| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 12.1x | 17.3x | Top tier | |
Growth | 14 | -3.5% | 7.1% | Bottom tier | |
Quality | 92 | 14.3% | 4.5% | Top tier | |
Safety | 34 | 4.8x | 2.6x | Bottom tier | |
Capital Return | 47 | 0.00% | 0.06% | Around median | |
Momentum | 25 | -37.5% | -1.6% | Bottom tier | |
Sentiment | 37 | 4 | 3 | Bottom tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
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United Parks & Resorts operates a portfolio of theme parks that combine rides, animal attractions, shows, and seasonal events, with SeaWorld, Busch Gardens, and Discovery Cove among its most prominent brands. Its revenue model includes admission tickets, annual and seasonal passes, and vacation packages, as well as in-park guest spending on food, retail, photos, and events; passholder visits also represent approximately 40% of total attendance. The company is also developing commercial sponsorships, targeting more than $15 million in sponsorship revenue during fiscal year 2026 and at least $30 million annually in subsequent years.
In the second quarter of fiscal year 2026, revenue declined 1.4% to $483.3 million after attendance fell 2.9%, equivalent to approximately 179 thousand visitors, while total revenue per capita increased 1.5%. Admission revenue per capita declined 1.8% due to the mix of admission products, but in-park spending per capita increased 5.1% to a quarterly record, driven by pricing and higher utilization of services. Accordingly, the strength of in-park spending was insufficient to fully offset the decline in visitor numbers.
Net income in the second quarter of fiscal year 2026 was approximately $63.3 million, compared with $80.1 million in the corresponding period, equivalent to a net income margin of approximately 13.1%. Adjusted earnings before interest, taxes, depreciation, and amortization were $195.5 million, down $10.8 million and equivalent to a margin of approximately 40.5%, while operating expenses increased 5.3% and selling, general, and administrative expenses increased 3.4%. For the first half of fiscal year 2026, revenue was $761.6 million, net income was $29.2 million, and adjusted earnings before interest, taxes, depreciation, and amortization were $253.4 million.
The stock has a consensus “Buy” rating, with an average price target of $46.29, within a wide range of $40 to $55; the average target is below the $56.95 high within the 52-week range of $28.77 to $56.95. The breadth of the target range and the 52-week range reflects the contrast between potential real estate value and the repurchase of 12.1% of shares on one hand, and declining attendance and profitability and uncertainty surrounding adjusted earnings growth for fiscal year 2026 on the other.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue declined 1.4% to $483.3 million due to a 2.9% decrease in attendance, equivalent to approximately 179 thousand visitors. Management attributed the decline primarily to the shift of some Easter holiday days into the previous quarter and continued weakness in international visitation. It said attendance would have remained stable after excluding these two factors. Nevertheless, net income declined to $63.3 million from $80.1 million, demonstrating that the pressures were not limited to revenue.
Total revenue per capita increased 1.5% in the second quarter of fiscal year 2026. Despite a 1.8% decline in admission revenue per capita, in-park spending increased 5.1% to a quarterly record. Management attributed this to pricing, increased utilization of services, and investment in food and retail outlets, self-order kiosks, and the photography business. In July 2026, preliminary results also indicated growth in both admission revenue and in-park spending per capita.
Automated analysis for informational purposes only — not investment advice.
The partnership adds I Know What You Did Last Summer content to SeaWorld events and Anaconda content to Busch Gardens events during the 2026 Halloween season. Management said on August 4, 2026 that combined early ticket sales for the event were higher than the prior year across the parks. The company believes the new content supports pricing because it gives visitors an experience it has not historically offered at this scale. Management included the investment in this intellectual property among its CapEx projects with expected returns.
Passholder visits represented approximately 40% of United Parks & Resorts' total attendance, making this product important for repeat visits and revenue. As of June 30, 2026, the deferred revenue balance was $211.9 million, up approximately 2% from June 2025, and included tickets, packages, passes, and add-on products. In contrast, the paid pass base declined 1% through June 2026 compared with June 2025. During 2026, the company began offering 2027 passes with a dedicated strategy and team, targeting meaningful growth in the base during 2027 and beyond.
Management said on August 4, 2026 that it had received significant interest from serious parties in purchasing one or several properties, and that the offered valuations compared favorably with the company's stock market valuation. However, it emphasized that there was no guarantee any transaction would be completed and that the decision would depend on the terms, future value, and market conditions. In parallel, the company purchased 5.9 million shares during the first half of fiscal year 2026 for $217.7 million, equivalent to 12.1% of outstanding shares. Management did not commit to using the proceeds of any potential real estate transaction for additional repurchases, instead saying that the board of directors would select the use it considers best for shareholders.