HIGHBuilt-inProduct / Revenue mix
89%
Mountain segment
“10-K Item 1: 'Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025'”
MTN · Concentration risk · 10-K extracted
Vail Resorts (MTN) concentration risks
Updated
The most significant concentration Vail Resorts discloses is Mountain segment at 89%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Vail Resorts’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inProduct / Revenue mix
65%
pass products (lift revenue)
“10-K Item 1: 'our pass products generated approximately 65% of our total lift revenue and approximately 75% of total visitation (excluding complimentary access)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is defined by two high-share product and revenue-stream dependencies, both structural in character. The Mountain segment represented approximately 89% of net revenue for the fiscal year ended July 31, 2025 — a high share by disclosed size that reflects the company's fundamental positioning as a mountain resort operator. Lodging and Real Estate together accounted for the remaining small fraction of revenue, leaving nearly all of the top line exposed to conditions in the mountain resort business, including snowfall variability, travel trends, and discretionary leisure spending. Within the Mountain segment, pass products generated approximately 65% of total lift revenue and approximately 75% of total visitation (excluding complimentary access) — both high shares by disclosed size, reflecting the company's deliberate strategy of shifting guests from lift-ticket purchases to advance season-pass commitments. This structural shift provides revenue visibility and pre-season cash collection, but it also means that pass pricing dynamics, pass count growth, and renewal rates are the key variables driving the most important revenue lever in the Mountain segment. Together, these two exposures are deeply reinforcing: nearly all revenue comes from the Mountain business, and within that business the dominant revenue mechanism is advance pass sales. The structural nature of both concentrations means they are unlikely to change materially in the near term. Investors should monitor pass sales volumes and pricing each season as the primary leading indicator for Mountain segment and total company performance.
For the engine’s reasoning on MTN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Resorts & Casinos
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MTN● | Vail Resorts, Inc. | 2 | 0 | 0 | 2 |
| BYD | Boyd Gaming Corporation | 1 | 1 | 0 | 2 |
| HGV | Hilton Grand Vacations Inc. | 1 | 1 | 0 | 2 |
| MCRI | Monarch Casino & Resort, Inc. | 1 | 1 | 0 | 2 |
| CZR | Caesars Entertainment, Inc. | 1 | 0 | 0 | 1 |
| LVS | Las Vegas Sands Corp. | 1 | 0 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.