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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 declining attendance and flat revenue, leading to shrinking profits. The company's Q3 earnings missed estimates, with earnings per share of $1.61 versus the expected $2.24. Despite a $500 million share repurchase authorization, which could be beneficial for shareholders, the company's medical care costs and attendance decline have raised concerns. A 'soft buy' rating was justified due to the company's attractive valuation and low market cap.

1.c. Company Highlights

2. United Parks & Resorts' Q3 Earnings: A Mixed Bag

United Parks & Resorts reported total revenue of $511.9 million for Q3 2025, a decrease of 6.2% compared to the same period last year. The company's net income was $89.3 million, down from $119.7 million in Q3 2024. Adjusted EBITDA was $216.3 million, and EPS came in at $1.61, missing analyst estimates of $2.24. The company's operating expenses increased by 3.4% to $295.6 million.

Publication Date: Nov -15

📋 Highlights
  • Revenue Decline in Q3:: Total revenue dropped 6.2% to $511.9 million.
  • Attendance Challenges:: 16.4 million guests, a 1.5% decrease, impacted by 252,000 fewer visitors.
  • In-Park Spending Growth:: Per capita spending grew for 20 of the last 22 quarters.
  • Halloween Event Success:: Record attendance in Orlando and San Diego for Howl-O-Scream.
  • 2026 Forward Booking Momentum:: Discovery Cove and group bookings up over 20% compared to 2024.
  • Revenue Decline in Q3:: Total revenue dropped 6.2% to $511.9 million.
  • Attendance Challenges:: 16.4 million guests, a 1.5% decrease, impacted by 252,000 fewer visitors.
  • In-Park Spending Growth:: Per capita spending grew for 20 of the last 22 quarters.
  • Halloween Event Success:: Record attendance in Orlando and San Diego for Howl-O-Scream.
  • 2026 Forward Booking Momentum:: Discovery Cove and group bookings up over 20% compared to 2024.

Revenue and Margin Analysis

The decline in revenue was primarily driven by a decrease in attendance, which was negatively impacted by unfavorable calendar shifts, poor weather, and a decline in international visitation. However, the company saw growth in in-park per capita spending, which has grown in 20 of the last 22 quarters. The company's adjusted EBITDA margin was 42.2%, down from 45.4% in Q3 2024.

Attendance and Pricing Trends

Attendance was negatively impacted by approximately 150,000 visits from unfavorable calendar impacts and poor weather. International visitation declined by around 90,000 guests during the quarter. However, the company's Halloween events saw meaningful year-over-year growth, with record attendance in Orlando and San Diego. The company's pass base was down approximately 4% compared to October 2024.

Valuation and Growth Prospects

With a P/E Ratio of 9.71 and an EV/EBITDA ratio of 7.08, the company's valuation appears reasonable. Analysts estimate revenue growth of 2.3% for next year. The company's ROIC is 12.61%, indicating a decent return on invested capital. However, the ROE is negative, largely due to the company's financial leverage, with a Net Debt / EBITDA ratio of 3.91.

Operational Highlights and Outlook

The company is investing in its parks, adding new attractions and events, and is confident in its ability to drive attendance growth longer-term. The company's CEO, Marc Swanson, stated that the attendance isn't back to 2019 levels, but he still has a lot of confidence in the industry as a whole. The company expects to spend approximately $175 million to $200 million on core CapEx and approximately $50 million of CapEx on growth and ROI projects in 2025.

3. NewsRoom

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Why HG Vora Dumped $53.5 Million in United Parks Amid a 44% Stock Slide

Nov -15

Source: fool.com

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David Einhorn's Strategic Moves: PG&E Corp Takes Center Stage with 3.79% Portfolio Impact

Nov -14

Source: gurufocus.com

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United Parks & Resorts Inc. (PRKS) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Why SeaWorld Stock United Parks & Resorts Dropped Today

Nov -06

Source: fool.com

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Here's What Key Metrics Tell Us About United Parks & Resorts (PRKS) Q3 Earnings

Nov -06

Source: zacks.com

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United Parks & Resorts (PRKS) Q3 Earnings and Revenues Miss Estimates

Nov -06

Source: zacks.com

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United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2025 Results

Nov -06

Source: prnewswire.com

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SeaWorld Proudly Salutes America's Bravest This Veterans Day with the All-New Military Silver Pass, Now Available for Active-Duty and Veteran Service Members

Nov -05

Source: prnewswire.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
United Parks & Resorts

A-Score: 5.3/10

Value: 7.6

Growth: 6.9

Quality: 6.3

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

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Acushnet

A-Score: 5.1/10

Value: 4.1

Growth: 5.7

Quality: 3.4

Yield: 2.0

Momentum: 8.0

Volatility: 7.3

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YETI

A-Score: 4.6/10

Value: 5.1

Growth: 8.1

Quality: 7.6

Yield: 0.0

Momentum: 2.5

Volatility: 4.0

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Mattel

A-Score: 4.4/10

Value: 6.0

Growth: 5.1

Quality: 6.3

Yield: 0.0

Momentum: 3.5

Volatility: 5.3

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Six Flags

A-Score: 3.6/10

Value: 7.5

Growth: 2.2

Quality: 3.4

Yield: 1.0

Momentum: 5.0

Volatility: 2.3

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Cedar Fair

A-Score: 2.8/10

Value: 7.5

Growth: 2.2

Quality: 2.1

Yield: 1.0

Momentum: 0.5

Volatility: 3.3

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

35.78$

Current Price

35.78$

Potential

-0.00%

Expected Cash-Flows