expanding Las Vegas' sports entertainment offerings, helping to bring the city its first professional sports franchise, the NHL's Golden Knights, in his capacity as a board member and President of T-Mobile Arena. Most recently, through his service on the Clark County Stadium Authority Board, Hornbuckle assisted with efforts to attract the NFL's Raiders to Las Vegas.
With a longstanding home in Park City, Hornbuckle brings a sincere appreciation for the mountains, strong familiarity with Vail Resorts' guests and a true passion for the broader outdoor and experiential leisure sector.
Hornbuckle is Vail Resorts' tenth board member, joining Reggie Chambers, Sue Decker, Rob Katz, Iris Knobloch, Nadia Rawlinson, Hilary Schneider, Peter Vaughn, Michele Romanow and Bruce Sewell.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia – all available on the company's industry-changing Epic Pass. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and Pass options at www.EpicPass.com.
Begins multi-year transformation of the end-to-end guest journey, setting a new standard for the modern ski experience across its network of premier mountain destinations Raises the bar on mountain food with significant investment to elevate its most popular dishes Launches Epic Ascent for an enhanced private lesson experience with concierge services, white-glove gear rental and high-touch customer support , /PRNewswire/ -- Vail Resorts CEO Rob Katz today announced a new era for the company defined by delivering the best and most differentiated guest experience in skiing and riding. Anchored to the belief that future growth will come by offering an exceptional experience that drives loyalty and visitation, the Epic Experience vision spans a multi-year roadmap that comes with a series of immediate investments in food, lessons, gear, guest engagement and talent. Most notably, new next season, Vail Resorts will raise the bar on mountain food with a significant investment to elevate its most popular dishes, and introduce Epic Ascent to enhance private lessons with concierge services.
Skiers in Vail Mountain's Legendary Back Bowls. "For years, Vail Resorts focused on building the Epic Pass model and expanding its resort network," said Katz. "That strategy helped establish the company's position today, but the Pass and acquisitions were not the end goal. The next chapter of growth for Vail Resorts is about delivering a guest experience that undeniably leads the ski industry and is best in class in the travel sector. Epic Experience is about using the strength of our integrated model and leveraging our scale and technology to make every part of the mountain journey more seamless, personalized and memorable."
As the world's largest and only fully integrated ski resort company, Vail Resorts has consistently led the industry in innovation and is uniquely positioned to influence every part of the end-to-end guest journey across its network of premier mountain destinations.
"Exceptional experience is not one moment – it is the standard we want guests to feel across their entire journey. From the food, lessons and gear that shape a day on the mountain to how we communicate with and support our guests, we are focused on removing friction, elevating the experience and creating more moments that inspire guests to return."
Throughout its transformation of the guest experience, Vail Resorts will continue to prioritize delivering an incredible experience on snow. The company will maintain its industry-leading investments in lift infrastructure to help guests get up and around the mountain faster, while taking an aggressive approach to snowmaking strategy and technology to create the best possible early-season and in-season conditions for guests.
Beyond the snow experience, Vail Resorts will focus on the five experience pillars outlined below to drive future growth.
Reimagining Rentals with My Epic Gear
Vail Resorts is continuing its previously announced plans to integrate the best features from My Epic Gear® into traditional gear rentals, as part of a multi-year effort to transform the gear experience for all skiers and riders.
Beginning this season, guests who book high-performance Demo rentals at the company's rental outlets across 12 participating resorts will receive the curated My Epic Gear experience without the membership fee. That includes the ability to select their preferred ski or snowboard model, and BOA® ski boots or Step On® bindings, online, ahead of their arrival.
Ahead of the 2027/28 winter season, Vail Resorts' rental outlets will offer expanded and upgraded gear and service options, which will include the ability for anyone to choose a specific gear model – online or in app. Returning guests will have the ability to get their skis or snowboards fully teched, tuned and ready for pickup or delivery, without going through an in-store fitting process. Other future offerings include slopeside valet and digital enhancements for easier browsing and booking.
Elevating Lessons into Personalized Mountain Experiences
Vail Resorts is redesigning its private lesson experiences to be more personalized and seamless for every guest. This winter at Vail Mountain and Beaver Creek, the company will upgrade all private lessons to Epic Ascent, an elevated private lesson experience offering concierge services, white-glove gear rental and enhanced customer support.
Private-lesson guests will get high-touch customer support and a dedicated concierge to coordinate every detail of their overall trip, like dining reservations, transportation coordination and white-glove gear rental. Epic Ascent will expand across more Vail Resorts mountain destinations in the 2027/28 season. More information on Epic Ascent will be shared ahead of the upcoming season.
In parallel, Vail Resorts is further simplifying the pathway to progression with connected ski and ride school in the My Epic app by expanding from four to 14 resorts. A first-of-its-kind digitized offering, ski and ride school in the My Epic app offers guests in group lessons a seamless arrival with direct-to-lesson digital check-in. It helps parents stay connected with real-time updates and photos during child lessons, and monitor progression with skills tracking that includes badges for milestones achieved.
Setting a Higher Standard for Guest Engagement
Vail Resorts is committed to delivering a guest service experience that feels more thoughtful, responsive and connected at every step of the journey. The company's ambition is to make every interaction and communication feel easier, more personal and more supportive – so guests feel confident, cared for and inspired to return. This commitment reflects the belief that an exceptional experience is not a single moment, but a consistent standard that shapes the entire trip.
Supporting this focus on guest engagement are continued investments in digital technology to remove the small hassles that get in the way of enjoying the magic of the mountains. Starting this fall, guests will be able to purchase Passes and lift tickets, as well as share Epic Friend Tickets with friends and family, directly in the My Epic app. Guests can also expect the introduction of Apple Pay and Google Pay, while continuing to enjoy favorite features like Mobile Pass, lift line wait times, Find My Friends and personalized stats.
Ahead of the 2027/28 season, guests will be able to purchase lessons and rentals directly in the My Epic app. Future app enhancements will leverage modern AI to support intuitive trip planning and surface intelligent personalized recommendations and itineraries – from parking and lessons to lunch, après and more.
Raising the Bar on Mountain Food
Skiing and snowboarding are about the full on-mountain experience, and food is a critical part of a memorable day on the slopes. As Vail Resorts embarks on a journey to elevate dining on the mountains, the company is making its most popular menu items better across 15 destination resorts. Ski-day classics like chili, burgers, pizza, fries, hot dogs, chicken fingers, and mac and cheese – which make up the majority of resort food sales – are all getting elevated with a significant investment in higher-quality ingredients and refined presentation. For instance, guests across 15 destination resorts can enjoy a butcher's blend burger with melted New School American Cheese and pecan-smoked bacon on a griddled brioche bun, served with crispy waffle fries and a signature comeback sauce.
