Penn National Gaming Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because one material operating question is open: whether PENN can earn money sustainably after rent, interest and capital spending. The casinos carry the business, liquidity stood at $1.9 billion as of June 30, 2026, the loans run to 2031 and 2033, and equity is positive. On the other hand, operating income was below interest expense in 2024 and 2025 and covered it only about 1.1 times in the first half of 2026 — if coverage drops below 1 again, the rating would turn red. The low market value relative to revenue does not change this assessment. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
PENN Entertainment is a textbook case of the celebrity premium: Barstool and ESPN brought headlines and, in the end, a $923.2 million loss and an $825.0 million impairment. The core business — 42 regional casinos — earns solid money but largely belongs to the landlords GLPI and VICI, which collected $967.8 million in rent in 2025. After negative free cash flow in 2024 and 2025, the first half of 2026 shows positive free cash flow again ($171.1 million after −$64.5 million a year earlier) and net income without a one-time gain; whether that lasts has to be proven over the next quarters. Not investment advice.
Casino business
42 properties in 19 states; segment EBITDAR of about $1.87B in 2025 and about $989M in H1 2026 after $947M; record revenue in Q2 2026.
Rent & debt
$967.8M rent to GLPI and VICI (2025), long-term lease obligations of about $7.77B, $2.74B of long-term bank debt and notes, equity $1.85B (Jun 30, 2026).
Digital business
Adjusted losses of about $1.17B in total from 2023 to 2025, $825.0M impairment after the ESPN exit (Q3 2025); only −$20.4M in H1 2026.
Capital allocation
$923.2M Barstool loss (2023); 2025 buybacks of $354.4M with −$139.5M free cash flow; no buybacks since 2026, debt refinanced.
Earnings power
Three loss years 2023 to 2025; H1 2026 net income of $30.8M and operating income of $228.7M just above $201.8M of interest expense.
Worth Noting
PENN reached our research list through the in-house scanners “CEO buying”, “insider net buying” and the price-to-sales ranking (hit list as of Oct 31, 2026); the insider purchases were checked against the Form 4 filings.
Free cash flow is our own calculation: operating cash flow minus capital expenditures per the cash flow statement (10-K 2022 to 2025, 10-Q for Jun 30, 2026); sale-leaseback proceeds from GLPI are neither deducted nor added.
Casino segment EBITDAR is our own sum of the four regional segments Northeast, South, West and Midwest (10-K 2025, 10-Q for Jun 30, 2026).
Interest coverage = operating income divided by net interest expense per the income statement; interest expense includes interest on lease-related financing obligations.
Market value is our own calculation: 134,066,591 shares (10-Q cover page, Jul 29, 2026) × $15.89 close (Oct 30, 2026); consistent with the fundamental data. The third-quarter 2026 report had not been filed by Oct 31, 2026.
