MeritValue

Six Flags Entertainment Corporation/NEW

FUNdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Six Flags Entertainment Corporation/NEW earns about -6% on invested capital, but has diluted owners by 95% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$1.82B1$1.8B2$2.71B2$3.1B2
Net income$307.7M3$124.6M4−$231.2M4−$1.6B4
Operating cash flow$407.7M5$325.7M6$373.4M6$327.5M6
Capital expenditure$183.4M7$220.4M8$320.8M8$479.7M8
Free cash flow (derived)$224.3M5$105.3M6$52.6M6−$152.2M6
Total debt—$4.55B9$9.66B10$10.3B10
Cash & equivalents$101.2M11$65.5M12$83.2M13$91.1M13
Diluted shares—51.5M75.3M100.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$54.61
your share of equity
Profit it earned you last year
−$158.86
Free cash flow it threw off
−$15.12
Debt you’d be carrying
$1,027.91

10 shares is a claim on $54.61 of net worth that earned you −$158.86 and generated −$15.12 of cash last year, against $1,027.91 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 4y
FY22 —FY23 —FY24 0%FY25 -13%

It earned an average -6% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+95% shares · 4y

Share count is up 95% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 127% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$52.6M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$52.6M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001999001-25-000052 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001999001-26-000048 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001999001-25-000052 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001999001-26-000048 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001999001-25-000052 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001999001-26-000048 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001999001-25-000052 (PaymentsToAcquireProductiveAssets)
  8. 10-K · period ending 2023-12-31 · accession 0001999001-26-000048 (PaymentsToAcquireProductiveAssets)
  9. 10-K · period ending 2023-12-31 · accession 0001999001-25-000052 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001999001-26-000048 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001999001-26-000048 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0001999001-25-000052 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001999001-26-000048 (CashAndCashEquivalentsAtCarryingValue)