Next season, skiers and riders will continue to see chef-driven dishes that bring fresh energy and flavor to each mountain experience. Resorts like Vail Mountain, Beaver Creek, Breckenridge and Whistler Blackcomb will continue to focus on the development of unique signature dishes that reflect the energy, culture and character of each resort.
More information will be shared in the coming months. The food improvements next season will not come with higher prices, beyond normal inflation. In addition to elevated food, the company will be looking to add new technology and processes to reduce wait times and increase seating capacity.
Investing in Top Talent to Drive Excellent Guest Service
Vail Resorts is committed to making every interaction easier and more personal by elevating its ability to anticipate and exceed guests' expectations. Delivering an exceptional guest experience starts with excellent people, who will always be the foundation of the company.
Following a $175 million investment in wages and benefits, the company has continued to build a world-class frontline team through a disciplined, technology-enabled approach to recruiting, staffing and scheduling. These investments have helped the company remain fully staffed each season, become more selective in hiring for guest-service orientation, increase seasonal employee return rates and give employees more hours while reducing overall hiring and housing pressure. This is collectively translating to better service, with frontline teams serving as a key driver of record guest satisfaction scores last season.
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About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia – all available on the company's industry-changing Epic Pass. We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America. Learn more about our company at www.VailResorts.com, or discover our resorts and Pass options at www.EpicPass.com.
Forward-Looking Statements
Certain statements discussed in this press release, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including statements regarding the Company's expectations and assumptions related to future performance; guest experience; investments in and enhancements to food, lessons, gear, guest engagement, people, products, services, and other offerings; opportunities; key initiatives; and strategies. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, risks related to our ability to execute on our key initiatives and strategies; risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to resource efficiency transformation initiatives; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; and the risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's most recently filed Annual Report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. All forward-looking statements in this press release are made as of the date hereof, and the Company does not undertake any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise, except as may be required by law.
It has been about a month since the last earnings report for Vail Resorts (MTN - Free Report) . Shares have added about 9.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vail Resorts due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Vail Resorts, Inc. before we dive into how investors and analysts have reacted as of late.
Vail Resorts Q3 Earnings Miss Estimates on Unfavorable WeatherVail Resorts posted third-quarter fiscal 2026 results, with earnings per share (EPS) missing the Zacks Consensus Estimate and revenues meeting the same. On a year-over-year basis, both the top and bottom lines declined.
Results were shaped by record-low snowfall and historically warm temperatures across key western markets, which led to earlier resort closures and softer demand, particularly in the Rockies and Tahoe regions. Profitability also moved lower on a segment basis as weather-related headwinds outweighed the benefits of cost discipline and ongoing efficiency initiatives.
MTN’s advanced commitment model helped provide stability in a volatile season, as pre-sold products supported performance even as on-mountain volume weakened. Management also highlighted continued progress on guest experience initiatives, alongside cost actions that helped limit the downside from the demand shock.
MTN’s Q3 Earnings & RevenuesIn the quarter under review, the company reported adjusted earnings of $8.81 per share, missing the Zacks Consensus Estimate of $8.97 by 1.8%. In the year-ago quarter, it had reported an EPS of $10.46.
Quarterly revenues were $1.21 billion, in line with the consensus estimate and down 7% year over year. Unfavorable conditions weighed on demand, with total visitation down 15% in the quarter, pressuring both destination and local performance.
Vail Resorts reports through two segments, Mountain and Lodging.
Vail Resorts’ Mountain Trends Showed Broad-Based SoftnessThe Mountain segment posted net revenues of $1.13 billion, down 6.8% year over year. The figure came in line with our model’s projection of $1.13 billion. Lift revenues declined 5.3% to $729.4 million, while ski school, dining and retail/rental revenues decreased 11.5%, 10.7% and 8.3%, respectively.
Profitability moved lower as the fixed-cost nature of mountain operations met reduced demand. Mountain's reported EBITDA fell 8.8% to $579.6 million. Notably, effective ticket price rose 12% to $100.24 even as total skier visits dropped to 7.276 million, reflecting a mix and pricing dynamic that partially offset volume pressure.
MTN’s Lodging Business Saw ADR and RevPAR DeclinesLodging net revenues were $75.3 million, down 9.1% year over year, with declines across owned hotel rooms, managed condominium rooms, dining and transportation. The figure missed our projection of $84.6 million. The pullback was consistent with weaker destination demand and the impact of reduced skier visitation during the quarter.
Lodging profitability was also pressured. Lodging Reported EBITDA fell 44.6% to $6.8 million, as pricing weakened and ancillary revenues softened. Owned hotel ADR declined 9.9% to $312.5 and RevPAR fell 16.7% to $137.9, while managed condominium RevPAR decreased 15.4% to $174.9.
MTN's Results Fell as Rockies Conditions WeighedThe quarter was defined by weather-related disruption, particularly in the Rockies, where visitation and on-mountain spending faced notable headwinds. Net income attributable to MTN came in at $314.4 million compared with $389.7 million a year ago, underscoring how sharply the operating environment deteriorated relative to a more normal prior-year season.
Profitability also moved lower on a segment basis. Resort Reported EBITDA was $586.4 million, down 9.5% from the prior-year period, as weaker demand flowed through a business with meaningful fixed costs. Still, the advance commitment model continued to provide a stabilizing base compared with a purely walk-up driven season.
Vail Resorts' Liquidity Remains Solid Despite a Tough SeasonEven amid a challenging operating backdrop, the company maintained a sizeable liquidity position. As of April 30, 2026, the company had total cash and revolver availability of approximately $1.1 billion. Capital returns continued as well. The board declared a quarterly cash dividend of $2.22 per share, payable in July, reinforcing the company’s confidence in longer-term cash generation even as near-term performance remains sensitive to weather and the pace of recovery in pass demand.
Cash and cash equivalents as of April 30, 2026, totaled $371.4 million compared with $467 million reported in the year-ago quarter. Net debt was $2.65 billion as of April 30, 2026, compared with $2.24 billion as of April 30, 2025.
MTN Lowers 2026 Outlook, Notes Early Pass SoftnessManagement reduced its fiscal 2026 guidance following the persistent weather headwinds through the third quarter. MTN now expects net income attributable of $128-$162 million, down from the prior outlook of $144-$190 million, and Resort Reported EBITDA of $735-$755 million, down from the earlier outlook of $745-$775 million, incorporating continued cost initiatives and assumptions around the remainder of the year.
