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what it is
United Parks runs 12 theme parks under brands like SeaWorld, Busch Gardens, and Sesame Place.
how it gets paid
Last year Uni. Parks & Resort made $1.7B in revenue. Park admissions was the main engine at $0.77B, or 45% of sales.
why growth slowed
Revenue fell 3.6% last year. This came as no surprise, given economic headwinds and increased tariffs on certain goods that have dampened consumer enthusiasm and spending.
what just happened
The last reported quarter landed at $0.28 EPS versus a $2.37 estimate, an 88.19% miss.
At a glance
B+ balance sheet — decent shape, but not bulletproof
10/100 earnings predictability — expect surprises
10.0x trailing p/e — the market's not buying it — or you found a deal
15.5% return on capital — nothing to write home about
xvary composite: 47/100 — below average
What they do
United Parks runs 12 theme parks under brands like SeaWorld, Busch Gardens, and Sesame Place.
This business wins the old-fashioned way: it owns places families physically go. You cannot stream a roller coaster. With 12 parks and a 22.0% operating margin, scale helps spread fixed costs across rides, staffing, and animal care. That is operating margin → profit after running the parks → so what: the parks still throw off real cash even in a soft year.
How they make money
$1.7B
annual revenue · their business grew -3.6% last year
Park admissions
$0.77B
5.0%
Food and beverage
$0.34B
2.0%
Merchandise, games, and photos
$0.17B
3.0%
Sponsorship, licensing, and media
$0.08B
+7.0%
Other in-park and hospitality
$0.34B
4.0%
The products that matter
admissions and in-park spending
Theme Park Operations
$1.7B revenue · +29.0% growth
it is the entire $1.7B business, and last year's 29.0% growth tells you the recovery still had real momentum.
100% of revenue
Key numbers
10.0x
earnings multiple
P/E ratio → stock price compared with yearly profit → so what: you are paying about $10 for each $1 of trailing earnings.
$55
18-month target
The published 18-month target is $55 versus a $37.42 stock price, a gap of about 47%. That is the upside case in one number.
$2.2B
long-term debt
Long-term debt → money owed over many years → so what: PRKS owes more than its roughly $2B market value.
15.5%
capital return
Return on capital → profit generated from money invested in the business → so what: the parks are still productive assets, even with the debt load.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $2.2B (53% of capital)
- net profit margin 17.7% — keeps 18 cents of every dollar in revenue
- return on equity 48% — $0.48 profit for every $1 investors have put in
B+ — net profit margin looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in PRKS 3 years ago → it's now worth $6,560.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
The last reported quarter landed at $0.28 EPS versus a $2.37 estimate, an 88.19% miss.
The weird part is revenue was reported at $1.3B, up 152% vs. prior year, while profit still disappointed badly. Quiet part loud: this business can fill the parks and still frustrate shareholders if costs or timing move the wrong way.
$1.3B
revenue
$0.28
eps
88.19%
eps surprise
the number that mattered
The 88.19% EPS miss matters most because it tells you PRKS is cheap for a reason: earnings are far less stable than the 10.0x multiple makes them look.
-
united parks & resorts likely ended a lackluster 2025 with a vs. prior year profit decline during the december quarter.this came as no surprise, given economic headwinds and increased tariffs on certain goods that have dampened consumer enthusiasm and spending. united has done a fine job of reimaging itself with new rides and attractions, which has helped attract patrons to its parks. investors may recall that while the company was still known as seaworld, it had some negative publicity related to its treatment of killer whales in captivity.
-
we look for the amusement park operator to register a modest bottom-line improvement this year.
-
we look for decent, though unspectacular growth in the broader economy in 2026.this should result in fairly good demand for amusement parks as they are a relatively costeffective vacation for most.
-
what about the stock?at the time of this writing, these shares have increased at a mid-single-digit clip thus far in 2026, which is well above the s&p 500 index.
-
however, prks stock has lost considerable ground over the past 12 months.united parks is poised to deliver healthy annual earnings advances, on average, over the 3to 5-years ahead. our cautious optimism is based on a decent economic backdrop over that period, which would help lift consumer confidence and discretionary spending levels. new rides and attractions are vital in this highly competitive industry, and thus, we believe that the company will continue to ramp its capital spending initiatives.
source: company earnings report, 2026
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What could go wrong
the #1 risk is attendance and in-park spending falling when consumers pull back.
med
consumer pullback hits the whole business
Theme parks are discretionary. If households get cautious, PRKS does not have a defensive segment to hide in.
This risk touches essentially all $1.7B of revenue because the company reports one operating story, not a diversified mix.
med
$2.2B of debt reduces room for error
Long-term debt is 53% of capital. That is manageable while parks are full. It matters much more if traffic softens and fixed costs stay fixed.
Leverage does not create the problem, but it can amplify it if margins move down from today's 24.8% level.
med
the rebound may be harder to model than the p/e suggests
Earnings predictability is just 10 / 100 and price stability is 30 / 100. Cheap earnings are less comforting when the earnings stream itself is jumpy.
If results keep surprising, the stock can stay optically cheap for longer than you want.
A weaker consumer would pressure the full $1.7B revenue base, and with $2.2B of debt already on the balance sheet, you do not need a disaster for the equity story to get less comfortable.
source: institutional data · regulatory filings · risk analysis
Pay attention to
growth
whether $2B revenue is realistic
The fy2026 revenue estimate is $2B, versus $1.7B today. That is about 18% more growth after a 29.0% rebound year.
balance sheet
debt staying heavy at $2.2B
A leisure stock can handle leverage when guests keep coming. It gets less forgiving if attendance slows.
quality
whether margins stay in the mid-20s
A 24.8% net margin is doing a lot of work in the thesis. If that slips, the cheap multiple stops looking as cheap.
earnings
next quarter after the $0.66 EPS print
Q4 2025 came in at $0.66 EPS on $512M of revenue. The next print tells you whether that pace is holding or fading.
Analyst rankings
short-term outlook
below average
momentum score 4 — below-average near-term outlook. in human-speak, analysts think the next stretch could stay choppy.
risk profile
average
stability score 3 — middle-of-the-pack balance-sheet risk, not a bunker and not a disaster.
chart momentum
average
technical score 3 — no strong signal from the chart beyond the fact that volatility is real.
earnings predictability
10 / 100
Results are hard to model. That does not make them bad. It does make them easier to misprice, in both directions.
source: institutional data
Institutional activity
144 buyers vs. 85 sellers in 3q2025. total institutional holdings: 70.6M shares.
source: institutional data
Price targets
3-5 year target range
$30
$79
$37
current price
$55
target midpoint · +47% from current · 3-5yr high: $90 (+140% · 25% ann'l return)
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