PENN Entertainment, Inc. PENN
PENN Entertainment, Inc., together with its subsidiaries ("PENN," the "Company," "we," "our," or "us"), operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting ("OSB") and iCasino offerings. PENN's focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company's portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program, offering its over 33 million members a unique set of rewards and experiences.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.96B | $6.58B | $6.36B | $6.40B | $5.91B | $3.58B | $5.30B | $3.59B | $3.33B | $3.21B |
| SG&A | $1.63B | $1.57B | $1.56B | $1.11B | $1.35B | $1.13B | $1.19B | $618.9M | $514.5M | $462.3M |
| Total operating expenses | $7.63B | $6.51B | $7.05B | $5.43B | $4.85B | $3.99B | $4.73B | $2.95B | $2.70B | $2.49B |
| Operating income | -$673.6M | $72.5M | -$690.2M | $974.0M | $1.06B | -$410.2M | $571.9M | $634.1M | $445.7M | $543.0M |
| Interest expense | $447.6M | $487.1M | $469.6M | $760.1M | $566.9M | $546.3M | $535.9M | $539.4M | $467.0M | $459.2M |
| Pre-tax income | -$820.7M | -$341.3M | -$499.6M | $175.3M | $539.1M | -$834.2M | $86.1M | $89.9M | -$25.1M | $120.6M |
| Income tax | $24.6M | $28.0M | $8.2M | $46.4M | $118.6M | $165.1M | $43.0M | $3.6M | $498.5M | $11.3M |
| Net income | -$845.3M | -$313.3M | -$491.4M | $221.7M | $420.5M | -$669.5M | $43.9M | $93.5M | $473.4M | $109.3M |
| EPS, basic | -5.83 | -2.05 | -3.22 | 1.37 | 2.64 | -5.00 | 0.38 | 0.96 | 5.21 | 1.21 |
| EPS, diluted | -5.83 | -2.05 | -3.22 | 1.29 | 2.48 | -5.00 | 0.37 | 0.93 | 5.07 | 1.19 |
| Shares, diluted (wtd. avg.) | $144.6M | $152.1M | $152.1M | $176.6M | $175.5M | $134.0M | $117.8M | $100.3M | $93.4M | $91.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $686.6M | $706.6M | $1.07B | $1.64B | $1.88B | $1.87B | $455.2M | $481.2M | $279.4M | $230.2M |
| Receivables | $254.2M | $256.8M | $319.0M | $247.0M | $195.0M | $96.4M | $88.7M | $106.8M | $62.8M | $61.9M |
| Total current assets | $1.17B | $1.15B | $1.66B | $2.01B | $2.22B | $2.08B | $642.8M | $677.6M | $401.0M | $399.3M |
| Property, plant and equipment | $3.72B | $3.71B | $3.51B | $4.52B | $4.58B | $4.53B | $5.12B | $6.87B | $2.76B | $2.82B |
| Goodwill | $1.79B | $2.56B | $2.70B | $2.69B | $2.82B | $1.16B | $1.27B | $1.23B | $1.01B | $989.7M |
| Other intangibles | $1.40B | $1.53B | $1.62B | $1.74B | $1.87B | $1.51B | $2.03B | $1.86B | $422.6M | $435.5M |
| Total assets | $14.27B | $15.26B | $16.06B | $17.50B | $16.87B | $14.67B | $14.19B | $10.96B | $5.23B | $4.97B |
| Accounts payable | $54.2M | $50.8M | $36.6M | $40.1M | $53.3M | $33.2M | $40.3M | $30.5M | $26.0M | $35.1M |
| Short-term debt | $38.2M | $38.2M | $47.6M | $56.2M | $99.5M | $81.4M | $62.9M | $62.1M | $35.6M | — |
| Total current liabilities | $1.48B | $1.42B | $1.49B | $1.16B | $1.13B | $860.0M | $905.6M | $738.4M | $530.0M | $536.3M |
| Long-term debt | $2.85B | $2.73B | $2.72B | $2.72B | $2.64B | $2.23B | $2.32B | $2.35B | $1.21B | — |
| Total liabilities | $12.44B | $12.40B | $12.86B | $13.91B | $12.78B | $12.01B | $12.34B | $10.23B | $5.31B | — |
| Retained earnings | -$1.49B | -$647.0M | -$335.5M | $154.5M | -$86.5M | -$507.3M | $161.6M | -$968.0M | -$1.05B | -$1.53B |
| Total equity | $1.83B | $2.86B | $3.20B | $3.60B | $4.10B | $2.66B | $1.85B | $731.2M | -$73.3M | -$543.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $508.2M | $359.3M | $455.9M | $878.2M | $896.1M | $338.8M | $703.9M | $352.8M | $477.8M | $408.0M |
| Depreciation and amortisation | $316.3M | $293.9M | $288.7M | $329.1M | $314.3M | $336.9M | $381.6M | $251.9M | $248.2M | $261.9M |
| Stock-based compensation | $60.9M | $52.9M | $85.9M | $58.1M | $35.1M | $14.5M | $14.9M | $12.0M | $7.8M | $6.9M |
| Capital expenditure | $647.7M | $482.7M | $360.0M | $263.4M | $244.1M | $137.0M | $190.6M | $92.6M | $99.3M | $97.2M |
| Investing cash flow | -$351.1M | -$541.2M | -$742.6M | -$258.6M | -$1.22B | -$233.7M | -$607.5M | -$1.42B | -$221.6M | -$79.3M |
| Financing cash flow | -$165.6M | -$186.5M | -$262.6M | -$853.0M | $339.9M | $1.31B | -$122.4M | $1.27B | -$207.0M | -$339.9M |
| Buybacks | $354.4M | $0 | $149.8M | $601.1M | $0 | $0 | $24.9M | $50.0M | $24.8M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016846.
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