Early pass sales for the 2026/2027 North American season were also weaker to date. Through late May, pass units declined about 10%, days sold fell about 8%, and sales dollars decreased roughly 5% year over year, suggesting some near-term demand sensitivity following a difficult season in key western markets.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -5.78% due to these changes.
VGM ScoresCurrently, Vail Resorts has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Vail Resorts has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Key Takeaways MTN's resort revenues fell 7%, visitation declined 15% and Resort Reported EBITDA dropped 9.5%.MTN is widening its ticket funnel with 50% Epic Friend Tickets and 30% super-advanced lift tickets.MTN expects $106M in annualized efficiencies by fiscal 2026 and another $30M in savings in fiscal 2028. Vail Resorts, Inc. (MTN - Free Report) is showing how the ski resort model is changing under pressure. Weather still drives the season, but the company’s latest results also point to shifts in ticketing, customer segmentation and digital execution.
The broader lesson is that mountain leisure operators need more than snow to protect demand. MTN’s response is increasingly built around flexibility, efficiency and guest engagement.
MTN Exposes the New Weather RiskVail Resorts’ third-quarter fiscal 2026 performance showed how quickly poor conditions can move through the model. Resort revenues fell 7% year over year, total visitation declined 15% and Resort Reported EBITDA decreased 9.5%, with unfavorable weather pressuring both local and destination guests.
The pressure was most visible in the Rockies and Tahoe. The Rockies experienced the worst snowfall season on record, while industry-wide visitation in the region declined about 24%. That makes MTN a clear example of climate-linked operating volatility in mountain leisure, especially when disruption hits peak ski-season traffic.
Vail Resorts Expands the Ticket FunnelVail’s advanced-commitment model remains central to its business, but the company is also widening the in-season funnel. It expanded Epic Friend Tickets at a 50% discount and introduced super-advanced lift tickets with a 30% discount for purchases made at least one month in advance.
Those initiatives suggest a more blended model. Season passes still provide revenue stability, but targeted lift-ticket products can help reach occasional skiers, rebuild the customer pipeline and capture demand that may not commit early after a difficult winter.
MTN Leans on Efficiency and ExperienceThe company is pairing demand initiatives with cost work. Its resource-efficiency transformation plan is expected to deliver $106 million of annualized efficiencies by the end of fiscal 2026, above the original $100 million target, with another $30 million of savings expected in fiscal 2028.
Vail is also investing in My Epic Gear, ski school digitization, dining improvements, app-based communication and broader guest-feedback capabilities. That mirrors a wider leisure trend. Six Flags Entertainment Corporation (FUN - Free Report) , a regional amusement-resort operator, also competes on repeat visits and guest spending, making operating consistency and service quality central to the consumer experience.
Vail Resorts Shows Demand is FragmentingVail’s pass data shows that ski demand is not moving as one uniform cycle. Pass units for the upcoming North American season declined about 10% through late May, days sold fell about 8% and sales dollars decreased about 5%, but the weakness was concentrated in weather-hit destination markets such as Colorado, Utah and Lake Tahoe.
The mix tells a more nuanced story. Unlimited pass products outperformed frequency products, the new Young Adult product outperformed other age groups, and trends were better in the East and at Whistler Blackcomb. Epic Australia Pass units rose about 26%, while sales dollars increased about 31%. Travel + Leisure Co. (TNL - Free Report) , a vacation and membership-focused leisure company, offers another reminder that travel demand can vary meaningfully by product type and customer commitment level.
What MTN’s Signals Say About the TrendThe bottom line is that MTN is adapting, but the financial payoff is not yet visible in the stock’s signal set. Weather, pass softness and lower EBITDA guidance still dominate the near-term picture.
MTN currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
The company also has a VGM Score of F, Growth Score of F, Value Score of D and Momentum Score of D. The Zacks Rank is driven by earnings estimate revisions and is designed to help investors assess near-term prospects, while the Style Scores evaluate value, growth and momentum traits. Together, these signals suggest that investors are still focused on estimate cuts and weak operating momentum, even as Vail works to reshape demand through ticketing, efficiency and digital investment.
Key Takeaways Vail Resorts is under pressure from weak snowfall, lower visitation and softer pass demand.Resort revenues fell 7%, visits dropped 15% and Resort Reported EBITDA declined 9.5% in Q3.MTN is leaning on discount ticket initiatives, portfolio diversity and $106M in efficiencies. Vail Resorts, Inc. (MTN - Free Report) is working through a difficult stretch shaped by weak snowfall, lower visitation and softer pass demand. The pressure is showing up in revenues, earnings and visibility into the next ski season.
The issue is not only one weak quarter. Weather, customer commitment and cost control are now closely linked to MTN’s near-term setup.
How Vail Resorts Makes MoneyVail Resorts is built around its Mountain segment, which generated 88.7% of fiscal 2025 net revenues. Lodging contributed 11.3%, while Real Estate accounted for only 0.01%.
The model depends on getting skiers and riders onto the mountain and then capturing spending across lift access, ski school, dining and retail or rental operations. The Epic Pass deepens that model by encouraging advance commitment and repeat visitation across a 42-resort network.
Marriott International (MAR - Free Report) is a useful lodging-demand benchmark. Hilton Worldwide Holdings (HLT - Free Report) offers another hotel-focused comparison. Vail’s model is more weather-sensitive because the mountain visit drives lift revenues and ancillary spending.
MTN Faces a Weather-Driven Demand ShockThe latest season showed how quickly that model can come under pressure. Historically unfavorable winter conditions across the western United States hurt demand, especially in the Rockies and Tahoe.
In the fiscal third quarter, resort revenues declined 7% year over year, visitation fell 15% and Resort Reported EBITDA decreased 9.5%. The Rockies experienced the worst snowfall season on record, and industry visitation in the region fell approximately 24%.
Weather shocks are especially damaging when they hit peak ski-season traffic. MTN’s North American and European mountain operations typically peak from mid-December through mid-April, so weakness during that window leaves less room to recover later.
Vail Resorts Sees Pass Sales SlowThe spring selling period added another concern. Pass product units for the 2026/2027 North American ski season fell approximately 10% through May 26, 2026, while days sold declined 8% and sales dollars decreased 5%.
The softness was most visible in weather-affected markets such as Colorado, Utah and Lake Tahoe, and among destination guests who typically visit the Rockies. Advance pass sales help anchor future lift-access revenues before the season starts.
New passholder sales were weaker than renewals after reduced fiscal 2026 visitation created a smaller conversion pool. Frequency products also showed the biggest declines, suggesting lower-commitment customers may be more sensitive to weather and value perception.
