PENN Entertainment, Inc. PENN

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 17.02 USD on Nov 2, 2026, +15.4% year to date

Quant rating

Quant rating C Rank 239 of 344 in Consumer Discretionary

Growth A 28 of 344
Valuation B 122 of 344
Quality D 299 of 344
Revisions C 211 of 344
Momentum D 251 of 344

Wall Street consensus Buy (2.30)Average target 23.44 USD +37.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.3B
Enterprise value: 8.5B
52-week range: 11.65 – 22.36
3-year range: 11.65 – 26.60
Dividend yield: –
Beta (5 years): 1.37
Shares outstanding: 134M
Next earnings: Nov 5, 2026

About the company

PENN Entertainment, Inc., together with its subsidiaries, operates in 28 jurisdictions throughout North America, with a portfolio of casinos, racetracks, and online sports betting (OSB) and iCasino offerings. Its focus is on organic cross-selling opportunities, reinforced by its retail casinos, sports media assets and technology, including a proprietary fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. Its Northeast segment includes Ameristar East Chicago, Hollywood Casino at Greektown, and Hollywood Casino Bangor. Its South segment includes 1st Jackpot Casino, Ameristar Vicksburg, Boomtown New Orleans, and L’Auberge Baton Rouge. Its West Segment includes Ameristar Black Hawk, Cactus Petes and Horseshu, M Resort Spa Casino and Zia Park Casino. Its Midwest Segment includes Ameristar Council Bluffs, Hollywood Casino Aurora, and River City Casino. Its Interactive segment includes OSB, online casino/iCasino, and social gaming operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,961	6,578	6,363	6,402	5,905	–
Revenue growth	5.8%	3.4%	−0.6%	8.4%	65.0%	14.2%
EPS (basic, normalized)	−5.83	−2.05	−3.22	1.29	2.48	–
EPS growth	–	–	–	−48.0%	–	–
Gross margin	38.9%	39.8%	37.1%	43.3%	46.7%	41.2%
Net margin	−12.1%	−4.7%	−7.7%	3.5%	7.1%	−2.8%
ROE	−35.9%	−10.3%	−14.4%	5.8%	12.5%	−8.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	887
Current ratio	0.89x
Long-term debt (mil)	7,024
Net debt (mil)	6,264
Total equity (mil)	1,861
Net debt / equity	3.37x
Net debt / EBITDA	4.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,961	+5.8%	1.2x	1,462	+12.5%	5.8x	−5.83	−184.4%	−2.9x
2026	7,426	+6.7%	1.2x	1,824	+24.8%	4.7x	0.90	+115.4%	19.0x
2027	7,738	+4.2%	1.1x	1,811	−0.7%	4.7x	1.53	+70.1%	11.1x
2028	8,015	+3.6%	1.1x	1,703	−6.0%	5.0x	2.29	+49.9%	7.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,426	0.0%	+0.5%	+0.9%	0.90	+1.7%	−26.7%	−21.1%
2027	7,738	0.0%	+0.4%	+0.9%	1.53	+0.7%	−20.4%	−15.1%
2028	8,015	0.0%	+1.1%	+1.2%	2.29	−2.4%	−8.2%	−12.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,607	1,663	1,639	1,669	1,672	1,765	1,717	1,806	1,779	1,857
Sales mean (mil)	1,627	1,655	1,655	1,681	1,702	1,733	1,726	1,760	1,750	1,859
Surprise	−1.2%	+0.5%	−1.0%	−0.7%	−1.8%	+1.8%	−0.5%	+2.6%	+1.7%	−0.1%
EPS reported	−0.76	−0.18	−0.24	−0.88	0.68	−0.12	−0.30	−0.55	−0.02	0.24
EPS mean	−0.59	−0.25	−0.24	−0.37	−0.19	0.03	−0.04	−0.05	0.07	0.40
Surprise	−29.2%	+26.9%	−1.7%	−139.4%	−463.1%	−481.0%	−634.8%	−937.7%	−130.5%	−40.6%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PENN PENN Entertainment, Inc.	2.3B	4.29x	−12.1%	1.22x	19.0x	11.1x	4.7x	4.7x
MAR Marriott International, Inc.	108.6B	3.06x	9.9%	−24.09x	35.1x	31.4x	20.7x	19.3x
HLT Hilton Worldwide Holdings Inc.	81.1B	3.39x	12.1%	−12.34x	40.0x	34.9x	23.1x	21.0x
RCL Royal Caribbean Cruises Ltd.	85.9B	3.09x	23.8%	7.33x	17.9x	15.8x	13.9x	12.6x
VIK Viking Holdings Ltd	38.9B	1.19x	17.7%	23.53x	27.0x	20.1x	19.7x	15.6x
CCL Carnival Corporation Ltd	40.4B	3.16x	10.4%	2.86x	13.3x	11.6x	8.8x	8.3x
Mean		3.03x	10.3%	−0.25x	25.4x	20.8x	15.2x	13.6x
Median		3.13x	11.2%	2.04x	23.0x	17.9x	16.8x	14.1x

