PRKSUnited Parks & Resorts Inc.

Services-Miscellaneous Amusement & Recreation

Revenue: $1.7B; 3.6% YoY
Operating margin: 22.0%; 18% YoY
EBITDA: $540M; 14% YoY
Market cap: $2.8B
Employees: 3,300; $504K revenue each
Net debt / EBITDA: 3.3×; $1.8B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
226% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
42% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$504K · 40th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 10th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$881K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.7B	$1.7B	$1.7B	$1.7B	3.6%
Operating income	$432M	$508M	$460M	$463M	$365M	21%
Net income	$257M	$291M	$234M	$228M	$168M	26%
Operating cash flow	$503M	$565M	$505M	$480M	$380M	21%
Capex	$129M	$201M	$305M	$248M	$217M	12%
Stock-based comp	$40M	$18M	$17M	$14M	$17M	26%
Buybacks	$216M	$694M	$18M	$483M	$160M	67%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 11, 2026	Hill Path Capital LP	SCHEDULE 13D/A	13.0%	Passive
May 13, 2026	Hill Path Capital LP	SCHEDULE 13D/A	57.7%	Passive
Mar 5, 2026	Hill Path Capital LP	SCHEDULE 13D/A	55.9%	Passive
Jul 2, 2025	Hill Path Capital LP	SCHEDULE 13D/A	49.5%	Passive
Jun 18, 2025	Hill Path Capital LP	SCHEDULE 13D/A	49.5%	Active
Nov 13, 2024	Hill Path Capital LP	SC 13D/A	—	Active
Aug 12, 2024	Hill Path Capital LP	SC 13D/A	—	Active
May 13, 2024	Hill Path Capital LP	SC 13D/A	43.5%	Active
Feb 29, 2024	Hill Path Capital LP	SC 13D/A	—	Passive
Nov 14, 2022	Hill Path Capital LP	SC 13D/A	42.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $881K · 4
Net: −$881K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$4M	115	155
FY2024	$1M	$636K	178	144
FY2023	$1M	$1M	167	126
FY2022	$1M	$512K	169	108
FY2021	$2M	$11M	205	125