Vail Resorts, Inc. (MTN) Balance Sheet
MTN balance sheet, FY2026
July 31, 2026 · U.S. dollars$5.53B assets = $4.97B liabilities + $557.4M equity
Both columns are drawn to the same scale: what MTN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MTN financial health
Current ratio0.80
Tight · current assets cover current liabilities 0.80×
Debt / equity14.23
High leverage · $14.23 of debt for each $1 of equity
Equity / assets4.4%
Thin equity · of assets funded by shareholders
Cash / debt7.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles35.6%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
MTN balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.11BFY2017 | $5.53BFY2026 | +3.3%/yr | |
| Total liabilities | $2.31BFY2017 | $4.97BFY2026 | +8.9%/yr | |
| Shareholders’ equity | $1.57BFY2017 | $240.5MFY2026 | −18.8%/yr | |
| Cash & short-term investments | $117.4MFY2017 | $268.5MFY2026 | +9.6%/yr | |
| Total debt | $1.30BFY2017 | $3.42BFY2026 | +11.4%/yr | |
| Net cash (debt) | −$1.18BFY2017 | −$3.15BFY2026 | −$2.0B | |
| Working capital | −$171.5MFY2017 | −$220.5MFY2026 | −$49.0M | |
| Book value per share | $38.92FY2017 | $6.72FY2026 | −17.7%/yr | |
| Current ratio | 0.72FY2017 | 0.80FY2026 | +0.08 | |
| Debt / equity | 0.83FY2017 | 14.23FY2026 | +13.40 | |
| Shares outstanding | 40.4MFY2017 | 35.8MFY2026 | −1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MTN assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MTN liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MTN debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MTN balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $268.5M | $440.3M | $322.8M | $563.0M | $1.11B | $1.24B | $391.0M | $108.8M | $178.1M | $117.4M |
| Cash & equivalents | $231.3M | $440.3M | $322.8M | $563.0M | $1.11B | $1.24B | $391.0M | $108.8M | $178.1M | $117.4M |
| Short-term investments | $37.1M | — | — | — | — | $95.6M | — | — | $6.9M | $10.3M |
| Receivables | $355.3M | $382.4M | $375.8M | $381.1M | $383.4M | $345.4M | $106.7M | $270.9M | $230.8M | $186.9M |
| Inventory | $134.6M | $117.2M | $119.0M | $132.5M | $108.7M | $80.3M | $101.9M | $96.5M | $85.6M | $84.8M |
| Other current assets | $118.1M | $110.0M | $93.8M | $131.5M | $192.0M | $75.9M | $65.6M | $51.7M | $44.2M | $44.0M |
| Total current assets | $876.5M | $1.05B | $911.4M | $1.21B | $1.79B | $1.75B | $665.1M | $527.9M | $538.7M | $433.1M |
| Property, plant & equipment (net) | $2.56B | $2.62B | $2.68B | $2.56B | $2.31B | $2.27B | $2.42B | $1.84B | $1.63B | $1.71B |
| Goodwill & intangible assets | $1.97B | $1.97B | $1.98B | $2.03B | $2.07B | $2.10B | $2.02B | $1.91B | $1.76B | $1.81B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.8M | $7.7M | $7.6M |
| Other non-current assets | $121.0M | $137.2M | $127.3M | $146.1M | $147.4M | $132.7M | $136.9M | $132.5M | $135.1M | $141.2M |
| Total assets | $5.53B | $5.78B | $5.70B | $5.95B | $6.32B | $6.25B | $5.24B | $4.43B | $4.06B | $4.11B |
| Liabilities | ||||||||||
