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Six Flags Entertainment Corporation
(NYSE:FUN)
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Rating:43Neutral
Price Target:
$7.00
▼(-57.81% Downside)
Action:Reiterated
Date:10/22/26
FUN scores low primarily due to severe profitability pressure and balance-sheet leverage risk, reinforced by a strongly bearish technical trend with the stock far below major moving averages. A constructive earnings call (improving same-park results and 2H 2026 EBITDA growth outlook) and positive cash generation provide some offset, but not enough to outweigh the financial and technical weakness.
Positive Factors
Same-Park Operating Growth
Same-park attendance, revenue, and EBITDA growth indicates improving performance from the continuing portfolio rather than relying only on acquisitions. Growth despite fewer operating days suggests better execution, stronger demand, and potential for operating leverage as park calendars normalize.
Negative Factors
Extreme Leverage
The highly leveraged capital structure leaves Six Flags with a very thin equity cushion relative to its debt obligations. Earnings volatility or weaker attendance could therefore constrain investment and cash allocation, while debt reduction remains essential to improving long-term financial resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Same-Park Operating Growth
Same-park attendance, revenue, and EBITDA growth indicates improving performance from the continuing portfolio rather than relying only on acquisitions. Growth despite fewer operating days suggests better execution, stronger demand, and potential for operating leverage as park calendars normalize.
Read all positive factors
Six Flags Entertainment Corporation (FUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$692.68M
Dividend Yield2.77%
Average Volume (3M)4.35M
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue Growth-3.46%
EPS Growth-267.85%
CountryUS
Employees4,225
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)-17.35
Shares Outstanding102,316,315
10 Day Avg. Volume7,492,713
30 Day Avg. Volume4,347,188
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.83
Price to Sales (P/S)0.50
P/FCF Ratio-10.23
Enterprise Value/Market Cap10.83
Enterprise Value/Revenue2.45
Enterprise Value/Gross Profit6.42
Enterprise Value/Ebitda-8.30
Forecast
1Y Price Target
$17.60Price Target Upside6.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-3.08
Revenue Forecast (FY)$2.89B
Six Flags Entertainment Corporation Business Overview & Revenue Model
Company Description
Six Flags Entertainment Corporation stands as a prominent operator of amusement and resort properties situated across North America. Its extensive network encompasses theme parks, aquatic parks, and associated leisure destinations, spanning 17 sta...
How the Company Makes Money
Six Flags primarily makes money by monetizing guest visits to its parks through a mix of admission-related sales and in-park spending. Key revenue streams typically include: (1) Admissions: ticket sales (single-day and multi-day), season passes, a...
Six Flags Entertainment Corporation Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was predominantly positive. Six Flags reported higher same-park attendance, revenue, adjusted EBITDA, pass membership, and liquidity, while management highlighted operational improvements, stronger performance at previously underperforming parks, new leadership, expanded commercial initiatives, and expected second-half EBITDA growth. The main challenges were fewer operating days, modestly lower per-capita spending due to mix, uneven ride uptime, higher repair and maintenance expense at certain parks, July weather and calendar disruptions, modest expected cash-cost growth, and elevated net debt relative to the long-term leverage objective.Positive Updates
Same-Park Attendance and EBITDA Growth
On a same-park basis, second-quarter attendance increased 4%, or approximately 449,000 visits, despite 44 fewer operating days. Net revenue increased 2% to approximately $864 million, and adjusted EBITDA increased approximately 7% to $249 million.
Negative Updates
Fewer Operating Days in the Second Quarter
Second-quarter operating days declined 3%, or 44 days, compared with the prior-year period. Management noted that substantial labor, maintenance, utilities, insurance, and overhead costs are fixed or semi-fixed, so expenses are allocated over fewer operating days.
Read all updates
Q2-2026 Updates
Positive
Negative
Same-Park Attendance and EBITDA Growth
On a same-park basis, second-quarter attendance increased 4%, or approximately 449,000 visits, despite 44 fewer operating days. Net revenue increased 2% to approximately $864 million, and adjusted EBITDA increased approximately 7% to $249 million.
