HIGHBuilt-inProduct / Revenue mix
88%
Mountain segment (88% of net revenue)
“10-K Item 1: 'Mountain, Lodging and Real Estate, which represented approximately 88%, 12% and 0%, respectively, of our net revenue'”
MTN · Concentration risk · 10-K extracted
Vail Resorts (MTN) concentration risks
Updated
The most significant concentration Vail Resorts discloses is Mountain segment (88% of net revenue), 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.
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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
70%
pass products
“10-K Item 1A: 'pass products (which for Fiscal 2026 accounted for approximately 70% of the total lift revenue)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Vail Resorts' concentration is structural and sits in two overlapping places. By segment, Mountain represented approximately 88% of net revenue, with Lodging at 12% and Real Estate at 0%, so the company's results are overwhelmingly a function of its mountain operations. That is a high-share exposure, and it describes the business model rather than a counterparty risk. Within the Mountain segment, pass products accounted for approximately 70% of total lift revenue, also a high-share exposure. The two are nested rather than additive: the segment concentration sets the sector exposure, and the pass concentration determines how that revenue is earned, through prepaid, season-long commitments instead of daily ticket sales. Netting these out, neither exposure points to a single customer or supplier, so there is no counterparty shock to underwrite. The items most likely to move the verdict are the pass-holder base and the health of the mountain segment, both structural features that sit at the core of the thesis.
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 |
| BALY | Bally's Corporation | 1 | 0 | 0 | 1 |
| 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.