| Accounts payable | $153.1M | $140.0M | $141.2M | $148.5M | $151.3M | $98.3M | $59.7M | $96.4M | $80.8M | $71.6M |
| Short-term debt | $119.6M | $634.4M | $91.9M | $106.1M | $98.0M | $148.8M | $100.3M | $48.5M | $38.5M | $38.4M |
| Deferred revenue | $566.5M | $602.1M | $575.8M | $572.6M | $511.3M | $456.5M | $256.4M | $335.7M | $282.1M | $240.1M |
| Total current liabilities | $1.10B | $1.67B | $1.11B | $1.13B | $1.11B | $978.4M | $603.5M | $719.1M | $593.6M | $604.6M |
| Long-term debt | $0 | $2.59B | $2.72B | $2.75B | $2.67B | $2.74B | $2.39B | $1.53B | $1.23B | $1.23B |
| Lease obligations | — | $250.0M | $266.1M | $205.2M | $208.8M | $225.2M | $255.8M | $19.0M | $21.8M | $24.7M |
| Other long-term liabilities | $3.87B | $761.6M | $825.0M | $730.7M | $689.4M | $707.4M | $722.0M | $452.4M | $425.4M | $473.2M |
| Total liabilities | $4.97B | $5.02B | $4.66B | $4.61B | $4.47B | $4.42B | $3.71B | $2.70B | $2.25B | $2.31B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $470,000 | $469,000 | $469,000 | $468,000 | $467,000 | $466,000 | $464,000 | $462,000 | $1.14B | $1.22B |
| Retained earnings (deficit) | $549.1M | $718.7M | $780.4M | $873.7M | $895.9M | $773.8M | $645.9M | $759.8M | $726.7M | $551.0M |
| Treasury stock | — | — | — | — | −$479.4M | −$404.4M | −$404.4M | −$358.0M | −$273.0M | −$247.2M |
| Accumulated other comprehensive income | −$50.7M | −$57.9M | −$67.3M | −$10.4M | $10.9M | $27.8M | −$56.8M | −$31.7M | −$2.2M | $44.4M |
| Minority interest | — | $329.4M | $314.9M | $331.7M | $235.0M | — | $214.9M | $226.2M | $222.2M | $227.8M |
| Total shareholders' equity | $240.5M | $424.5M | $723.5M | $1.00B | $1.61B | $1.59B | $1.32B | $1.50B | $1.59B | $1.57B |
| Key figures | ||||||||||
| Total debt | $3.42B | $3.44B | $3.04B | $3.03B | $2.94B | $3.08B | $2.71B | $1.60B | $1.29B | $1.30B |
| Net cash (debt) | −$3.15B | −$3.00B | −$2.72B | −$2.46B | −$1.84B | −$1.83B | −$2.32B | −$1.49B | −$1.12B | −$1.18B |
| Working capital | −$220.5M | −$617.8M | −$195.2M | $77.4M | $680.7M | $767.2M | $61.6M | −$191.2M | −$54.9M | −$171.5M |
| Tangible book value | −$1.73B | −$1.55B | −$1.26B | −$1.03B | −$456.5M | −$505.6M | −$707.1M | −$413.8M | −$166.8M | −$243.5M |
| Book value per share | $6.72 | $11.41 | $19.06 | $25.25 | $39.63 | $39.06 | $32.24 | $36.46 | $38.19 | $38.92 |
| Shares outstanding | 35.8M | 37.2M | 38.0M | 39.8M | 40.7M | 40.8M | 40.8M | 41.2M | 41.6M | 40.4M |
| Current ratio | 0.80 | 0.63 | 0.82 | 1.07 | 1.61 | 1.78 | 1.10 | 0.73 | 0.91 | 0.72 |
| Quick ratio | 0.57 | 0.49 | 0.63 | 0.83 | 1.34 | 1.62 | 0.82 | 0.53 | 0.69 | 0.50 |
| Debt / equity | 14.23 | 8.11 | 4.21 | 3.01 | 1.83 | 1.93 | 2.06 | 1.06 | 0.81 | 0.83 |
| Equity / assets | 4.4% | 7.3% | 12.7% | 16.9% | 25.5% | 25.5% | 25.1% | 33.9% | 39.1% | 38.2% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $268.5M | $371.4M | $384.7M | $581.5M | $440.3M | $467.0M | $488.2M | $403.8M | $322.8M | $716.9M | $825.5M | $728.9M |
