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what it is
Pursuit sells bucket-list travel moments through attractions, lodges, tours, food, retail, and transportation in iconic destinations.
how it gets paid
Last year Pursuit Attractions made $452M in revenue. Attractions was the main engine at $257.6M, or 57% of sales.
why it's growing
FY revenue grew 23.4% to ~$452M. The ~$395M / +64% vs. prior year line is a cited quarter or alternate window—not the same as full-year $452M.
what just happened
Revenue hit $395M, up 64% vs. prior year, even as EPS fell 35% vs. prior year to $1.70.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
35.9x trailing p/e — you're paying up for this one
6.6% return on capital — nothing to write home about
stale negative FY2024 EPS est conflicts with current P/E—use live consensus
xvary composite: 59/100 — below average
What they do
Pursuit sells bucket-list travel moments through attractions, lodges, tours, food, retail, and transportation in iconic destinations.
You cannot build Glacier, Banff, or Denali. Pursuit packages those places into 17 attractions and 29 lodges, which gives it scarce inventory in destinations people already want. That scarcity helped drive $452 million in annual revenue, with 57% from attractions and 40% from hospitality according to the company’s 2025 investor presentation.
How they make money
$452M
annual revenue · their business grew +23.4% last year
Attractions
$257.6M
Hospitality
$180.8M
Retail
$9.0M
Transportation and other
$4.5M
The products that matter
travel experiences and tours
Attractions
$258M · 57% of segment mix
This is the biggest revenue bucket shown here. At 57% of the $452M segment total, visitor traffic is still the number that sets the tone.
largest segment
lodging and food service
Hospitality
$181M · 40% of segment mix
Hospitality is smaller than Attractions, but not by much. Lodging room revenue climbed 28% to $105M, which tells you guest spend matters almost as much as admissions.
room revenue $105M
miscellaneous revenue streams
Other
$13M · 3% of segment mix
At 3% of the segment mix, this is not your backup plan. If the main travel categories slow down, there is not much here to offset it.
not a diversifier
Key numbers
35.9x
trailing p/e
P/E → stock price divided by past earnings → so what: you are paying 35.9 times trailing profit for a business with volatile earnings.
$159M
long-term debt
Long-term debt → money owed for years → so what: it equals 14% of capital, which is manageable but still a fixed bill if travel demand weakens.
17.3%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: Pursuit keeps 17.3 cents from each sales dollar before financing costs.
6.6%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: 6.6% is decent for hard assets, but not high enough to justify any price.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
- long-term debt $159M (14% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PRSU right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $395M, up 64% vs. prior year, even as EPS fell 35% vs. prior year to $1.70.
Sales surged, but profit did not keep pace. That is the quiet part out loud: growth is real, but earnings conversion is still messy in a seasonal business.
$395M
quarter revenue
$1.70
eps
17.3%
operating margin
the number that mattered
Revenue grew 64% vs. prior year to $395M. That tells you demand showed up, even if profit quality still needs work.
source: company earnings report, 2026
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What could go wrong
PRSU's core risk is simple: the stock is priced for a cleaner travel story than the numbers on this page actually show.
high
valuation leaves no room for a stumble
The stock trades at 35.9x trailing earnings versus a 19.4x peer average, yet the business posts a 5.0% net margin and just reported -$0.91 EPS for Q4 2025. You are paying up before the smooth part has actually arrived.
A multiple reset alone can hurt you even if the assets stay desirable.
med
the revenue mix is concentrated, not balanced
Attractions are 57% of the segment mix and Hospitality is 40%. Put together, that is 97% of the segment revenue shown here coming from the same travel demand cycle.
If destination traffic softens, most of the business feels it at once.
med
forecast visibility is weak
Earnings predictability is 10/100. In human-speak: quarter-to-quarter outcomes can move around on you more than the valuation implies they should.
That makes misses more expensive because investors were not paying a distressed multiple to begin with.
low
institutional flow is an extra weight
Institutions sold 1.9M shares over 24 months, worth about $66M based on the figures already on this page. That is not the whole thesis, but it means demand has not had a clean runway.
Not fatal on its own. Unhelpful when the stock is already asking for trust.
What would change our mind: revenue tracking toward roughly $465M, adjusted EBITDA landing inside the $123M–$133M range, and the next two quarterly prints making the -$0.91 quarter look like a dip instead of a pattern.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
2026 revenue guide: ~$465M
This is the number holding the story together. A business on 35.9x trailing earnings does not get to miss a headline target like this quietly.
risk
adjusted EBITDA target of $123M–$133M
Revenue can arrive without enough profit attached. If EBITDA misses this range, investors will ask what exactly the premium multiple was paying for.
trend
whether Hospitality keeps carrying real momentum
Lodging room revenue rose 28% to $105M. If that cools while Attractions also slows, both major growth buckets lose force together.
calendar
the next two quarterly prints
One uneven quarter can be noise. With earnings predictability at 10/100, two in a row start to tell you what the business actually looks like.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not trust this earnings stream to show up smoothly.
risk rank
2
On this scale, 2 means safer than about 80% of stocks. That helps. It does not erase valuation risk.
price stability
25 / 100
This stock has not been especially stable. For you, that means the price you pay matters more than usual.
source: institutional data
Institutional activity
institutional ownership data for PRSU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$34
current price
n/a
target midpoint · n/a from current
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