MTN Still Has Operational Support LeversMTN is not without stabilizers. Its advance-commitment model helped lift revenues decline less sharply than skier visits in the third quarter, supported by North American pass sales secured before the season began.
The company is also testing lift-ticket initiatives to broaden demand. Expanded Epic Friend Tickets at a 50% discount and super-advanced lift tickets at a 30% discount for purchases at least one month in advance target guests outside the core pass base.
Costs are another lever. Management expects $106 million of annualized efficiencies by the end of fiscal 2026, above the original two-year target, plus $30 million of savings expected in fiscal 2028.
Portfolio diversity may also soften volatility. Unlimited pass products outperformed frequency products, the new Young Adult pass product outpaced other age groups and Epic Australia Pass units rose approximately 26%.
What MTN Signals Say NowThe bottom line is that MTN still has scale, brand reach and operating levers, but the near-term investment case remains clouded by weather-sensitive demand, slower pass sales and a high fixed-cost structure. Severe conditions expose earnings risk when destination traffic weakens.
MTN currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate picture has also weakened, with the current fiscal year earnings estimate moving down 8.8% over the past four weeks.
The Style Scores are not supportive either. MTN has a VGM Score of F, Growth Score of F, Value Score of D and Momentum Score of D. Since A and B scores indicate more favorable style characteristics, these grades point to a less attractive profile across growth, value and momentum screens.
For now, the signal set fits a stock facing limited near-term momentum. Investors watching MTN may need clearer evidence of pass-sales recovery, better snowfall conditions and sustained cost execution before the outlook looks more balanced.
Vail Resorts' lower sales multiple and 6.6% yield draw attention, but earnings pressure, softer pass sales and rising leverage keep its outlook uncertain.
BROOMFIELD, Colo., June 8, 2026 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2026 ended April 30, 2026, updated fiscal 2026 guidance and provided early season pass sales results.
The ski-resort operator said weather conditions remained extremely unfavorable during the recent quarter, weighing on visits and revenue, particularly at Vail's resorts in the Rockies.
MTN stock is moving. Watch the price action here. Vail Resorts Q3 Details Vail Resorts reported quarterly earnings of $8.81 per share, which missed the Street estimate of $9.20 by 4.24%
Quarterly sales of $1.21 billion, which missed the analyst consensus estimate of $1.22 billion and were down from $1.23 billion in the same period last year.
The company said pass product sales through May 26, 2026, for the upcoming 2026/2027 North American ski season decreased approximately 10%, days sold decreased approximately 8% and sales dollars decreased approximately 5%, as compared to the prior year period.
“Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies,” CEO Rob Katz said.
MTN Stock Price Activity: According to data from Benzinga Pro, Vail Resorts stock fell 4.88% to $130.51 in Monday's extended trading.
Photo: Shutterstock, according to Benzinga Pro data.
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Vail Resorts (MTN - Free Report) came out with quarterly earnings of $8.81 per share, missing the Zacks Consensus Estimate of $8.97 per share. This compares to earnings of $10.54 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.82%. A quarter ago, it was expected that this ski resort operator would post earnings of $6.06 per share when it actually produced earnings of $5.87, delivering a surprise of -3.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Vail Resorts, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $1.21 billion for the quarter ended April 2026, missing the Zacks Consensus Estimate by 0.01%. This compares to year-ago revenues of $1.3 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Vail Resorts shares have added about 1.9% since the beginning of the year versus the S&P 500's gain of 7.9%.
What's Next for Vail Resorts?While Vail Resorts has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Vail Resorts was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$5.02 on $274.76 million in revenues for the coming quarter and $4.76 on $2.84 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Carnival (CCL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended May 2026.
This cruise operator is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of -2.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Carnival's revenues are expected to be $6.63 billion, up 4.7% from the year-ago quarter.
For the quarter ended April 2026, Vail Resorts (MTN - Free Report) reported revenue of $1.21 billion, down 7% over the same period last year. EPS came in at $8.81, compared to $10.54 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.21 billion, representing a surprise of -0.01%. The company delivered an EPS surprise of -1.82%, with the consensus EPS estimate being $8.97.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Vail Resorts performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Mountain - Total skier visits: 7.28 thousand compared to the 7.43 thousand average estimate based on three analysts.Lodging - Managed condominium statistics - RevPAR: $174.87 versus $208.83 estimated by three analysts on average.Lodging - Owned hotel statistics - RevPAR: $137.95 versus $168.57 estimated by three analysts on average.Mountain - ETP: $100.24 versus the three-analyst average estimate of $98.88.Net Revenue- Mountain net revenue: $1.13 billion versus $1.13 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -6.8% change.Net Revenue- Resort net revenue: $1.21 billion versus $1.22 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -7% change.Net Revenue- Lodging net revenue: $75.32 million versus $82.91 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -9.1% change.Net Revenue- Mountain net revenue- Retail/rental: $104.21 million versus the three-analyst average estimate of $100.99 million. The reported number represents a year-over-year change of -8.3%.Net Revenue- Mountain net revenue- Other: $55.29 million compared to the $53.66 million average estimate based on three analysts. The reported number represents a change of -3.7% year over year.Net Revenue- Lodging net revenue- Managed condominium rooms: $28.35 million versus $32.85 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -13.1% change.Net Revenue- Mountain net revenue- Dining: $99.14 million versus the three-analyst average estimate of $96.28 million. The reported number represents a year-over-year change of -10.7%.Net Revenue- Mountain net revenue- Ski school: $141.76 million versus $137.6 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -11.5% change.View all Key Company Metrics for Vail Resorts here>>>
Shares of Vail Resorts have returned +7.9% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
MarketBeat Week in Review – 03/09 - 03/13Vail Resorts NYSE: MTN said historically poor weather across the Western United States continued to weigh on fiscal third-quarter results, pressuring visitation and revenue at its mountain resorts while management emphasized that its advance commitment pass model and cost controls helped cushion the impact.
On the company’s fiscal third-quarter earnings call, Chief Executive Officer Rob Katz said the season was “very challenging,” particularly at destination resorts in the Rockies, which he said experienced the “worst season on record for snowfall.” Katz said industry-wide visitation in the Rockies declined approximately 24%, compared with a prior worst decline of 8% in 2012 outside of COVID-related closures.
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Warm Winter Hit Vail’s Earnings. What Does It Mean for the Stock?“The historically adverse weather conditions we discussed last quarter continued through March and April, which drove meaningful pressure on visitation and revenue in the quarter,” Katz said.
