FUNSix Flags Entertainment Corporation/NEW

Services-Amusement & Recreation Services

Revenue: $3.1B; 14% YoY
Operating margin: -44.4%; 487% YoY
EBITDA: −$889M; 241% YoY
Market cap: $765M
Employees: 4,225; $734K revenue each
Net debt / EBITDA: —; $4.8B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$734K · 47th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$765M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$1.8B	$1.8B	$2.7B	$3.1B	14%
Operating income	—	$520M	$306M	$311M	−$1.4B	543%
Net income	−$49M	$308M	$125M	−$207M	−$1.5B	650%
Operating cash flow	—	$408M	$326M	$373M	$327M	12%
Capex	—	$183M	$220M	$321M	$480M	50%
Stock-based comp	—	$21M	$23M	$64M	$64M	0.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 14, 2025	JAFFER REHAN	SCHEDULE 13D/A	5.0%	Passive
Jul 3, 2024	JAFFER REHAN	SC 13D	6.6%	Passive

Insider trading

Open-market buys, 12 mo: $6M · 6
Open-market sells, 12 mo: $0 · 0
Net: $6M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	28	86
FY2024	—	—	88	110
FY2023	—	—	0	0
FY2022	—	—	0	0
FY2021	—	—	0	0