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1. Company Snapshot

1.a. Company Description

United Parks & Resorts Inc., together with its subsidiaries, operates as a theme park and entertainment company in the United States.It operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, as well as Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia.The company also operates water park attractions in Orlando, Florida; San Antonio, Texas; San Diego, California; Chula Vista, California; Tampa, Florida; and Williamsburg, Virginia.


In addition, it operates a reservations-only theme park in Orlando, Florida and a park in Langhorne, Pennsylvania.The company operates a portfolio of twelve theme parks under the SeaWorld, Busch Gardens, Aquatica, Discovery Cove, Water Country USA, Adventure Island, and Sesame Place brands.The company was formerly known as SeaWorld Entertainment, Inc.


and changed its name to United Parks & Resorts Inc.in February 2024.SeaWorld Entertainment, Inc.


was founded in 1959 and is headquartered in Orlando, Florida.

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1.b. Last Insights on PRKS

United Parks & Resorts Inc.'s recent performance was negatively impacted by disappointing Q4 earnings, with quarterly earnings of $0.28 per share missing the Zacks Consensus Estimate of $0.46 per share. The company's earnings call transcript and financial results for Q4 and fiscal 2025 revealed a decline in earnings compared to the previous year. Additionally, a lawsuit from Sesame Workshop alleging unpaid royalties and fees related to their partnership to operate Sesame Place parks and attractions may have contributed to the negative performance. Analysts have a "Hold" rating on the stock.

1.c. Company Highlights

2. United Parks & Resorts' Fiscal 2025 Results: A Mixed Bag

United Parks & Resorts reported a total revenue of $1.66 billion for fiscal 2025, a 3.6% decrease from fiscal 2024. The company's net income for the year was $168.4 million, and adjusted EBITDA was $605.1 million. In the fourth quarter, total revenue was $373.5 million, a decrease of $10.8 million or 2.8% compared to the fourth quarter of 2024. The company's EPS for the quarter was $0.28, missing estimates of $0.46. Despite the revenue decline, in-park per capita spending reached a record high, increasing 2.1% in the fourth quarter.

Publication Date: Feb -27

📋 Highlights
  • Underperformance in Fiscal 2025: Revenue fell 3.6% YoY to $1.66 billion, with attendance dropping 1.8% to 21.2 million guests, driven by uneven consumer demand and international tourism challenges.
  • Record In-Park Spending: Despite lower attendance, in-park per capita spending increased 2.1% in Q4 2025, reflecting strong visitor engagement and higher average spend per guest.
  • Share Buybacks and Liquidity: The company repurchased 6.7 million shares (12% of outstanding) in 2025 and maintained $789 million in liquidity with a net leverage ratio of 3.4x.
  • 2026 Growth Momentum: Advanced bookings for Discovery Cove rose high single digits, while group bookings are up over 50%, signaling optimism for next year’s financial performance.
  • Strategic CapEx and Sponsorships: $217.5 million in 2025 CapEx was allocated, with $175 million planned for 2026 core projects and a sponsorship pipeline growing toward $30 million annually.

Operational Performance

The company's operational performance was impacted by lower international visitation and fewer operating days compared to the fourth quarter of 2024. Attendance decreased by approximately 126,000 guests or 2.6%, while operating expenses decreased $1.8 million or 1.0% compared to the fourth quarter of 2024. The company's pass base was down approximately 4% in December 2025 compared to December 2024, but sales momentum is improving heading into the peak selling season.

Growth Prospects

Looking ahead to 2026, the company has a promising outlook, with Discovery Cove advanced booking revenue up high single digits, and company-wide group booking revenue pacing up over 50%. The sponsorship business is viewed as a $30 million-plus revenue opportunity in the coming years. The company is investing in its parks, including SeaWorld Orlando, Discovery Cove, and Aquatica, and is confident in its long-term strategy, which will drive improved operating and financial results and long-term value for stakeholders.

Valuation

With a P/E Ratio of 11.38 and an EV/EBITDA of 3.52, the company's valuation appears reasonable. The company's Free Cash Flow Yield is 13.28%, indicating a potentially attractive return for investors. However, the ROIC and ROE metrics are negative, likely due to accounting treatments. Analysts estimate next year's revenue growth at 2.5%, which is relatively modest. The company's strong balance sheet, with a net total leverage ratio of 3.4x and approximately $789 million of total available liquidity, provides a solid foundation for future growth.