Weather Pressures Revenue and Visitation Management said resort revenue for the quarter declined 7% from the prior year, primarily due to unfavorable weather that affected both local and destination guests, especially in the Rockies and Tahoe. Lift revenue declined 5%, despite total visitation being down 15%, as North American pass sales had increased 3% entering the season.
3 Stocks Awaiting Winter Winds of OpportunityResort EBITDA for the quarter fell 9%. Management said the decline was partly mitigated by Vail Resorts’ advance commitment model, cost discipline and geographic diversity.
The company said North American pass visitation declined 17% over the winter, while lift ticket visitation declined 10%. In the Rockies, snowfall for the winter finished 55% below the 30-year average, management said.
Despite the difficult operating environment, Katz said the company achieved record guest experience scores, including year-over-year increases at every resort in the Rockies. He also pointed to full staffing for the third consecutive season, strong seasonal employee retention, high employee engagement scores and a decline in employee injuries per labor hour.
Guidance Cut to Reflect Late-Season Weakness Vail Resorts updated its full-year outlook, saying it now expects net income attributable to the company in the range of $128 million to $162 million and Resort Reported EBITDA of $735 million to $755 million. Management said the Resort EBITDA midpoint is now at the bottom of the range provided in March, consistent with an April update.
The company said the revised forecast reflects the continuation of historically challenging conditions through March and April, which further pressured late-season visitation.
Management also lowered expected cash taxes to a range of $75 million to $85 million, citing the reduction in earnings.
Vail Resorts said it remains on track to exceed its initial two-year Resource Efficiency Transformation Plan target of $100 million, with expectations to achieve $106 million of annualized efficiencies by the end of the year. The company also said it remains on track to deliver an additional $30 million of savings in fiscal 2028.
Management said the company ended the quarter with approximately $1.1 billion in liquidity and net leverage of 3.5 times trailing 12-month EBITDA. It reaffirmed plans for approximately $215 million to $220 million in core capital spending and $234 million to $239 million in total capital investments.
The company maintained its quarterly dividend at $2.22 per share and said it has repurchased approximately $45 million of shares year-to-date.
Pass Sales Decline After Difficult Season Spring pass sales were down 10% in units and down 5% in sales dollars including tax through the May deadline. Pass days sold were down approximately 8%, reflecting a higher mix of unlimited products.
Katz said the decline was not surprising given the severity of the season and the significant pass growth Vail Resorts had achieved over the prior five years, particularly in frequency products.
Management said weakness was most pronounced in weather-impacted destination markets, including Colorado, Utah and Lake Tahoe, as well as among destination guests who typically travel to the Rockies. Those areas saw low double-digit unit declines. By contrast, pass unit declines were in the low single digits in Eastern U.S. markets and at Whistler Blackcomb.
The company said its core high-value unlimited pass products are outperforming frequency products. A new young adult product also performed ahead of other age groups, though Katz said it was “not something that is going to drive our overall results for the year” and is instead a mitigator to other declines.
Katz said third-party data suggests Vail Resorts’ spring pass performance outpaced the broader industry, which he attributed to the company’s new marketing and product strategies. He said a portion of the decline may reflect delayed purchase decisions rather than reduced intent to ski next season.
Lift Ticket Strategy Shows Early Signs of Traction Katz said the company made changes heading into the season to focus on driving lift ticket visitation. These included expanded Epic Friend Tickets, which offer a 50% discount, and Super Advanced Lift Tickets, which offer a 30% discount for purchases made a month in advance.
Visitation from benefit tickets increased 10%, despite a 10% decline in overall lift ticket visitation, Katz said. The company also saw a 65% increase in tickets sold more than 28 days in advance, with no evidence of material cannibalization of other advanced ticket products.
Katz said Vail Resorts’ U.S. lift ticket visitation declined 12%, while the rest of the industry was down approximately 20%, based on preliminary data. In the Northeast, where conditions were stronger, Vail Resorts’ lift ticket visits increased 8%, compared with an estimated 8% decline for the rest of the industry.
During the question-and-answer session, Katz said if some consumers do not buy passes and instead purchase lift tickets, the company’s overall effective ticket price would rise. However, he emphasized that Vail Resorts still wants guests in the advance commitment category.
Management Plans for Normal Conditions Next Season Asked whether the current pass sales trend changes the company’s planning for next season, Katz said it does not. He said management is planning for a normal season with normal conditions and does not intend to pull back on guest experience investments.
“Right now, there’s no change in our planning for next season,” Katz said.
Management said U.S. ski market data suggests visitation typically fully recovers after poor-condition seasons when the subsequent season has normal conditions. Katz said Vail Resorts is positioned to capture such a recovery through its pass, lift ticket and marketing strategies, though he acknowledged the season’s conditions were unprecedented.
The company also highlighted initiatives aimed at improving the guest experience, including investments in lifts, snowmaking, terrain, technology, My Epic Gear, ski school digitization and dining. Katz said fiscal 2027 will be a transition year for My Epic Gear, with a fuller experience expected in fiscal 2028.
In closing, Katz said the difficult season “sharpened our focus” on improving the end-to-end guest experience, from marketing and products to the on-mountain experience.
About Vail Resorts NYSE: MTNVail Resorts, Inc is a leading mountain resort company that owns and operates an integrated network of ski areas, hotels, restaurants and retail outlets. The company's signature Epic Pass program offers skiers and snowboarders season‐long access to its portfolio of resorts, while ancillary services such as ski and snowboard schools, equipment rental and retail drive additional revenue.
Headquartered in Broomfield, Colorado, Vail Resorts was formed in 1997, building on the legacy of Vail Associates, which opened the Vail ski area in 1962.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Shares of Vail Resorts Inc (NYSE:MTN) are plunging 3.5% to trade at $132.45 out of the gate, sinking after the company shared a fiscal third-quarter earnings miss on revenue that matched expectations. The $8.81 earnings per share and $1.21 billion in revenue were followed up with a cut to the company's full-year outlook, as the skiing destination said it suffered its worst winter in 40 years.
Ahead of today's pullback, MTN was on the up, yesterday logging a third-straight daily win. The overhead $140 level and 200-day moving average have moved in as a ceiling of resistance, however, leaving today's pullback to chip further away at the equity's already 8.7% year-over-year deficit.
Several analysts have already chimed in with price-target cuts, the lowest coming from Barclays to $119 from $138. Heading into today eight of the 12 brokerages in coverage sport a "hold" or "strong sell" recommendation, while the average 12-month price target of $151.09 comes in at a 10% premium to Monday's close.
Shorts have been retreating, with short interest down 4.5% during the most recent reporting period, This accounts for a hefty 20.9% of MTN's total available float, or nearly nine days of pent-up buying power.
