MTN

VAIL RESORTS INC

Ticker: MTNConsumer DiscretionaryServices
HQ BROOMFIELD, COCIK 812011FY end 07-31Book / share $15.41Shares 36M
Revenue (FY)
$2.96B+2.74%
TTM $2.83B
Op. margin
18.89%+1.95%
TTM 15.04%
Net income
$297.98M+20.65%
TTM $176.70M
Operating cash
$554.87M-5.80%
TTM $411.11M
Free cash flow
$319.68M-15.39%
TTM $173.53M
Return on equity
65.96%+33.41%
TTM 27.59%
Debt / equity
7.52+3.59%
TTM 5.48
Shares outstanding
37.2M-1.98%
TTM 35.8M

The business

Whistler Blackcomb Holdings Inc. operates through its subsidiaries Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership to run Whistler Blackcomb, a premier four-season mountain resort located in Whistler, British Columbia, Canada. The company's website is whistlerblackcomb.com.

The resort represents one of North America's largest ski destinations, combining two adjacent mountains—Whistler and Blackcomb—into a unified recreational complex. Whistler Blackcomb's core business encompasses ski and snowboard operations during winter months, complemented by summer activities including mountain biking, hiking, sightseeing, and various recreational pursuits. The company operates multiple revenue-generating segments including lift ticket sales, ski school instruction, equipment rentals, lodging accommodations through Peak to Creek Lodging Company, food and beverage services, retail operations, and ancillary services such as heli-skiing through Whistler Heli-Skiing Ltd.

The resort maintains extensive physical infrastructure across its properties, including ski lifts, terrain parks, restaurants, retail shops, and employee housing facilities. Whistler Blackcomb serves a diverse customer base ranging from day-trippers and weekend visitors to international tourists and season pass holders, drawing visitors from across North America and internationally.

The company's business model relies on seasonal variations, with winter ski season generating the majority of annual revenues, while summer activities and year-round amenities provide revenue diversification. Whistler Blackcomb's competitive advantages include its substantial vertical drop, extensive terrain acreage, long operating season, proximity to Vancouver, established brand recognition, and integrated resort infrastructure that creates high barriers to entry.

The credit facility documented in this First Amending Agreement, originally established in 2010 and subsequently amended, reflects the company's significant capital requirements for maintaining and upgrading resort infrastructure. The September 2025 amendment extended the maturity date of the C$250 million revolving credit facility to September 2030, demonstrating lender confidence in the resort's operational performance and market position within the North American ski industry.

Sector
Consumer Discretionary
Industry
Services
HQ
BROOMFIELD, CO
FY end
07-31
CIK
812011
SIC
7990
Financial performance · annual
20132025
$-296.43M$592.87M$1.48B$2.37B$3.26B2013201420152016201720182019202020212022202320242025TTMTTMTTM

Ownership

Who holds VAIL RESORTS INC — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

370
funds hold it
1 of 35
superinvestors hold it
$3.76B
fund-held value
79.4%
of shares held by funds
3
bond issues held by funds

Top fund holders

Fund% of fundValue
Baron Partners Fund
BPTRX · BARON SELECT FUNDS
2.42%$436.03M
Washington Mutual Investors Fund
AWSHX
0.14%$305.59M
Income Fund of America
AMECX
0.19%$277.94M
American Funds Fundamental Investors
ANCFX
0.10%$181.88M
Baron Focused Growth Fund
BFGFX · BARON SELECT FUNDS
3.13%$176.52M

Superinvestors in VAIL RESORTS INC

Bill NygrenINCREASED +2.5%
Harris Associates (Oakmark)
0.1%

Share of each manager's reported 13F portfolio.

Bonds held by funds

Funds report holding 3 issues of VAIL RESORTS INC's debt, $564.28M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 6.12%, maturing 20302032.

IssueCouponMaturesFundsFund-held
Vail Resorts Inc6.500%2032-05-15112$321.46M
Vail Resorts Inc5.625%2030-07-15110$240.22M
MTN 5 5/8 07/15/305.625%2030-07-152$2.61M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

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