A Business at a Glance
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PENN Entertainment, Inc.
PENN
$3.0B
Mkt Cap
$20.48
+1.04%
PENN Entertainment, Inc. (PENN) has a 5-year average return on invested capital (ROIC) of 1.5%. This is below average and may indicate limited pricing power.
PENN Entertainment, Inc. (PENN) has a market capitalization of $2.7B. It is classified as a mid-cap stock.
PENN Entertainment, Inc. (PENN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 12.06%.
PENN Entertainment, Inc. (PENN) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
PENN Entertainment, Inc. (PENN) reported annual revenue of $7.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
PENN Entertainment, Inc. (PENN) has a net profit margin of -12.1%. The company is currently unprofitable.
PENN Entertainment, Inc. (PENN) generated $-140 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting (“OSB”) and iCasino offerings. PENN’s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program, offering its over 33 million members a unique set of rewards and experiences. On November 6, 2025, the Company announced the early termination of our U.S. sportsbook agreement with ESPN, Inc. and ESPN Enterprises Inc. (together, “ESPN”), effective December 1, 2025.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.1B | 7.0B | 6.6B | 6.4B | 6.4B | 5.9B |
| Net Income | -957M | -843M | -312M | -490M | 221M | 419M |
| EPS | $-6.46 | $-5.83 | $-2.05 | $-3.22 | $1.29 | $2.48 |
| Free Cash Flow | 551M | -140M | -123M | 96M | 615M | 652M |
| ROIC | -12.1% | -16.4% | 0.9% | -8.0% | 18.1% | 13.2% |
| Gross Margin | - | 50.5% | 47.9% | 27.9% | 53.3% | 56.3% |
| Debt/Equity | 1.60 | 3.76 | 2.37 | 2.19 | 1.06 | 1.75 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -619M | -674M | 73M | -690M | 974M | 1.1B |
| Operating Margin | -8.8% | -9.7% | 1.1% | -10.8% | 15.2% | 17.9% |
| ROE | -52.3% | -35.9% | -10.9% | -14.4% | 5.7% | 12.4% |
| Shares Outstanding | 133M | 145M | 152M | 152M | 171M | 169M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.6B | 2.8B | 3.0B | 3.1B | 3.6B | 5.3B | 3.6B | 5.9B | 6.4B | 6.4B | 6.6B | 7.0B | 7.1B |
| Gross Margin | N/A | N/A | 57.2% | 53.8% | 57.5% | 51.1% | 45.6% | 56.3% | 53.3% | 27.9% | 47.9% | 50.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 446M | 449M | 462M | 515M | 619M | 1.2B | 1.1B | 1.4B | 1.1B | 1.6B | 1.6B | 1.6B | 1.7B |
| EBIT | 257M | 468M | 543M | 446M | 634M | 572M | -410M | 1.1B | 974M | -690M | 73M | -674M | -619M |
| Op. Margin | 9.9% | 16.5% | 17.9% | 14.2% | 17.7% | 10.8% | -11.5% | 17.9% | 15.2% | -10.8% | 1.1% | -9.7% | -8.8% |
| Net Income | -233M | 619K | 101M | 473M | 94M | 44M | -670M | 419M | 221M | -490M | -312M | -843M | -957M |
| Net Margin | -9.0% | 0.0% | 3.3% | 15.0% | 2.6% | 0.8% | -18.7% | 7.1% | 3.5% | -7.7% | -4.7% | -12.1% | -13.5% |
