United Parks & Resorts (PRKS)
Market Price (6/27/2026): $47.09 | Market Cap: $2.3 BilSector: Consumer Discretionary | Industry: Leisure Facilities
United Parks & Resorts (PRKS)
Market Price (6/27/2026): $47.09Market Cap: $2.3 BilSector: Consumer DiscretionaryIndustry: Leisure Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, FCF Yield is 8.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -86% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -3.0% Key risksPRKS key risks include [1] heightened competitive pressure from the anticipated launch of Universal's Epic Universe and [2] its weakened financial performance, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, FCF Yield is 8.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -86% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -3.0% |
| Key risksPRKS key risks include [1] heightened competitive pressure from the anticipated launch of Universal's Epic Universe and [2] its weakened financial performance, Show more. |
Qualitative Assessment
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United Parks & Resorts (PRKS) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Aggressive Share Repurchase Program Demonstrated Confidence and Returned Capital.
United Parks & Resorts implemented a significant share repurchase program, buying back approximately 2.5 million shares for $90.1 million from the beginning of fiscal Q1 2026 through February 24, 2026. This followed repurchases of about 4.2 million shares for $157.0 million during fiscal 2025. The company continued these efforts, repurchasing approximately 2.6 million shares for $92.7 million in fiscal Q1 2026 alone, and an additional 1.8 million shares for $64.8 million through May 8, 2026. These substantial buybacks, totaling roughly $157.5 million through early May 2026, signal management's belief in the company's value and commitment to enhancing shareholder returns.
2. Sustained Growth in In-Park Per Capita Spending Counteracted Attendance Declines.
Despite a decrease in overall attendance and lower-than-expected revenue in fiscal Q1 2026, United Parks & Resorts achieved record in-park per capita spending. This metric increased by 1.0% to $36.81 in fiscal 2025 and saw a further significant rise of 5.3% to $40.62 in fiscal Q1 2026. This trend indicates strong pricing power and successful guest engagement strategies, which helped to offset a 3.0% year-over-year decline in total revenue to $278.3 million in fiscal Q1 2026 and an attendance decrease of approximately 171,000 guests, primarily due to unfavorable weather and softer international tourism.
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United Parks & Resorts (PRKS) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Aggressive Share Repurchase Program Demonstrated Confidence and Returned Capital.
United Parks & Resorts implemented a significant share repurchase program, buying back approximately 2.5 million shares for $90.1 million from the beginning of fiscal Q1 2026 through February 24, 2026. This followed repurchases of about 4.2 million shares for $157.0 million during fiscal 2025. The company continued these efforts, repurchasing approximately 2.6 million shares for $92.7 million in fiscal Q1 2026 alone, and an additional 1.8 million shares for $64.8 million through May 8, 2026. These substantial buybacks, totaling roughly $157.5 million through early May 2026, signal management's belief in the company's value and commitment to enhancing shareholder returns.
2. Sustained Growth in In-Park Per Capita Spending Counteracted Attendance Declines.
Despite a decrease in overall attendance and lower-than-expected revenue in fiscal Q1 2026, United Parks & Resorts achieved record in-park per capita spending. This metric increased by 1.0% to $36.81 in fiscal 2025 and saw a further significant rise of 5.3% to $40.62 in fiscal Q1 2026. This trend indicates strong pricing power and successful guest engagement strategies, which helped to offset a 3.0% year-over-year decline in total revenue to $278.3 million in fiscal Q1 2026 and an attendance decrease of approximately 171,000 guests, primarily due to unfavorable weather and softer international tourism.
3. Positive Analyst Outlook and Strategic Investments for Future Growth.
Analysts generally maintained a positive outlook on United Parks & Resorts, with a consensus rating of "Buy" from 10 analysts, projecting an average price target of $43.7, representing a 7.19% upside from the May 12, 2026 price. Forecasts anticipated earnings growth of 17.60% in the coming year, from $3.41 to $4.01 per share, and revenue growth of 4.4% with earnings growth of 24% over the next two years. This optimistic sentiment was supported by the company's outlined plans for 2026, including a lineup of new rides, shows, and attractions, an updated events calendar, an expanded concert lineup, and enhanced marketing efforts, all designed to drive demand, boost guest spending, and improve cost efficiency.
