# PENN Entertainment, Inc. (PENN)

> Source: Nexqual · https://nexqual.com/PENN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, PENN Entertainment, Inc. (PENN), nexqual.com/PENN" · informational, not investment advice.

**Price:** USD 15.46 (+3.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.89 · day 14.72–15.52 · 52w 11.65–22.36 · market cap $2.07B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.16B, net income -$907M (-12.7% margin), free cash flow $96.1M (SEC filings).
- 2 of 80 tracked superinvestors hold PENN (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (20 analysts), mean target USD 23.47 (range 17–28).
- Total return with dividends: 1Y -14.2% vs S&P 500 +14.9%; 5Y -79.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.12, revenue estimate $1.84B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $5.91B | $6.40B | $6.36B | $6.58B | $6.96B | $7.16B |
| Operating income | $1.06B | $974M | -$690M | $72.5M | -$674M | -$565M |
| Net income | $421M | $222M | -$490M | -$312M | -$843M | -$907M |
| EPS (diluted) | $2.48 | $1.29 | -$3.22 | -$2.05 | -$5.83 | — |
| Free cash flow | $652M | $615M | $95.9M | -$123M | -$140M | $96.1M |
| Operating margin | 17.9% | 15.2% | -10.8% | 1.1% | -9.7% | -7.9% |
| Net margin | 7.1% | 3.5% | -7.7% | -4.7% | -12.1% | -12.7% |
| Revenue growth | +65.0% | +8.4% | -0.6% | +3.4% | +5.8% | — |
| Cash + short-term investments | $1.86B | $1.62B | $1.07B | $707M | $687M | — |
| Total debt | $2.84B | $2.82B | $2.80B | $2.80B | $2.90B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.3x · EV/Sales 0.6x · P/FCF 21.6x · P/B 1.1x · FCF yield 4.63% · Earnings yield -43.71% · Buyback yield (TTM) 11.53% · Net debt $1.93B · EV $4.00B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PENN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 3.20% | $125M | Reduced -3.0% |
| Prem Watsa | Fairfax Financial Holdings | 0.04% | $1.2M | Unchanged |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 20 analysts; mean target USD 23.47 (low 17, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $27 → $24 |
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $20 → $18 |
| 2026-10-19 | Susquehanna | Target lowered | Positive | $30 → $26 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $23 → $22 |
| 2026-10-12 | Citigroup | Target lowered | Neutral | $22 → $17 |
| 2026-10-09 | Barclays | Target raised | Overweight | $26 → $27 |
| 2026-10-06 | Deutsche Bank | Upgrade | Hold → Buy | $23 → $25 |
| 2026-08-12 | Morgan Stanley | Target raised | Equal-Weight | $19 → $20 |
| 2026-08-07 | Benchmark | Target raised | Buy | $21 → $22 |
| 2026-08-07 | Macquarie | Target raised | Outperform | $23 → $25 |
| 2026-07-20 | B of A Securities | Target raised | Neutral | $18 → $22 |
| 2026-07-16 | Citizens | Target raised | Market Outperform | $24 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.2% | -79.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.2% | -27.0% |
| Volatility (annualized) | 51.8% | 45.8% |
| Max drawdown | -34.8% (Oct 2025→Feb 2026) | -84.2% (Oct 2021→Feb 2026) |

## Peers (Resorts & Casinos)
MCRI (Monarch Casino & Resort, Inc.) USD 113.5 +0.30% · MLCO (Melco Resorts & Entertainment L) USD 3.96 -2.94% · HGV (Hilton Grand Vacations Inc.) USD 37.08 +3.03% · VAC (Marriott Vacations Worldwide Co) USD 112.93 -0.16% · RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38% · BYD (Boyd Gaming Corporation) USD 72.27 +2.35%

## More
Full page: https://nexqual.com/PENN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PENN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/921738/000092173826000008/penn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | ESPN | "On November 6, 2025, the Company announced the early termination of our U.S. sportsbook agreement with ESPN, Inc. and ESPN Enterprises Inc. (together, "ESPN"), effective December 1, 2025." |
| Partner | Kansas Entertainment | "(4) For the years ended December 31, 2025 and 2024, consists primarily of depreciation expense associated with our Kansas Entertainment joint venture." |
| Partner | ESPN Enterprises | "On November 6, 2025, the Company announced the early termination of our U.S. sportsbook agreement with ESPN, Inc. and ESPN Enterprises Inc. (together, "ESPN"), effective December 1, 2025." |
| Partner | NASCAR Holdings | "Hollywood Casino at Kansas Speedway, our 50% joint venture with NASCAR, is located in Kansas City, Kansas." |
| Partner | Shake Shack Inc. (SHAK) | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through pa…" |
| Partner | Ticketmaster Entertainment | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through pa…" |
| Partner | Norwegian Cruise Line Holdings Ltd. (NCLH) | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through pa…" |
| Partner | Live Nation Entertainment, Inc. (LYV) | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through pa…" |
| Partner | Choice Hotels International | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business lines, and through pa…" |
| Partner | Barstool Sports | "On August 8, 2023, we entered into a stock purchase agreement with David Portnoy (the "Barstool SPA") and we sold 100% of the outstanding shares of Barstool Sports, Inc. ("Barstool" or "Barstool Sports") common stock." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Northeast | $731.6M | 39.4% | +2.8% |
| Interactive | $349.4M | 18.8% | +10.5% |
| Midwest | $320.6M | 17.3% | +7.9% |
| South | $301.9M | 16.3% | -0.1% |
| West | $151.5M | 8.2% | +10.0% |
| Total revenue | $1.86B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gaming | $1.40B | 75.2% | +2.1% |
| Food, beverage, hotel, and other | $460.8M | 24.8% | +16.0% |
| Food and beverage | $38.2M | 2.1% | -1.3% |
| Other | $23.5M | 1.3% | +0.9% |
| Hotel | $15.1M | 0.8% | +8.6% |
| Total revenue | $1.86B | 100% | — |
The lines above cover 104.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.09 | +28.4% | $1.84B | 5 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.36 | -5.6% | $1.94B | 5 |
| Current fiscal year (ends 2026-12-31) | $0.94 | $0.90 | +3.8% | $7.42B | 5 |
| Next fiscal year (ends 2027-12-31) | $1.30 | $1.46 | -10.6% | $7.74B | 6 |