Vail Resorts Inc (MTN) is overvalued and Red Rock Resorts Inc (RRR) is slightly undervalued.
Against our estimates of intrinsic value, RRR trades at the wider discount: a margin of safety of +8%, against -30% for MTN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $107.16; the price of $138.98 is 30% above that value, and 81% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $52.93; the price of $48.76 is 8% below that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | MTN | RRR |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $138.98 | $48.76 |
| Intrinsic value | $107.16 | $52.93 |
| Margin of safety | -30% | +8% |
| Leak Score | 0/100 (2/12) | 0/100 (3/12) |
| Market cap | $5.0B | $5.1B |
| Revenue growth, 5 years | 8.6% | 11.2% |
| Operating margin | 16.1% | 28.6% |
| Net margin | 5.4% | 8.4% |
| Return on equity | 21.0% | 90.2% |
| Debt to equity | 5.90 | 21.25 |
| P/E | 31.6x | 17.3x |
| Forward P/E | 22.7x | 16.7x |
| P/B | 9.0x | 16.9x |
| Dividend yield | 6.4% | 3.7% |