| Cash & equivalents | $231.3M | $371.4M | $384.7M | $581.5M | $440.3M | $467.0M | $488.2M | $403.8M | $322.8M | $716.9M | $825.5M | $728.9M |
| Short-term investments | $37.1M | — | — | — | — | — | — | — | $84.2M | $6.3M | $9.1M | — |
| Receivables | $355.3M | $356.9M | $160.0M | $175.8M | $382.4M | $335.9M | $123.6M | $130.2M | $375.8M | $342.9M | $138.3M | $105.5M |
| Inventory | $134.6M | $129.1M | $141.4M | $154.4M | $117.2M | $114.6M | $132.0M | $152.9M | $119.0M | $107.8M | $134.8M | $157.7M |
| Other current assets | $118.1M | $94.9M | $136.6M | $136.0M | $110.0M | $86.4M | $100.8M | $166.7M | $84.4M | $61.3M | $80.2M | $142.4M |
| Total current assets | $876.5M | $952.2M | $822.7M | $1.05B | $1.05B | $1.00B | $844.5M | $853.6M | $902.0M | $1.23B | $1.18B | $1.13B |
| Property, plant & equipment (net) | $2.56B | $2.60B | $2.65B | $2.62B | $2.62B | $2.64B | $2.63B | $2.69B | $2.68B | $2.48B | $2.54B | $2.53B |
| Goodwill & intangible assets | $1.97B | $2.00B | $2.00B | $1.96B | $1.97B | $1.98B | $1.92B | $1.97B | $1.98B | $1.98B | $2.00B | $1.97B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $121.0M | $128.5M | $128.3M | $138.7M | $137.2M | $139.7M | $133.6M | $127.7M | $136.7M | $128.2M | $125.6M | $125.3M |
| Total assets | $5.53B | $5.69B | $5.60B | $5.76B | $5.78B | $5.76B | $5.53B | $5.64B | $5.70B | $5.81B | $5.85B | $5.76B |
| Liabilities | ||||||||||||
| Accounts payable | $153.1M | $105.2M | $142.2M | $143.1M | $140.0M | $128.6M | $138.2M | $141.9M | $141.2M | $103.5M | $130.8M | $161.6M |
| Short-term debt | $119.6M | $109.5M | $109.6M | $625.5M | $634.4M | $625.5M | $618.3M | $91.6M | $91.9M | $107.7M | $107.9M | $108.0M |
| Deferred revenue | $566.5M | $467.0M | $717.5M | $927.3M | $602.1M | $468.6M | $688.4M | $901.6M | $575.8M | $448.8M | $660.3M | $872.4M |
| Total current liabilities | $1.10B | $1.04B | $1.32B | $1.94B | $1.67B | $1.63B | $1.79B | $1.36B | $1.11B | $1.04B | $1.23B | $1.36B |
| Long-term debt | $0 | $2.95B | $2.86B | $2.58B | $2.59B | $2.11B | $2.12B | $2.71B | $2.72B | $2.70B | $2.72B | $2.73B |
| Lease obligations | — | $234.3M | $248.5M | $247.0M | $250.0M | $255.4M | $264.5M | $267.8M | $266.1M | $194.1M | $207.5M | $203.8M |
| Other long-term liabilities | $3.87B | $775.5M | $774.1M | $775.5M | $761.6M | $788.1M | $810.5M | $823.3M | $825.0M | $745.8M | $746.6M | $737.0M |
| Total liabilities | $4.97B | $4.77B | $4.96B | $5.30B | $5.02B | $4.53B | $4.72B | $4.90B | $4.66B | $4.49B | $4.70B | $4.83B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $470,000 | $470,000 | $470,000 | $470,000 | $469,000 | $469,000 | $469,000 | $469,000 | $469,000 | $469,000 | $469,000 | $469,000 |
| Retained earnings (deficit) | $549.1M | $818.3M | $583.0M | $452.1M | $718.7M | $997.4M | $687.2M | $524.5M | $780.4M | $1.04B | $760.8M | $619.7M |
| Accumulated other comprehensive income | −$50.7M | −$1.3M | −$8.5M | −$61.7M | −$57.9M | −$57.1M | −$134.7M | −$71.4M | −$67.3M | −$64.6M | −$29.8M | −$78.4M |
| Minority interest | — | $364.4M | $343.0M | $311.6M | $329.4M | $340.6M | — | — | — | — | — | — |
