Cash conversion remains strained by heavy maintenance CAPEX, which frequently exceeds $100M per quarter, contributing to volatile AFFO figures such as the -$14.3M deficit recorded in 2024Q3.
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 661.65M | 590.63M | 576.51M | 557.06M | 419.93M | 111.25M | -161.52M | 354.69M | 321.92M | 295.83M | 293.6M | 234.36M | 247M | 137.7M | 176.47M | 153.92M | 139.48M | 123.06M | 122.24M | 26.7M | 110.86M | 80.85M | 57.69M | 76.81M | 87.28M | 29.27M | 15.3M | 6.2M | 78.2M | 26.4M | 65.3M |
| Operating CF Growth % | 31.71% | 2.45% | 3.49% | 32.65% | 277.46% | 168.88% | -145.54% | 10.18% | 8.82% | 0.76% | 25.28% | -5.12% | 79.38% | -21.97% | 14.65% | 10.35% | 13.35% | 0.67% | 357.85% | -75.92% | 37.11% | 40.16% | -24.89% | -12% | 198.16% | 91.3% | 146.81% | -92.07% | 196.21% | -59.57% | - |
| Operating CF / Revenue % | 24.93% | 22.92% | 24.64% | 25.81% | 23.25% | 11.84% | -30.8% | 22.1% | 25.25% | 24.97% | 25.55% | 21.46% | 23.73% | 14.43% | 17.89% | 16.17% | 18.12% | 14% | 13.13% | 3.57% | 11.69% | 9.31% | 7.7% | 17.11% | 21.06% | 9% | 2.97% | 1.21% | 14.91% | 3.2% | 8.74% |
| Net Income | 263.66M | 243.43M | 280.19M | 311.22M | 134.95M | -194.8M | -460.82M | 128.29M | 264.67M | 176.1M | 159.37M | 111.51M | 126.45M | 118.35M | -26.64M | -109K | -89.13M | -23K | 4.36M | 111.91M | -79.44M | -33.95M | -53.64M | 826K | 95.14M | -47.74M | -153.47M | 349.8M | 31.2M | 151.4M | 131.2M |
| Depreciation & Amortization | 290.08M | 278.1M | 235.63M | 211.23M | 208.62M | 220.36M | 215.08M | 213.85M | 120.88M | 111.96M | 109.82M | 114.38M | 112.28M | 116.53M | 130.69M | 125.29M | 105.56M | 116.59M | 114.18M | 91.62M | 115.81M | 112.95M | 107.27M | 94.17M | 92.78M | 77.26M | 79.23M | 52.6M | 42.8M | 53.4M | 48.9M |
| Stock-Based Compensation | 10.96M | 0 | 13.89M | 15.42M | 14.98M | 12.1M | 8.73M | 7.83M | 7.66M | 6.64M | 6.13M | 6.16M | 5.77M | 11.56M | 8.96M | 10.17M | 10.06M | 10.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 37.73M | 39.9M | 10.38M | 58.55M | 20.8M | 17.75M | 62.46M | 11.85M | -93.63M | 41.69M | 3.01M | 47.15M | -8.58M | 28.99M | 25.22M | 29.85M | -2.57M | -4.11M | 11.97M | -145K | 95.54M | 1.15M | 29.12M | -37.23M | -159.63M | -4.46M | 108.79M | 100K | -100K | -113.4M | -1.8M |
| Working Capital Changes | 64.57M | 26.78M | 26.22M | 56.46M | 32.34M | 51.83M | -13.51M | -21.55M | 12.16M | 12.07M | 14.96M | -30.99M | 16.96M | -48.2M | 47.34M | -16.68M | 56.75M | -36.14M | -15.14M | -1.38M | 3.97M | 15.85M | 14.64M | 43.91M | -6.08M | 7.44M | 16.77M | 4.1M | -4.4M | 15.6M | -20.8M |
| Cash from Investing | -1.22B | -1.23B | -410.4M | -1.01B | -189.31M | -289.74M | -172.65M | -163.04M | -423.31M | -214.51M | -179.24M | -74.64M | -59.46M | -48.74M | 115.06M | -128.28M | -191.8M | -33.49M | -413.4M | -250.78M | -305.81M | -108.9M | -95.44M | -156.29M | 87.09M | -266.99M | -292.52M | -17.2M | 88.5M | -39.6M | -47.5M |
| Acquisitions (Net) | 0 | 0 | 0 | -791.47M | -103.99M | -218.71M | -8.87M | -24.72M | -229.73M | -25.62M | -63.36M | 10M | 9.35M | 0 | 0 | 0 | 0 | 0 | -30K | 120.52M | 1.3M | -20.22M | 1.49M | 0 | 0 | 0 | -11.62M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -296.14M | -174.33M | -156.78M | -190.42M | -208.19M | -188.12M | -84.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -775K | -6.59M | -15M | -130.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 844K | 2.98M | 13.21M | 0 | 0 | 293K | 0 | 0 | 1.74M | 4.48M | 0 | 4.16M | 17.62M | 0 | 222.4M | 2.23M | 42M | 165.85M | 0 | 0 | 0 | 0 | 0 | 20.1M | 0 | 0 |
