Vail Resorts has hired bankers to strengthen its activist defense, Semafor reports, citing people familiar with the matter. No activist campaign has been launched, but the company is bracing for potential vulnerability after a public feud with Cloudflare CEO Matthew Prince over Park City Mountain Resort. Prince has said he is willing to invest $500 million in the resort and has fielded calls from activists probing Vail's weaknesses, favoring an asset-light model that would likely require breaking up the company's real estate holdings. Vail recently missed fiscal Q3 2026 earnings estimates, cut its full-year net income and EBITDA guidance, and reported net debt of $2.65 billion with leverage at 3.5 times trailing EBITDA. Early Epic Pass sales for the next season show unit declines of about 10%, adding to concerns, while the board has recalled former CEO Rob Katz to address operational issues and the company highlights its 6.6% annualized dividend yield as a defensive measure.
Vail Resorts IncMissed earnings, cut guidance, high debt, and activist defense preparation signal financial weakness.
ArcelorMittal SA
Cloudflare Inc