Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Vail Resorts Inc.MTN · other | |
|---|---|
| Grade |  Dfourth fifth of 336 graded peers; percentile 69.6, sampling error 2.6 points; lower is stronger |
| Rank | 234 of 336 |
| Profitability | Cpercentile 45.8 |
| Solvency | Dpercentile 64.5 |
| Growth and financing | Cpercentile 54.6 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $5.5B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active |
| Inputs computable | 12 of 14 |
| Graded from | filings received through Sep 28, 202611 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $146.872026-10-08; market equity $5.2B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Sep 29, 2025; the document on sec.gov.
Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as “we,” “us,” “our” or the “Company.” Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (“Fiscal 2025”). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our “Resorts”).
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 45.8 | |||||||
| Gross profitability | not computable | 27.1% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | 11.1% | [3-11] | 10.0% | 42.0 | 151 | 2026-07-31 | |
| Accruals ratio | (5.9%) | [1,12-14] | (5.9%) | 49.5 | 506 | 2026-07-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 64.5 | |||||||
| Twelve-month failure probability | 0.08% | 0.04% | 75.0 | 45 | 2026-07-31 | ||
| Altman Z double-prime | 0.62 | [1,3,7,15-18] | 2.05 | 55.6 | 386 | 2026-07-31 | |
| Net debt to EBITDA | 3.97x | [3,6,8,19] | 2.52x | 68.9 | 184 | 2026-07-31 | |
| Interest coverage | 2.05x | [3,20] | 2.18x | 47.1 | 88 | 2026-07-31 | |
| Current ratio | 0.80x | [15-16] | 1.32x | 75.8 | 506 | 2026-07-31 | |
| Growth and financing, sleeve percentile 54.6 | |||||||
| Revenue growth, three-year compound | (0.6%) | [2,21-23] | 5.1% | 69.4 | 403 | 2026-07-31 | |
| Free cash flow growth, three-year compound | (8.4%) | [13,24-30] | 8.7% | 70.3 | 220 | 2026-07-31 | |
| Reinvestment rate | 103.4% | [3-5,15-16,19,24,31-32] | 11.9% | 15.3 | 190 | 2026-07-31 | |
| Asset growth, three years | (2.4%) | [1,14,33-34] | 4.1% | 76.0 | 438 | 2026-07-31 | |
| Net share issuance, one year | (0.7%) | [35-36] | (0.4%) | 42.0 | 356 | 2026-09-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.107; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 229 | Pursuit Attractions & Hospitality, Inc. (PRSU) Pursuit Attractions & Hospitality, Inc. (PRSU) Dfourth fifth; percentile 68.1 NYSE · Services-Miscellaneous Amusement & Recreation market equity $1.4B; last close $52.10 No active warnings; 7 of 14 inputs | 68.1 | D | |
| 230 | Norfolk Southern Corp. (NSC) Norfolk Southern Corp. (NSC) Dfourth fifth; percentile 68.4 NYSE · Railroads, Line-Haul Operating market equity $71.2B; last close $316.82 No active warnings; 10 of 14 inputs | 68.4 | D | |
| 231 | Arcbest Corp. (ARCB) Arcbest Corp. (ARCB) Dfourth fifth; percentile 68.7 Nasdaq · Trucking (No Local) market equity $2.9B; last close $129.95 No active warnings; 8 of 14 inputs | 68.7 | D | |
| 232 | Kelly Services Inc. (KELYA) Kelly Services Inc. (KELYA) Dfourth fifth; percentile 69.1 Nasdaq · Services-Help Supply Services last close $16.19 No active warnings; 7 of 14 inputs | 69.1 | D | |
| 233 | Kelly Services Inc. (KELYB) Kelly Services Inc. (KELYB) Dfourth fifth; percentile 69.1 Nasdaq · Services-Help Supply Services last close $22.64 No active warnings; 7 of 14 inputs | 69.1 | D | |
| 234 | Vail Resorts Inc. (MTN) Vail Resorts Inc. (MTN) Dfourth fifth; percentile 69.6 NYSE · Services-Miscellaneous Amusement & Recreation market equity $5.2B; last close $146.87 No active warnings; 12 of 14 inputs | 69.6 | D | |
| 235 | GEO Group Inc. (GEO) GEO Group Inc. (GEO) Dfourth fifth; percentile 69.9 NYSE · General Bldg Contractors - Residential Bldgs market equity $4.1B; last close $30.96 No active warnings; 9 of 14 inputs | 69.9 | D | |
| 236 | Hub Group, Inc. (HUBG) Hub Group, Inc. (HUBG) Dfourth fifth; percentile 70.1 Nasdaq · Arrangement of Transportation of Freight & Cargo last close $26.43 Warnings: late filer; 8 of 14 inputs | 70.1 | D | late filer |
| 237 | DLH Holdings Corp. (DLHC) DLH Holdings Corp. (DLHC) Dfourth fifth; percentile 70.4 Nasdaq · Services-Help Supply Services market equity $61.6M; last close $4.17 No active warnings; 10 of 14 inputs | 70.4 | D | |
| 238 | Payoneer Global Inc. (PAYO) Payoneer Global Inc. (PAYO) Dfourth fifth; percentile 70.7 Nasdaq · Services-Business Services, NEC market equity $2.4B; last close $7.16 No active warnings; 8 of 14 inputs | 70.7 | D | |
| 239 | CuriosityStream Inc. (CURI) CuriosityStream Inc. (CURI) Dfourth fifth; percentile 71.0 Nasdaq · Services-Motion Picture & Video Tape Production market equity $174.5M; last close $2.94 No active warnings; 7 of 14 inputs | 71.0 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 62.4 | 2204 |
| sector peers, equal sleeves (the grade) | D | 69.6 | 336 |
| same exchange, equal sleeves | D | 67.3 | 984 |