Options traders have been more bearish than usual toward Vail Resorts stock recently. The equity's 50-day put/call volume ratio of 4.66 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the highest possible annual percentile.
Vail Resorts Inc. (NYSE:MTN) on Monday posted worse-than-expected third-quarter results.
Vail Resorts reported quarterly earnings of $8.81 per share, which missed the Street estimate of $9.20 by 4.24%. Quarterly sales of $1.21 billion, which missed the analyst consensus estimate of $1.22 billion and were down from $1.23 billion in the same period last year.
"Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation and revenue in the quarter, particularly at our destination resorts in the Rockies," CEO Rob Katz said.
Vail Resorts shares fell 5% to $130.52 on Tuesday.
These analysts made changes to their price targets on Vail Resorts following earnings announcement.
Barclays analyst Brandt Montour maintained Vail Resorts with an Underweight rating and lowered the price target from $138 to $119. Stifel analyst Jeffrey Stantial maintained the stock with a Buy and lowered the price target from $172 to $167. Considering buying MTN stock? Here’s what analysts think:
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Key Takeaways MTN posted Q3 adjusted EPS $8.81 vs. $8.97 estimate as revenues fell 7% to $1.21B.Record-low snowfall and warm temps drove 15% visitation drop, hitting Rockies/Tahoe and fixed-cost margins.MTN cut 2026 outlook; early 26/27 pass sales softened with units -10%, days -8%, dollars -5%. Vail Resorts, Inc. (MTN - Free Report) posted third-quarter fiscal 2026 results, with earnings per share (EPS) missing the Zacks Consensus Estimate and revenues meeting the same. On a year-over-year basis, both the top and bottom lines declined.
Results were shaped by record-low snowfall and historically warm temperatures across key western markets, which led to earlier resort closures and softer demand, particularly in the Rockies and Tahoe regions. Profitability also moved lower on a segment basis as weather-related headwinds outweighed the benefits of cost discipline and ongoing efficiency initiatives.
MTN’s advanced commitment model helped provide stability in a volatile season, as pre-sold products supported performance even as on-mountain volume weakened. Management also highlighted continued progress on guest experience initiatives, alongside cost actions that helped limit the downside from the demand shock.
Following the announcement, shares of MTN declined 4.5% during the after-hours trading session yesterday.
MTN’s Q3 Earnings & RevenuesIn the quarter under review, the company reported adjusted earnings of $8.81 per share, missing the Zacks Consensus Estimate of $8.97 by 1.8%. In the year-ago quarter, it had reported an EPS of $10.46.
Quarterly revenues were $1.21 billion, in line with the consensus estimate and down 7% year over year. Unfavorable conditions weighed on demand, with total visitation down 15% in the quarter, pressuring both destination and local performance.
Vail Resorts reports through two segments, Mountain and Lodging.
Vail Resorts’ Mountain Trends Showed Broad-Based SoftnessThe Mountain segment posted net revenues of $1.13 billion, down 6.8% year over year. The figure came in line with our model’s projection of $1.13 billion. Lift revenues declined 5.3% to $729.4 million, while ski school, dining and retail/rental revenues decreased 11.5%, 10.7% and 8.3%, respectively.
Profitability moved lower as the fixed-cost nature of mountain operations met reduced demand. Mountain's reported EBITDA fell 8.8% to $579.6 million. Notably, effective ticket price rose 12% to $100.24 even as total skier visits dropped to 7.276 million, reflecting a mix and pricing dynamic that partially offset volume pressure.
MTN’s Lodging Business Saw ADR and RevPAR DeclinesLodging net revenues were $75.3 million, down 9.1% year over year, with declines across owned hotel rooms, managed condominium rooms, dining and transportation. The figure missed our projection of $84.6 million. The pullback was consistent with weaker destination demand and the impact of reduced skier visitation during the quarter.
Lodging profitability was also pressured. Lodging Reported EBITDA fell 44.6% to $6.8 million, as pricing weakened and ancillary revenues softened. Owned hotel ADR declined 9.9% to $312.5 and RevPAR fell 16.7% to $137.9, while managed condominium RevPAR decreased 15.4% to $174.9.
MTN's Results Fell as Rockies Conditions WeighedThe quarter was defined by weather-related disruption, particularly in the Rockies, where visitation and on-mountain spending faced notable headwinds. Net income attributable to MTN came in at $314.4 million compared with $389.7 million a year ago, underscoring how sharply the operating environment deteriorated relative to a more normal prior-year season.
Profitability also moved lower on a segment basis. Resort Reported EBITDA was $586.4 million, down 9.5% from the prior-year period, as weaker demand flowed through a business with meaningful fixed costs. Still, the advance commitment model continued to provide a stabilizing base compared with a purely walk-up driven season.
Vail Resorts' Liquidity Remains Solid Despite a Tough SeasonEven amid a challenging operating backdrop, the company maintained a sizeable liquidity position. As of April 30, 2026, the company had total cash and revolver availability of approximately $1.1 billion. Capital returns continued as well. The board declared a quarterly cash dividend of $2.22 per share, payable in July, reinforcing the company’s confidence in longer-term cash generation even as near-term performance remains sensitive to weather and the pace of recovery in pass demand.
Cash and cash equivalents as of April 30, 2026, totaled $371.4 million compared with $467 million reported in the year-ago quarter. Net debt was $2.65 billion as of April 30, 2026, compared with $2.24 billion as of April 30, 2025.
MTN Lowers 2026 Outlook, Notes Early Pass SoftnessManagement reduced its fiscal 2026 guidance following the persistent weather headwinds through the third quarter. MTN now expects net income attributable of $128-$162 million, down from the prior outlook of $144-$190 million, and Resort Reported EBITDA of $735-$755 million, down from the earlier outlook of $745-$775 million, incorporating continued cost initiatives and assumptions around the remainder of the year.
Early pass sales for the 2026/2027 North American season were also weaker to date. Through late May, pass units declined about 10%, days sold fell about 8%, and sales dollars decreased roughly 5% year over year, suggesting some near-term demand sensitivity following a difficult season in key western markets.
MTN’s Zacks Rank & Stocks to ConsiderCurrently, Vail Resorts carries a Zacks Rank #5 (Strong Sell).
Here are better-ranked stocks from the Consumer Discretionary sector:
Hasbro, Inc. (HAS - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
The company delivered a trailing four-quarter earnings surprise of 37.9%, on average. HAS stock has moved up 1.9% in the year-to-date period. The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates an increase of 5.9% and 7.6%, respectively, from the year-ago levels.
