The company's financial foundation is increasingly strained, with a persistent equity deficit that reached negative $557.2 million in 2026Q1 alongside a static $2.4 billion debt load.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 241.42M | 282.79M | 270.43M | 390.18M | 233.7M | 567.4M | 507.44M | 169.15M | 146.57M | 118.78M | 153.69M | 106.08M | 142.2M | 243.06M |
| Cash & Short-Term Investments | 28.94M | 99.76M | 115.89M | 246.92M | 79.2M | 443.71M | 433.91M | 39.95M | 35.01M | 34M | 69.38M | 18.97M | 43.91M | 116.84M |
| Cash Only | 28.94M | 99.76M | 115.89M | 246.92M | 79.2M | 443.71M | 433.91M | 39.95M | 35.01M | 34M | 69.38M | 18.97M | 43.91M | 116.84M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 91.18M | 87.09M | 79.44M | 73.84M | 71.05M | 76.95M | 30.41M | 82.64M | 57.98M | 42.4M | 36.73M | 39.54M | 37M | 41.51M |
| Days Sales Outstanding | 19.72 | 19.12 | 16.81 | 15.61 | 14.98 | 18.68 | 25.71 | 21.57 | 15.42 | 12.25 | 9.97 | 10.53 | 9.8 | 10.38 |
| Inventory | 57.04M | 51.63M | 45.85M | 49.24M | 55.19M | 29.48M | 30.7M | 33.16M | 35.81M | 30.89M | 28.68M | 31.21M | 33.13M | 36.21M |
| Days Inventory Outstanding | 25.88 | 17.84 | 127.34 | 136.46 | 148.98 | 94.14 | 305.23 | 13.21 | 13.43 | 11.82 | 10.5 | 14.02 | 14.45 | 15.41 |
| Other Current Assets | 64.26M | 44.32M | 23.35M | 16.71M | 20.42M | 0 | 8.49M | 8.74M | 9.02M | 6.8M | 7.48M | 6.66M | 13.15M | 33.27M |
| Total Non-Current Assets | 2.37B | 2.33B | 2.3B | 2.23B | 2.09B | 2.04B | 2.06B | 2.13B | 1.97B | 1.97B | 2.23B | 2.28B | 2.28B | 2.33B |
| Property, Plant & Equipment | 2.08B | 4.26B | 2.02B | 1.97B | 1.84B | 1.78B | 1.8B | 1.87B | 1.69B | 1.68B | 1.67B | 1.72B | 1.74B | 1.77B |
| Fixed Asset Turnover | 1.08x | 0.39x | 0.86x | 0.88x | 0.94x | 0.85x | 0.24x | 0.75x | 0.81x | 0.75x | 0.81x | 0.80x | 0.79x | 0.82x |
| Goodwill | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 66.28M | 335.61M | 335.61M | 335.61M | 335.61M |
| Intangible Assets | 157.85M | 190.15M | 157.85M | 157.77M | 157M | 157M | 157M | 157M | 178.56M | 183.9M | 190.71M | 196.93M | 199M | 198.7M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.11M | -4K | 0 | 0 | 0 | 71K |
| Other Non-Current Assets | 61.25M | -2.19B | 56.17M | 33.48M | 19.32M | 18.27M | 15.26M | 14.18M | 5.53M | 8.77M | 9.83M | 31.05M | 1.03M | 28.47M |
| Total Assets | 2.61B | 2.62B | 2.57B | 2.63B | 2.33B | 2.61B | 2.57B | 2.3B | 2.12B | 2.09B | 2.38B | 2.39B | 2.42B | 2.58B |
| Asset Turnover | 0.62x | 0.64x | 0.67x | 0.66x | 0.74x | 0.58x | 0.17x | 0.61x | 0.65x | 0.61x | 0.57x | 0.57x | 0.57x | 0.57x |
| Asset Growth % | 8.35% | 1.66% | -1.96% | 12.87% | -10.9% | 1.71% | 11.56% | 8.74% | 1.43% | -12.32% | -0.41% | -1.4% | -6.01% | - |
| Total Current Liabilities | 454.86M | 384.73M | 412.87M | 410.92M | 409.21M | 371.97M | 317.12M | 402.66M | 310.67M | 253.47M | 263.61M | 229.31M | 221.09M | 252.69M |
| Accounts Payable | 170.68M | 111.52M | 163.55M | 160.61M | 159.95M | 134.31M | 105.37M | 131.5M | 120.02M | 100.57M | 87.68M | 93.74M | 88.28M | 98.5M |
| Days Payables Outstanding | 94.1 | 38.55 | 454.29 | 445.14 | 431.76 | 428.95 | 1.05K | 52.37 | 45 | 38.5 | 32.1 | 42.1 | 38.51 | 41.93 |
| Short-Term Debt | 18.71M | 20.65M | 15.42M | 12M | 12M | 12M | 15.51M | 65.5M | 45.51M | 38.71M | 51.71M | 31.85M | 14.05M | 14.05M |