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Stock Movement Drivers
Fundamental Drivers
The 35.4% change in PRKS stock from 2/28/2026 to 6/26/2026 was primarily driven by a 46.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.79 | 47.12 | 35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,673 | 1,654 | -1.2% |
| Net Income Margin (%) | 10.8% | 9.1% | -16.0% |
| P/E Multiple | 10.6 | 15.5 | 46.5% |
| Shares Outstanding (Mil) | 55 | 49 | 11.4% |
| Cumulative Contribution | 35.4% |
Market Drivers
2/28/2026 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PRKS | 35.4% | |
| Market (SPY) | 6.6% | 42.5% |
| Sector (XLY) | -1.9% | 50.3% |
Fundamental Drivers
The 30.6% change in PRKS stock from 11/30/2025 to 6/26/2026 was primarily driven by a 41.2% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.09 | 47.12 | 30.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,673 | 1,654 | -1.2% |
| Net Income Margin (%) | 10.8% | 9.1% | -16.0% |
| P/E Multiple | 11.0 | 15.5 | 41.2% |
| Shares Outstanding (Mil) | 55 | 49 | 11.4% |
| Cumulative Contribution | 30.6% |
Market Drivers
11/30/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PRKS | 30.6% | |
| Market (SPY) | 7.3% | 38.6% |
| Sector (XLY) | -2.9% | 40.5% |
Fundamental Drivers
The 5.2% change in PRKS stock from 5/31/2025 to 6/26/2026 was primarily driven by a 39.8% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.79 | 47.12 | 5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,715 | 1,654 | -3.6% |
| Net Income Margin (%) | 13.0% | 9.1% | -29.9% |
| P/E Multiple | 11.1 | 15.5 | 39.8% |
| Shares Outstanding (Mil) | 55 | 49 | 11.3% |
| Cumulative Contribution | 5.2% |
Market Drivers
5/31/2025 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PRKS | 5.2% | |
| Market (SPY) | 25.1% | 35.7% |
| Sector (XLY) | 7.8% | 42.1% |
Fundamental Drivers
The -15.5% change in PRKS stock from 5/31/2023 to 6/26/2026 was primarily driven by a -43.8% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6262026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.76 | 47.12 | -15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,754 | 1,654 | -5.7% |
| Net Income Margin (%) | 16.2% | 9.1% | -43.8% |
| P/E Multiple | 12.6 | 15.5 | 23.1% |
| Shares Outstanding (Mil) | 64 | 49 | 29.5% |
| Cumulative Contribution | -15.5% |
Market Drivers
5/31/2023 to 6/26/2026| Return | Correlation | |
|---|---|---|
| PRKS | -15.5% | |
| Market (SPY) | 81.3% | 46.5% |
| Sector (XLY) | 54.6% | 48.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRKS Return | 105% | -17% | -1% | 6% | -35% | 28% | 47% |
| Peers Return | 17% | -31% | 8% | -2% | -18% | 8% | -25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| PRKS Win Rate | 58% | 42% | 50% | 58% | 42% | 67% | |
| Peers Win Rate | 50% | 38% | 52% | 45% | 43% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRKS Max Drawdown | -25% | -46% | -38% | -22% | -48% | -24% | |
| Peers Max Drawdown | -22% | -42% | -25% | -27% | -38% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DIS, CMCSA, FUN, MTN, HGV.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | PRKS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.5% | -18.8% |
| % Gain to Breakeven | 41.8% | 23.1% |
| Time to Breakeven | 177 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.5% | -7.8% |
| % Gain to Breakeven | 19.7% | 8.5% |
| Time to Breakeven | 91 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.7% | -9.5% |
| % Gain to Breakeven | 29.4% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.1% | -24.5% |
| % Gain to Breakeven | 64.3% | 32.4% |
| Time to Breakeven | 215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 384.0% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 155 days | 105 days |
In The Past
United Parks & Resorts's stock fell -29.5% during the 2025 US Tariff Shock. Such a loss loss requires a 41.8% gain to breakeven.
