Returns moved up substantially in the last 7 years on migratory-sheep ranches in the Utah-Nevada study area, the top sheep- and wool-producing area of its kind in the United States. Generally, higher prices received for lambs, improved range conditions, increased market weights of lambs, and greater output per ranch were responsible for these favorable returns. Despite these economic advances, migratory-sheep ranchers look to the future with caution; they are primarily concerned about wool prices, availability of good herders, and the continued opportunity to graze the public domain.