| Total shareholders' equity | $240.5M | $551.7M | $301.8M | $156.5M | $424.5M | $895.4M | $530.7M | $444.1M | $723.5M | $1.00B | $829.9M | $633.0M |
| Key figures | ||||||||||||
| Total debt | $3.42B | $3.26B | $3.18B | $3.42B | $3.44B | $2.95B | $2.97B | $3.03B | $3.04B | $2.96B | $3.00B | $3.40B |
| Net cash (debt) | −$3.15B | −$2.89B | −$2.79B | −$2.84B | −$3.00B | −$2.49B | −$2.48B | −$2.63B | −$2.72B | −$2.25B | −$2.17B | −$2.67B |
| Working capital | −$220.5M | −$92.5M | −$500.6M | −$889.4M | −$617.8M | −$628.8M | −$942.2M | −$510.0M | −$204.6M | $188.2M | −$50.0M | −$228.3M |
| Tangible book value | −$1.73B | −$1.45B | −$1.70B | −$1.80B | −$1.55B | −$1.08B | −$1.39B | −$1.53B | −$1.26B | −$972.4M | −$1.17B | −$1.34B |
| Book value per share | $6.72 | $15.36 | $8.40 | $4.36 | $11.62 | $24.02 | $14.20 | $11.85 | $19.27 | $26.45 | $21.81 | $16.61 |
| Shares outstanding | 35.8M | 35.9M | 35.9M | 35.9M | 36.5M | 37.3M | 37.4M | 37.5M | 37.5M | 37.9M | 38.0M | 38.1M |
| Current ratio | 0.80 | 0.91 | 0.62 | 0.54 | 0.63 | 0.61 | 0.47 | 0.63 | 0.82 | 1.18 | 0.96 | 0.83 |
| Quick ratio | 0.57 | 0.70 | 0.41 | 0.39 | 0.49 | 0.49 | 0.34 | 0.39 | 0.63 | 1.02 | 0.78 | 0.61 |
| Debt / equity | 14.23 | 5.90 | 10.53 | 21.86 | 8.11 | 3.30 | 5.59 | 6.83 | 4.21 | 2.95 | 3.61 | 5.37 |
| Equity / assets | 4.4% | 9.7% | 5.4% | 2.7% | 7.3% | 15.5% | 9.6% | 7.9% | 12.7% | 17.3% | 14.2% | 11.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed September 28, 2026); data from EODHD.
MTN financial position
At the end of fiscal 2026 (July 31, 2026), Vail Resorts had total assets of $5.5 billion (down 4.4% from a year earlier), total liabilities of $5.0 billion and shareholders' equity of $240.5 million. It held $268.5 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.2 billion. Its current ratio was 0.80.
Related: MTN income statement, MTN cash flow statement, MTN key metrics. See the MTN stock overview for the latest quote and news.
MTN balance sheet FAQ
What are Vail Resorts's total assets?
Vail Resorts reported total assets of $5.5 billion at the end of fiscal 2026 (July 31, 2026), compared with $5.8 billion a year earlier.
How much debt does Vail Resorts have?
Vail Resorts had $3.4 billion of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 14.23.
How much cash does Vail Resorts have?
Vail Resorts held $268.5 million in cash and short-term investments at the end of fiscal 2026; with $3.4 billion of debt that is net debt of $3.2 billion.
What is Vail Resorts's book value?
Vail Resorts's shareholders' equity (book value) was $240.5 million at the end of fiscal 2026, or $6.72 per share.
What is Vail Resorts's current ratio?
Vail Resorts had current assets of $876.5 million and current liabilities of $1.1 billion, a current ratio of 0.80 (current liabilities exceed current assets).
How much goodwill does Vail Resorts have?
Vail Resorts carried $2.0 billion of goodwill and intangible assets, 35.6% of total assets, at the end of fiscal 2026.