MeritValue

Six Flags Entertainment Corporation/NEW

FUNdata completeness 100%4 fiscal years on file
The thesis, from the filings

Six Flags Entertainment Corporation/NEW earns about -12% 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)$224.3M5,7$105.3M6,8$52.6M6,8−$152.2M6,8
Total debt—$2.28B9$4.93B10,11$5.17B12
Cash & equivalents$101.2M13$65.5M14$83.2M15$91.1M15
Diluted shares—51.5M75.3M100.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

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
$513.21

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 $513.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 4y
FY22 —FY23 —FY24 0%FY25 -24%

It earned an average -12% 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 v0.6.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth0.0%
  • Starting free cash flow$52.6M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth0.0%
  • Starting free cash flow$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 →

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Sources — the receipts
  1. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001999001-25-000052 (Revenues)
  2. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999001-26-000048 (Revenues)
  3. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001999001-25-000052 (NetIncomeLoss)
  4. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999001-26-000048 (NetIncomeLoss)
  5. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001999001-25-000052 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999001-26-000048 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2025-03-03 · period ending 2022-12-31 · accession 0001999001-25-000052 (PaymentsToAcquireProductiveAssets)
  8. 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001999001-26-000048 (PaymentsToAcquireProductiveAssets)
  9. 10-K filed 2025-03-03 · period ending 2023-12-31 · accession 0001999001-25-000052 (LongTermDebt)
  10. 10-K filed 2026-02-26 · period ending 2024-12-31 · accession 0001999001-26-000048 (LongTermDebtNoncurrent)
  11. 10-K filed 2026-02-26 · period ending 2024-12-31 · accession 0001999001-26-000048 (LongTermDebtCurrent)
  12. 10-K filed 2026-02-26 · period ending 2025-12-31 · accession 0001999001-26-000048 (LongTermDebt)
  13. 10-K filed 2026-02-26 · period ending 2022-12-31 · accession 0001999001-26-000048 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K filed 2025-03-03 · period ending 2023-12-31 · accession 0001999001-25-000052 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001999001-26-000048 (CashAndCashEquivalentsAtCarryingValue)