Technical analysis

1M+15.2%
3M−17.1%
1Y+3.4%
3Y−23.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PENN Entertainment, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,961	6,578	6,363	6,402	5,905	3,579
Cost of revenue	4,250	3,958	4,001	3,632	3,148	1,868
Gross profit	2,710	2,620	2,362	2,770	2,757	1,711
Selling, general & administrative expenses	1,961	2,028	1,545	1,054	1,300	1,143
Research & development	–	–	–	–	–	–
Depreciation/amortization	447	434	435	568	344	367
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	786	105	1,002	195	53.2	613
Other operating expenses	−12.9	−18.7	−13.9	−10.7	0	−0.1
Operating income	−470	72.2	−607	964	1,060	−411
Net interest income (expense)	−358	−419	−399	−716	−523	−529
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	8.0	5.3	506	−72.1	2.5	107
Net income before taxes	−821	−341	−500	175	539	−834
Provision for taxes	24.6	−28.0	−8.2	−46.4	119	−165
Minority interest	2.2	1.8	1.4	0.4	0.3	−0.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−843	−312	−490	222	421	−670
Extraordinary items	–	–	–	–	–	–
Net income	−843	−312	−490	222	421	−670
EBIT, normalized	315	177	396	1,159	1,113	186
EBITDA, normalized	762	611	831	1,726	1,457	552
Basic EPS, normalized	−5.83	−2.05	−3.22	1.29	2.48	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PENN Entertainment, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	687	707	1,072	1,624	1,864	1,854
Receivables	254	257	319	246	195	96.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	152	152	226	106	132	104
Other current assets	73.6	38.7	42.6	36.9	32.4	31.3
Total current assets	1,166	1,154	1,659	2,013	2,224	2,085
Property, plant & equipment	9,608	9,696	9,820	10,619	9,435	9,347
Goodwill	1,787	2,563	2,695	2,690	2,822	1,157
Intangibles	1,405	1,530	1,618	1,739	1,873	1,514
Long-term investments	79.4	86.2	84.9	249	255	267
Note receivable	–	–	–	–	–	–
Other long-term assets	224	232	187	193	263	298
Total assets	14,268	15,262	16,064	17,502	16,872	14,667
Liabilities
Accounts payable	54.2	50.8	36.6	40.1	53.3	33.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	903	921	942	679	730	565
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	130	135	129	236	149	124
Other current liabilities	389	308	382	204	201	137
Total current liabilities	1,476	1,415	1,490	1,159	1,133	860
Long-term debt	7,164	7,138	7,167	11,626	7,002	6,540
Minority interest	−6.5	−4.3	−2.5	−1.1	−0.7	−0.4
Other liabilities	3,801	3,850	4,208	1,121	4,639	4,611
Total liabilities	12,434	12,399	12,862	13,904	12,774	12,011
Shareholders' equity
Preferred stock	0	0	0	19.4	25.8	23.1
Common stock	1.8	1.8	1.8	1.7	1.7	1.6
Additional paid-in capital	4,653	4,542	4,437	4,220	4,240	3,167
Retained earnings (accumulated deficit)	−1,490	−647	−336	154	−86.5	−507
Treasury stock	−1,137	−780	−780	−630	−28.4	−28.4
Other equity	−193	−255	−121	−169	−54.4	0
Total equity	1,834	2,863	3,202	3,598	4,098	2,656
Total liabilities & shareholders' equity	14,268	15,262	16,064	17,502	16,872	14,667

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PENN Entertainment, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−845	−313	−491	222	420	−669
Depreciation, depletion & amortization	447	434	435	568	344	367
Deferred taxes	26.9	−58.1	−32.7	−151	−4.5	−118
Non-cash items	1,278	614	936	401	225	934
Changes in working capital	−398	−317	−391	−161	−89.4	−174
Cash from operations	508	359	456	878	896	339
Investing activities
Capital expenditures	−685	−541	−433	−272	−268	−142
Other investing cash flows	334	−0.6	−310	13.8	−954	−91.9
Cash from investing	−351	−541	−743	−259	−1,222	−234
Financing activities
Financing cash flow items	−22.3	−49.3	24.4	−29.8	−17.5	−15.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−143	−137	−287	−823	357	1,325
Cash from financing	−166	−186	−263	−853	340	1,310
Foreign exchange effects	−0.5	−2.3	−0.4	−2.5	−4.5	–
Net change in cash	−9.0	−371	−550	−236	9.7	1,415
Free cash flow	−177	−181	23.1	606	628	197

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.