PENN Entertainment
PENNNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $18.45 Prior regular-session close from the quote source.
- $17.87–$18.63 Regular-session low and high so far today.
- 2.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $11.65–$22.36 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PENN if its regional casino footprint can fund and feed a profitable online gaming business; if digital remains promotional and leverage stays heavy, the equity has little margin for error.
PENN price history
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Investment thesis
What must happen next
PENN’s 28-jurisdiction casino and racetrack footprint continues to act as licensed local distribution that protects customer relevance even as gaming shifts across retail and digital channels.StrengtheningMateriality: High
Item 1 profile description says PENN operates in 28 jurisdictions throughout North America with casinos, racetracks, online sports betting, and iCasino offerings. If the footprint stays relevant, it can fund the turnaround; if local gaming demand migrates away or competitors overbuild key markets, PENN loses the cash base needed for digital investment and deleveraging.
Watch: New or expanded casinos in PENN’s regional markets take local visitation before reported revenue weakens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile description says PENN operates in 28 jurisdictions throughout North America with casinos, racetracks, online sports betting, and.
Open source ↗Online sports betting and iCasino become profitable extensions of PENN’s gaming network rather than a promotion-heavy drain on the land-based casino economics.WeakeningMateriality: High
Item 1 profile description identifies online sports betting and iCasino as part of PENN’s portfolio, giving the company a digital channel to pair with retail gaming. This is the difference between digital being a valuable growth option and digital consuming the cash flow that supports the rest of the equity story.
Watch: DraftKings, FanDuel, BetMGM, or Caesars force sustained promotional spending that prevents PENN from acquiring or retaining online customers economically.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 profile description identifies online sports betting and iCasino as part of PENN’s portfolio, giving the company a digital.
Open source ↗The regional casino business remains cash-generative enough to finance required investment and absorb digital losses while management works toward profitability.HoldingMateriality: Medium
GAAP annual operating cash flow was positive at $508.2 million in FY2025. Positive operating cash flow gives PENN time; if that cash engine weakens, the company may need asset sales, debt, or equity at unattractive terms.
Watch: Regional casino visitation softens while labor, utilities, insurance, and gaming taxes rise, compressing cash generation before accounting earnings recover.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive at $508.2 million in FY2025.
Open source ↗PENN has to contain balance-sheet pressure through cash generation, liability reduction, or asset monetization rather than relying on a favorable capital market.WeakeningMateriality: Medium
GAAP liabilities were $12.441 billion at December 31, 2025, versus GAAP assets of $14.269 billion. A leveraged balance sheet magnifies both outcomes: recovery can accrue to equity, but failure can leave common shareholders with little residual value.
Watch: Higher interest rates, tighter credit markets, or rating pressure make refinancing more expensive before maturities arrive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP liabilities were $12.441 billion at December 31, 2025, versus GAAP assets of $14.269 billion.
Open source ↗Management must stop the pattern of growth that fails to reach common shareholders and redirect capital toward projects that can restore GAAP per-share profitability.WeakeningMateriality: Medium
GAAP diluted EPS was negative $5.83 in FY2025, versus negative $2.05 in FY2024 and positive $1.29 in FY2022. Revenue growth without per-share earnings power does not create durable owner value, especially with a leveraged, asset-heavy structure.
Watch: Management keeps funding online sports betting or iCasino expansion where customer acquisition costs exceed lifetime value.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS was negative $5.83 in FY2025, versus negative $2.05 in FY2024 and positive $1.29 in FY2022.
Open source ↗
Full investment case & evidence
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Original research
PENN’s 28-jurisdiction casino and racetrack footprint continues to act as licensed local distribution that protects customer relevance even as gaming shifts across retail and digital channels. If the footprint stays relevant, it can fund the turnaround; if local gaming demand migrates away or competitors overbuild key markets, PENN loses the cash base needed for digital investment and deleveraging.
Online sports betting and iCasino become profitable extensions of PENN’s gaming network rather than a promotion-heavy drain on the land-based casino economics. This is the difference between digital being a valuable growth option and digital consuming the cash flow that supports the rest of the equity story.
The regional casino business remains cash-generative enough to finance required investment and absorb digital losses while management works toward profitability. Positive operating cash flow gives PENN time; if that cash engine weakens, the company may need asset sales, debt, or equity at unattractive terms.
PENN has to contain balance-sheet pressure through cash generation, liability reduction, or asset monetization rather than relying on a favorable capital market. A leveraged balance sheet magnifies both outcomes: recovery can accrue to equity, but failure can leave common shareholders with little residual value.
Management must stop the pattern of growth that fails to reach common shareholders and redirect capital toward projects that can restore GAAP per-share profitability. Revenue growth without per-share earnings power does not create durable owner value, especially with a leveraged, asset-heavy structure.
All standing thesis claims
Original report summary
its regional casino footprint can fund and feed a profitable online gaming business; if digital remains promotional and leverage stays heavy, the equity has little margin for error.
Bull case and bear case
Bull case and bear case for PENN Entertainment
Where the evidence on PENN Entertainment disagrees: Mixed on the latest evidence (Nov 6, 2026). Of its 5 thesis points, 1 strengthening, 1 holding and 3 weakening.
Bull case: what the evidence supports
PENN’s 28-jurisdiction casino and racetrack footprint continues to act as licensed local distribution that protects customer relevance even as gaming shifts across retail and digital channels.
The regional casino business remains cash-generative enough to finance required investment and absorb digital losses while management works toward profitability.
Bear case: what the evidence questions
Online sports betting and iCasino become profitable extensions of PENN’s gaming network rather than a promotion-heavy drain on the land-based casino economics.
PENN has to contain balance-sheet pressure through cash generation, liability reduction, or asset monetization rather than relying on a favorable capital market.
Management must stop the pattern of growth that fails to reach common shareholders and redirect capital toward projects that can restore GAAP per-share profitability.
Thesis-Break Engine
Thesis-break watch · PENN Entertainment
No break has crossed PENN Entertainment’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
PENN Entertainment filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
PENN Entertainment filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
PENN Entertainment filed an SEC 8-K on 2026-05-28: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- New or expanded casinos in PENN’s regional markets take local visitation before reported revenue weakens.
- DraftKings, FanDuel, BetMGM, or Caesars force sustained promotional spending that prevents PENN from acquiring or retaining online customers economically.
- Regional casino visitation softens while labor, utilities, insurance, and gaming taxes rise, compressing cash generation before accounting earnings recover.
- Higher interest rates, tighter credit markets, or rating pressure make refinancing more expensive before maturities arrive.
- Management keeps funding online sports betting or iCasino expansion where customer acquisition costs exceed lifetime value.
PENN news
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Financial statements
PENN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PENN: quick answers
- When does PENN Entertainment (PENN) report earnings next?
- PENN Entertainment's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is PENN's short interest?
- As of October 30, 2026, 17.0M PENN shares were sold short, 12.7% of its shares outstanding, down 3.3% from the count before. At the stock's average daily volume that is 6.3 days to cover. FINRA publishes the count twice a month. PENN short interest history
- Have members of Congress traded PENN?
- 6 trades in PENN have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed PENN trade
- Which well-known investors own PENN?
- 2 of the 37 well-known funds tracked here reported PENN shares in their latest 13F filings. By share of the fund's portfolio: Fairfax Financial (Prem Watsa), 0.0%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
PENN in well-known investors’ portfolios
2 of 37 funds reported PENN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Prem WatsaFairfax Financial | 0.04% | $1.2M | No change | Q2 2026 |
| Ray DalioBridgewater Associates | 0.02% | $3.8M | +18.3% | Q2 2026 |