Stock Watch
This analysis is as of October 31, 2026. Stock Watch will tell you what's changed at PENN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.80 $ to 22.10 $ · Last price: 15.90 $ (As of: October 30, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/30/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Resorts & Casinos
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Penn National Gaming Inc PENN | 2.2 | – | 15.8 | 35.2 | 5.5 | 5.8 | -7.7 |
| Las Vegas Sands Corp LVS | 24.5 | 14.5 | 7.8 | 78.6 | 25.4 | 15.2 | -35.6 |
| Wynn Resorts Limited WYNN | 7.7 | 23.0 | 9.2 | 68.3 | 15.3 | 0.1 | -38.0 |
| MGM Resorts International MGM | 7.6 | 43.3 | 17.3 | 44.2 | 6.9 | 1.7 | -7.6 |
| Caesars Entertainment Corporation CZR | 5.9 | – | 9.1 | 49.7 | 17.6 | 2.1 | 55.6 |
| Vail Resorts Inc MTN | 5.4 | 34.3 | 11.5 | 43.7 | 42.1 | 2.7 | 11.1 |
| Boyd Gaming Corporation BYD | 5.4 | 3.3 | 7.4 | 59.0 | 18.5 | 4.1 | -4.8 |
| Red Rock Resorts Inc RRR | 5.0 | 16.6 | 8.3 | 67.2 | 28.3 | 3.7 | -2.8 |
| Marriot Vacations Worldwide VAC | 4.0 | – | 407.6 | 53.2 | 14.3 | 1.3 | 81.7 |
| Median of companies shown | 5.4 | 19.8 | 9.2 | 53.2 | 17.6 | 2.7 | -4.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 3,034 | 543 | 109 | 1.20 | 405 | -543 | 4,974 |
| 2017 | 3,148 | 475 | 503 | 5.39 | 459 | -73 | 5,235 |
| 2018 | 3,588 | 634 | 94 | 0.93 | 353 | 731 | 10,961 |
| 2019 | 5,301 | 572 | 44 | 0.37 | 704 | 1,853 | 14,195 |
| 2020 | 3,579 | -410 | -670 | -5.00 | 339 | 2,656 | 14,667 |
| 2021 | 5,905 | 1,060 | 421 | 2.40 | 896 | 4,098 | 16,872 |
| 2022 | 6,402 | 974 | 222 | 1.26 | 878 | 3,598 | 17,502 |
| 2023 | 6,363 | -690 | -490 | -3.22 | 456 | 3,202 | 16,064 |
| 2024 | 6,578 | 73 | -312 | -2.05 | 359 | 2,863 | 15,262 |
| 2025 | 6,961 | 272 | -843 | -5.83 | 508 | 1,834 | 14,269 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.88 | – | 1,669 | 19.60 | -8.00 | 102 | -119 |
| 2025: Q1 | 0.67 | – | 1,673 | 4.10 | 6.70 | 42 | -83 |
| 2025: Q2 | -0.12 | – | 1,765 | 6.10 | -1.00 | 178 | -1 |
| 2025: Q3 | -6.03 | – | 1,717 | 4.80 | -50.30 | 181 | -1 |
| 2025: Q4 | -0.55 | – | 1,806 | 8.20 | -4.00 | 107 | -83 |
| 2026: Q1 | -0.02 | -102.60 | 1,779 | 6.40 | -0.10 | 122 | 28 |
| 2026: Q2 | 0.24 | 300.00 | 1,857 | 5.20 | 1.80 | 241 | 241 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Character Change (CC)
- Mike Webster: Swing Trading List
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.94 | 0.62 – 1.33 | 7,423 | 412.9% | 5 |
| 12/31/2027 | 1.30 | 0.68 – 1.89 | 7,739 | 38.7% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 10.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $86.9M |
|---|---|
| Market cap | $2.17B |
| Free cash flow in year ten | $240.1M |
| Terminal value as a share of market value | 58.4% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
PENN Entertainment schreibt im Geschäftsbericht für 2025, dass es künstliche Intelligenz einschließlich generativer KI, maschinelles Lernen und Datenanalyse in seiner Technik und Infrastruktur einzusetzen begonnen hat; KI ist keine Umsatzquelle, und eine konkrete Bedrohung des eigenen Geschäftsmodells nennt das Unternehmen nicht — der Hinweis, Wettbewerber könnten KI schneller für Produkte und Marketing nutzen, ist ein allgemeiner Wettbewerbsrisiko-Satz. Geprüft am 31.10.2026 gegen die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025 sowie die Geschäftsberichte (10-K) für 2025 und 2024: KI taucht nur im Geschäftsbericht für 2025 auf, die vier Quartalsberichte und der Geschäftsbericht für 2024 erwähnen sie nicht — deshalb „nutzt“, nicht „verkauft“ oder „bedroht“.
