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PENN Entertainment

PENN on Nasdaq. PENN Entertainment sells casino gambling and online betting to customers in North America. Market value $2.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Recent profit includes a big one-time charge, so we price the company excluding that charge.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
4.5%fair

For every $100 of what the whole company costs, it produced $4.51 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026, without the one-off
16.7×full

You pay 16.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
0.8%five-year median

Each dollar kept in the business earns 1 cents a year. Above 10 is good.

Quality score: 37 of 100. Price score: 49 of 100. Our list needs 70 on quality and 60 on price.

$15.91 a share, 37% above its 1-year low

Over the past year the price has ranged from $11.65 to $22.36.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.7
0.6
0.1
-0.1
-0.1
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $96 million in the past 12 months, a shortfall of $140 million in the year to December 2025.

Revenue
$5.9bn$6.4bn$6.4bn$6.6bn$7.0bn
Operating margin
17.9%15.2%-10.8%1.1%-9.7%
Debt to equity
0.752.181.521.712.70
Shares outstanding
0.16bn0.15bn0.15bn0.13bn0.13bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt2.70× equity
  • Revenue growth, five yearsStrong, 14.2% a year
  • Buying back its own sharesYes, 14% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.9 billion last quarter, up 5% on a year ago.
  • Profit: $33 million, after a loss of $17 million a year ago.
  • It loses 8 cents on each $1 of sales, after keeping 2 cents a year earlier.
  • Spare cash over the past 12 months: $96 million. A year earlier it spent $140 million more than it brought in.
  • 8% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $4 billion more than cash, down from $4.2 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.6bn
December 2024$1.7bn
March 2025$1.7bn
June 2025$1.8bn
September 2025$1.7bn
December 2025$1.8bn
March 2026$1.8bn
June 2026$1.9bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$37m
December 2024-$133m
March 2025$112m
June 2025-$17m
September 2025-$865m
December 2025-$73m
March 2026-$2m
June 2026$33m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 380 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%; 1 of them is pushing for change.

  • BlackRock, Inc.
    Passive investor
    14.1%
    Since 30 June 2026
  • 7.8%+1.4 pts
    Since 30 June 2026
  • 5.2%
    Since 31 March 2026
  • at least 5.2%
    (filed with 1 related holder)
    Since 30 June 2026
  • HG Vora Capital Management, LLC
    Activist
    Wants board seats
    at least 4.8%
    (filed with 1 related holder)
    Since 13 January 2025
    What they said

    Item 4 of the Amended Schedule 13D is hereby amended and supplemented to add the following paragraph to the end thereof: Since January 2024, the Reporting Persons have engaged in discussions with gaming regulators in over two dozen states where the Issuer operates and, where…

    Read the filing
  • FMR LLC
    Passive investor
    at least 3.2%
    (filed with 1 related holder)
    Since 31 December 2024
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $1m of shares on the open market. 1 sold $115,891.

  • SCACCETTI JANE
    Director
    Bought
    Date
    2 March 2026
    Shares
    8,000
    Price
    $15.09
    Value
    $120,720
  • Hendrix Felicia
    EVP and CFO
    Bought
    Date
    21 November 2025
    Shares
    7,315
    Price
    $13.79
    Value
    $100,874
  • HANDLER DAVID A
    Director
    Bought
    Date
    17 November 2025
    Shares
    20,000
    Price
    $14.25
    Value
    $285,000
  • Black Gupta Vimla
    Director
    Sold
    Date
    14 November 2025
    Shares
    7,987
    Price
    $14.51
    Value
    $115,891
  • Snowden Jay A
    CEO and President, Director
    Bought
    Date
    7 November 2025
    Shares
    34,700
    Price
    $14.32
    Value
    $496,904

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 2.7× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.