Vail Resorts Skier Visits Down 20% in Early Season, but This Investor Is Betting Nearly $250 Million on a Turnaround
Key Points
Oasis Management increased its Vail Resorts stake by 833,500 shares; the estimated trade size was $122.66 million (based on quarterly average pricing).
Meanwhile, the quarter-end position value rose by $93.62 million, reflecting both buying and stock price movement.
The post-trade stake was 1,851,234 shares held, valued at $245.84 million.
The position now accounts for 15.94% of fund AUM.
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On February 12, 2026, Oasis Management disclosed a buy of 833,500 shares of Vail Resorts (NYSE:MTN), with an estimated transaction value of $122.66 million based on quarterly average pricing.
What happened
According to an SEC filing dated February 12, 2026, Oasis Management increased its position in Vail Resorts (NYSE:MTN) by 833,500 shares during the fourth quarter. The estimated value of shares acquired was $122.66 million, calculated using the quarter’s average closing price. At quarter’s end, the fund’s total MTN stake was valued at $245.84 million, up $93.62 million from the prior quarter, reflecting both share purchases and price changes.
What else to know
- Top holdings after this filing:
- NYSE: MTN: $245.84 million (37.0% of AUM)
- NASDAQ: HUT: $106.01 million (16.0% of AUM)
- NASDAQ:CORZ: $38.49 million (5.8% of AUM)
- NASDAQ: VNET: $29.18 million (4.4% of AUM)
- NASDAQ: STRS: $27.42 million (4.1% of AUM)
- As of February 12, 2026, Vail Resorts shares were priced at $136.93, down approximately 12.24% over the past year and underperforming the S&P 500 by 25.14 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 12, 2026) | $136.93 |
| Market capitalization | $4.92 billion |
| Revenue (TTM) | $2.98 billion |
| Net income (TTM) | $266.09 million |
Company snapshot
- Vail Resorts operates dozens of destination mountain resorts and regional ski areas, with ancillary services including ski schools, dining, retail/rental, and real estate brokerage; also manages luxury hotels and condominiums under the RockResorts brand.
- The company generates revenue primarily through lift ticket sales, lodging, food and beverage, equipment rentals, and real estate development and sales.
- It targets leisure travelers, vacationers, and outdoor recreation enthusiasts seeking premium resort experiences in North America.
Vail Resorts is a leading operator of mountain resorts and luxury lodging properties, with a diversified revenue base spanning lift operations, hospitality, and real estate. The company leverages its extensive network of resorts and premium service offerings to capture demand from high-value destination guests. Its integrated business model and scale provide competitive advantages in customer reach and operational efficiency.
What this transaction means for investors
Concentration tells you what an investor believes will recover, not what is working today, and increasing exposure to Vail Resorts amid a weak season suggests confidence in normalization rather than panic over weather.
Season-to-date skier visits were down 20%, the firm reported on January 15, with lift revenue slipping 1.8% and ski school and dining revenue falling double digits. Western U.S. snowfall ran roughly 50% below the 30 year average, and the Rockies were down nearly 60%, leaving only about 11% of terrain open in December. Management now expects fiscal 2026 Resort Reported EBITDA to land just below the low end of prior guidance if conditions normalize by this President’s weekend.
This portfolio is already highly concentrated, with Vail representing 37% of reportable assets and far outweighing top positions in Hut 8 and Core Scientific. That makes this position a high conviction cyclical recovery thesis tied to geography, passholder loyalty, and long-term pricing power. Ultimately, if destination visitation and pass sales remain durable and snowfall reverts toward averages, operating leverage can swing quickly.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vail Resorts. The Motley Fool has a disclosure policy.
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