View the full file — quotes, sources, reviewed filings
„We have begun using artificial intelligence (including generative artificial intelligence), machine learning, data science and similar technologies (collectively, “artificial intelligence”) in our technology and infrastructure, which may become more prominent in and important to our operations over time."
Wir haben begonnen, künstliche Intelligenz (einschließlich generativer künstlicher Intelligenz), maschinelles Lernen, Datenwissenschaft und ähnliche Technologien (zusammen „künstliche Intelligenz“) in unserer Technik und Infrastruktur einzusetzen; diese könnten mit der Zeit in unserem Geschäftsbetrieb an Bedeutung und Gewicht gewinnen.
10-K · 2026-02-26 · View SEC filing
„We have begun using artificial intelligence, machine learning, data science and similar technologies in our business, and challenges with properly managing such technologies could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations."
Wir haben begonnen, künstliche Intelligenz, maschinelles Lernen, Datenwissenschaft und ähnliche Technologien in unserem Geschäft einzusetzen, und Schwierigkeiten im richtigen Umgang mit diesen Technologien könnten zu Reputationsschäden, Wettbewerbsnachteilen und rechtlicher Haftung führen und unser Geschäftsergebnis beeinträchtigen.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-04-29 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-K 2026-02-26 · 10-K 2025-02-27
Rated on October 31, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 2.8%
- More than 10% revenue growth is expected for the coming year 4.1%
- Share count grows by less than 3% a year -6.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 3.8%
- Gross margin at 40% or higher and without meaningful erosion 27.4%
- Goodwill from acquisitions does not grow faster than revenue 12.5%
- Net debt below twice EBITDA 240.3 x EBITDA
- Operating cash flow covers the profits of the last three years 2,968 m
- Return on capital at 15% or higher, or up versus two years ago 2.1%
- Insiders hold at least 10% or are net buyers 1.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 9.7%
- Exp. sales growth 3Y > 5% 5.4%
- EBIT growth 10Y > 5% -7.4%
- Exp. EBIT growth 3Y > 5% 5.4%
- Net debt < 4x EBIT 28.3x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 2.1%
- Expected return > 10% -1.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 8, 2026 | Hartnett Johnny | Director | Other | 14,775 | 20.18 | 298,160 |
| Aug 8, 2026 | Hartnett Johnny | Director | Other | 14,775 | – | – |
The company
About the Company
PENN Entertainment, Inc. bietet gemeinsam mit ihren Tochtergesellschaften integrierte Unterhaltungs-, Sportinhalte- und Casino-Glücksspielerlebnisse in den USA und international an.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 23,441
- Headquarters
- Wyomissing, PA
- Address
- 825 Berkshire Blvd., 19610 Wyomissing, United States
- Phone
- 610 373 2400
- Website
- pennentertainment.com
- IPO Date
- 05/26/1994
- ISIN
- US7075691094
- Stock Split
- 4423:1000 on 11/04/2013
- Stock Split
- 2:1 on 03/08/2005
- Stock Split
- 2:1 on 06/26/2002
Management
| Name | Title | Birth Year |
|---|---|---|
| Jay A. Snowden | President, CEO & Director | 1976 |
| Felicia Rae Kantor Hendrix | Executive VP & CFO | 1969 |
| Christopher Rogers | Executive VP, Chief Strategy & Legal Officer and Secretary | 1976 |
| Bryan Goslin | Senior VP & Chief Accounting Officer | – |
| Aaron LaBerge | Chief Technology Officer & Head of Interactive | – |
| D. Eric Schippers | Chairman of the Penn National Gaming Foundation, Senior VP of Public Affairs & Government Relations | – |
| Jennifer Weissman | Senior VP & Chief Marketing Officer | – |
| Wendy Hamilton | Senior VP & Chief Human Resources Officer | – |
| Rafael Verde | Senior Vice President of Regional Operations | 1972 |
| Aaron Rosenthal | Senior Vice President of Regional Operations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 PENN Entertainment, Inc. (PENN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.