• Vail Resorts average return on tangible equity for 2023 was -82.64, a 33.47% decline from 2022.
• Vail Resorts average return on tangible equity for 2022 was -124.22, a 349.91% decline from 2021.
• Vail Resorts average return on tangible equity for 2021 was -27.61, a 37.87% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.