MTNVAIL RESORTS INC

Services-Miscellaneous Amusement & Recreation

Revenue: $2.8B; 4.3% YoY
Operating margin: 14.8%; 22% YoY
EBITDA: $726M; 15% YoY
Market cap: $5.4B
Employees: —
Net debt / EBITDA: 4.0×; $2.9B net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
325% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
3 filings
Active-intent 13D in 18 months
Net insider sellingNo
$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.5B	$2.9B	$2.9B	$3.0B	$2.8B	4.3%
Operating income	$602M	$504M	$489M	$560M	$421M	25%
Net income	$368M	$285M	$246M	$298M	$148M	51%
Operating cash flow	$710M	$638M	$589M	$555M	$480M	14%
Capex	$193M	$315M	$211M	$235M	$232M	1.5%
Stock-based comp	$25M	$25M	$27M	$34M	$28M	17%
Buybacks	$75M	$500M	$150M	$270M	$45M	83%
Dividends	$226M	$314M	$324M	$328M	$317M	3.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 29, 2026	Oasis Management Co Ltd.	SCHEDULE 13D/A	9.0%	Active
Sep 22, 2026	Oasis Management Co Ltd.	SCHEDULE 13D/A	7.4%	Active
Sep 16, 2026	Oasis Management Co Ltd.	SCHEDULE 13D	6.2%	Active

Insider trading

Open-market buys, 12 mo: $5M · 2
Open-market sells, 12 mo: $0 · 0
Net: $5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	61	137
FY2025	—	—	57	142
FY2024	—	—	66	111
FY2023	—	—	81	107
FY2022	—	—	79	81