Vince Holding Corp. (VNCE - Free Report) currently sports a Zacks Rank of 1. The company delivered a trailing four-quarter earnings surprise of 647.2%, on average. VNCE stock has gained 14.5% in the year-to-date period.
The Zacks Consensus Estimate for Vince Holding’s 2026 sales and EPS implies growth of 4.5% and 25%, respectively, from the year-ago levels.
Strategic Education, Inc. (STRA - Free Report) currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 11.2%, on average. STRA stock has gained 0.8% in the year-to-date period.
The Zacks Consensus Estimate for Strategic Education’s fiscal 2026 sales and EPS implies growth of 1.7% and 16.5%, respectively, from the year-ago levels.
Vail Resorts faces deteriorating fundamentals, with declining pass sales, visitation, and revenue, prompting a downgrade to sell. MTN's Q3 revenue fell 7% y/y to $1.21B, with lift ticket revenue down 5.3% and visitation down 15.5%. Season pass units for 2026/2027 dropped 10% y/y, undermining hopes for a near-term turnaround despite management's weather-related explanations.
Investors looking for stocks in the Leisure and Recreation Services sector might want to consider either Carnival (CCL - Free Report) or Vail Resorts (MTN - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Currently, Carnival has a Zacks Rank of #2 (Buy), while Vail Resorts has a Zacks Rank of #5 (Strong Sell). This means that CCL's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
CCL currently has a forward P/E ratio of 12.51, while MTN has a forward P/E of 27.58. We also note that CCL has a PEG ratio of 1.23. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. MTN currently has a PEG ratio of 11.17.
Another notable valuation metric for CCL is its P/B ratio of 2.63. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, MTN has a P/B of 5.11.
These are just a few of the metrics contributing to CCL's Value grade of A and MTN's Value grade of C.
CCL has seen stronger estimate revision activity and sports more attractive valuation metrics than MTN, so it seems like value investors will conclude that CCL is the superior option right now.
On June 10, 2026, Vail Resorts Inc MTN shares rose 3.5% to a current price of $135.89. Over the past 52 weeks, the stock has traded within a range of $118.51 to $172.00, reflecting some volatility in its performance.
GF Value™ verdict: The current price is $135.89, which is 28.0% below the GF Value™ estimate of $188.72, indicating significant upside potential.GF Score™: The company holds a GF Score™ of 80/100, suggesting a strong overall ranking based on various financial metrics.Most notable signal: Insider activity has been positive, with insiders purchasing $5.0 million worth of shares in the last three months, indicating confidence in the company's future prospects. Is MTN Overvalued or Undervalued? According to GF Value™, Vail Resorts Inc is currently undervalued, with a market price of $135.89 compared to a fair value estimate of $188.72. This provides a margin of safety of 28.0%, suggesting that there is a considerable opportunity for price appreciation if the market aligns with the intrinsic value. The GF Valuation label indicates that MTN is considered "Modestly Undervalued," which signals a favorable scenario for potential investors seeking long-term gains.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the stock appears to be undervalued, it's important to consider the risk factors, including market fluctuations and economic conditions that may impact Vail Resorts' profitability and growth trajectory.
How Does MTN's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 30.9x 29.8x Forward P/E 19.6x N/A The current P/E ratio of 30.9x is slightly above its 5-year median P/E of 29.8x, indicating that the stock is trading at a premium relative to its historical valuation. However, the forward P/E of 19.6x suggests that future earnings may provide a more favorable valuation outlook. This P/E analysis somewhat agrees with the GF Value™ verdict, as the higher current P/E reflects short-term market dynamics rather than the long-term intrinsic value indicated by GF Value™.
What Does MTN's GF Score™ Tell Us? Metric Rating GF Score™ 80 Financial Strength 4/10 Profitability 9/10 Growth 8/10 Valuation 8/10 Momentum 2/10 The GF Score™ of 80/100 reflects a solid performance across various metrics, particularly in profitability (9/10), growth (8/10), and valuation (8/10). However, the momentum rank is relatively weak at 2/10, suggesting that the stock may be experiencing challenges in maintaining upward price movement. Overall, the strong profitability and growth scores indicate that Vail Resorts has solid operational fundamentals, while the financial strength score of 4/10 indicates areas for improvement.
What Are Insiders Doing with MTN Stock? Recent insider activity has indicated a positive trend, with insiders purchasing $5.0 million in shares over the last three months and no reported selling activity. This pattern suggests that company executives and board members are confident in the future performance of Vail Resorts and may believe the stock is undervalued at current levels. Such insider buying can be a bullish signal for potential investors, as it reflects the belief that the company is on the right track.
What This Means for Investors Based on the current analysis, Vail Resorts Inc MTN is considered undervalued according to GF Value™, providing a potential investment opportunity for those who align with the company's growth strategy and business model. Investors should, however, remain aware of market volatility and economic factors that could influence future performance.
For the complete analysis, visit the Vail Resorts Inc MTN stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is MTN's GF Score™?
MTN's GF Score™ is 80/100, indicating a strong overall ranking based on key financial aspects that suggest the potential for higher long-term returns.
Is MTN overvalued or undervalued?
MTN is currently undervalued, with a GF Value™ estimate indicating significant upside potential compared to its current market price.
What is MTN's P/E ratio?
MTN's P/E ratio is 30.9x, which is slightly above its historical 5-year median of 29.8x, indicating that the stock is trading at a premium relative to its past valuation metrics.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
SINGAPORE--(BUSINESS WIRE)--MTN Group Fintech has entered into a strategic partnership with Ant International, a leading global digital payment, digitisation and financial technology provider, to accelerate the transformation of its mobile money ecosystem.
The partnership, which is expected to launch in Nigeria next quarter, will introduce a super-app platform designed to enhance user experience, deepen digital inclusion and enable a next-generation ecosystem for digital finance, lifestyle and commerce services around MoMo.
By leveraging Ant International’s advanced technology, MTN is evolving MoMo to enable stronger ecosystem integration through a mini app platform, enhanced fraud prevention and richer engagement features for consumers and merchants. The partnership represents a major step in building a more resilient and future-ready digital ecosystem.
“This partnership aligns with MTN Group’s ambition of leading digital solutions for Africa’s progress by leveraging scale, technology and strong global partnerships,” said MTN Group President and CEO Ralph Mupita. “It reflects our commitment to transforming the customer experience at scale by delivering a more seamless, secure and intuitive MoMo platform that advances digital inclusion and expands economic participation.”
Douglas Feagin, President of Ant International, added: “We are proud to support MTN Group Fintech in advancing its transformation journey. By combining MTN’s deep market insight with our advanced technology capabilities, we aim to help create a more inclusive, secure and scalable digital financial services environment that benefits both consumers and merchants in-country.”