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| Event | PRKS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.5% | -18.8% |
| % Gain to Breakeven | 41.8% | 23.1% |
| Time to Breakeven | 177 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.7% | -9.5% |
| % Gain to Breakeven | 29.4% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.1% | -24.5% |
| % Gain to Breakeven | 64.3% | 32.4% |
| Time to Breakeven | 215 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -79.3% | -33.7% |
| % Gain to Breakeven | 384.0% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 155 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.0% | -6.8% |
| % Gain to Breakeven | 33.3% | 7.3% |
| Time to Breakeven | 70 days | 15 days |
In The Past
United Parks & Resorts's stock fell -29.5% during the 2025 US Tariff Shock. Such a loss loss requires a 41.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About United Parks & Resorts (PRKS)
United Parks & Resorts (PRKS) is a prominent theme park and entertainment company operating a portfolio of twelve distinct parks across the United States. The company delivers diverse entertainment experiences, featuring well-known brands such as SeaWorld, Busch Gardens, Aquatica, Discovery Cove, and Sesame Place. These parks collectively offer a range of attractions from marine life shows and animal encounters to thrilling rides and water park adventures.
The company's main products and services revolve around providing immersive leisure and entertainment. This includes traditional theme parks like SeaWorld (in Orlando, San Antonio, and San Diego) and Busch Gardens (in Tampa and Williamsburg), which blend animal exhibits with roller coasters and shows. Additionally, United Parks & Resorts operates several popular water parks, including Aquatica, Water Country USA, and Adventure Island, as well as the unique, reservations-only Discovery Cove in Orlando, and family-focused parks like Sesame Place in Pennsylvania.
United Parks & Resorts primarily serves a broad customer base, including families, tourists, and local residents seeking recreational activities, educational experiences, and entertainment. With parks strategically located in key tourist destinations across Florida, Texas, California, Virginia, and Pennsylvania, the company caters to various demographics and interests, from marine enthusiasts and thrill-seekers to families with young children, solidifying its position within the U.S. leisure and entertainment market.
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1. Think of it as Disney Parks & Resorts, but with a strong focus on marine life, animal attractions, and thrill rides across its portfolio of theme and water parks.
2. It's similar to Universal Parks & Resorts, operating a collection of major theme and water parks under brands like SeaWorld, Busch Gardens, and Sesame Place.
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- Theme Park Entertainment: Provides immersive experiences at its various theme parks, featuring rides, animal exhibits, shows, and family-friendly attractions.
- Water Park Entertainment: Offers aquatic recreation and thrills through water slides, wave pools, lazy rivers, and other water-based attractions at its water parks.
- Premium Reservations-Only Park Experiences: Delivers exclusive, all-inclusive, and often animal-interaction-focused experiences at its reservations-only theme park.
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United Parks & Resorts (symbol: PRKS), operating theme parks and water parks, sells primarily to individual consumers rather than other businesses. Its major customer categories include:
- Families: A significant portion of its visitors are families, especially those with children, drawn to the diverse attractions and family-friendly brands like SeaWorld, Busch Gardens, Aquatica, and particularly Sesame Place.
- Tourists and Vacationers: The parks are strategically located in major tourist destinations such as Orlando, San Diego, San Antonio, Tampa, and Williamsburg, attracting visitors traveling for leisure and seeking entertainment experiences.
- Local and Regional Annual Pass Holders: Many customers are individuals and families residing within a commutable distance of the parks who purchase annual passes or season passes, enabling them to visit frequently throughout the year.
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Marc Swanson, Chief Executive Officer
Marc Swanson has served as Chief Executive Officer of United Parks & Resorts Inc. since May 2021, and as Interim Chief Executive Officer from April 2020 to May 2021. Prior to his CEO role, he was the company's Chief Financial Officer and Treasurer from August 2017 to April 2020, including a period as Interim Chief Executive Officer from September to November 2019. His earlier positions at the company include Chief Accounting Officer from 2012 to 2017, and Interim Chief Financial Officer from June to September 2015. Before joining SeaWorld Parks & Entertainment (now United Parks & Resorts), Mr. Swanson held roles such as Vice President Performance Management and Corporate Controller of SeaWorld Parks & Entertainment from 2011 to 2012, Corporate Controller of Busch Entertainment Corporation from 2008 to 2011, and Vice President of Finance of Sesame Place from 2004 to 2008. Early in his career, he worked as a financial analyst in the insurance industry before moving to Anheuser-Busch, which at the time owned the entertainment division that included SeaWorld and Busch Gardens. He holds a bachelor's degree in accounting from Purdue University and an MBA from DePaul University and is a Certified Public Accountant.