| Other Investing | -963.88M | -1.23B | -2.5M | -14.57M | 4.2M | 246.26M | -163.78M | -151.53M | -193.58M | -188.89M | -115.89M | -84.64M | -68.81M | -50.48M | 110.58M | 4.31M | -1.31M | -1.56M | -18.21M | -14.1M | -7.81M | 13.87M | -4.09M | 67.43M | 272.74M | 14.15M | -48.6M | 93.3M | 151.4M | 137.3M | 68M |
| Cash from Financing | 545.23M | 567.29M | -290.32M | 711.87M | 50.71M | 261.73M | -6.47M | 79.66M | 171.77M | -82.89M | -111.52M | -179.84M | -172.71M | -124.55M | -238.74M | -105.65M | -3.32M | 89.43M | 268.61M | 212.32M | 176.79M | 44.34M | 24.28M | 101.82M | -84.93M | 220.72M | 294.38M | 11M | -156.7M | 8.3M | -16.2M |
| Dividends Paid | -215.32M | -285.58M | -266.11M | -176M | -5.86M | -502K | -102.33M | -183.35M | -172.41M | -161.71M | -151.16M | -131.31M | -109.41M | -76.42M | -62.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.4M | -21.3M | -33.9M | -34.9M |
| Common Dividends | -215.32M | -285.58M | -266.11M | -176M | -5.86M | -502K | -102.33M | -183.35M | -172.41M | -161.71M | -151.16M | -131.31M | -109.41M | -76.42M | -62.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.4M | -21.3M | -33.9M | -34.9M |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | -12.3M | 0 | 0 | -3.48M | -1.69M | 0 | -4.16M | -3.81M | -24.81M | -154.68M | -177.42M | -100.03M | -185.4M | 0 | 0 | -4.6M | -20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.7M | -5.9M |
| Other Financing | 158.05M | -5.83M | -23.79M | -28.06M | 265.84M | -13.28M | -3.45M | -145.79M | -4.82M | -12.22M | -1.55M | -11.53M | -9.03M | -11.2M | 30.94M | -5.65M | 23.65M | -37.3M | -10.26M | -22.26M | 9.75M | 15.3M | -13.07M | -27.54M | 44M | -69M | 414.24M | -6.24M | 0 | 100K | -100K |
| Net Change in Cash | -10.04M | -76.05M | -124.21M | 256.11M | 281.33M | 83.25M | -340.64M | 271.31M | 70.38M | -1.57M | 2.84M | -20.12M | 14.83M | -35.59M | 52.78M | -80.01M | -55.63M | 178.99M | -22.55M | -11.76M | -18.16M | 16.3M | -13.47M | 22.33M | 89.44M | -17M | 17.16M | 0 | 10M | -4.9M | 1.6M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 500.18M | 576.23M | 700.44M | 444.33M | 163M | 79.75M | 420.4M | 149.09M | 78.71M | 59.13M | 56.29M | 76.41M | 61.58M | 97.17M | 44.39M | 124.4M | 180.03M | 1.04M | 23.59M | 35.36M | 58.72M | 43.5M | 58.97M | 98.63M | 9.19M | 27.85M | 18.7M | 18.7M | 8.7M | 13.7M | 12.1M |
| Cash at End | 451.29M | 500.18M | 576.23M | 700.44M | 444.33M | 163M | 79.75M | 420.4M | 149.09M | 57.56M | 59.13M | 56.29M | 76.41M | 61.58M | 97.17M | 44.39M | 124.4M | 180.03M | 1.04M | 23.59M | 40.56M | 59.8M | 45.49M | 120.97M | 98.63M | 10.85M | 35.85M | 18.7M | 18.7M | 8.8M | 13.7M |
| Free Cash Flow | 302.48M | 232.39M | 168.6M | 350.28M | 330.41M | 89.25M | 9.82M | 511.47M | 321.92M | 295.83M | 293.6M | 234.36M | 247M | 137.7M | 176.47M | 21.33M | -55.16M | 73.5M | -272.92M | -552.12M | -184.09M | -48.69M | -70.14M | -146.91M | -98.37M | -251.87M | -217M | -104.3M | -4.8M | -150.5M | -50.2M |
| FCF Growth % | 33.81% | 37.84% | -51.87% | 6.01% | 270.2% | 808.7% | -98.08% | 58.88% | 8.82% | 0.76% | 25.28% | -5.12% | 79.38% | -21.97% | 727.45% | 138.66% | -175.05% | 126.93% | 50.57% | -199.92% | -278.1% | 30.59% | 52.26% | -49.35% | 60.94% | -16.07% | -108.06% | -2072.92% | 96.81% | -199.8% | - |
