Latest Ratios: P/E Ratio -3.6x · EV/EBITDA 14.6x · ROE -36.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.1B | $3.0B | $4.0B | $5.2B | $9.1B | $11.6B | $3.0B | $1.9B | $2.9B | $1.3B |
| Enterprise Value | $10.5B | $9.8B | $13.6B | $14.4B | $16.5B | $18.8B | $20.9B | $13.9B | $11.0B | $7.4B | $6.0B |
| P/E Ratio → | -3.63 | — | — | — | 23.02 | 20.91 | — | 69.08 | 20.25 | 5.81 | 11.59 |
| P/S Ratio | 0.41 | 0.31 | 0.46 | 0.62 | 0.82 | 1.54 | 3.23 | 0.57 | 0.53 | 0.93 | 0.42 |
| P/B Ratio | 1.67 | 1.17 | 1.05 | 1.24 | 1.46 | 2.22 | 4.36 | 1.63 | 2.58 | — | — |
| P/FCF | — | — | — | 53.48 | 8.66 | 14.49 | 58.75 | 6.00 | 10.58 | 8.16 | 4.14 |
| P/OCF | 5.57 | 4.20 | 8.39 | 8.68 | 5.97 | 10.15 | 34.16 | 4.28 | 5.36 | 6.37 | 3.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.41 | 2.06 | 2.27 | 2.58 | 3.19 | 5.83 | 2.62 | 3.06 | 2.36 | 1.96 |
| EV / EBITDA | 14.63 | 13.66 | 26.79 | — | 10.72 | 13.42 | — | 14.10 | 12.15 | 10.02 | 7.32 |
| EV / EBIT | 38.66 | — | 104.93 | — | 17.71 | 17.10 | — | 22.36 | 17.43 | 16.84 | 10.28 |
| EV / FCF | — | — | — | 194.97 | 27.29 | 30.01 | 105.98 | 27.72 | 61.41 | 20.75 | 19.57 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.4% | 27.4% | 32.9% | 37.1% | 43.3% | 46.7% | 47.8% | 44.3% | 42.9% | 42.4% | 42.1% |
| Operating Margin | 3.9% | 3.9% | 1.1% | -10.8% | 15.2% | 17.9% | -11.5% | 10.8% | 17.7% | 15.1% | 17.9% |
| Net Profit Margin | -12.1% | -12.1% | -4.7% | -7.7% | 3.5% | 7.1% | -18.7% | 0.8% | 2.6% | 16.0% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -36.0% | -36.0% | -10.3% | -14.4% | 5.8% | 12.5% | -29.7% | 3.4% | 28.4% | — | — |
| ROA | -5.7% | -5.7% | -2.0% | -2.9% | 1.3% | 2.7% | -4.6% | 0.3% | 1.2% | 9.9% | 2.2% |
| ROIC | 1.8% | 1.8% | 0.4% | -3.6% | 5.1% | 6.2% | -2.5% | 3.8% | 6.7% | 8.3% | 9.6% |
| ROCE | 2.0% | 2.0% | 0.5% | -4.5% | 6.1% | 7.2% | -3.0% | 4.9% | 8.5% | 10.4% | 12.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.58 | 4.58 | 3.94 | 3.61 | 3.59 | 2.83 | 4.20 | 6.12 | 13.07 | — | — |
| Debt / EBITDA | 11.65 | 11.65 | 22.23 | — | 8.37 | 8.27 | — | 11.49 | 10.59 | 6.45 | 6.05 |
| Net Debt / Equity | — | 4.21 | 3.69 | 3.27 | 3.14 | 2.38 | 3.50 | 5.88 | 12.42 | — | — |
| Net Debt / EBITDA | 10.70 | 10.70 | 20.83 | — | 7.32 | 6.94 | — | 11.04 | 10.06 | 6.08 | 5.77 |
| Debt / FCF | — | — | — | 141.49 | 18.63 | 15.52 | 47.23 | 21.71 | 50.84 | 12.59 | 15.43 |
| Interest Coverage | -1.02 | -1.02 | 0.27 | -0.08 | 1.23 | 1.96 | -0.53 | 1.16 | 1.17 | 0.95 | 1.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.82 | 1.11 | 1.74 | 1.96 | 2.42 | 0.71 | 0.92 | 0.76 | 0.74 |
| Quick Ratio | 0.79 | 0.79 | 0.82 | 1.11 | 1.65 | 1.85 | 2.42 | 0.63 | 0.83 | 0.67 | 0.63 |
| Cash Ratio | 0.47 | 0.47 | 0.50 | 0.72 | 1.40 | 1.64 | 2.16 | 0.48 | 0.65 | 0.52 | 0.43 |
| Asset Turnover | — | 0.49 | 0.43 | 0.40 | 0.37 | 0.35 | 0.24 | 0.37 | 0.33 | 0.60 | 0.61 |
| Inventory Turnover | — | — | — | — | 34.23 | 23.79 | — | 38.52 | 32.52 | 41.41 | 29.44 |
| Days Sales Outstanding | — | 13.33 | 14.25 | 18.30 | 14.05 | 12.05 | 9.83 | 6.11 | 10.87 | 7.28 | 7.44 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 4.3% | 4.8% | — | 1.4% | 4.9% | 17.2% | 8.6% |
| FCF Yield | — | — | — | 1.9% | 11.6% | 6.9% | 1.7% | 16.7% | 9.5% | 12.2% | 24.2% |
| Buyback Yield | 12.5% | 16.6% | 0.0% | 3.8% | 11.5% | 0.0% | 0.0% | 0.8% | 2.6% | 0.8% | 0.0% |
| Total Shareholder Yield | 12.5% | 16.6% | 0.0% | 3.8% | 11.5% | 0.0% | 0.0% | 0.8% | 2.6% | 0.8% | 0.0% |
| Shares Outstanding | — | $145M | $152M | $152M | $177M | $176M | $134M | $118M | $100M | $93M | $91M |
High leverage and liquidity
According to recent market data, PENN trades at an EV/EBITDA of 14.77, which appears to reflect a conglomerate discount as investors struggle to reconcile the stable cash flows of regional retail assets with the high-burn, high-uncertainty profile of the company's current digital expansion and media partnership strategy.