James Mikolaichik, Chief Financial Officer and Treasurer
James "Jim" Mikolaichik assumed the role of Chief Financial Officer and Treasurer for United Parks & Resorts Inc. effective November 11, 2024. He brings over 30 years of global financial and strategic planning experience to the company. Most recently, Mr. Mikolaichik served as the Chief Financial Officer of MyEyeDr. Prior to that, he was the Executive Vice President and Chief Financial Officer at Diamond Resorts. His career also includes various other leadership roles within the travel and entertainment industry. Mr. Mikolaichik holds a bachelor's degree in accounting from Susquehanna University and an MBA from Columbia University.
Christopher Finazzo, Chief Commercial Officer
Christopher Finazzo serves as the Chief Commercial Officer of United Parks & Resorts Inc. Before joining the company as Chief Commercial Officer, he worked as a consultant for the company from August 2021 through December 31, 2021. Previously, Mr. Finazzo held various positions at Burger King Corporation ("BKC"), including President of BKC, Americas from December 2017 to July 2021, Head of Marketing, North America from January 2017 to December 2017, and Head of Development from January 2016 to January 2017. He joined BKC in 2014 and held several marketing and development roles. Prior to BKC, Mr. Finazzo was part of the strategy team at Macy's. He also served as a director of Carrols Restaurant Group, Inc. from February 2020 through July 2021, and as a director of Burger King Foundation Inc. from 2018 to July 2021. Mr. Finazzo earned a bachelor's degree in economics from the University of Connecticut.
Dr. Christopher Dold, Chief Zoological Officer
Dr. Christopher Dold has served as the Chief Zoological Officer of United Parks & Resorts Inc. since April 2016. In this role, he is responsible for leading the company's zoological teams and overseeing all animal programs, including rescue and rehabilitation, science, conservation, and education initiatives. Prior to his current position, Dr. Dold was Vice President, Veterinary Services from 2008 until April 2016 and a Senior Veterinarian at SeaWorld Orlando from 2005 to 2008. Before joining the company, he completed a National Academies-National Research Council Postdoctoral Clinical Fellowship with the US Navy Marine Mammal Program and a University of California-Davis Internship in Marine Mammal Medicine and Pathology at The Marine Mammal Center. He is a member of the American Veterinary Medical Association.
Kevin Connelly, Chief Accounting Officer
Kevin Connelly became the Chief Accounting Officer of United Parks & Resorts Inc. in August 2025. Before this role, Mr. Connelly served as the Chief Financial Officer, Chief Operating Officer, and Senior Managing Director of Appreciation Homes, LLC, a real estate securities company, from June 2019 to January 2025.
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Here are the key risks to United Parks & Resorts (PRKS):
- Macroeconomic Sensitivity and Consumer Discretionary Spending: United Parks & Resorts' financial performance is highly dependent on consumer discretionary spending, making it vulnerable to macroeconomic fluctuations such as inflation, high interest rates, and economic downturns. These conditions can lead to decreased consumer confidence and reduced spending on leisure activities, directly impacting park attendance and in-park per capita revenue. The company has recently experienced declining attendance, flat revenue, and margin pressures, linked to uneven consumer demand.
- External Factors and Competition: The business is significantly exposed to uncontrollable external factors, including volatile weather conditions and negative international tourism trends, which can reduce operating days and overall attendance. Additionally, intense competition from other theme park operators, such as Universal's Epic Universe, and other entertainment options, can lead to increased marketing expenditures and promotional pricing to maintain market share, thereby pressuring revenue and margins.
- Regulatory Changes and Animal Welfare Scrutiny: As an operator of parks featuring animals, United Parks & Resorts operates in a highly regulated environment. It faces ongoing risks from changes in federal and state regulations governing animal treatment, as well as increased scrutiny and activism from animal welfare groups. Such scrutiny and potential legal challenges or negative publicity could result in reputational damage, operational constraints, and financial losses.
