RHPRyman Hospitality Properties, Inc.

Real Estate Investment Trusts

Revenue: $2.6B; 10% YoY
Operating margin: 18.9%; 9.9% YoY
EBITDA: $765M; 5.3% YoY
Market cap: $8.4B
Employees: 600; $4M revenue each
Net debt / EBITDA: 1.5×; $1.2B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 1 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
243% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$4M · 84th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$939M	$1.8B	$2.2B	$2.3B	$2.6B	10%
Operating income	−$59M	$327M	$454M	$491M	$487M	0.8%
Net income	—	—	$311M	$272M	$243M	10%
Operating cash flow	$111M	$420M	$557M	$577M	$591M	2.4%
Stock-based comp	$12M	$15M	$15M	$14M	$14M	1.2%
Dividends	$502K	$6M	$176M	$266M	$286M	7.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 2, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	—	Passive
Mar 5, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	5.9%	Passive
May 17, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	7.3%	Passive

Insider trading

Open-market buys, 12 mo: $2M · 2
Open-market sells, 12 mo: $0 · 0
Net: $2M

Pay vs performance

No pay-versus-performance disclosure yet.