Ryman Hospitality Properties, Inc. (RHP) 10-Year Financial Performance & Capital Metrics

RHP • • REIT / Real Estate

Real EstateHotel REITsConvention & Resort CentersLarge Convention Resorts

AboutRyman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company's core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company's Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. * The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns the Gaylord Rockies Resort & Convention Center.Show more

Revenue $2.34B +8.4%
FFO $507M -2.9%
FFO/Share 7.97 -11.4%
FFO Payout 52.46% +55.7%
FFO per Share 7.97 -11.4%
NOI Margin 36.09% +9.9%
FFO Margin 21.68% -10.4%
ROE 29.33% -37.5%
ROA 5.22% -22.6%
Debt/Assets 67.34% -0.3%
Net Debt/EBITDA 4.18 -4.7%
Book Value/Share 14.69 -7.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 47.7%
✓Sustainable FFO payout ratio of 52.5%
✓Healthy dividend yield of 4.4%

✗Weaknesses

✗High debt to equity ratio of 3.8x
✗FFO declining 12.7% TTM
✗Low NOI margin of 36.1%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.43%

5Y7.83%

3Y35.55%

TTM6.98%

Profit (Net Income) CAGR

10Y7.95%

5Y13.25%

3Y-

TTM-30.91%

EPS CAGR

10Y7.28%

5Y12.14%

3Y-

TTM-32.86%

ROCE

10Y Avg6.09%

5Y Avg4.17%

3Y Avg10.39%

Latest10.52%

Peer Comparison

Large Convention Resorts

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RHPRyman Hospitality Properties, Inc.	5.97B	94.70	21.62	8.4%	9.58%	19.7%	2.83%	3.76