| Deferred Revenue (Current) | 554.9M | 143.32M | 152.66M | 155.61M | 169.53M | 154.79M | 130.76M | 104.42M | 101.11M | 79.55M | 78.89M | 0 | 0 | 0 |
| Other Current Liabilities | 43.43M | 109.24M | 19.96M | 13.22M | 8.61M | 8.21M | 7.54M | 7.49M | 26.72M | 21.41M | 24.81M | 80.25M | 79.54M | 100.88M |
| Current Ratio | 0.53x | 0.74x | 0.65x | 0.95x | 0.57x | 1.53x | 1.60x | 0.42x | 0.47x | 0.47x | 0.58x | 0.46x | 0.64x | 0.96x |
| Quick Ratio | 0.41x | 0.60x | 0.54x | 0.83x | 0.44x | 1.45x | 1.50x | 0.34x | 0.36x | 0.35x | 0.47x | 0.33x | 0.49x | 0.82x |
| Cash Conversion Cycle | -48.5 | -1.58 | -310.14 | -293.07 | -267.8 | -316.13 | -716.67 | -17.59 | -16.15 | -14.43 | -11.63 | -17.56 | -14.25 | -16.14 |
| Total Non-Current Liabilities | 2.71B | 2.67B | 2.62B | 2.42B | 2.35B | 2.27B | 2.36B | 1.69B | 1.54B | 1.54B | 1.65B | 1.66B | 1.62B | 1.68B |
| Long-Term Debt | 2.24B | 2.22B | 2.23B | 2.09B | 2.1B | 2.1B | 2.18B | 1.48B | 1.49B | 1.5B | 1.53B | 1.57B | 1.57B | 1.63B |
| Capital Lease Obligations | 464.25M | 115.51M | 115.12M | 112.72M | 115.4M | 117.05M | 120.14M | 124.34M | 2.82M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 745.72M | 258.49M | 213.32M | 164.95M | 96.63M | 12.8M | 15.77M | 42.77M | 10.71M | 0 | 70.03M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 70.94M | 62.89M | 65.07M | 51.48M | 43.16M | 37.58M | 41.99M | 37.23M | 21.52M | 40.35M | 52.33M | 86.73M | 51.82M | 44.16M |
| Total Liabilities | 3.16B | 3.05B | 3.04B | 2.83B | 2.76B | 2.64B | 2.67B | 2.09B | 1.85B | 1.8B | 1.92B | 1.88B | 1.84B | 1.93B |
| Total Debt | 2.39B | 2.35B | 2.36B | 2.22B | 2.23B | 2.24B | 2.32B | 1.68B | 1.54B | 1.54B | 1.58B | 1.58B | 1.58B | 1.65B |
| Net Debt | 2.36B | 2.25B | 2.25B | 1.97B | 2.15B | 1.79B | 1.88B | 1.64B | 1.51B | 1.51B | 1.51B | 1.56B | 1.54B | 1.53B |
| Debt / Equity | -4.28x | - | - | - | - | - | - | 7.95x | 5.81x | 5.37x | 3.43x | 3.14x | 2.73x | 2.54x |
| Debt / EBITDA | 4.59x | 4.32x | 3.77x | 3.62x | 3.38x | 3.85x | - | 4.06x | 4.50x | 6.31x | 5.76x | 4.63x | 4.54x | 3.98x |
| Net Debt / EBITDA | 4.53x | 4.14x | 3.59x | 3.22x | 3.26x | 3.09x | - | 3.96x | 4.40x | 6.18x | 5.51x | 4.58x | 4.41x | 3.70x |
| Interest Coverage | 2.59x | 2.76x | 2.74x | 3.13x | 4.32x | 3.20x | -2.40x | 2.53x | 1.77x | 1.04x | 1.73x | 2.47x | 2.15x | 2.75x |
| Total Equity | -557.23M | -435.81M | -461.54M | -208.22M | -437.66M | -33.92M | -105.8M | 210.89M | 265.19M | 287.47M | 461.21M | 504.12M | 579.53M | 648.03M |
| Equity Growth % | 13.15% | 5.58% | -121.66% | 52.43% | -1190.44% | 67.94% | -150.17% | -20.48% | -7.75% | -37.67% | -8.51% | -13.01% | -10.57% | - |
| Book Value per Share | -11.28 | -7.93 | -7.69 | -3.23 | -6.23 | -0.43 | -1.35 | 2.60 | 3.05 | 3.35 | 5.43 | 5.86 | 6.62 | 7.35 |
| Total Shareholders' Equity | -557.23M | -435.81M | -461.54M | -208.22M | -437.66M | -33.92M | -105.8M | 210.89M | 265.19M | 287.47M | 461.21M | 504.12M | 579.53M | 648.03M |
| Common Stock | 974K | 973K | 971K | 967K | 963K | 955K | 946K | 940K | 934K | 926K | 919K | 903K | 902K | 899K |
| Retained Earnings | 771.88M | 805.95M | 637.6M | 410.1M | 175.9M | -115.29M | -371.8M | -59.48M | -148.96M | -194.84M | 7.52M | 46.46M | 33.52M | 1.89M |
