Morningstar

PENN Entertainment Inc PENN

Morningstar Rating
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Stock XNAS Rating as of
$20.32 +1.15 (6.00%)
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As of Delayed Price Pre-Open: $20.32 0.00

Company Report

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Penn Benefiting From New Openings and Interactive Strategy in a Competitive Landscape

Dan Wasiolek

We estimate Penn held a high-single-digit percentage revenue share of the $79 billion domestic commercial casino gaming market in 2025. Penn Entertainment and ESPN terminated their partnership after three years on Dec. 1, 2025, and Penn transitioned all its interactive efforts to its theScore brand with a focus on Canada and states that offer both online sports and igaming, while leveraging a leading omnichannel presence, which includes 42 physical casino and racing assets and a loyalty membership base of 34 million.

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Price vs Fair Value

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PENN is trading at a 696% premium.
Price
$20.32
Fair Value
$57.00
Uncertainty
Very High
1-Star Price
$92.15
5-Star Price
$4.90
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

We see Penn's domestic properties and theScore brand positioned to participate in the $52 billion US sports betting and i-gaming revenue opportunity by 2030.

Bears

Debt levels are elevated, which could inflate financing costs for future renovations and investments.

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News

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Trading Information

Previous Close Price
$19.17
Day Range
$19.18–20.36
52-Week Range
$11.65–20.61
Bid/Ask
$16.00 / $20.48
Shares Outstanding
133.84M
Market Cap
$2.72B
Volume/Avg
172 / 4M

Key Statistics

Price/Earnings (Normalized)
338.67
Price/Sales
0.40
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
20.34%

Company Profile

Penn Entertainment’s origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 42 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 81% of total sales in 2025; 19% was from the interactive segment, which includes sports, i-gaming, and media revenue. The retail portfolio generates low-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn’s media asset, theScore, provides access to sports betting/i-gaming technology and clientele, helping it form a leading digital position.
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Stock Style Box
Small Value
Total Number of Employees
23,441
Website
https://www.pennentertainment.com

Competitors

Valuation

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Metric
PENN
CZR
DKNG
Price/Earnings (Normalized)
 338.67—40.56
Price/Book Value
 1.491.7522.61
Price/Sales
 0.400.522.19
Price/Cash Flow
 2.854.0223.75
Price/Earnings
PENN
CZR
DKNG

Financial Strength

Metric
PENN
CZR
DKNG
Quick Ratio
 0.670.620.70
Current Ratio
 0.820.851.02
Interest Coverage
 −1.480.813.31
Quick Ratio
PENN
CZR
DKNG

Profitability

Metric
PENN
CZR
DKNG
Return on Assets (Normalized)
 0.55%−0.33%6.82%
Return on Equity (Normalized)
 3.49%−2.80%39.77%
Return on Invested Capital (Normalized)
 3.44%7.40%12.29%
Return on Assets
PENN
CZR
DKNG

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