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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 escalates against Vail with definitive proxy filings after **50%** five-year decline; two nominees target capital allocation.
50%
decline in share price over five years
42
North American ski properties
$166
as of Friday's close
$330
high in November 2021
Oasis Management filed definitive proxy materials against Vail Resorts on Monday, formalizing a board challenge that follows a 50% decline in share price over five years. The New York-based activist fund nominated two directors and issued a shareholder letter that targets capital allocation decisions under current management. Vail Resorts responded with its own letter defending strategic investments across its 42 North American ski properties.
Oasis holds a position of undisclosed size but sufficient to trigger SEC filing requirements. The fund's letter criticizes Vail's expansion spending during a period when competitors with smaller resort networks posted double-digit returns. Vail trades at $166 as of Friday's close, down from a $330 high in November 2021. The company operates the Epic Pass system, which sold 2.3 million season passes last year at an average price of $783, representing 68% of its annual lift revenue. Oasis argues that management prioritized resort acquisitions over per-guest experience improvements, leading to customer satisfaction scores that dropped 14 points since 2019 according to internal surveys leaked in the filing.
The proxy fight matters because Vail pioneered the season-pass model that now dominates North American skiing, but margin compression suggests the strategy has maturity limits. Gross margins fell 320 basis points over three years while capital expenditures per skiable acre rose 41%. Oasis wants two seats on the nine-member board to push for operational efficiency over geographic expansion. One nominee spent 11 years running lift operations at Aspen Skiing Company; the other previously structured sale-leasebacks for retail real estate. Their presence would likely pressure Vail to monetize underperforming properties or shift capital toward snowmaking and lift upgrades at core resorts rather than acquiring tertiary mountains in low-snowfall regions.
Allocators should watch Institutional Shareholder Services and Glass Lewis recommendations, expected by late April, which will influence the 73% of Vail shares held by index funds and public pensions. Management's counter-narrative emphasizes a $315 million capital plan for the 2025-26 season focused on high-speed lift replacements at Whistler Blackcomb and Park City, both top-five revenue properties. The annual meeting is scheduled for mid-May, giving Oasis roughly 60 days to secure enough votes to seat its nominees. Meanwhile, Alterra Mountain Company, Vail's closest competitor with the Ikon Pass system, is rumored to be exploring a SPAC merger that would provide public comps for Vail's valuation multiple, currently 11.2x forward EBITDA versus Alterra's private market whisper number near 14x.
Proxy advisory firms file preliminary reports in the week of April 21st. If both nominees win, Vail's June strategy session will include voices skeptical of the debt-funded acquisition model that added 9 resorts since 2017 but only 4% to adjusted EBITDA.
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For the principal
Track ISS/Glass Lewis May recs; if both seats flip, expect asset monetization or operational sale-leasebacks by Q4.
For the operator
Watch Alterra SPAC rumors for public comp on ski-resort multiples; Vail's 11.2x looks cheap if activism forces efficiency.
For the house
Huang Goodman holds no MTN position; monitoring for post-proxy entry if Oasis wins and management announces restructuring by July.
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