| Treasury Stock | -2.08B | -1.99B | -1.83B | -1.34B | -1.32B | -631.06M | -415.31M | -402.9M | -252.9M | -154.87M | -154.87M | -154.87M | -109.87M | -44.16M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.56M | 2.28M | -5.08M | -13.69M | -13.14M | -483K | 11K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative equity and leverage
As reported in recent financial statements, PRKS has seen its equity position deteriorate into a persistent deficit, reaching negative $557.2 million by 2026Q1, a trend that reflects the cumulative impact of aggressive capital returns and operational losses on the company's long-term financial foundation.
The consistent decline in shareholder equity suggests that the company's capital allocation strategy has outpaced its ability to generate retained earnings. Investors should monitor whether this trajectory indicates a structural impairment of the business model or merely a temporary consequence of aggressive share repurchases.
Based on the provided balance sheet data, PRKS maintains a substantial debt load of $2.4 billion, which has remained largely static despite the company's declining equity, signaling that the firm is operating with a highly leveraged capital structure that limits its strategic maneuverability.
The reliance on debt to fund operations and capital returns in the face of negative equity suggests a precarious financial position. This leverage profile warrants further investigation into the company's ability to refinance existing obligations should interest rates remain elevated or operating cash flows continue to weaken.
According to quarterly filings, the current ratio has fluctuated significantly, dropping to a concerning 0.53 in 2026Q1, which indicates that the company's liquid assets are insufficient to cover its short-term liabilities, leaving little margin for error during seasonally weak periods of the year.
The compression of liquidity metrics appears to be driven by the combination of high debt service requirements and the inherent seasonality of the leisure industry. This lack of a robust cash buffer suggests that the company may be increasingly reliant on external financing to manage its working capital needs.
Financial disclosures reveal that the company's negative equity position, which reached $557.2 million in 2026Q1, potentially masks the true risk profile of the balance sheet by rendering traditional leverage ratios like debt-to-equity effectively meaningless for standard fundamental analysis.
This accounting reality suggests that the company's book value no longer serves as a reliable anchor for valuation, as the firm is effectively operating on borrowed capital. Analysts should be wary of relying on standard equity-based metrics when assessing the solvency and long-term viability of the enterprise.
Quick answers to the most common questions about buying PRKS stock.
As of 2025, United Parks & Resorts Inc. (PRKS) had total assets of $2.62B including $282.8M in current assets.
United Parks & Resorts Inc. (PRKS) carries total debt of $2.35B, offset by $99.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
United Parks & Resorts Inc. (PRKS) has total shareholders' equity (book value) of $-435.8M ($-7.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
United Parks & Resorts Inc. (PRKS) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.