Recent News
March 12, 2026 — PENN set June 12, 2026 as the grand opening for the new hotel tower at Hollywood Casino Columbus, with room bookings opening April 15. March 25, 2026 — a credit analyst cited improving financial metrics for PENN and suggested a firmer 2026 outlook for leverage and cash generation given recent retail openings and interactive segment adjustments.
Technical Analysis
Directional indicators register a low-strength environment: ADX reads 14.07, indicating no established trend, while DI+ registers 26.91 and trends increasing, and DI– registers 19.59 and trends decreasing. The DI configuration favors short-term bullish directional pressure despite the lack of a strong trend.
MACD registers 0.41 with the MACD line above the signal line at 0.31 and the MACD trend increasing; that cross above the signal line signals bullish momentum on recent price action.
MRO reads 27.99 with a dip & reversal. The positive MRO reading places price above the model target, implying potential mean reversion risk even as the oscillator recently reversed upward.
RSI sits at 53.61 and trends increasing, consistent with neutral-to-mild bullish momentum without overbought conditions.
Price relationships show mixed short- and medium-term bias: closing price registers $15.85, above the 20‑day average of $15.26 and the 50‑day average of $14.26, but below the 200‑day average of $16.07. Bollinger band structure places one-standard-deviation upper band near $15.91 and lower band near $14.61, suggesting recent trading inside a contained range.
Volume runs slightly above the 10‑day average (current volume 3.53M; 10‑day avg 3.12M) but below the 50‑ and 200‑day averages, so conviction behind the recent move remains modest. Near-term technical bias favors episodic strength, yet the low ADX and a positive MRO argue for a higher probability of consolidation or a corrective leg toward structural support levels if momentum fades.
Fundamental Analysis
Profitability shows contrast between operating cash generation and reported earnings. EBITDA registers $107.9M while EBIT records a loss of $6.3M, yielding an EBIT margin of -0.35%. That EBIT margin sits below the industry peer mean (13.38%) and industry peer median (8.84%) but remains above the industry peer low (-2.20%).
EPS arrived at -$0.55 versus an estimate of -$0.13, producing an EPS surprise of approximately -323.08% and an EPS difference of -$0.42. Net income for the period records a loss of $72.9M while operating cash flow totals $107.2M, reflecting operating cash generation despite reported GAAP losses.
Leverage and liquidity metrics show material stress relative to capital structure. Total debt stands at $11.272B, net debt near $2.201B, and debt to equity measures 6.15x. Debt to EBITDA reads about 104.47x. Debt to assets registers 79.00%, which remains below the industry peer high (84.63%) but above the industry peer mean (51.12%) and median (41.71%). Free cash flow records a negative $91.6M with a free cash flow yield of -4.94%, positioned above the industry peer low but below the industry peer mean and median.
Revenue and margins show pockets of improvement: total revenue registers $1.806B with reported revenue growth of 5.18% and a reported revenue growth year‑over‑year figure of 184.76% in the supplied metrics. Gross margin measures 33.47% and operating margin registers 4.86%, with operating margin showing a strong QoQ improvement (operating margin QoQ +71.77%).