| Non-Recurring | 80M | -1.3M | 2.5M | 18M | -3.2M | 83M | 156M | 0 | 37M | -893M | 89M | 945M | 945M |
| Returns on Capital | |||||||||||||
| ROIC | 36.9% | 37.1% | 68.4% | 57.8% | 35.6% | 6.2% | -14.8% | 13.2% | 18.1% | -8.0% | 0.9% | -16.4% | -12.1% |
| ROE | 37.0% | -0.1% | -16.5% | -153.6% | 28.4% | 3.4% | -29.7% | 12.4% | 5.7% | -14.4% | -10.9% | -35.9% | -52.3% |
| ROA | -5.1% | 0.0% | 2.0% | 9.3% | 1.2% | 0.3% | -4.6% | 2.7% | 1.3% | -2.9% | -2.0% | -5.7% | -6.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 262M | 414M | 408M | 478M | 353M | 704M | 339M | 896M | 878M | 456M | 359M | 508M | 589M |
| Free Cash Flow | 118M | 277M | 311M | 379M | 260M | 513M | 202M | 652M | 615M | 96M | -123M | -140M | 551M |
| Owner Earnings | -15M | 146M | 130M | 203M | 72M | 275M | -42M | 517M | 253M | -65M | -127M | 400K | 73M |
| CapEx | 145M | 137M | 97M | 99M | 93M | 191M | 137M | 244M | 263M | 360M | 483M | 648M | 38M |
| Maint. CapEx | 267M | 259M | 271M | 267M | 269M | 414M | 367M | 345M | 568M | 435M | 434M | 447M | 456M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49M | 201M | 0 |
| D&A | 267M | 259M | 271M | 267M | 269M | 414M | 367M | 345M | 568M | 435M | 434M | 447M | 456M |
| CapEx/OCF | 55.2% | 34.2% | 4.6% | 15.5% | 2.2% | 1.8% | 5.1% | 3.1% | 2.4% | 5.2% | 15.0% | 10.1% | 6.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 25M | 50M | 25M | 0 | 0 | 601M | 150M | 0 | 354M | 329M |
| Buyback Yield | N/A | N/A | N/A | 0.8% | 2.7% | 0.8% | N/A | N/A | 12.3% | 3.7% | N/A | 16.2% | 12.1% |
| Stock-Based Comp | 11M | 8.2M | 6.9M | 7.8M | 12M | 15M | 15M | 35M | 58M | 86M | 53M | 61M | 59M |
| Debt Repayment | 50M | 115M | 54M | 1.1B | 483M | 0 | 0 | 0 | 1.5B | 0 | 0 | 224M | 224M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.4B | 1.5B | 1.2B | 972M | 1.9B | 6.5B | 5.0B | 5.3B | 2.2B | 5.9B | 5.4B | 5.5B | 2.2B |
| Cash & Equiv. | 209M | 237M | 230M | 278M | 480M | 437M | 1.9B | 1.9B | 1.6B | 1.1B | 707M | 687M | 708M |
| Long-Term Debt | 1.2B | 1.6B | 1.3B | 1.2B | 2.4B | 2.3B | 2.2B | 2.6B | 2.7B | 2.7B | 2.7B | 2.8B | 2.9B |
| Debt/Equity | -2.31 | -2.52 | -2.61 | -17.09 | 3.30 | 3.76 | 2.56 | 1.75 | 1.06 | 2.19 | 2.37 | 3.76 | 1.60 |
| Interest Coverage | 0.6 | 1.1 | 1.2 | 1.0 | 1.2 | 1.1 | -0.8 | 1.9 | 1.3 | -1.5 | 0.2 | -1.7 | -1.7 |
| Equity | -708M | -678M | -543M | -73M | 731M | 1.9B | 2.7B | 4.1B | 3.6B | 3.2B | 2.9B | 1.8B | 1.8B |
| Total Assets | 4.6B | 5.1B | 5.0B | 5.2B | 11.0B | 14.2B | 14.7B | 16.9B | 17.5B | 16.1B | 15.3B | 14.3B | 14.1B |
| Total Liabilities | 854M | 836M | 829M | 5.3B | 10.2B | 12.3B | 12.0B | 12.8B | 13.9B | 12.9B | 12.4B | 12.4B | 12.3B |
| Intangibles | 419M | 391M | 435M | 423M | 1.9B | 2.0B | 1.5B | 1.9B | 1.7B | 1.6B | 1.5B | 1.4B | 1.4B |
| Retained Earnings | -1.6B | -1.6B | -1.5B | -1.1B | -968M | 162M | -507M | -87M | 155M | -336M | -647M | -1.5B | -1.5B |
