PKPark Hotels & Resorts Inc.

Hotels & Motels

Revenue: $2.5B; 2.2% YoY
Operating margin: -1.3%; 109% YoY
EBITDA: $303M; 53% YoY
Market cap: $3.3B
Employees: —
Net debt / EBITDA: 12.1×; $3.7B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
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
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
82% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
12.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$33K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$2.5B	$2.7B	$2.6B	$2.5B	2.2%
Operating income	−$179M	$296M	$343M	$391M	−$33M	108%
Net income	−$459M	$162M	$97M	$212M	−$283M	233%
Operating cash flow	−$137M	$409M	$503M	$429M	$398M	7.2%
Capex	$54M	$168M	$285M	$227M	$296M	30%
Stock-based comp	$19M	$17M	$18M	$19M	$19M	0.0%
Buybacks	$0	$227M	$180M	$116M	$45M	61%
Dividends	$0	$7M	$152M	$512M	$280M	45%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $33K · 1
Open-market sells, 12 mo: $0 · 0
Net: $33K

Pay vs performance

No pay-versus-performance disclosure yet.