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The clear emerging threat to United Parks & Resorts is the rapid advancement and increasing accessibility of immersive digital entertainment technologies, such as virtual reality (VR), augmented reality (AR), and burgeoning metaverse platforms. As these technologies evolve to offer increasingly realistic, interactive, and customizable experiences, they present a compelling alternative to physical theme park visits. This shift could divert consumer discretionary spending and leisure time away from traditional parks, as individuals may opt for novel, convenient, and often less costly digital entertainment options that replicate or even enhance the thrill and immersive qualities of real-world attractions without the associated travel and logistical challenges.
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United Parks & Resorts (PRKS) operates in the theme park and water park segments within the United States. The addressable markets for these main products and services are significant.
U.S. Theme Park Market
The United States amusement and theme park market was valued at approximately USD 24.62 billion in 2025. It is projected to grow from USD 25.5 billion in 2026 to reach USD 30.41 billion by 2031, at a compound annual growth rate (CAGR) of 3.58% during the forecast period (2026-2031). Other estimates indicate the U.S. amusement and theme park market reached USD 22,119.2 million in 2024 and is expected to reach USD 30,282.8 million by 2033, exhibiting a CAGR of 3.55% during 2025-2033. Another report shows the U.S. amusement parks market generated USD 28,386.0 million in 2024 and is anticipated to reach USD 36,903.1 million by 2030, with a CAGR of 4.2% from 2025 to 2030. Revenue for amusement parks in the U.S. expanded to $34.3 billion by 2026.
U.S. Water Park Market
The market size of water parks in the United States was approximately $6.4 billion in 2025. The USA water parks market is projected to grow at a CAGR of 6.8% from 2025 to 2035, reaching an estimated USD 14.4 billion by 2035. The market was valued at USD 6.6 billion in 2025. North America, overall, accounts for a substantial share of the global water park attendance, with the U.S. contributing significantly to this regional demand.
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United Parks & Resorts (PRKS) is focusing on several key drivers to fuel its revenue growth over the next 2-3 years, encompassing enhanced guest experiences, strategic expansion, and operational efficiencies.
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Introduction of New Attractions and Experiences: The company consistently invests in new rides, shows, and immersive experiences across its parks. This commitment includes launching at least one major attraction per park annually. For instance, planned additions for 2025 and 2026 include a new family-friendly flying experience at SeaWorld Orlando, "The Big Bad Wolf: The Wolf's Revenge" at Busch Gardens Williamsburg, and "Wild Oasis" at Busch Gardens Tampa Bay. SeaWorld San Antonio is set to debut "Barracuda Strike," an inverted family roller coaster, in spring 2026, while SeaWorld Orlando will introduce "SEAQuest: Legends of the Deep," a suspended dark ride in 2026. These new offerings are designed to boost attendance and encourage repeat visits.
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Increased Per-Capita Spending through Pricing Optimization and In-Park Offerings: United Parks & Resorts aims to optimize revenue per guest through dynamic pricing strategies, tiered ticket offerings (including bundled season passes), and enhanced in-park spending opportunities. The company utilizes AI-driven dynamic pricing for admissions and add-ons to align with real-time demand and capacity. Additionally, a focus on improving the mobile-first guest journey with features like mobile food ordering is intended to reduce friction and increase ancillary spend on food, beverage, and retail. Historical trends show consistent growth in in-park per capita spending.
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International Expansion and Strategic Licensing Partnerships: The success of SeaWorld Abu Dhabi, which opened in 2023 under an asset-light licensing model, serves as a blueprint for future international growth. United Parks & Resorts is actively discussing the opening of two additional international theme parks and is prioritizing partnerships in high-growth tourism markets, particularly in Asia and Latin America. This strategy allows the company to expand its brand presence globally while mitigating significant upfront capital investment.
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Development of On-Site Hotels and Resort Conversions: To extend guest stays and increase overall spending, United Parks & Resorts plans to develop on-site lodging options. This includes plans for two new hotels in Central Florida, a 504-room hotel at SeaWorld Orlando and a 250-room hotel at Discovery Cove, both projected to open starting in 2026. The company is also exploring the broader "SeaWorld Vacation Village" concept in Orlando to diversify revenue streams beyond traditional park admissions.
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Technology-Driven Guest Engagement and Enhanced Marketing Strategies: Investment in technology is a key driver for improving guest experience and optimizing revenue. This includes advancements in mobile applications for real-time wayfinding and virtual queuing, along with personalized promotions targeting high-value customer segments. A renewed and enhanced marketing strategy is expected to optimize media spending and more effectively attract guests, contributing to both near- and long-term attendance growth.