MTN Group Fintech CEO Serigne Dioum said: “This partnership marks an important milestone in our ambition to help shape Africa’s digital financial future through our One Big Tech strategy.”
The transformation is expected to significantly enhance the MoMo experience in Nigeria by enabling faster transactions, improved reliability and greater integration across financial and commerce services. Customers will benefit from a more intuitive and responsive application that supports payments, savings and value-added services within a unified digital environment.
Beyond improving everyday financial interactions, the initiative reinforces MTN Group Fintech’s commitment to advancing digital inclusion and economic empowerment in Sub-Saharan Africa, identified by the GSMA as the world’s most active mobile money region.
This transformation strengthens MTN Group Fintech’s position to help shape the future of digital finance by delivering accessible, intelligent and trusted financial services that support inclusive growth across the continent.
About MTN Group Fintech
MTN Group Fintech is the financial technology division of MTN Group, Africa's largest mobile network operator. Through its flagship platform, MoMo (Mobile Money), MTN Fintech provides a wide range of financial services including payments, remittances, savings, insurance, and lending to over 67.4 million active users across 14 African markets. MTN Fintech is committed to driving financial inclusion and empowering individuals and businesses through digital financial solutions.
About Ant International
Ant International is a leading global digital payment, digitisation and financial technology provider. Through collaboration across the private and public sectors, our unified techfin platform supports financial institutions and merchants of all sizes to achieve inclusive growth through a comprehensive range of cutting-edge digital payment and financial services solutions. To learn more, please visit https://www.ant-intl.com/
Whether you prefer the snowy peaks of Colorado or the historic rivers of Europe, the choice between Vail Resorts (MTN 1.01%) and Viking Holdings (VIK 0.40%) represents a classic travel sector debate.
Both companies cater to high-spending leisure travelers but operate in distinct niches within the broader market. Vail Resorts relies on recurring pass sales and mountain operations, while Viking focuses on luxury cruise experiences. This comparison examines their growth trajectories, balance sheet health, and valuation to help you decide which is the better buy.
The case for Vail ResortsVail Resorts operates 42 mountain resorts and regional ski areas across North America, Europe, and Australia. Its strategy revolves around the Epic Pass, which encourages early season spending and builds customer loyalty across iconic locations like Breckenridge and Vail Mountain. By selling these passes well before the first snowflake falls, the company secures a predictable revenue stream from its massive global audience.
In its 2025 fiscal year (FY), revenue reached nearly $3.0 billion, representing a growth of 2.7% compared to the previous year. The company reported a net income of $280.0 million, resulting in a net margin of 9.4%. This net margin, which measures how much profit a company keeps from every dollar of sales, reflects a stable performance in the travel and tourism stocks industry.
As of its July 2025 balance sheet, the debt-to-equity ratio was 8.1x. This ratio measures total debt relative to shareholder equity, suggesting the company uses significant borrowed money to fund its operations. The current ratio, which measures the ability to pay short-term debts with liquid assets, was 0.6x, while free cash flow for the year reached $319.7 million.
The case for VikingViking provides destination-focused river, ocean, and expedition cruises with a fleet of more than 100 ships. The company avoids the "mega-ship" approach of many competitors, focusing instead on culturally immersive experiences for an older, affluent demographic. By serving guests on all seven continents, including 21 different rivers, Viking has built a premium brand that commands high pricing and strong repeat bookings.
During FY 2025, revenue reached $6.5 billion, marking an impressive growth of 21.9% year over year. The company posted net income of $1.1 billion, leading to net margin of 17.7%. This significant increase in net income follows a volatile period for the travel sector, highlighting a strong recovery and expansion in passenger volume across its global fleet.
Based on the December 2025 balance sheet, the debt-to-equity ratio was 5.1x. The current ratio stood at 0.8x, which measures the ability to cover short-term obligations with liquid assets. Free cash flow was $1.3 billion, representing the cash remaining after the company pays for its operating costs and equipment upgrades.
Risk profile comparisonVail Resorts faces significant risks from unpredictable weather patterns, as seen when snowfall variability disrupted the 2023/2024 season. It operates with a high fixed-cost structure and relies heavily on permits from the U.S. Forest Service that eventually expire. Furthermore, the company must successfully integrate recent acquisitions while managing nearly $3.2 billion in total indebtedness, which may limit its operational flexibility.
Viking must navigate a competitive landscape filled with major operators such as Royal Caribbean Cruises. The company is also vulnerable to geopolitical instability and fuel price fluctuations that could impact travel demand or operating costs. Additionally, the capital-intensive nature of maintaining a fleet of over 100 ships requires consistent cash flow to service debt and fund future vessel orders.
Valuation comparisonViking carries a higher Forward P/E, which compares stock price to future earnings estimates. Vail Resorts offers a lower P/S ratio.
MetricVail ResortsVikingSector BenchmarkForward P/E19.8x26.7x29.5xP/S ratio1.7x6.1xSector benchmark uses the SPDR XLY sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Choosing between travel industry heavyweights Vail Resorts and Viking Cruises can be a tough decision given their differences. Not only do they cater to distinct customer segments, their business performance paints a complex picture.
Vail Resorts stock offers a lower valuation, but there’s a reason for that. Not only did Vail suffer a tough 2023/2024 ski season, the pattern repeated again in 2025/2026. Historically poor snowfall led to reduced visitors, and the company reduced its fiscal 2026 guidance.
While Vail Resorts saw sales growth in FY 2025, the situation looks grim in 2026. In its fiscal third quarter ended April 30, it reported revenue of $1.2 billion, down from $1.3 billion in the prior year. Even so, the company maintained profitability with Q3 net income of $340.2 million. This indicates a well-run operation.
Viking’s business is flourishing. Its first-quarter revenue of $1.1 billion represented an excellent 18% year-over-year increase. Despite this, it reported a net loss of $54.2 million. The company also announced a CEO transition, which injects uncertainty in Viking’s future performance.
Given Vail stock’s lower valuation and the company’s profitable business, it looks like a compelling stock to buy. However, the impact of climate change on future sales is a big unknown. The past two years of poor ski conditions is concerning.
That said, Vail Resorts offers a dividend, yielding a sky-high 6.8% as of June 10. Income-oriented investors should consider Vail Resorts as the better stock to buy in 2026.
I maintain a hold rating on Vail Resorts as proof of demand recovery remains insufficient. MTN's Q3 results were weak, with resort revenue down 7% and early pass units for next season down 10%. Weather was the primary headwind, but the pass model, cost actions, and potential normalization still offer a credible recovery path.
