• Vail Resorts average ebitda margin for 2023 was 27.94%, a 12.06% decline from 2022.
• Vail Resorts average ebitda margin for 2022 was 31.77%, a 22.62% decline from 2021.
• Vail Resorts average ebitda margin for 2021 was 25.91%, a 1.01% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.