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.09B	1.15B	1.18B	1.28B	1.6B	524.48M	939.37M	1.81B	2.16B	2.34B
Revenue Growth %	0.05%	0.05%	0.03%	0.08%	0.26%	-0.67%	0.79%	0.92%	0.2%	0.08%
Property Operating Expenses	766.66M	796.44M	817.27M	880.49M	1.08B	551.14M	738.67M	1.23B	1.45B	1.5B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	143.3M	138.96M	145.45M	151.71M	253.25M	277.17M	259.37M	252.6M	255.32M	353.47M
G&A Expenses	28.91M	29.14M	33.49M	30.83M	36.28M	28.8M	38.6M	42.98M	0	113.22M
EBITDA+	276.44M	1.15B	1.15B	1.28B	481.38M	-88.75M	161.68M	535.77M	664.91M	726.46M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	114.38M	935.4M	963.38M	1.06B	213.85M	215.08M	220.36M	208.62M	211.23M	235.63M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	162.06M	213.81M	184.65M	214.27M	267.53M	-303.83M	-58.67M	327.15M	453.68M	490.83M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	63.9M	63.91M	66.05M	74.96M	131.62M	115.78M	125.35M	148.41M	211.37M	225.4M
Interest Coverage	2.54x	3.35x	2.80x	2.86x	2.03x	-2.62x	-0.47x	2.20x	2.15x	2.18x
Non-Operating Income	-1.5M	-12.87M	-7.08M	-137.11M	-10.86M	14.12M	5.82M	5.02M	-5.78M	819K
Pretax Income+	99.66M	162.77M	126.94M	276.42M	146.77M	-433.74M	-189.84M	173.72M	248.1M	294.03M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-11.86M	3.4M	-49.16M	11.74M	18.48M	27.08M	4.96M	38.77M	-93.7M	13.84M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	111.51M	159.37M	176.1M	264.67M	145.79M	-417.39M	-176.97M	128.99M	311.22M	271.64M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.12%	0.43%	0.11%	0.5%	-0.45%	-3.86%	0.58%	1.73%	1.41%	-0.13%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.05%	3.85%	0.04%	0.16%	-0.73%	-1.56%	1.21%	6.78%	0.55%	-0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.16	3.11	3.43	5.14	2.47	-7.59	-3.21	2.33	5.36	4.38
EPS Growth %	-0%	0.44%	0.1%	0.5%	-0.52%	-4.07%	0.58%	1.73%	1.3%	-0.18%
EPS (Basic)	2.18	3.12	3.44	5.16	2.49	-7.59	-3.21	2.34	5.39	4.54
Diluted Shares Outstanding	51.61M	51.31M	51.37M	51.51M	51.98M	54.96M	55.05M	55.38M	58.06M	63.63M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.33B	2.41B	2.52B	3.85B	4.09B	3.56B	3.58B	4.04B	5.19B	5.22B
Asset Growth %	-0.03%	0.03%	0.05%	0.53%	0.06%	-0.13%	0.01%	0.13%	0.28%	0.01%
Real Estate & Other Assets+	151.4M	177.88M	111.42M	106.34M	41.48M	31.28M	48.86M	61.66M	65.89M	78.23M
PP&E (Net)	1.98B	2B	2.07B	3.15B	3.13B	3.12B	3.04B	3.19B	3.97B	4.15B
Investment Securities	-1000K	1000K	1000K	-1000K	0	0	0	0	0	0
Total Current Assets+	196.06M	184.42M	258.46M	339.22M	709.63M	241M	363.16M	682.39M	943.02M	806M
Cash & Equivalents	56.29M	59.13M	57.56M	103.44M	362.43M	56.7M	140.69M	334.19M	591.83M	477.69M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	30.79M	14M	91.47M	97.06M	101.69M	38.57M	22.31M	110.14M	108.61M	98.53M
Intangible Assets	3.83M	0	4.29M	246.77M	0	0	0	0	0	0
Total Liabilities	1.95B	2.04B	2.15B	3.1B	3.22B	3.24B	3.6B	3.63B	4.27B	4.28B
Total Debt+	1.43B	1.5B	1.59B	2.44B	2.67B	2.87B	3.05B	2.99B	3.51B	3.51B
Net Debt	1.38B	1.44B	1.53B	2.34B	2.3B	2.81B	2.91B	2.65B	2.91B	3.04B
Long-Term Debt	1.43B	1.5B	1.59B	2.44B	2.56B	2.66B	2.75B	2.86B	3.38B	3.38B
Short-Term Borrowings	0	0	1000K	1000K	0	1000K	1000K	0	0	0
Capital Lease Obligations	84.72M	89.96M	95.72M	100.69M	107.64M	108.66M	114.65M	126.44M	129.26M	135.17M
Total Current Liabilities+	190.25M	202.61M	221.78M	319.91M	315.63M	203.96M	495.11M	399.28M	532.65M	538.01M
Accounts Payable	20.91M	32.31M	32.66M	77.62M	40.24M	23.13M	31.73M	38.63M	57.03M	58.37M
Deferred Revenue	47.79M	41.08M	51.23M	69.28M	76.74M	70.44M	116.82M	136.48M	159.76M	173.03M
Other Liabilities	280.95M	290.04M	332.9M	335.07M	163.56M	195.06M	125.73M	95.84M	72.07M	231.46M
Total Equity+	379.56M	1.88B	1.99B	757.01M	866.24M	320.79M	-22.39M	407.76M	917.9M	934.58M
Equity Growth %	-0.05%	3.95%	0.06%	-0.62%	0.14%	-0.63%	-1.07%	19.21%	1.25%	0.02%
Shareholders Equity	379.56M	368M	378.16M	469.58M	644.73M	205.3M	-22.23M	95.28M	569.15M	548.98M
Minority Interest	0	1.51B	1.61B	287.43M	221.51M	115.48M	-159K	312.48M	348.75M	385.6M
Common Stock	513K	510K	512K	513K	549K	550K	551K	552K	597K	599K
Additional Paid-in Capital	887.5M	893.1M	896.76M	900.79M	1.19B	1.19B	1.11B	1.1B	1.5B	1.48B
Retained Earnings	-473.4M	-491.81M	-479.17M	-388.52M	-495.51M	-911.09M	-1.09B	-978.62M	-894.26M	-888.13M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.05%	0.07%	0.07%	0.08%	0.04%	-0.11%	-0.05%	0.03%	0.07%	0.05%
Return on Equity (ROE)	0.29%	0.14%	0.09%	0.19%	0.18%	-0.7%	-1.19%	0.67%	0.47%	0.29%
Debt / Assets	0.61%	0.62%	0.63%	0.63%	0.65%	0.81%	0.85%	0.74%	0.68%	0.67%
Debt / Equity	3.77x	0.80x	0.80x	3.23x	3.08x	8.95x	-	7.33x	3.82x	3.76x
Net Debt / EBITDA	4.98x	1.26x	1.34x	1.83x	4.79x	-	18.00x	4.95x	4.38x	4.18x
Book Value per Share	7.35	36.63	38.66	14.70	16.67	5.84	-0.41	7.36	15.81	14.69

