PENN Entertainment, Inc. (PENN)

PENN Entertainment, Inc., together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in the United States and internationally. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates a portfolio of casinos, racetracks, and online sports betting; online gaming portfolio, such as theScore Bet, an online sportsbook; theScore Casino, a stand-alone iCasino website and app; Hollywood Casino, an iCasino and theScore Bet website and app; PENN Game Studios, its in-house iCasino and social gaming content studio; and PENN Play, a customer loyalty program. The company also engages in gaming operations, including slot machines and table games; food and beverage offerings; and hotel visitation. It offers its products under the Ameristar, Argosy, Boomtown, Hollywood Casino, Hollywood Gaming, L'Auberge, M Resort, PENN Entertainment, and PENN Play, as well as theScore, theScore Bet, and theScore esports brands. The company was formerly known as Penn National Gaming, Inc. and changed its name to PENN Entertainment, Inc. in August 2022. PENN Entertainment, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

Ticker: PENN
Exchange: Nasdaq
Sector: Consumer Cyclical
Industry: Resorts & Casinos
Market cap: $2.33B
52-week range: $11.65 - $22.36

Valuation

Share price: $17.43 (close of Nov 6, 2026)
P/E (TTM): -338.27x
Price to book: 1.23x
Price to free cash flow: 3.18x
Enterprise value: $9.91B
Book value per share: $14.17

Price performance

Period	Change
1 day	+0.52%
5 days	+9.69%
1 month	+9.55%
3 months	-13.41%
6 months	+4.06%
Year to date	+18.17%
1 year	+18.98%
3 years	-25.06%
5 years	-71.78%
10 years	+43.81%
All time	+9,151.15%

Short interest

As of: Oct 15, 2026
Short % of float: 17.95%
Shares short: 17.61M
Days to cover: 5.42
Change since prior report: +4.03%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -46.13%
Return on invested capital: -5.14%
Return on assets: -5.91%
Return on capital employed: -5.27%
Gross margin: 18.94%
Net margin: -12.11%
EBITDA margin: -3.26%
Revenue growth: 5.82%
Free cash flow growth: 41.44%

Cash flow and balance sheet

Free cash flow yield (TTM): 31.43%
Current ratio: 0.96x
Net debt to EBITDA: 9.00x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $6.96B
Cost of revenue: $5.64B
Gross profit: $1.32B
EBITDA: -$226.70M
Net income: -$843.10M
Earnings per share: $-5.83
Interest expense: $447.60M
Shares outstanding: 144.60M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$6.96B	$1.32B	-$843.10M	-$5.83
2024-12-31	$6.58B	$2.10B	-$311.50M	-$2.05
2023-12-31	$6.36B	$1.05B	-$490.00M	-$3.22
2022-12-31	$6.40B	$2.18B	$222.10M	$1.37
2021-12-31	$5.91B	$2.50B	$420.80M	$2.64
2020-12-31	$3.58B	$757.30M	-$669.50M	-$5.00
2019-12-31	$5.30B	$1.82B	$43.90M	$0.38
2018-12-31	$3.59B	$1.25B	$93.50M	$0.96
2017-12-31	$3.15B	$960.20M	$473.40M	$5.21
2016-12-31	$3.03B	$1.01B	$109.31M	$1.21

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	18.94%	-12.11%	-46.13%	-5.14%
2024-12-31	31.88%	-4.74%	-10.90%	0.51%
2023-12-31	16.45%	-7.70%	-15.31%	-4.63%
2022-12-31	34.04%	3.47%	6.18%	5.90%
2021-12-31	42.35%	7.13%	10.27%	8.11%
2020-12-31	21.16%	-18.71%	-25.21%	-2.53%
2019-12-31	34.31%	0.83%	2.37%	5.85%
2018-12-31	34.92%	2.61%	12.79%	20.17%
2017-12-31	30.50%	15.04%	-	37.87%
2016-12-31	33.13%	3.60%	-	60.97%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$686.60M	$2.85B
2024-12-31	$706.60M	$2.73B
2023-12-31	$1.07B	$2.72B
2022-12-31	$1.62B	$2.72B
2021-12-31	$1.86B	$2.64B
2020-12-31	$1.85B	$2.23B
2019-12-31	$437.40M	$2.32B
2018-12-31	$479.60M	$2.35B
2017-12-31	$277.90M	$1.21B
2016-12-31	$229.51M	$1.33B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$508.20M	$60.90M
2024-12-31	$359.30M	$52.90M
2023-12-31	$455.90M	$85.90M
2022-12-31	$614.80M	$58.10M
2021-12-31	$652.00M	$35.10M
2020-12-31	$201.80M	$14.50M
2019-12-31	$513.30M	$14.90M
2018-12-31	$260.20M	$12.00M
2017-12-31	$378.50M	$7.80M
2016-12-31	$310.71M	$6.87M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-11-05	Sep 2026	$0.21
2026-08-06	Jun 2026	$0.35
2026-04-23	Mar 2026	$0.05
2026-02-26	Dec 2025	-$0.23
2025-11-06	Sep 2025	-$0.10
2025-08-07	Jun 2025	-$0.04
2025-05-08	Mar 2025	-$0.29
2025-02-27	Dec 2024	-$0.41

Filings and sources

Company website: pennentertainment.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

Las Vegas Sands Corp (LVS) · Wynn Resorts Ltd (WYNN) · MGM Resorts International (MGM) · Caesars Entertainment, Inc. (CZR) · Full House Resorts Inc (FLL) · Tapestry, Inc. (TPR) · Capri Holdings Ltd (CPRI) · NIKE, Inc. (NKE)

All Consumer Cyclical companies

Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades