PENN Entertainment, Inc. (PENN) Key Metrics
PENN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.00B
- Enterprise value
- $12.26B
- P/E (TTM)
- — 10-yr median 20.9
- Forward P/E
- 8.2
- PEG ratio
- 1.01
- Price / sales
- 0.3 10-yr median 0.6
- Price / book
- 1.1 10-yr median 1.5
- EV / EBITDA
- 392.4 10-yr median 13.2
- Dividend yield
- —
- Beta
- 1.39
PENN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPENN valuation Price multiples at each fiscal year-end price.
PENN returns How much profit the business earns on the capital it uses.
PENN per-share figures Results divided by the shares outstanding at year-end.
PENN financial health Debt, liquidity and how easily interest is covered.
PENN efficiency & capital use Working capital cycle and where the cash goes.
PENN valuation history
PENN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PENN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PENN cash returned to shareholders
PENN price vs earnings per share
PENN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.13B | $3.01B | $3.96B | $5.25B | $9.10B | $11.57B | $3.01B | $1.89B | $2.93B | $1.26B |
| Enterprise value | $9.82B | $13.56B | $14.43B | $16.53B | $18.84B | $20.88B | $13.90B | $10.97B | $7.44B | $5.96B |
| P/E ratio | — | — | — | 23.6 | 21.6 | — | 68.6 | 20.2 | 5.8 | 11.5 |
| Price / sales | 0.3 | 0.5 | 0.6 | 0.8 | 1.5 | 3.2 | 0.6 | 0.5 | 0.9 | 0.4 |
| Price / book | 1.2 | 1.1 | 1.2 | 1.5 | 2.2 | 4.4 | 1.6 | 2.6 | — | — |
| Price / free cash flow | — | — | 53.5 | 8.7 | 14.5 | 58.7 | 6.0 | 10.6 | 8.2 | 4.1 |
| Price / operating cash flow | 4.2 | 8.4 | 8.7 | 6.0 | 10.2 | 34.2 | 4.3 | 5.4 | 6.4 | 3.1 |
| EV / sales | 1.4 | 2.1 | 2.3 | 2.6 | 3.2 | 5.8 | 2.6 | 3.1 | 2.4 | 2.0 |
| EV / EBITDA | 307.0 | 24.1 | 36.1 | 11.0 | 13.0 | 272.5 | 13.4 | 12.2 | 10.5 | 7.0 |
| EV / free cash flow | — | — | 195.0 | 27.3 | 30.0 | 106.0 | 27.7 | 61.4 | 20.8 | 19.6 |
| Earnings yield | −39.5% | −10.3% | −12.4% | 4.2% | 4.6% | −5.8% | 1.5% | 4.9% | 17.2% | 8.7% |
| Free cash flow yield | −6.5% | −4.1% | 1.9% | 11.6% | 6.9% | 1.7% | 16.7% | 9.5% | 12.2% | 24.2% |
| Dividend yield | — | — | 0.1% | 0.1% | — | — | 0.1% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 16.6% | 0.0% | 3.9% | 11.6% | 0.0% | 0.0% | 0.9% | 2.6% | 0.8% | 0.0% |
| Share price at fiscal year-end | $14.75 | $19.82 | $26.02 | $29.70 | $51.85 | $86.37 | $25.56 | $18.83 | $31.33 | $13.79 |
| Per share | ||||||||||
| Revenue per share | $48.14 | $43.25 | $41.83 | $36.25 | $33.65 | $26.71 | $45.00 | $35.76 | $33.71 | $33.20 |
| Earnings per share | −$5.83 | −$2.05 | −$3.22 | $1.26 | $2.40 | −$5.00 | $0.37 | $0.93 | $5.39 | $1.20 |
| Operating cash flow per share | $3.51 | $2.36 | $3.00 | $4.97 | $5.11 | $2.53 | $5.98 | $3.52 | $4.92 | $4.43 |
| Free cash flow per share | −$0.96 | −$0.81 | $0.49 | $3.43 | $3.58 | $1.47 | $4.26 | $1.78 | $3.84 | $3.33 |
| Cash per share | $4.75 | $4.65 | $7.05 | $9.20 | $10.62 | $13.83 | $3.71 | $4.78 | $2.98 | $2.51 |
| Book value per share | $12.68 | $18.82 | $21.05 | $20.37 | $23.35 | $19.82 | $15.73 | $7.29 | −$0.78 | −$5.94 |
| Tangible book value per share | −$9.39 | −$8.09 | −$7.31 | −$4.70 | −$3.40 | −$0.11 | −$12.26 | −$23.46 | −$16.10 | −$21.54 |
| Dividends per share | — | — | $0.03 | $0.04 | — | — | $0.02 | — | $0.00 | $0.00 |
| Capex per share | $4.48 | $3.17 | $2.51 | $1.54 | $1.53 | $1.06 | $1.72 | $1.74 | $1.08 | $1.10 |
| Debt per share | $57.94 | $73.96 | $75.89 | $73.10 | $66.13 | $83.26 | $96.17 | $95.28 | $51.29 | $53.93 |
| Shares outstanding | 144.6M | 152.1M | 152.1M | 176.6M | 175.5M | 134.0M | 117.8M | 100.3M | 93.4M | 91.4M |
| Change in shares outstanding | −4.9% | 0.0% | −13.9% | +0.6% | +31.0% | +13.8% | +17.4% | +7.5% | +2.2% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −35.9% | −10.3% | −14.4% | 5.8% | 12.5% | −29.7% | 3.4% | 28.4% | — | — |
| Return on invested capital (ROIC) | 1.9% | 0.4% | −3.8% | 6.8% | 6.4% | −2.6% | 2.5% | 8.9% | 11.1% | 11.6% |
| Return on assets (ROA) | −5.7% | −2.0% | −2.9% | 1.3% | 2.7% | −4.6% | 0.3% | 1.2% | 9.9% | 2.2% |
| Return on tangible assets | −7.6% | −2.8% | −4.2% | 1.7% | 3.5% | −5.6% | 0.4% | 1.2% | 13.2% | 3.1% |
| Free cash flow margin | −2.0% | −1.9% | 1.2% | 9.5% | 10.6% | 5.5% | 9.5% | 5.0% | 11.4% | 10.0% |
| Income quality (OCF / net income) | — | — | — | 3.95 | 2.13 | — | 16.03 | 3.77 | 0.91 | 3.70 |
| Financial health | ||||||||||
| Total debt | $8.38B | $11.25B | $11.54B | $12.91B | $11.61B | $11.16B | $11.33B | $9.56B | $4.79B | $4.93B |
| Cash & short-term investments | $686.6M | $706.6M | $1.07B | $1.62B | $1.86B | $1.85B | $437.4M | $479.6M | $278.0M | $229.5M |
| Net debt | $7.69B | $10.54B | $10.47B | $11.28B | $9.74B | $9.30B | $10.89B | $9.08B | $4.51B | $4.70B |
| Debt / equity | 4.57 | 3.93 | 3.60 | 3.59 | 2.83 | 4.20 | 6.11 | 13.07 | — | — |
| Debt / assets | 0.59 | 0.74 | 0.72 | 0.74 | 0.69 | 0.76 | 0.80 | 0.87 | 0.91 | 0.99 |
| Net debt / EBITDA | 240.34 | 18.73 | 26.16 | 7.52 | 6.73 | 121.46 | 10.51 | 10.11 | 6.36 | 5.52 |
| Current ratio | 0.79 | 0.82 | 1.11 | 1.74 | 1.96 | 2.42 | 0.71 | 0.92 | 0.76 | 0.74 |
| Quick ratio | 0.79 | 0.82 | 0.96 | 1.65 | 1.85 | 2.30 | 0.63 | 0.83 | 0.67 | 0.63 |
| Interest coverage | 0.7 | 0.2 | -1.5 | 1.3 | 1.9 | -0.8 | 1.1 | 1.2 | 1.0 | 1.2 |
| Working capital | −$309.4M | −$260.7M | $169.0M | $854.7M | $1.09B | $1.23B | −$262.8M | −$60.8M | −$129.0M | −$137.1M |
| Invested capital | $9.52B | $13.41B | $13.67B | $14.88B | $13.84B | $11.96B | $12.74B | $9.81B | $4.44B | $4.16B |
| Tangible asset value | −$1.36B | −$1.23B | −$1.11B | −$831.8M | −$598.0M | −$14.8M | −$1.45B | −$2.35B | −$1.50B | −$1.97B |
| Net current asset value | −$11.27B | −$11.25B | −$11.21B | −$11.89B | −$10.55B | −$9.93B | −$11.70B | −$9.55B | −$4.91B | −$5.12B |
| Graham number | — | — | — | $24.01 | $35.49 | — | $11.48 | $12.36 | — | — |
| Graham net-net per share | −$79.97 | −$75.64 | −$75.22 | −$68.20 | −$60.96 | −$74.88 | −$100.17 | −$96.06 | −$53.13 | −$57.02 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $5.3M | $6.9M | — | — | $1.9M | — | $0 | $0 |
| Share buybacks (net) | $354.4M | $0 | $149.8M | $601.1M | $0 | $0 | $24.9M | $50.0M | $24.8M | $0 |
| Dividend payout ratio | — | — | — | 3.1% | — | — | 4.3% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 209.6% | 100.4% | 0.0% | 0.0% | 5.3% | 28.0% | 6.9% | 0.0% |
| Capex / revenue | 9.3% | 7.3% | 6.0% | 4.3% | 4.5% | 4.0% | 3.8% | 4.9% | 3.2% | 3.3% |
| Capex / operating cash flow | 127.4% | 134.3% | 83.8% | 31.0% | 29.9% | 41.9% | 28.7% | 49.4% | 21.9% | 24.8% |
| Capex / depreciation | 1.45 | 1.11 | 0.88 | 0.48 | 0.78 | 0.39 | 0.49 | 0.65 | 0.38 | 0.37 |
