• Vail Resorts average debt/equity ratio for 2023 was 2.08, a 37.75% increase from 2022.
• Vail Resorts average debt/equity ratio for 2022 was 1.51, a 1.31% increase from 2021.
• Vail Resorts average debt/equity ratio for 2021 was 1.53, a 4.79% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.