| Working Capital | -152M | -185M | -137M | -129M | -61M | -263M | 1.2B | 1.1B | 855M | 169M | -261M | -309M | -256M |
| Current Assets | 332M | 372M | 399M | 401M | 678M | 643M | 2.1B | 2.2B | 2.0B | 1.7B | 1.2B | 1.2B | 1.2B |
| Current Liabilities | 485M | 558M | 536M | 530M | 738M | 906M | 860M | 1.1B | 1.2B | 1.5B | 1.4B | 1.5B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | -2.34 | 0.01 | 1.19 | 5.07 | 0.93 | 0.37 | -5.00 | 2.48 | 1.29 | -3.22 | -2.05 | -5.83 | -6.46 |
| Owner EPS | -0.15 | 2.36 | 1.54 | 2.17 | 0.71 | 2.32 | -0.32 | 3.06 | 1.47 | -0.43 | -0.84 | 0.00 | 0.55 |
| Book Value | -7.10 | -10.95 | -6.42 | -0.78 | 7.27 | 15.62 | 19.84 | 24.27 | 20.98 | 21.04 | 18.84 | 12.68 | 13.71 |
| Cash Flow/Share | 2.63 | 6.69 | 4.82 | 5.12 | 3.51 | 5.93 | 2.53 | 5.31 | 5.12 | 3.00 | 2.36 | 3.51 | -3.76 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 99.7M | 61.9M | 84.6M | 93.4M | 100.5M | 118.6M | 133.9M | 168.8M | 171.5M | 152.2M | 152.0M | 144.6M | 133.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 11.8 | 6.2 | 20.0 | 69.4 | N/A | 19.9 | 21.9 | N/A | N/A | N/A | -3.2 |
| P/FCF | 11.6 | 3.6 | 3.8 | 7.8 | 7.2 | 5.9 | 58.9 | 12.8 | 7.9 | 42.2 | N/A | N/A | 5.0 |
| EV/EBIT | 7.5 | 5.1 | 4.2 | 8.2 | 5.3 | 8.1 | N/A | 7.1 | 4.6 | N/A | 58.4 | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 2.6 | 1.6 | 4.5 | 2.0 | 1.4 | 1.3 | 1.0 | 1.2 | 1.5 |
| Price/Sales | 0.4 | 0.4 | 0.4 | 2.6 | 3.6 | 0.5 | 1.6 | 2.4 | 1.0 | 0.6 | 0.4 | 0.4 | 0.4 |
| FCF Yield | 11.0% | 25.2% | 24.1% | 12.9% | 13.9% | 16.8% | 1.7% | 7.8% | 12.6% | 2.4% | -4.3% | -6.4% | 20.2% |
| Market Cap | 1.1B | 1.1B | 1.3B | 2.9B | 1.9B | 3.0B | 11.9B | 8.4B | 4.9B | 4.0B | 2.8B | 2.2B | 2.7B |
| Avg. Price | 12.09 | 16.85 | 14.45 | 20.59 | 29.36 | 21.13 | 41.66 | 82.86 | 36.28 | 26.27 | 19.10 | 17.42 | 20.48 |
| Year-End Price | 13.63 | 16.01 | 14.01 | 31.42 | 18.63 | 25.69 | 88.71 | 49.34 | 28.31 | 26.60 | 18.69 | 15.10 | 20.48 |
PENN Entertainment, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 6.0x vs a median of 7.8x. The company's 5-year average ROIC is 1.5% with a gross margin of 47.2%. Total shareholder yield (buybacks) is 12.1%. At current prices, the estimated annualized return to fair value is -8.7%.
PENN Entertainment, Inc. (PENN) has a debt-to-equity ratio of 3.76. This indicates higher leverage, which may increase financial risk.
PENN Entertainment, Inc. (PENN) reported earnings per share (EPS) of $-5.83 in its most recent fiscal year.
PENN Entertainment, Inc. (PENN) has a return on equity (ROE) of -35.9%. A negative ROE may indicate losses or negative equity.
PENN Entertainment, Inc. (PENN) has a 5-year average gross margin of 47.2%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for PENN Entertainment, Inc. (PENN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PENN Entertainment, Inc. (PENN) has a book value per share of $12.68, based on its most recent annual SEC filing.