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	234.36M	293.6M	295.83M	321.92M	354.69M	-161.52M	111.25M	419.93M	557.06M	576.51M
Operating CF Growth %	-0.05%	0.25%	0.01%	0.09%	0.1%	-1.46%	1.69%	2.77%	0.33%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	111.51M	159.37M	176.1M	264.67M	128.29M	-460.82M	-194.8M	134.95M	311.22M	280.19M
Depreciation & Amortization	114.38M	109.82M	111.96M	120.88M	213.85M	215.08M	220.36M	208.62M	211.23M	235.63M
Stock-Based Compensation	6.16M	6.13M	6.64M	7.66M	7.83M	8.73M	12.1M	14.98M	15.42M	13.89M
Other Non-Cash Items	47.15M	3.01M	41.69M	-93.63M	11.85M	62.46M	17.75M	20.8M	58.55M	10.38M
Working Capital Changes	-30.99M	14.96M	12.07M	12.16M	-21.55M	-13.51M	51.83M	32.34M	56.46M	26.22M
Cash from Investing+	-74.64M	-179.24M	-214.51M	-423.31M	-163.04M	-172.65M	-289.74M	-189.31M	-1.01B	-410.4M
Acquisitions (Net)	10M	-63.36M	-25.62M	-229.73M	-24.72M	-8.87M	-218.71M	-103.99M	-791.47M	0
Purchase of Investments	-84.76M	-188.12M	-208.19M	-190.42M	-156.78M	-174.33M	-296.14M	0	0	0
Sale of Investments	0	293K	0	0	1000K	1000K	844K	0	0	0
Other Investing	-84.64M	-115.89M	-188.89M	-193.58M	-151.53M	-163.78M	246.26M	4.2M	-14.57M	-2.5M
Cash from Financing+	-179.84M	-111.52M	-82.89M	171.77M	79.66M	-6.47M	261.73M	50.71M	711.87M	-290.32M
Dividends Paid	-131.31M	-151.16M	-161.71M	-172.41M	-183.35M	-102.33M	-502K	-5.86M	-176M	-266.11M
Common Dividends	-131.31M	-151.16M	-161.71M	-172.41M	-183.35M	-102.33M	-502K	-5.86M	-176M	-266.11M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K
Share Repurchases	-154.68M	-24.81M	-3.81M	-4.16M	0	-1.69M	-3.48M	0	0	-12.3M
Other Financing	-11.53M	-1.55M	-12.22M	-4.82M	-145.79M	-3.45M	-13.28M	265.84M	-28.06M	-23.79M
Net Change in Cash+	-20.12M	2.84M	-1.57M	70.38M	271.31M	-340.64M	83.25M	281.33M	256.11M	-124.21M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	76.41M	56.29M	59.13M	78.71M	149.09M	420.4M	79.75M	163M	444.33M	700.44M
Cash at End	56.29M	59.13M	57.56M	149.09M	420.4M	79.75M	163M	444.33M	700.44M	576.23M
Free Cash Flow+	234.36M	293.6M	295.83M	321.92M	511.47M	9.82M	89.25M	330.41M	350.28M	168.6M
FCF Growth %	-0.05%	0.25%	0.01%	0.09%	0.59%	-0.98%	8.09%	2.7%	0.06%	-0.52%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.38	21.34	22.18	25.73	6.92	-3.68	0.79	6.1	9	7.97
FFO Payout Ratio	58.13%	13.81%	14.19%	13.01%	50.98%	-50.58%	1.16%	1.73%	33.69%	52.46%
NOI Margin	29.8%	30.7%	31.02%	30.95%	32.46%	-5.08%	21.37%	32.1%	32.85%	36.09%
Net Debt / EBITDA	4.98x	1.26x	1.34x	1.83x	4.79x	-	18.00x	4.95x	4.38x	4.18x
Debt / Assets	61.41%	62.46%	63.04%	63.36%	65.22%	80.74%	85.2%	73.96%	67.57%	67.34%
Interest Coverage	2.54x	3.35x	2.80x	2.86x	2.03x	-2.62x	-0.47x	2.20x	2.15x	2.18x
Book Value / Share	7.35	36.63	38.66	14.7	16.67	5.84	-0.41	7.36	15.81	14.69
Revenue Growth	4.91%	5.23%	3.09%	7.63%	25.84%	-67.31%	79.11%	92.25%	19.5%	8.4%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Hotel Food And Beverage Banquets	-	-	-	360.18M	453.61M	116.62M	140.19M	440.36M	569.8M	666.52M