Valuation context drives WMDST’s determination: enterprise value registers roughly $12.44B versus market capitalization near $1.856B, producing an enterprise multiple of 115.31 and a forward P/E near 35.88. WMDST values the stock as over‑valued, citing elevated leverage, negative free cash flow, and a stretched enterprise multiple relative to cash flow generation that must improve to justify present pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-26 |
| NEXT REPORT DATE: | 2026-05-28 |
| CASH FLOW | Begin Period Cash Flow | $ 692.1 M |
| Operating Cash Flow | $ 107.2 M | |
| Capital Expenditures | $ -198.80 M | |
| Change In Working Capital | $ -154.80 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 22.7 M | |
| End Period Cash Flow | $ 714.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ -299.69 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.2 B | |
| Depreciation | $ 114.2 M | |
| Depreciation and Amortization | $ 114.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.7 B | |
| PROFITABILITY | ||
| Gross Profit | $ 604.6 M | |
| EBITDA | $ 107.9 M | |
| EBIT | $ -6.30 M | |
| Operating Income | $ 87.8 M | |
| Interest Income | $ 2.1 M | |
| Interest Expense | $ 101.9 M | |
| Net Interest Income | $ -99.80 M | |
| Income Before Tax | $ -108.20 M | |
| Tax Provision | $ -34.80 M | |
| Tax Rate | 32.163 % | |
| Net Income | $ -72.90 M | |
| Net Income From Continuing Operations | $ -73.40 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.13 | |
| EPS Actual | $ -0.55 | |
| EPS Difference | $ -0.42 | |
| EPS Surprise | -323.077 % | |
| Forward EPS | $ 0.36 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 14.3 B | |
| Intangible Assets | $ 3.2 B | |
| Net Tangible Assets | $ -1.36 B | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 686.6 M | |
| Cash | $ 686.6 M | |
| Net Receivables | $ 94.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 223.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 54.2 M | |
| Short-Term Debt | $ 38.2 M | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 2.2 B | |
| Total Debt | $ 11.3 B | |
| Total Liabilities | $ 12.4 B | |
| EQUITY | ||
| Total Equity | $ 1.8 B | |
| Retained Earnings | $ -1.49 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 13.79 | |
| Shares Outstanding | 132.964 M | |
| Revenue Per-Share | $ 13.58 | |
| VALUATION | Market Capitalization | $ 1.9 B |
| Enterprise Value | $ 12.4 B | |
| Enterprise Multiple | 115.307 | |
| Enterprise Multiple QoQ | -675.969 % | |
| Enterprise Multiple YoY | 238.136 % | |
| Enterprise Multiple IPRWA | PENN: 115.307 high: 83.415 mean: 57.313 median: 54.369 low: -0.171 |
|
| EV/R | 6.888 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.78 | |
| Asset To Liability | 1.147 | |
| Debt To Capital | 0.86 | |
| Debt To Assets | 0.79 | |
| Debt To Assets QoQ | 1.187 % | |
| Debt To Assets YoY | 31500.4 % | |
| Debt To Assets IPRWA | high: 0.846 PENN: 0.79 mean: 0.511 median: 0.417 low: 0.001 |
|
| Debt To Equity | 6.146 | |
| Debt To Equity QoQ | 7.755 % | |
| Debt To Equity YoY | 45973.763 % | |
| Debt To Equity IPRWA | high: 6.469 PENN: 6.146 median: 2.993 mean: 2.925 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.012 | |
| Price To Book QoQ | -19.681 % | |
| Price To Book YoY | -7.153 % | |
| Price To Book IPRWA | high: 35.179 mean: 13.948 median: 12.322 PENN: 1.012 low: -14.263 |
|
| Price To Earnings (P/E) | 199.409 | |
| Price To Earnings QoQ | -6828.279 % | |
| Price To Earnings YoY | -958.749 % | |
| Price To Earnings IPRWA | high: 362.992 PENN: 199.409 mean: 97.511 median: 89.054 low: -47.766 |
|
| PE/G Ratio | -1.513 | |
| Price To Sales (P/S) | 1.028 | |
| Price To Sales QoQ | -28.499 % | |
| Price To Sales YoY | -45.036 % | |
| Price To Sales IPRWA | high: 10.555 median: 8.023 mean: 7.618 PENN: 1.028 low: 0.207 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 35.877 | |
| Forward PE/G | -0.272 | |
| Forward P/S | -5.217 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -19.158 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.126 | |
| Asset Turnover Ratio QoQ | 8.628 % | |
| Asset Turnover Ratio YoY | 16.541 % | |