| sector peers, equal inputs | D | 72.8 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (2.5%) | 2.0% | 46 | hotter than 46 of 100 peers |
| Distance from 52-week high | (9.7%) | (26.8%) | 81 | closer to its high than 81 of 100 peers |
| EBIT to enterprise value | 5.2% | 4.4% | 61 | pricier than 39 of 100 peers |
| Free cash flow yield | 4.8% | 4.1% | 54 | pricier than 46 of 100 peers |
| Book value to price | 0.05 | 0.34 | 12 | pricier than 88 of 100 peers |
| Sales to price | 0.55 | 0.70 | 40 | pricier than 60 of 100 peers |
| Composite equity issuance, five years | (33.8%) | (8.8%) | 11 | more equity-funded than 11 of 100 peers |
| Relative strength against the sector, log excess return | (0.17) | (0.13) | 46 | ahead of 46 of 100 peers |
Inputs: market equity $5.2B; EBIT $420.5M; free cash flow $248.0M; book equity $240.5M; sales $2.8B; debt $3.1B; cash $231.3M[35].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-07-31 | ||
|---|---|---|
| Return on assets above zero | 2.6% | ✓ pass[12,14] |
| Operating cash flow above zero | $479.6M | ✓ pass[13] |
| Return on assets improved | (2.4 pts) | ✗ fail[12,14,33,37] |
| Operating cash flow exceeds net income | $332.1M | ✓ pass[12-13] |
| Long-term leverage fell | 9.6 pts | ✗ fail[1,14,33,38-39] |
| Current ratio improved | 16.9 pts | ✓ pass[15-16,31-32] |
| No new shares issued | (0.7%) | ✓ pass[35-36] |
| Gross margin improved | n/a | |
| Asset turnover improved | (3.0 pts) | ✗ fail[2,14,21,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $231.3M[8] |
| Operating cash flow, four quarters | $479.6M[8,13,40-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 11 |
| 10-K received Sep 28, 2026 | |
| Median daily dollar volume | $94.6M |
| 63 sessions | |
| Days since newest grade input | 11 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $5.5B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $2.8B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $420.5M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $227.0M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | $56.2M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $3.1B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $240.5M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $231.3M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $2.6B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $424.5M | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $440.3M | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | $147.5M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $479.6M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $5.8B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $876.5M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $1.1B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $549.1M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $5.0B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:Depreciation | $301.8M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 20 | interest expense | us-gaap:InterestExpense | $205.6M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:Revenues | $3.0B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:Revenues | $2.9B | 2024-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 23 | revenue | us-gaap:Revenues | $2.9B | 2023-07-31 | 2025-09-29 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $231.6M | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $554.9M | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $235.2M | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $589.0M | 2024-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $211.2M | 2024-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $637.9M | 2023-07-31 | 2025-09-29 | 10-K | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $314.9M | 2023-07-31 | 2025-09-29 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $1.0B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $1.7B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $5.7B | 2024-07-31 | 2025-09-29 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $5.9B | 2023-07-31 | 2024-09-26 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 35,635,298 | 2026-09-23 | 2026-09-28 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 35,884,970 | 2025-09-24 | 2025-09-29 | 10-K | filing · viewer · series |
| 37 | net income | us-gaap:NetIncomeLoss | $280.0M | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 38 | long term debt | us-gaap:LongTermDebtNoncurrent | $3.1B | 2026-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $2.6B | 2025-07-31 | 2026-09-28 | 10-K | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $582.7M | 2026-04-30 | 2026-06-08 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $575.9M | 2026-01-31 | 2026-03-09 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $315.9M | 2025-10-31 | 2025-12-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 69.6 is 9.6 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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