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Share Repurchases
- A $500 million share repurchase authorization was approved by stockholders on September 3, 2025.
- During fiscal 2025, the company repurchased approximately 4.2 million shares of common stock at a total cost of approximately $157.0 million.
- From the beginning of the first quarter of 2026 through February 24, 2026, approximately 2.5 million shares were repurchased for an aggregate total of approximately $90.1 million.
Capital Expenditures
- Capital expenditures were $217.5 million in fiscal year 2025.
- For 2026, the company plans approximately $225 million in capital expenditures, with $175 million allocated for core maintenance and new attractions, and $50 million for expansion projects.
- The primary focus of capital expenditures includes park rides, attractions, maintenance activities, park expansion, new properties, and revenue and/or expense return on investment (ROI) projects, with specific plans for new attractions in 2026 such as SeaQuest: Legends of The Deep at SeaWorld Orlando and Shark Encounter at SeaWorld California.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.91 |
| Mkt Cap | 4.7 |
| Rev LTM | 4,154 |
| Op Inc LTM | 579 |
| FCF LTM | 223 |
| FCF 3Y Avg | 270 |
| CFO LTM | 422 |
| CFO 3Y Avg | 503 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.4% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | -7.8% |
| Op Inc Chg 3Y Avg | -4.1% |
| Op Mgn LTM | 14.8% |
| Op Mgn 3Y Avg | 16.6% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 15.4% |
| CFO/Rev 3Y Avg | 17.8% |
| FCF/Rev LTM | 6.8% |
| FCF/Rev 3Y Avg | 10.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.7 |
| P/S | 1.1 |
| P/Op Inc | 7.8 |
| P/EBIT | 7.5 |
| P/E | 15.5 |
| P/CFO | 8.3 |
| Total Yield | 5.6% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 1.1 |
| Net D/E | 1.0 |
Price Behavior
| Market Price | $47.12 | |
| Market Cap ($ Bil) | 2.3 | |
| First Trading Date | 04/19/2013 | |
| Distance from 52W High | -14.7% | |
| 50 Days | 200 Days | |
| DMA Price | $39.11 | $39.36 |
| DMA Trend | down | up |
| Distance from DMA | 20.5% | 19.7% |
| 3M | 1YR | |
| Volatility | 48.9% | 50.2% |
| Downside Capture | 18.27 | 144.46 |
| Upside Capture | 171.38 | 114.20 |
| Correlation (SPY) | 37.7% | 35.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.38 | 1.43 | 1.61 | 1.46 | 1.51 | 1.31 |
| Up Beta | 2.71 | 1.41 | 1.78 | 1.73 | 1.68 | 1.35 |
| Down Beta | 1.01 | -0.50 | 1.44 | 1.66 | 1.97 | 1.29 |
| Up Capture | 172% | 161% | 168% | 132% | 100% | 117% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 13 | 25 | 35 | 65 | 122 | 360 |
| Down Capture | 10% | 201% | 155% | 127% | 139% | 109% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 7 | 16 | 28 | 59 | 126 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRKS | |
|---|---|---|---|---|
| PRKS | 5.2% | 50.3% | 0.28 | - |
| Sector ETF (XLY) | 8.0% | 18.5% | 0.28 | 42.4% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 35.7% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 9.8% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -16.4% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 37.1% |
| Bitcoin (BTCUSD) | -44.7% | 42.5% | -1.27 | 22.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRKS | |
|---|---|---|---|---|
| PRKS | -1.9% | 44.6% | 0.10 | - |
| Sector ETF (XLY) | 6.7% | 23.9% | 0.24 | 54.2% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 51.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 5.8% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 11.6% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 45.2% |
| Bitcoin (BTCUSD) | 10.7% | 54.0% | 0.39 | 25.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRKS | |
|---|---|---|---|---|
| PRKS | 11.9% | 50.2% | 0.42 | - |
| Sector ETF (XLY) | 12.5% | 22.1% | 0.52 | 49.0% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 46.2% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 3.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 17.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 42.5% |
| Bitcoin (BTCUSD) | 54.6% | 66.4% | 0.95 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -6.9% | -7.9% | 13.5% |
| 2/26/2026 | 6.6% | 1.2% | -8.2% |
| 11/6/2025 | -24.0% | -27.3% | -23.3% |
| 8/7/2025 | 7.6% | 14.3% | 17.9% |
| 5/12/2025 | 4.6% | 4.3% | -9.4% |
| 2/26/2025 | -3.2% | -11.4% | -12.2% |
| 11/7/2024 | -3.2% | 3.2% | 5.2% |
| 8/7/2024 | -0.7% | 0.9% | 14.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 5.7% | 6.8% | 9.3% |
| Median Negative | -3.2% | -7.4% | -10.5% |
| Max Positive | 17.1% | 20.8% | 27.7% |
| Max Negative | -24.0% | -27.3% | -23.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -6.9% | -7.9% | 13.5% |
| 2/26/2026 | 6.6% | 1.2% | -8.2% |
| 11/6/2025 | -24.0% | -27.3% | -23.3% |
| 8/7/2025 | 7.6% | 14.3% | 17.9% |
| 5/12/2025 | 4.6% | 4.3% | -9.4% |
| 2/26/2025 | -3.2% | -11.4% | -12.2% |
| 11/7/2024 | -3.2% | 3.2% | 5.2% |
| 8/7/2024 | -0.7% | 0.9% | 14.4% |
| 5/8/2024 | 5.0% | 10.0% | 5.6% |
| 2/28/2024 | 8.5% | 8.5% | 9.2% |
| 11/8/2023 | -1.6% | 5.2% | 6.6% |
| 8/8/2023 | -2.9% | -5.8% | -10.5% |
| 5/9/2023 | 5.7% | 2.2% | 4.2% |
| 2/28/2023 | 0.9% | 3.7% | -11.5% |
| 11/9/2022 | -6.8% | -0.2% | -5.7% |
| 8/4/2022 | 4.2% | 11.8% | 1.4% |
| 5/5/2022 | -6.6% | -20.3% | -19.7% |
| 2/24/2022 | 4.3% | 2.1% | 9.3% |
| 11/9/2021 | -3.5% | -6.9% | -6.3% |
| 8/5/2021 | 17.1% | 20.8% | 12.7% |
| 5/6/2021 | -0.2% | -7.0% | 5.2% |
| 2/25/2021 | 11.1% | 16.6% | 24.0% |
| 11/5/2020 | 5.1% | 11.7% | 27.7% |
| 8/10/2020 | 5.8% | 12.4% | 26.0% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 15 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 5.7% | 6.8% | 9.3% |
| Median Negative | -3.2% | -7.4% | -10.5% |
| Max Positive | 17.1% | 20.8% | 27.7% |
| Max Negative | -24.0% | -27.3% | -23.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Paid Pass Sales Growth | 12.0% | 20.0% | 2.0% | Higher New | Actual: 10.0% for Q1 2026 | ||
| 2026 Discovery Cove Advanced Bookings Revenue Growth | 10.0% | Higher New | |||||
| 2026 Sponsorship Revenue Opportunity | 30.00 Mil | 0 | Affirmed | Guidance: 30.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sponsorship Revenue Opportunity | 30.00 Mil | ||||||
Insider Activity
Updated 6/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 6122026 | 36.76 | 8,000 | 294,080 | 4,789,277 | Form |
| 2 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 12172025 | 35.12 | 7,200 | 252,864 | 4,856,569 | Form |
| 3 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 6122025 | 43.18 | 9,598 | 414,442 | 5,171,928 | Form |
| 4 | Surrett, Byron | See Remarks | Direct | Sell | 6122025 | 42.58 | 965 | 41,090 | 824,178 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 6122026 | 36.76 | 8,000 | 294,080 | 4,789,277 | Form |
| 2 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 12172025 | 35.12 | 7,200 | 252,864 | 4,856,569 | Form |
| 3 | Finazzo, Christopher L | Chief Commercial Officer | Direct | Sell | 6122025 | 43.18 | 9,598 | 414,442 | 5,171,928 | Form |
| 4 | Surrett, Byron | See Remarks | Direct | Sell | 6122025 | 42.58 | 965 | 41,090 | 824,178 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Facilities Resources |
| Blooloop |
| Attractions Management |
| IAAPA |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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