Share Repurchase and Capital Allocation

The company repurchased 6.7 million shares in 2025, representing approximately 12% of shares outstanding. The company's capital allocation strategy appears to be focused on returning value to shareholders, and the company's confidence in its business is reflected in its share repurchase activity. The company believes its shares are undervalued, trading at a fraction of its replacement value.

3. NewsRoom

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Reviewing United Parks & Resorts (NYSE:PRKS) and Life Time Group (NYSE:LTH)

Apr -01

Source: defenseworld.net

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United Parks & Resorts (NYSE:PRKS) Sets New 12-Month Low – Here’s What Happened

Mar -29

Source: defenseworld.net

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502,896 Shares in United Parks & Resorts Inc. $PRKS Acquired by CIBC Bancorp USA Inc.

Mar -19

Source: defenseworld.net

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United Parks & Resorts Inc. (NYSE:PRKS) Receives Consensus Rating of “Hold” from Brokerages

Mar -18

Source: defenseworld.net

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‘Sesame Street' Producer Sues SeaWorld Parent Over Unpaid Royalties

Mar -12

Source: wsj.com

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Carillon Eagle Small Cap Growth Fund Q4 2025 Portfolio Review

Mar -02

Source: seekingalpha.com

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United Parks & Resorts Inc. (PRKS) Q4 2025 Earnings Call Transcript

Feb -26

Source: seekingalpha.com

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United Parks & Resorts (PRKS) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -26

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Admissions

Expected Growth: 3.0%

United Parks & Resorts Inc.'s 3.0% growth in admissions is driven by increasing consumer spending on experiential entertainment, successful marketing campaigns, and strategic park expansions. Additionally, the company's focus on themed attractions and immersive experiences has attracted a growing demographic of young adults and families, contributing to the upward trend in admissions.

Food, Merchandise and Other

Expected Growth: 3.0%

United Parks & Resorts Inc. achieved 3.0% growth driven by Food segment's increased sales of premium offerings and seasonal promotions, Merchandise's expansion of licensed products and e-commerce platform, and Other's growth in resort hotel bookings and vacation packages, supported by effective pricing strategies and enhanced customer experiences.

7. Detailed Products

Universal Studios Hollywood

A film-themed amusement park with behind-the-scenes experiences, live shows, and thrill rides.

Universal CityWalk

An entertainment district offering dining, shopping, and nightlife options.

Universal's Cabana Bay Beach Resort

A retro-themed on-site hotel with family-friendly amenities and accommodations.

Universal's Aventura Hotel

A modern, sleek hotel with amenities like a rooftop bar and a food hall.

Universal's Volcano Bay

A tropical-themed water park with innovative attractions and experiences.

Universal's Epic Universe

A new theme park with highly immersive and interactive experiences.

8. United Parks & Resorts Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

United Parks & Resorts Inc. faces moderate threat from substitutes, as customers have alternative options for entertainment and leisure activities.

Bargaining Power Of Customers

United Parks & Resorts Inc. has a high bargaining power of customers, as customers have many options for entertainment and leisure activities, and can easily switch to competitors.

Bargaining Power Of Suppliers

United Parks & Resorts Inc. has a low bargaining power of suppliers, as the company has a strong negotiating position due to its large scale of operations.

Threat Of New Entrants

United Parks & Resorts Inc. faces a low threat of new entrants, as the industry has high barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

United Parks & Resorts Inc. operates in a highly competitive industry, with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 110.34%
Debt Cost 8.83%
Equity Weight -10.34%
Equity Cost 13.05%
WACC 8.39%
Leverage -1066.82%

11. Quality Control: United Parks & Resorts Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Acushnet

A-Score: 5.2/10

Value: 3.1

Growth: 5.8

Quality: 5.7

Yield: 2.0

Momentum: 7.0

Volatility: 7.3

1-Year Total Return ->

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Mattel

A-Score: 4.8/10

Value: 6.1

Growth: 5.1

Quality: 6.5

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
YETI

A-Score: 4.8/10

Value: 4.2

Growth: 8.0

Quality: 7.5

Yield: 0.0

Momentum: 5.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
United Parks & Resorts

A-Score: 4.4/10

Value: 8.0

Growth: 7.0

Quality: 6.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Six Flags

A-Score: 4.1/10

Value: 7.8

Growth: 2.2

Quality: 4.7

Yield: 1.0

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Cedar Fair

A-Score: 2.8/10

Value: 7.8

Growth: 2.2

Quality: 2.6

Yield: 1.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

33.65$

Current Price

33.65$

Potential

-0.00%

Expected Cash-Flows