Six Flags Entertainment Corporation
- Open
- 14.88
- Day high
- 14.88
- Day low
- 14.50
- Prev close
- 15.05
- Volume
- 587K
- Mkt cap
- $1.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 13.1
- P/S
- 0.6
- Yield
- —
- Per share
- —
- ▲Insiders net buying $3.2M over the last 3 months (2 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Six Flags Entertainment Corporation (FUN) is a Consumer Cyclical company listed on NYSE. The stock is down 34% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
Six Flags Entertainment Corporation (FUN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FUN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.37 | $1.99 | +441.8% | $865M | -6.8% |
| May 7, 2026 | $-2.71 | $-2.20 | +18.8% | $226M | +8.7% |
| Feb 19, 2026 | $-0.31 | $-0.91 | -193.5% | $650M | +209.6% |
| Nov 7, 2025 | $2.24 | $3.28 | +46.4% | $1.3B | +118.7% |
| May 8, 2025 | $-2.29 | $-2.20 | +3.9% | $202M | -80.7% |
| Feb 27, 2025 | $0.34 | $0.14 | -58.8% | $687M | +191.4% |
| Aug 8, 2024 | $1.12 | $1.20 | +7.1% | $572M | +8.5% |
| May 9, 2024 | $-2.40 | $-2.47 | -2.9% | $102M | +10.5% |
| Feb 15, 2024 | $0.24 | $0.16 | -33.3% | $371M | +1.2% |
| Nov 2, 2023 | $3.74 | $4.19 | +12.0% | $842M | +0.4% |
| Aug 3, 2023 | $1.02 | $1.04 | +2.0% | $501M | -2.2% |
| May 4, 2023 | $-1.83 | $-2.61 | -42.6% | $85M | -76.1% |
FUN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 12, 2026 | Reilly John Tdirector, officer: President & CEO | Buy | 15,713 | $15.80 |
| Jul 31, 2026 | Bennett Christopher Lawrenceofficer: Chief Legal Officer | Grant | 9,343 | — |
| Jul 31, 2026 | Walia Ashokofficer: Chief Financial Officer | Grant | 66,738 | — |
| Jul 31, 2026 | Hoffman David R.officer: Chief Accounting Officer | Grant | 16,017 | — |
| Jun 29, 2026 | Walia Ashokofficer: Chief Financial Officer | Grant | 40,595 | — |
| Jun 29, 2026 | Reilly John Tdirector, officer: President & CEO | Grant | 122,176 | — |
| Jun 29, 2026 | Bennett Christopher Lawrenceofficer: Chief Legal Officer | Grant | 37,337 | — |
| Jun 29, 2026 | Hoffman David R.officer: Chief Accounting Officer | Grant | 13,032 | — |
| Jun 29, 2026 | Martin Ziegenfuss Amyofficer: Chief Marketing Officer | Grant | 18,788 | — |
| Jun 29, 2026 | Tastepe Tayfunofficer: Chief Digital & Tech Officer | Grant | 13,032 | — |
| Jun 16, 2026 | JAFFER REHANdirector | Buy | 125,000 | $23.69 |
| May 26, 2026 | Spiegel Marilyn Gdirector | Buy | 2,500 | $19.10 |
| May 14, 2026 | HADDRILL RICHARD Mdirector, officer: Executive Chair | Buy | 10,000 | $19.08 |
| May 14, 2026 | Spiegel Marilyn Gdirector | Buy | 2,500 | $19.13 |
| Apr 20, 2026 | HADDRILL RICHARD Mdirector, officer: Executive Chair | Grant | 217,797 | — |
Source: FUN SEC Form 4 filings, latest Aug 12, 2026. For informational purposes only — not investment advice.
