PENN
PENN Entertainment, Inc.
PENN's fundamentals are strong, but it looks expensive: trading at 175x earnings, about eight times its usual 23x. Analysts expect strong earnings growth, though they disagree widely on how much.
PENN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
PENN's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
PENN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.5x | $0.65 | -96% |
| Forward | 11x | $17.53 | — |
| Fair | 22x | $2.25 | -87% |
| Expensive | 29x | $2.94 | -83% |
| Current | 175x | $17.53 | — |
Historical ranges are pointers, not guarantees.
PENN's PE is in its expensive range at 175x. If earnings grow as analysts expect, today's price would be 11x next year's earnings, in its cheap range.
PENN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PENN, with profitability improving. However, they disagree widely on these estimates.
PENN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.60 | +1503% |
| Q3 2026 | $0.10 | +$6.44 |
| Q2 2026 | -$6.17 | -$5.62 |
| Q1 2026 | -$6.53 | -$5.92 |
| Q4 2025 | -$5.83 | -$3.78 |
| Q3 2025 | -$6.34 | -$3.21 |
| Q2 2025 | -$0.55 | +$7.14 |
| Q1 2025 | -$0.61 | +$6.42 |
| Q4 2024 | -$2.05 | +$1.17 |
PENN has returned to profit: it earned $0.10 per share over the past year, after losing money the year before.
PENN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +7.1% |
| Q2 2026 | $1.9B | +5.2% |
| Q1 2026 | $1.8B | +6.4% |
| Q4 2025 | $1.8B | +8.2% |
| Q3 2025 | $1.7B | +4.8% |
| Q2 2025 | $1.8B | +6.1% |
| Q1 2025 | $1.7B | +4.1% |
| Q4 2024 | $1.7B | +20% |
PENN's revenue has grown year over year for nine quarters in a row: $1.8B last quarter, up 7.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.9% | +52 points |
| Q2 2026 | 7.1% | +2.7 points |
| Q1 2026 | 5.5% | +2.9 points |
| Q4 2025 | -1% | +1.9 points |
| Q3 2025 | -45% | -49 points |
| Q2 2025 | 4.4% | -0.1 points |
| Q1 2025 | 2.6% | +3.9 points |
| Q4 2024 | -2.9% | +19 points |
PENN's operating margin was 6.9% last quarter, up 52 points from the same quarter a year ago.
PENN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $204.1M | +2389% |
| Q2 2026 | $143.3M | +662% |
| Q1 2026 | $27.8M | +$111.1M |
| Q4 2025 | -$83.2M | +$34.9M |
| Q3 2025 | $8.2M | -81% |
| Q2 2025 | $18.8M | -70% |
| Q1 2025 | -$83.3M | +$26.8M |
| Q4 2024 | -$118.1M | +$118.9M |
PENN's free cash flow has turned positive after two years mostly in the red: $292M over the past year.
PENN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -1.7M shares |
| 1 year | -5.6% | -8.1M shares |
| 3 years | -10% | -15.5M shares |
| 5 years | -22% | -37.3M shares |
| Available history | +15% | +17.6M shares |
PENN has 135M diluted shares, down 5.6% from a year ago, with $85M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $85M |
| Q3 2025 | $154.1M |
| Q2 2025 | $90.3M |
| Q1 2025 | $25M |
| Q4 2024 | — |
PENN spent $85M buying back its own shares over the past year, down 68% from the year before.
PENN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 3.6x | Elevated |
| Q4 2024 | 4.1x | High |
| Q3 2024 | 7.7x | High |
| Q3 2023 | 4.3x | High |
| Q2 2023 | 1.2x | Healthy |
| Q1 2023 | 1.0x | Healthy |
PENN's net debt is about 2.1 years of its operating earnings (EBITDA), down from 7.7 years a year ago.
PENN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.0 | Neutral |
| Stochastic | 44.0 | Neutral |
PENN's weekly RSI is 52 (neutral) and its Stochastic is 44 (neutral).
PENN PE vs Consumer Cyclical Sector
| Metric | PENN | Sector median | Relative |
|---|---|---|---|
| PE | 175x | 18x | 873% above |
| PE % | 100 | 47 | 53 pts above |
PENN is trading at 175x earnings, a 873% premium to the Consumer Cyclical sector's median of 18x.
PENN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.8 | 11% above |
| 20 week MA | $17.8 | 1.6% below |
| 50 week MA | $16.6 | 5.8% above |
| 100 week MA | $17.1 | 2.4% above |
| 200 week MA | $19.8 | 12% below |
PENN's trend is mixed: it's above three of its five weekly moving averages, and 12% below its 200-week average.
PENN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.7 | $94.7 | +268% |
| 2021 | $94.7 | $51.4 | -46% |
| 2022 | $51.4 | $30.5 | -41% |
| 2023 | $30.5 | $26.0 | -15% |
| 2024 | $26.0 | $18.7 | -28% |
| 2025 | $18.7 | $15.1 | -19% |
| 2026 YTD | $15.1 | $17.5 | +16% |
PENN has finished five years in a row lower, and it's up 16% so far in 2026.