The forward EV/EBITDA multiple of 11.40 suggests that the market is pricing in a recovery in profitability, yet this remains contingent on the successful integration of the ESPN Bet platform. Compared to pure-play regional peers like Boyd Gaming, PENN's valuation appears suppressed, likely due to the market's skepticism regarding the long-term margin dilution caused by the Interactive segment.
Based on reported financial statements, PENN's ROIC has struggled to maintain positive territory, fluctuating between -4.5% and 0.8% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital during this strategic pivot.
The decay in ROIC is largely driven by the heavy capital requirements of the digital segment and the persistent losses that offset the steady returns from the regional casino portfolio. Investors should monitor whether the company can improve its asset turnover, which remains low at 0.13, to drive better capital efficiency as the digital strategy matures.
As evidenced by the company's recent quarterly filings, the cash conversion cycle remains difficult to optimize, with asset turnover hovering near 0.13, suggesting that the company's heavy reliance on physical property assets creates a structural drag on overall operational efficiency compared to more agile digital-only competitors.
The low asset turnover reflects the capital-intensive nature of the regional casino footprint, which requires significant ongoing maintenance and investment. While the company manages its payables effectively, the lack of meaningful improvement in turnover ratios suggests that the current omnichannel strategy has yet to unlock the expected operational synergies.
According to recent balance sheet data, PENN's debt-to-equity ratio of 4.54 as of 2026Q1 highlights a highly leveraged capital structure that leaves the firm with limited financial flexibility, particularly as interest coverage ratios have shown significant volatility, occasionally dipping into negative territory during periods of heavy digital investment.
The high leverage is exacerbated by the company's triple-net lease obligations, which function as fixed financing costs that are not always fully captured in standard debt-to-EBITDA metrics. This leverage profile warrants close monitoring, as any softening in regional gaming demand could rapidly impair the company's ability to service its debt while simultaneously funding its digital growth.
The most commonly misapplied ratio for PENN is the standard EV/EBITDA multiple, which fails to account for the company's significant off-balance-sheet lease obligations to gaming REITs, thereby artificially inflating the perceived profitability and understating the true leverage risk inherent in the company's current business model.
Analysts should instead utilize a lease-adjusted EBITDA metric to better reflect the company's true cash-generative capacity and debt burden. By ignoring the fixed-charge nature of these lease payments, investors may overlook the structural vulnerability of the company's balance sheet in a high-interest-rate environment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PENN stock.
PENN Entertainment, Inc.'s current P/E ratio is -3.6x. The historical average is 12.6x.
PENN Entertainment, Inc.'s current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.9x.
PENN Entertainment, Inc.'s return on equity (ROE) is -36.0%. The historical average is 3.9%.
Based on historical data, PENN Entertainment, Inc. is trading at a P/E of -3.6x. Compare with industry peers and growth rates for a complete picture.
PENN Entertainment, Inc. has 27.4% gross margin and 3.9% operating margin.
PENN Entertainment, Inc.'s Debt/EBITDA ratio is 11.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.