Vail Resorts: A Bad Snow Year Doesn't Change The Thesis

Vail Resorts maintains a nearly irreplaceable portfolio of 42 ski resorts, supporting robust cash flow and a near-7% dividend yield. MTN's Epic Pass model secures over $1B in advance revenue, mitigating season-to-season volatility in this high fixed-cost industry. Despite weak snowfall and labor strikes, MTN's EBITDA remains resilient, with high FCF conversion and disciplined capital allocation.