Six Flags Entertainment Corporation (FUN)

Price$15.51Cached quoteAs of 2026-09-05 06:42 UTC

AI: Fair-priced

Price checkThe shares look inexpensive, but heavy debt keeps the valuation from being clearly cheap.

With 102.3 million shares outstanding, the observed quote implies a stock-market value near $1.34 billion. Adding $4.88 billion of net debt gives an enterprise value—share value plus net debt—of roughly $6.22 billion. That equals about 7.8 times trailing same-park adjusted EBITDA, management’s operating-profit measure before interest, taxes, depreciation, and selected charges. The last four supplied quarters generated about $150 million of cash after operations and capital spending, roughly nine times the share value. These appealing multiples are balanced by high leverage and uncertain cash durability, supporting a Fair-priced verdict.

Big picturePark demand is improving, while durable owner cash remains unproven.

Revenue reached $3.10 billion in 2025, but the company lost $1.60 billion, largely reflecting a $1.51 billion noncash write-down. More importantly, operating cash of $327 million did not cover $480 million of capital spending. Cash left after running and investing in the business improved to about $150 million across the latest four supplied quarters, yet it remains modest beside the debt. Results are also highly seasonal: first-quarter operating cash was negative $83 million before improving by $236 million in the second quarter, making summer attendance and weather unusually important.

Business strengthAsset sales cut debt, but creditors still hold most of the financial cushion.

June net debt was $4.88 billion, almost six times trailing same-park adjusted operating cash earnings, against only $135 million of cash. Liquidity was a more comfortable $837 million because unused borrowing capacity provided $703 million. Selling seven parks helped reduce net debt by about $389 million from the first quarter, so capital allocation currently favors creditors. There were no reported dividends or repurchases in the supplied history. Meanwhile, shares increased about 2% from December 2024 to June 2026, and stock-based pay continued, creating modest dilution while accumulated losses reduced equity to only $115 million.

What could change the storyPass growth and debt reduction must continue for meaningful upside to emerge.

The strongest bull evidence is second-quarter same-park growth: attendance rose 4%, revenue 2.4%, and adjusted operating cash earnings 7%; pass sales and the active pass base increased 7% and 6%. If this produces annual adjusted earnings above roughly $900 million, cash after investment above $300 million, and net debt below $4.5 billion, the equity could deserve a higher value. The bear case is that lower admission spending per visit, large ride investments, or weak peak-season demand prevent repayment. The present valuation therefore assumes gradual recovery without another financing or material share issuance.

AI: News

Second-quarter attendance improvesContinuing parks drew more visitors, but losses deepened and the shares fell sharply.

On August 6, Six Flags reported that second-quarter same-park attendance increased 4%, revenue rose 2.4% to $864 million, and adjusted operating cash earnings grew 7% to $249 million. However, the reported net loss widened to $203 million from $100 million. Shares closed about 16% below the preceding day, on unusually heavy volume. That timing suggests investor disappointment, although it does not prove the earnings release alone caused the decline. Pass growth offered a counterweight to the larger loss.

Seven parks soldPark sales brought cash for debt reduction while shrinking revenue and spreading fixed costs.

Six Flags completed the sale of six United States parks on April 6 and La Ronde on May 15. The agreed consideration was approximately $331.4 million before closing adjustments; those parks had produced about $260 million of 2025 revenue and $45 million of adjusted operating cash earnings. Proceeds were directed toward debt, helping net debt fall from $5.27 billion in March to $4.88 billion in June. The trade-off is a smaller revenue base, so remaining parks must absorb corporate costs efficiently.

Activist group takes stakeAn activist-backed stake raised pressure for better marketing, guest experiences, and capital choices.

On October 21, 2025, Jana Partners disclosed that a group including Travis Kelce had built an approximately 9% economic interest and planned to engage management and the board. The group emphasized marketing and visitor-experience improvements. The shares rose 17.7% that day and another 5.1% after hours, according to Associated Press, providing unusually clear evidence of market relevance. The lasting value depends on whether outside pressure produces stronger park-level cash generation rather than temporary publicity or costly spending.

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Revenue

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2023

2024

2025

Net income

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2023

2024

2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$3.10B	$2.71B	$1.80B	$1.82B
Gross profit	$2.83B	$2.48B	$1.64B	$1.65B
Gross margin	91.30%	91.42%	91.11%	90.96%
Operating expenses	$4.48B	$2.40B	$1.49B	$1.30B
Operating income	−$1.38B	$310.5M	$306.2M	$519.9M
Operating margin	−44.35%	11.46%	17.02%	28.61%
EBITDA	−$888.6M	$628.6M	$464.2M	$673.2M
EBITDA margin	−28.66%	23.21%	25.81%	37.04%
Net income	−$1.60B	−$231.2M	$124.6M	$307.7M
Net profit margin	−51.58%	−8.53%	6.93%	16.93%
Basic EPSper basic share	-$15.89	-$3.22	$2.45	$5.85
Diluted EPSper diluted share	-$15.89	-$3.22	$2.42	$5.45

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of FUN
Holder	Shares held
Ferguson Scott D. / Sachem Head GP LLC / Brudnick Jonathan A. / Uncas GP LLC / Sachem Head Capital Management LP	5.03M
JAFFER REHAN	4.9M
Zimmerman Richard	770.58K
BASSOUL SELIM A	537.22K
Witherow Brian C	300.16K
Reilly John T	282.02K
HADDRILL RICHARD M	230.12K
FISHER TIM	222.24K
Hoffman David R.	99.21K
Nurse Brian	79.09K
Tastepe Tayfun	42.69K
Olivet D Scott	41.14K
White Robert Anderson	40.78K
Walia Ashok	40.6K
Dieckmann Christian	37.4K
Bennett Christopher Lawrence	37.35K
SAULS MONICA	34.47K
Bracey Esi Eggleston	28.52K
Mason Jennifer	26.13K
Ramirez Enrique	24.95K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys7$6.42M disclosed value

Sells (SEC code S)3$781.5K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	JAFFER REHANDirector	BuyCommon Stock, par value $0.01 per share · indirect	125.0K	$23.41	$2.93M	4.90M
Jun 12, 2026Form 4	JAFFER REHANDirector	BuyCommon Stock, par value $0.01 per share · indirect	125.0K	$23.69	$2.96M	4.78M
May 21, 2026Form 4	Spiegel Marilyn GDirector	BuyCommon Stock, par value $0.01 per share	2.5K	$19.10	$47.8K	15.2K
May 12, 2026Form 4	HADDRILL RICHARD MExecutive Chair	BuyCommon Stock, par value $0.01 per share	10.0K	$19.08	$190.8K	230.1K
May 12, 2026Form 4	Spiegel Marilyn GDirector	BuyCommon Stock, par value $0.01 per share	2.5K	$19.13	$47.8K	12.7K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat1 month ago
Six Flags introduces installment payments through Upgrade for passes and eligible purchases
Six Flags announced Flex Pay by Upgrade on 7 September 2026. Product terms Eligible online purchases of $49 or more, including qualifying season passes, can be financed through fixed monthly installments. Approved guests can use activated p ...
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Six Flags Entertainment Corporation (FUN)

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Six Flags introduces installment payments through Upgrade for passes and eligible purchases