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Vail Resorts$MTN · filed: saw revenue fall 4.3% in FY2026 to $2.8BNew shipTrillion Score 505Fall Risk MediumNext year $2.3B–$3.2B sealedCheck ▾Close ▴
What Vail Resorts filed
Saw revenue fall 4.3% in FY2026 to $2.8 billion, operating margin 14.8% against a 7.0% median for miscellaneous amusement & recreation, equity 4.4% of assets. Every figure links to the filing it came from on Vail Resorts’s card. New ship: no warning signs. Trillion Score 505, #8 of 17 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-07-31 between $2.3B and $3.2B, an 80% range sealed on 28 Sept 2026 · receipt #a40dab · graded in public by the revenue in Vail Resorts’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Oasis's **7.4%** stake pressures Vail to extract real estate value and defend Epic Pass economics while managing three antitrust cases and municipal opposition.
7.4%
position in Vail Resorts and called for a board…
37-resort
North American portfolio while three separate antitrust lawsuits move…
31%
from their January 2022 peak of
$254
even as the company reported
Oasis Management Co. disclosed a 7.4% position in Vail Resorts and called for a board overhaul, arguing management has failed to extract value from the company's 37-resort North American portfolio while three separate antitrust lawsuits move through federal courts. The hedge fund, known for corporate governance campaigns in hospitality and real estate, made the stake public this week without announcing specific director nominees or a formal proxy timeline.
Vail shares trade at $175, down 31% from their January 2022 peak of $254, even as the company reported $2.9 billion in FY2023 revenue. Oasis argues the discount reflects operational drift and legal risk tied to Vail's Epic Pass bundling model, which Minnesota shareholder Gary Peterson challenged in late August. That suit followed two earlier antitrust filings alleging Vail used its season-pass dominance to suppress competition and inflate lift-ticket pricing at independent resorts. Peterson's complaint names CEO Kirsten Lynch and the board, claiming they prioritized pass-holder volume over per-visit economics and left the company vulnerable to regulatory scrutiny.
The timing pressures Vail on two fronts. First, the antitrust cases could force the company to unbundle Epic Pass access or face damages if plaintiffs prove market manipulation. Second, a proxy fight during ski season distracts from winter operations, when Vail generates 62% of annual EBITDA between December and March. Oasis will likely argue the board underweighted real estate monetization—Vail owns land parcels in Beaver Creek, Heavenly, and Keystone worth an estimated $400 million in aggregate—and overinvested in season-pass discounting that compressed margins by 190 basis points since 2021. The hedge fund has not yet filed a Schedule 13D amendment with director candidates, suggesting it may negotiate privately before escalating.
Vail Mayor Barry Davis said Wednesday the town will be "ferociously protective" of residents, a signal that local governments fear an activist campaign could trigger asset sales or operational cuts. That political layer complicates Oasis's path: Vail's ski-area permits are federally issued and require community consultation, meaning any plan to divest resorts or restructure leases will face municipal pushback. Fund managers should watch whether Oasis proposes a breakup—separating owned resorts from managed properties—or a simpler margin-recovery plan. The former would unlock $8-12 per share in net asset value but require 18-24 months of regulatory clearance. The latter could deliver a 15-20% rerating if Vail cuts season-pass inventory and raises day-ticket pricing without losing passholders.
A Schedule 13D amendment naming directors is due within ten days of any intent to solicit proxies. Vail's annual meeting typically occurs in mid-December, meaning Oasis must decide by late October whether to run a slate or settle for board refreshment and a strategic review.
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For the principal
Watch for Schedule 13D filing by late October; breakup scenario unlocks $8-12/share but requires federal permit reviews over 18-24 months.
For the operator
Oasis likely targets margin recovery via pass-inventory cuts and day-ticket repricing; monitor December annual meeting for board-composition settlement or contested slate.
For the house
Short-term volatility around proxy filing; long-term value if Oasis forces real estate monetization or operational discipline without triggering permit risk or municipal litigation.
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