Hotel Food And Beverage Banquets Growth	-	-	-	-	25.94%	-74.29%	20.20%	214.13%	29.39%	16.97%
Hotel Group Rooms	-	-	-	312.36M	387.74M	88.61M	131.4M	364.83M	462.67M	509.01M
Hotel Group Rooms Growth	-	-	-	-	24.13%	-77.15%	48.30%	177.64%	26.82%	10.02%
Hotel, Other	-	-	-	-	-	-	178.22M	275.42M	300.54M	311.64M
Hotel, Other Growth	-	-	-	-	-	-	-	54.54%	9.12%	3.69%
Hotel Food And Beverage Outlets	-	-	-	159.66M	207.16M	70.91M	139.3M	226.65M	261.99M	274.3M
Hotel Food And Beverage Outlets Growth	-	-	-	-	29.75%	-65.77%	96.44%	62.70%	15.60%	4.70%
Hotel Transient Rooms	-	-	-	142.01M	169.82M	83.11M	197.47M	230.71M	238.46M	235.57M
Hotel Transient Rooms Growth	-	-	-	-	19.59%	-51.06%	137.60%	16.83%	3.36%	-1.21%
Entertainment Admissions And Ticketing	-	-	-	69.29M	81.43M	16.56M	62.77M	107.38M	124.65M	126.9M
Entertainment Admissions And Ticketing Growth	-	-	-	-	17.52%	-79.66%	278.94%	71.07%	16.08%	1.81%
Entertainment Food And Beverage	-	-	-	45.96M	63.81M	21.51M	51.52M	89.93M	107.33M	125.86M
Entertainment Food And Beverage Growth	-	-	-	-	38.85%	-66.30%	139.54%	74.57%	19.35%	17.26%
Entertainment Retail And Other	-	-	-	31.96M	37.87M	20.36M	32.59M	65.7M	86.91M	89.42M
Entertainment Retail And Other Growth	-	-	-	-	18.48%	-46.24%	60.06%	101.62%	32.28%	2.88%
Food And Beverage	-	-	-	519.84M	-	-	-	-	-	-
Food And Beverage Growth	-	-	-	-	-	-	-	-	-	-
Occupancy	-	-	-	454.37M	-	-	-	-	-	-
Occupancy Growth	-	-	-	-	-	-	-	-	-	-
Hotel Other	-	-	-	153.69M	-	-	-	-	-	-
Hotel Other Growth	-	-	-	-	-	-	-	-	-	-
Hospitality	994.6M	1.04B	1.06B	-	-	-	-	-	-	-
Hospitality Growth	-	4.53%	1.93%	-	-	-	-	-	-	-
Entertainment	97.52M	109.56M	125.06M	-	-	-	-	-	-	-
Entertainment Growth	-	12.35%	14.14%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ryman Hospitality Properties, Inc. (RHP) has a price-to-earnings (P/E) ratio of 21.6x. This is roughly in line with market averages.

Growth & Financials

Ryman Hospitality Properties, Inc. (RHP) reported $2.49B in revenue for fiscal year 2024. This represents a 161% increase from $952.1M in 2011.

Ryman Hospitality Properties, Inc. (RHP) grew revenue by 8.4% over the past year. This is steady growth.

Yes, Ryman Hospitality Properties, Inc. (RHP) is profitable, generating $238.4M in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Yes, Ryman Hospitality Properties, Inc. (RHP) pays a dividend with a yield of 4.42%. This makes it attractive for income-focused investors.

Ryman Hospitality Properties, Inc. (RHP) has a return on equity (ROE) of 29.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Ryman Hospitality Properties, Inc. (RHP) generated Funds From Operations (FFO) of $503.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Ryman Hospitality Properties, Inc. (RHP) offers a 4.42% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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