Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over the five-year period Vail Resorts’ total assets peaked in 2022 at $6,318m and then declined to $5,778m in 2025 (a net drop of ≈7.6% from 2021). By contrast, total liabilities rose steadily from $4,422m in 2021 to $5,024m in 2025 (+13.6%). There was a small recovery in assets in 2025 after declines in 2023–24, but liabilities continued to climb, so the balance-sheet size narrowed while obligations grew. The most striking trend is the collapse in stockholders’ equity from $1,595m in 2021 to $424m in 2025 (≈‑73.4%). Equity fell sharply in 2023 (≈‑37.8%), and again in 2024–25, driving the equity/assets ratio from about 25.5% (2021–22) down to ~7.4% in 2025 and increasing liabilities/equity from ~2.8x to ~11.8x. That material rise in leverage raises solvency and flexibility concerns. In an asset‑intensive, seasonally exposed resorts business this pattern could reflect large share buybacks/dividends, impairment charges, operating losses, or new debt-funded investments—each with different implications—so I’d recommend reviewing the income statement, cash flows and footnotes (debt maturities, impairments, capital spending and shareholder return activity) to identify the primary drivers.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.