| Stock-based compensation / revenue | 0.9% | 0.8% | 1.4% | 0.9% | 0.6% | 0.4% | 0.3% | 0.3% | 0.2% | 0.2% |
| SG&A / revenue | 23.5% | 23.8% | 24.6% | 17.3% | 22.9% | 31.6% | 22.4% | 17.3% | 16.4% | 15.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 13.4 | 16.0 | 16.2 | 12.6 | 9.0 | 9.4 | 6.7 | 8.6 | 7.2 | 6.4 |
| Days of inventory on hand | — | — | 15.1 | 12.0 | 13.7 | 17.6 | 8.6 | 9.5 | 10.4 | 14.2 |
| Days payables outstanding | 3.8 | 3.6 | 3.5 | 4.7 | 5.0 | 7.2 | 4.4 | 5.0 | 6.2 | 11.2 |
| Cash conversion cycle (days) | 9.6 | 12.4 | 27.8 | 19.9 | 17.7 | 19.9 | 11.0 | 13.1 | 11.5 | 9.4 |
| Receivables turnover | 27.24 | 22.85 | 22.51 | 29.01 | 40.53 | 38.67 | 54.22 | 42.30 | 50.50 | 56.70 |
| Payables turnover | 96.30 | 101.02 | 104.32 | 77.76 | 72.79 | 50.83 | 83.46 | 72.43 | 59.30 | 32.58 |
| Inventory turnover | — | — | 24.12 | 30.47 | 26.70 | 20.73 | 42.31 | 38.37 | 35.04 | 25.76 |
| Asset turnover | 0.47 | 0.42 | 0.38 | 0.37 | 0.37 | 0.25 | 0.42 | 0.44 | 0.62 | 0.60 |
| Average receivables | $255.5M | $287.9M | $282.7M | $220.7M | $145.7M | $92.5M | $97.8M | $84.8M | $62.3M | $53.5M |
| Average payables | $52.5M | $43.7M | $38.4M | $46.7M | $43.2M | $36.8M | $35.4M | $28.3M | $30.6M | $54.0M |
| Average inventory | — | — | $165.8M | $119.2M | $117.9M | $90.1M | $69.8M | $53.4M | $51.7M | $68.2M |
| Intangibles / total assets | 22.4% | 26.8% | 26.9% | 25.3% | 27.8% | 18.2% | 23.2% | 28.1% | 27.3% | 28.6% |
Computed from PENN's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PENN valuation and financial ratios
PENN Entertainment earned a return on equity of −35.9% and a return on invested capital of 1.9% in fiscal 2025. It ended the year with $8.4 billion of debt and $686.6 million in cash and short-term investments, net debt of $7.7 billion. It returned $354.4 million to shareholders: $0 in dividends and $354.4 million in share buybacks. The share count rose 58.2% from 91.4M to 144.6M over 9 years.
See the PENN income statement, the PENN chart for price history, or the PENN stock overview for the latest quote and news.
PENN key metrics FAQ
What is PENN Entertainment's EV/EBITDA?
PENN Entertainment's enterprise value was 307.0 times EBITDA at the end of fiscal 2025 (enterprise value $9.8 billion, EBITDA $32.0 million); the current EV/EBITDA is 392.4.
What is PENN Entertainment's return on equity?
PENN Entertainment's return on equity (ROE) was −35.9% in fiscal 2025: net income of -$843.1 million on average shareholders' equity of $2.3 billion.
What is PENN Entertainment's ROIC?
PENN Entertainment's return on invested capital was 1.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does PENN Entertainment have?
PENN Entertainment had total debt of $8.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.57 and $7.7 billion of net debt (240.34 times EBITDA).
Does PENN Entertainment buy back its shares?
Yes. PENN Entertainment spent $354.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.9% over the year, to 144.6M..
What is PENN Entertainment's free cash flow yield?
PENN Entertainment generated -$139.5 million of free cash flow in fiscal 2025, a free cash flow yield of −6.5% on its market value at year-end ($2.1 billion).
What is PENN Entertainment's current ratio?
PENN Entertainment's current ratio was 0.79 at the end of fiscal 2025: current assets were 0.79 times current liabilities.