Read all positive updates
Company Guidance
Management expects adjusted EBITDA to continue to grow year-over-year in the second half of 2026 and said it expects to grow in Q3 and Q4, despite the unfavorable July 4 calendar shift and wildfire-related air quality disruptions; it plans 2,133 operating days in the quarter, 66 more than last year's third quarter, expects the balance-of-year EBITDA impact from sold parks to be about a $66 million EBITDA impact, and said cash costs should show modest growth over the balance of the year. The fourth quarter plan includes 448 Halloween-themed experiences, 107 haunted mazes, and 11 new ones in 2026, while capital expense should be in a 400-425 range; over time, the company believes it can deliver adjusted EBITDA margins in the mid-30% range and reduce net leverage toward its long-term objective of approximately four times, also stated as a goal of 4.0 net leverage debt to EBITDA.Six Flags Entertainment Corporation Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
12
Very Negative
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.06B | 3.10B | 2.71B | 1.80B | 1.82B | 1.34B |
| Gross Profit | 1.17B | 1.11B | 1.10B | 778.68M | 788.83M | 1.23B |
| EBITDA | -903.47M | -867.11M | 587.06M | 472.37M | 673.25M | 304.35M |
| Net Income | -1.75B | -1.60B | -231.16M | 124.56M | 307.67M | -48.52M |
Balance Sheet | ||||||
| Total Assets | 7.44B | 7.80B | 9.13B | 2.24B | 2.28B | 2.35B |
| Cash, Cash Equivalents and Short-Term Investments | 134.53M | 91.13M | 83.17M | 65.81M | 101.62M | 61.60M |
| Total Debt | 5.16B | 5.40B | 5.16B | 2.36B | 2.36B | 2.53B |
| Total Liabilities | 7.32B | 7.01B | 6.85B | 2.82B | 2.87B | 3.04B |
| Stockholders Equity | 114.73M | 549.76M | 2.04B | -582.96M | -596.89M | -703.77M |
Cash Flow | ||||||
| Free Cash Flow | 150.14M | -152.20M | 52.59M | 105.25M | 224.32M | 142.04M |
| Operating Cash Flow | 471.22M | 327.47M | 373.41M | 325.68M | 407.67M | 201.23M |
| Investing Cash Flow | -63.19M | -487.46M | -472.62M | -220.42M | 126.65M | -57.78M |
| Financing Cash Flow | -386.35M | 163.20M | 117.97M | -143.00M | -489.55M | -466.43M |
Six Flags Entertainment Corporation Technical Analysis
Negative
16.59
Price Trends
12.72
Negative
16.25
Negative
17.15
Negative
Market Momentum
-1.62
Positive
21.18
Positive
3.07
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FUN, the sentiment is Negative. The current price of 16.59 is above the 20-day moving average (MA) of 9.96, above the 50-day MA of 12.72, and below the 200-day MA of 17.15, indicating a bearish trend. The MACD of -1.62 indicates Positive momentum. The RSI at 21.18 is Positive, neither overbought nor oversold. The STOCH value of 3.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FUN.
Six Flags Entertainment Corporation Risk Analysis
Six Flags Entertainment Corporation disclosed 37 risk factors in its most recent earnings report. Six Flags Entertainment Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Six Flags Entertainment Corporation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $9.37B | 22.30 | 13.14% | ― | 12.69% | 75.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | $569.85M | -12.61 | 17.63% | 5.74% | 3.66% | -131.10% | |
50 Neutral | $1.37B | 11.75 | -27.85% | 5.32% | -3.54% | -31.58% | |
46 Neutral | $68.41M | -12.78 | -2.27% | ― | -31.88% | 99.99% | |
45 Neutral | $242.42M | -2.72 | -86.54% | 1.51% | -1.49% | -795.27% | |
43 Neutral | $692.68M | -0.39 | -449.53% | 2.77% | -3.46% | -267.85% |
* General Sector Average
FUN
Six Flags Entertainment Corporation
6.77
-19.97
-74.68%
PRKS
United Parks & Resorts
30.31
-21.57
-41.58%
PLAY
Dave & Busters Entertainment
6.96
-10.76
-60.72%
LUCK
Lucky Strike Entertainment
4.18
-3.74
-47.25%
LTH
Life Time Group Holdings
41.93
15.16
56.63%
GDHG
Golden Heaven Group Holdings Ltd.
1.15
-3.52
-75.37%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.