| FCF / Revenue % | 11.4% | 9.02% | 7.21% | 16.23% | 18.3% | 9.5% | 1.87% | 31.88% | 25.25% | 24.97% | 25.55% | 21.46% | 23.73% | 14.43% | 17.89% | 2.24% | -7.16% | 8.36% | -29.32% | -73.84% | -19.42% | -5.6% | -9.36% | -32.73% | -23.74% | -77.46% | -42.19% | -20.42% | -0.92% | -18.22% | -6.72% |
High Maintenance Capital Intensity
According to quarterly financial data, RHP's AFFO has exhibited extreme inconsistency, ranging from a high of $114.0M in 2023Q4 to a deficit of -$14.3M in 2024Q3, which suggests that the current dividend payout policy may be vulnerable to periodic cash flow shortfalls and operational seasonality.
The wide variance in AFFO indicates that the company's ability to fund distributions is highly sensitive to the timing of recurring capital expenditures. Investors should monitor whether the dividend payout ratio, which has fluctuated significantly, can be sustained without relying on external financing during periods of elevated property reinvestment.
As reported in recent SEC filings, RHP consistently directs substantial capital toward maintenance and property improvements, with quarterly expenditures frequently exceeding $100M, a trend that significantly suppresses the conversion of FFO into true free cash flow available for shareholders or debt reduction.
The persistent scale of these capital outlays suggests that the company's massive physical footprint requires constant, high-cost reinvestment to remain competitive in the group-convention market. This capital intensity appears to be a structural drag on cash flow that may limit the company's flexibility during economic downturns.
Based on the provided financial statements, the FFO to Net Income ratio has frequently exceeded 2.0x, illustrating that non-cash depreciation charges significantly distort GAAP earnings and obscure the actual cash-generating capacity of the company's large-scale hospitality and entertainment assets.
This reliance on FFO as a primary performance metric is necessary given the heavy depreciation of the Gaylord properties, yet it may lead to an overestimation of economic earnings. The divergence between GAAP net income and FFO warrants further investigation into whether the company's asset base is truly generating sufficient cash to cover its long-term obligations.
Analysis of the cash flow statement reveals that FCF is frequently pressured by the timing of working capital and heavy capital spending, as evidenced by the -$72.0M FCF recorded in 2024Q1, suggesting that the company's cash position is more fragile than headline FFO figures might imply.
The recurring discrepancy between FFO and AFFO suggests that significant costs are being capitalized rather than expensed, potentially masking the true maintenance burden of the portfolio. Investors should be wary of the company's reliance on operational cash flow to fund both dividends and essential property upgrades simultaneously.
Quick answers to the most common questions about buying RHP stock.
Ryman Hospitality Properties, Inc. (RHP) generated $590.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ryman Hospitality Properties, Inc. (RHP) generated $232.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ryman Hospitality Properties, Inc. (RHP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ryman Hospitality Properties, Inc. (RHP) returned $285.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.