|FUN Overview
FUN

Six Flags Entertainment Corporation/NEW

Consumer Discretionary • CIK: 0001999001

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Market Cap
$1.54B
P/E (TTM)
-1.0x
Rev Growth (TTM)
+14.4%
Net Margin (TTM)
-51.6%
FCF Yield (TTM)
-9.9%
FCF Margin (TTM)
-4.9%

LATEST EARNINGS

Q4 2025
14 days ago
View source
Revenue
$650.09M
-5.4%
Net Income
$-92.38M
-65.0%
EPS
$-0.91
-67.0%
Operating
-3.8% -11.3%
Net
-14.2% +24.2%
  • Per capita spending increased 8% to $66.41 in Q4 2025 compared to Q4 2024.
  • Admissions per capita spending increased 5% and in-park product per capita spending increased 11% in Q4 2025 compared to Q4 2024.
  • Out-of-park revenues increased 8% to $51 million in Q4 2025 compared to Q4 2024, driven by higher sponsorship revenue.
  • Deferred revenues increased slightly to $311 million as of December 31, 2025, compared to $308 million on December 31, 2024.

Cash Flow Health

Free Cash Flow4/8 positive
TTM$-152M
Q4 '25
$-109M-143%
Q3 '25
$256M+1260%
FCF Margin
TTM-4.9%
Q4 '25-16.8%-186%
Sector: 3.2%Below Avg
OCF Margin10.6%
OCF/NI-0.20x
CapEx Coverage0.7x
FCF Yield-9.9%
FCF Growth (2Y)
Cash Conversion Cycle
-30 days
DSO: 24+DIO: 115DPO: 168

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-152.2M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
-15.9%
Volatile
+0.3% YoY-71.8%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-40.1%
8Q: -42.2%
Asset Turnover
0.35x
8Q: 0.37x
Leverage (1+D/E)
10.42x
D/E: 9.42x
DuPont: -148.3%-15.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.71x
8Q:0.73x
-21.9%
Invested Cap Turn
0.40x
8Q:0.41x
-31.0%
CapEx Intensity
6.1%
8Q:7.5%
CapEx/Depreciation
0.99x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q4 2024Q2 2024Q1 2024
Revenue
$3.1B
$650.1M50.7%
$1.3B41.6%
$930.4M360.5%
$202.1M70.6%
$687.3M49.0%
$1.3B135.9%
$571.6M462.5%
$101.6M
Operating Income
$-1.4B
$-24.9M97.7%
$-1.1B1581.7%
$74.5M123.2%
$-321.0M728.5%
$51.1M80.5%
$262.5M113.1%
$123.2M197.6%
$-126.3M
Net Income
$-1.6B
$-92.4M92.2%
$-1.2B1091.5%
$-99.6M54.6%
$-219.7M16.8%
$-264.2M338.1%
$111.0M99.7%
$55.6M141.6%
$-133.5M
Operating Cash Flow
$327.5M
$-37.7M110.6%
$356.2M90.5%
$187.0M205.0%
$-178.0M446.6%
$-32.6M109.7%
$337.4M88.2%
$179.2M262.0%
$-110.6M
Free Cash Flow
$-152.2M
$-109.3M142.6%
$256.2M1260.4%
$18.8M105.9%
$-318.0M152.8%
$-125.8M155.2%
$227.7M92.4%
$118.4M170.6%
$-167.7M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
-1.0x
Valuation Lenses
Earnings
-1.0x
vs sector
Cash Flow
-43.5x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
P/E per %ROIC
ROIC: -15.9%
Shareholder Returns
Dividend
Buyback
Total Yield
Market Cap$1.54B
EV$6.62B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
-132/100
Below Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Bottom 25%
-1.2%
8Q:
Return on Invested Capital (ROIC)Below Avg
-15.9%
8Q:
-71.8%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: -40.1%
Asset Turnover: 0.35x

Earnings Quality

Cash Conversion

-0.20x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin91.3%

Capital Efficiency

Invested Capital Turnover0.40x

Working Capital

Cash Conversion Cycle-30 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
14.4%
OpInc Growth YoY
-148.7%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
91.3%
Operating
-44.4%
Below Avg in sector
Net
-51.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+46.7 pts
FCF: -4.9% | Net: -51.6%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
Net Debt: $5.09B
Interest Coverage
Leverage Metrics
Debt-to-Equity
9.42x
Balance sheet risk & solvency analysis