It was a winner until 2021 when it peaked, but has slid since. It still hasn't bounced back. Had a disappointing 2023-4 season, which the company blamed on lack of snow. However, season pass sales are floundering, because they have been pumping up skiing prices. Also, they suffered a 2-week strike in Utah which hurt shares. Last spring, shares fell to Covid levels. Last week, MTN changed CEOs. Q3-2025: -7% YOY skiier visits, +3% resort revenue YTD and +8% raised prices YOY. People spent more money on ancillary services. They posted in-line revenue and an earnings beat. Guidance mentioned tariff unknowns. Shares then sold off. The turnaround could take a while, though MTN is cheap at under 20x PE now. But MTN needs to do something, like cut prices.
Over 40% of their business is in aerospace-defence, with 27% of this business from government contracts. Another 30% of business is from utillities, including renewables. Another 20% comes from building testing systems for many industries, including testing pacemakers. Their report last May beating sales and earnings. Management raised full-year guidance. They just bought a company to grow their shipbuilding business. Trades at 26x PE for 2026, not cheap, but offers 15% earnings growth in 2026. Also good is having little Wall Street coverage, so you can start a position now before Wall St. catches on.
They report Tuesday, and he doubts they can escape packaged food purgatory. Pays a 4% dividend, not enough to help the secular decline in this sector.