See the full FUN insider & 13F page →Six Flags Entertainment Corporation company profile
Overview
Six Flags Entertainment Corporation (NYSE:FUN) is a leading amusement park operator formed through the 2024 merger of Cedar Fair Entertainment Company and Six Flags Entertainment Corporation. The company was originally founded in 1983 as Six Flags, while Cedar Fair dates back to 1987. Following the transformative merger completed in 2024, the combined entity operates 42 amusement parks, water parks, and resort properties across 17 states in the United States, Canada, and Mexico, making it one of North America's largest regional amusement park operators. The company is headquartered in Charlotte, North Carolina, and serves millions of guests annually with its portfolio of roller coasters, themed attractions, water parks, and entertainment experiences.
Business
Six Flags Entertainment operates in the regional amusement park industry, providing entertainment experiences through theme parks, water parks, and resort properties. The company's core business revolves around operating seasonal and year-round amusement facilities that feature roller coasters, themed rides, water attractions, live entertainment, dining, and retail experiences. The amusement park industry serves as a form of location-based entertainment where guests pay admission fees to access multiple rides and attractions within a contained facility. Unlike traveling carnivals or individual entertainment venues, regional theme parks like Six Flags create immersive themed environments with permanent, large-scale attractions such as roller coasters that can cost tens of millions of dollars to construct. These parks typically operate on seasonal schedules, with peak attendance during summer months and holiday periods. The company operates through a single primary business segment focused on park operations, which generates revenue through multiple channels. Admission revenue represents the largest component, derived from daily tickets and season passes that provide unlimited visits during operating seasons. In-park spending constitutes another significant revenue stream, including food and beverage sales, merchandise, games, and premium experiences like fast-pass services. Out-of-park revenues include accommodations at resort properties, group sales, corporate events, and licensing of intellectual property. Six Flags differentiates itself through its extensive portfolio of licensed intellectual properties, including Looney Tunes characters, DC Comics superheroes, and PEANUTS characters, which are integrated into themed attractions, shows, and merchandise throughout the parks. The company's parks range from large destination properties like Cedar Point in Ohio, known as "America's Roller Coast," to smaller regional parks that serve local markets within driving distance.
Revenue model
Six Flags generates revenue through multiple complementary business models centered around its amusement park operations. The primary revenue streams include admission fees from daily tickets and season passes, in-park per capita spending on food, beverages, merchandise, and premium services, and out-of-park revenues from resort accommodations and group bookings. The company's customers are primarily families and young adults seeking entertainment experiences, with season pass holders representing approximately 59% of total attendance. Season passes provide recurring revenue and higher-margin customers since pass holders typically spend more per visit on food and merchandise while generating predictable cash flow through advance sales. Daily ticket buyers represent the remaining attendance and often spend more per capita on admission but may be more sensitive to economic conditions. The business model benefits from several favorable characteristics. Parks generate most of their annual EBITDA (approximately 80%) during the third and fourth quarters, creating strong seasonal cash flow. Fixed costs are largely spread across variable attendance, meaning incremental visitors generate high marginal profits. The company also benefits from local market monopolies in many regions, as the high capital requirements and zoning challenges create barriers to new competition. Several factors influence the company's profitability margins. Weather conditions significantly impact attendance, as rain, extreme heat, or cold temperatures can reduce daily visits. Economic conditions affect discretionary spending, though the company's relatively affordable entertainment option can be resilient during moderate downturns. Labor costs represent a major expense, particularly seasonal staffing during peak periods, and wage inflation directly impacts margins. Energy costs for ride operations and facility management also influence profitability. Competition from other entertainment options, including digital entertainment, streaming services, and other leisure activities, can affect demand. Conversely, successful new attraction investments, improved operational efficiency, dynamic pricing strategies, and growth in food and beverage per capita spending can expand margins.
