Morningstar

PENN Entertainment Inc PENN

Morningstar Rating
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Stock XNAS Rating as of
$18.35 −0.12 (0.65%)
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As of Delayed Price Closed

Company Report

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Penn's Digital Business Moving Toward Profitability in 2026 Despite Intense Competition

Dan Wasiolek

Penn Entertainment has a leading omnichannel presence, which includes 43 physical casino assets, a digital portfolio encompassing an upgraded sports betting partnership with ESPN that launched in November 2023, iGaming, media, and a loyalty membership base of over 30 million. We estimate Penn held around a high-single-digit percentage revenue share of the $66.5 billion domestic commercial casino gaming market in 2023.

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Price vs Fair Value

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PENN is trading at a 199% premium.
Price
$18.35
Fair Value
$28.00
Uncertainty
Very High
1-Star Price
$14.80
5-Star Price
$84.00
Economic Moat
Npdw
Capital Allocation
Bhdmxwhn

Bulls Say, Bears Say

Bulls

We see Penn's domestic properties and partnership with ESPN as well positioned to benefit from the more than $40 billion US sports betting and iGaming revenue opportunity by 2030.

Bears

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

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News

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Trading Information

Previous Close Price
$18.47
Day Range
$18.17–18.96
52-Week Range
$13.50–27.21
Bid/Ask
$18.30 / $18.45
Market Cap
$2.80 Bil
Volume/Avg
2.3 Mil / 3.7 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
0.44
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Penn Entertainment’s origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn’s media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming 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
23,333
Website
https://www.pennentertainment.com

Competitors

Valuation

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Metric
PENN
DKNG
WYNN
Price/Earnings (Normalized)
 —179.3818.19
Price/Book Value
 0.9214.08—
Price/Sales
 0.444.131.61
Price/Cash Flow
 4.63120.377.48
Price/Earnings
PENN
DKNG
WYNN

Financial Strength

Metric
PENN
DKNG
WYNN
Quick Ratio
 0.870.811.23
Current Ratio
 1.031.111.30
Interest Coverage
 −2.13−198.091.46
Quick Ratio
PENN
DKNG
WYNN

Profitability

Metric
PENN
DKNG
WYNN
Return on Assets (Normalized)
 −1.54%−1.50%4.62%
Return on Equity (Normalized)
 −7.28%−6.10%—
Return on Invested Capital (Normalized)
 0.84%−4.78%8.96%
Return on Assets
PENN
DKNG
WYNN

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Morningstar Rating for Stocks
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 Wynn Resorts Ltd
WYNN
JxnxvmdpTjzlvzq$11.3 Bil
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CZR
FwkknhxhzqLgllz$9.3 Bil
 Melco Resorts and Entertainment Ltd ADR
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VynfxmyjhBzqsff$3.5 Bil

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