| Asset Turnover Ratio IPRWA | high: 0.519 mean: 0.264 median: 0.162 PENN: 0.126 low: 0.057 |
|
| Receivables Turnover | 11.112 | |
| Receivables Turnover Ratio QoQ | 56.293 % | |
| Receivables Turnover Ratio YoY | 12.947 % | |
| Receivables Turnover Ratio IPRWA | high: 29.881 median: 17.522 mean: 15.881 PENN: 11.112 low: 1.89 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 8.212 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 3.239 | |
| Cash Conversion Cycle Days QoQ | -56.858 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 28.228 median: 5.208 PENN: 3.239 mean: -5.041 low: -51.149 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -5.838 | |
| CapEx To Revenue | -0.11 | |
| CapEx To Depreciation | -1.741 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.7 B | |
| Net Invested Capital | $ 4.7 B | |
| Invested Capital | $ 4.7 B | |
| Net Tangible Assets | $ -1.36 B | |
| Net Working Capital | $ -309.40 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.465 | |
| Current Ratio | 0.79 | |
| Current Ratio QoQ | 4.825 % | |
| Current Ratio YoY | -3.121 % | |
| Current Ratio IPRWA | high: 2.609 mean: 0.935 median: 0.798 PENN: 0.79 low: 0.542 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 104.469 | |
| Cost Of Debt | 0.616 % | |
| Interest Coverage Ratio | -0.062 | |
| Interest Coverage Ratio QoQ | -99.212 % | |
| Interest Coverage Ratio YoY | -80.046 % | |
| Interest Coverage Ratio IPRWA | high: 21.506 mean: 7.995 median: 6.611 PENN: -0.062 low: -0.312 |
|
| Operating Cash Flow Ratio | 0.11 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 4.974 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.293 % | |
| Revenue Growth | 5.177 % | |
| Revenue Growth QoQ | -291.528 % | |
| Revenue Growth YoY | 184.763 % | |
| Revenue Growth IPRWA | high: 54.541 % PENN: 5.177 % median: 3.565 % mean: 2.687 % low: -32.046 % |
|
| Earnings Growth | -131.818 % | |
| Earnings Growth QoQ | -97.85 % | |
| Earnings Growth YoY | -149.432 % | |
| Earnings Growth IPRWA | high: 61.905 % median: -44.444 % mean: -104.94 % PENN: -131.818 % low: -238.462 % |
|
| MARGINS | ||
| Gross Margin | 33.474 % | |
| Gross Margin QoQ | -1.008 % | |
| Gross Margin YoY | 2.248 % | |
| Gross Margin IPRWA | high: 80.422 % median: 45.983 % mean: 45.867 % PENN: 33.474 % low: 29.539 % |
|
| EBIT Margin | -0.349 % | |
| EBIT Margin QoQ | -99.214 % | |
| EBIT Margin YoY | -83.452 % | |
| EBIT Margin IPRWA | high: 28.436 % mean: 13.379 % median: 8.837 % PENN: -0.349 % low: -2.202 % |
|
| Return On Sales (ROS) | 4.861 % | |
| Return On Sales QoQ | 71.767 % | |
| Return On Sales YoY | -330.488 % | |
| Return On Sales IPRWA | high: 29.715 % mean: 13.164 % median: 8.688 % PENN: 4.861 % low: -1.666 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -91.60 M | |
| Free Cash Flow Yield | -4.935 % | |
| Free Cash Flow Yield QoQ | 11936.585 % | |
| Free Cash Flow Yield YoY | 21.642 % | |
| Free Cash Flow Yield IPRWA | high: 11.948 % median: 1.724 % mean: 1.501 % PENN: -4.935 % low: -5.28 % |
|
| Free Cash Growth | 9060.0 % | |
| Free Cash Growth QoQ | -39359.869 % | |
| Free Cash Growth YoY | -787.766 % | |
| Free Cash Growth IPRWA | PENN: 9060.0 % high: 110.132 % median: 4.143 % mean: -39.509 % low: -292.58 % |
|
| Free Cash To Net Income | 1.257 | |
| Cash Flow Margin | 9.008 % | |
| Cash Flow To Earnings | -2.232 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.01 | |
| Return On Assets (ROA) | -0.51 % | |
| Return On Assets QoQ | -91.294 % | |
| Return On Assets YoY | -41.109 % | |
| Return On Assets IPRWA | high: 2.98 % median: 2.146 % mean: 1.728 % PENN: -0.51 % low: -1.912 % |
|
| Return On Capital Employed (ROCE) | -0.049 % | |
| Return On Equity (ROE) | -0.04 | |
| Return On Equity QoQ | -90.994 % | |
| Return On Equity YoY | -14.626 % | |
| Return On Equity IPRWA | high: 0.444 mean: 0.125 median: 0.06 low: -0.036 PENN: -0.04 |
|
| DuPont ROE | -3.844 % | |
| Return On Invested Capital (ROIC) | -0.091 % | |
| Return On Invested Capital QoQ | -99.276 % | |
| Return On Invested Capital YoY | -101.922 % | |
| Return On Invested Capital IPRWA | high: 5.727 % mean: 3.696 % median: 3.562 % PENN: -0.091 % low: -0.275 % |
|