Competitive moat
Six Flags operates with a moderate economic moat based primarily on local market positioning and high barriers to entry, though the moat strength varies significantly by individual park location. The company's strongest competitive advantages stem from its extensive real estate footprint in prime locations that would be extremely difficult and expensive to replicate today due to zoning restrictions, environmental regulations, and urban development around existing properties. The high capital requirements for establishing competing amusement parks create substantial barriers to entry. Modern roller coasters can cost $20-30 million each, and developing a full-scale theme park requires hundreds of millions in investment before generating any revenue. Additionally, the specialized expertise required for ride engineering, safety systems, and park operations creates operational barriers for potential competitors. Six Flags benefits from local market monopolies in many of its regions, where the company serves as the primary large-scale amusement park within driving distance for millions of consumers. This geographic positioning creates customer loyalty and reduces direct competition, particularly for season pass holders who view the parks as their primary summer entertainment option. However, the company's moat faces several vulnerabilities. Substitute entertainment options continue expanding, including streaming entertainment, video games, sports complexes, and other leisure activities that compete for discretionary time and spending. The rise of destination travel and improved transportation access allows consumers to consider more distant entertainment options, potentially reducing local market protection. Changing consumer preferences, particularly among younger demographics who may prefer digital or social media-driven experiences, pose long-term challenges to traditional amusement park models. The company's intellectual property licenses provide some differentiation but are not exclusive and must be renewed periodically. While brands like DC Comics and Looney Tunes add appeal, they don't create insurmountable competitive advantages since competitors can license different popular franchises or develop original themed experiences.
Risks & safety
The company presents moderate financial risk with concerning liquidity metrics but manageable debt levels following the recent merger. **Cash and Liquidity Concerns:** - Current ratio of 0.31 indicates significant short-term liquidity pressure - Cash and short-term investments of $61.5 million against current liabilities of $936.7 million - Negative free cash flow of -$318 million in Q1 2025, though this reflects seasonal patterns - Operating cash flow of -$178 million in Q1, typical for the seasonally weak first quarter **Debt and Solvency:** - Debt-to-equity ratio of 0.042 appears manageable, though balance sheet complexity from merger creates some uncertainty - Total liabilities of $1.29 billion against total assets of $11.76 billion - Projected annual cash interest payments of $305-315 million - Management targeting over $200 million from potential land sales to improve liquidity **Valuation Metrics:** - Trading at negative P/E ratio of -4.06 due to recent losses - Price-to-book ratio of 0.34 suggests potential asset value - EV/EBITDA of -4.55 distorted by seasonal negative EBITDA **Other Considerations:** - Highly seasonal business model creates quarterly cash flow volatility - Merger integration costs and synergy realization timeline add near-term uncertainty - Management guidance suggests confidence in achieving $1.08-1.12 billion EBITDA for 2025
Recent development
Six Flags has undergone significant transformation through its 2024 merger with Cedar Fair, creating the largest regional amusement park operator in North America. The strategic combination brought together 42 parks across diverse geographic markets, with management targeting $120 million in annual cost synergies by the end of 2025, of which approximately $50 million was achieved by late 2024. The company has embarked on an ambitious capital investment program, planning approximately $1 billion in capital projects for 2025-2026, including major new attractions at 11 of its 14 largest parks. This represents a significant increase from historical capital spending levels and reflects management's strategy to drive attendance growth through enhanced guest experiences and new ride offerings. Operational optimization has become a key focus, with management implementing cost reduction initiatives targeting more than 3% reduction in operating costs for 2025. The company is reducing full-time headcount by over 10% while investing in technology integration and data analytics to improve operational efficiency. Additionally, management is renovating 11 restaurants with new crew-serve models to enhance food and beverage operations. Portfolio optimization represents another strategic initiative, with the company exploring the potential divestment of non-core assets. Management announced plans to close Maryland parks after the 2025 season and is exploring land sales with potential proceeds exceeding $200 million. This reflects a broader strategy to focus resources on the highest-performing properties while monetizing underutilized assets. The company has also enhanced its season pass programs, harmonizing offerings across the combined portfolio and introducing All Park Passport options that provide access to multiple properties. Early results show positive momentum with 8% increases in season pass unit sales and 3% increases in average pricing, indicating successful integration of the two legacy programs.
FUN company profile · for informational purposes only — not investment advice.
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