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United Parks & Resorts

PRKS
48
Leisure · Consumer Cyclical
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Strong
Stability
Weak
Valuation
Strong
Dividends
Weak

Winston Score History

The full picture

United Parks & Resorts runs a collection of theme parks and marine-life attractions across the United States. Its parks include SeaWorld, Busch Gardens, Aquatica, and Discovery Cove, and they serve families and tourists looking for rides, animal exhibits, and live shows. The company is one of the larger regional theme park operators in the country, competing with giants like Disney and Six Flags.

The company makes money primarily through ticket sales, hotel stays, food, merchandise, and annual pass memberships sold directly to guests. It operates roughly a dozen parks in states like Florida, Texas, California, and Virginia, generating around $1.5 billion in annual revenue. Its parks have a loyal local pass-holder base, which provides some steady income, but the business is sensitive to economic downturns since families tend to cut discretionary spending like vacation trips when money gets tight. Attendance growth and the ability to raise ticket prices without losing visitors are the key factors that will shape its financial performance going forward.

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Score breakdown

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Quality

Profit per sale
Gross Margin
92.1%
Premium pricing power — 92.1% gross margin
Profit after running costs
Operating Margin
33.7%
Excellent — 33.7% operating margin
Return on the money invested
ROCE
9.8%
Below par — 9.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-3.5%
Shrinking sales (-3.5% YoY)
Profit growth
EPS YoY
-33.2%
Earnings shrinking (-33.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
307%
Turns 307% of profit into real cash
Spare cash per sale
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
2.80x
Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.9x
no trend
Fair value — P/E 17.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.9 → 12.7)

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Dividends

Dividend
Dividend Yield
0.88%
no trend
Small dividend — 0.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-13.1%
no trend
Dividend cut (-13.1% YoY) — warning sign

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