Latest Ratios: P/E Ratio 32.0x · EV/EBITDA 14.9x · ROE 22.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.6B | $6.2B | $6.6B | $6.4B | $4.5B | $5.1B | $3.7B | $4.5B | $3.4B | $3.5B | $3.2B |
| Enterprise Value | $11.4B | $10.0B | $9.7B | $9.3B | $7.2B | $8.0B | $6.5B | $6.8B | $5.8B | $5.1B | $4.7B |
| P/E Ratio → | 32.03 | 25.10 | 23.82 | 20.53 | 35.10 | — | — | 35.09 | 12.97 | 20.12 | 20.26 |
| P/S Ratio | 2.96 | 2.42 | 2.84 | 2.96 | 2.51 | 5.39 | 7.10 | 2.81 | 2.69 | 2.99 | 2.81 |
| P/B Ratio | 6.57 | 5.15 | 7.10 | 6.96 | 11.11 | — | 11.61 | 5.20 | 4.54 | 1.79 | 1.72 |
| P/FCF | 32.79 | 26.85 | 39.38 | 18.24 | 13.71 | 56.72 | 379.17 | 8.81 | 10.67 | 11.99 | 11.01 |
| P/OCF | 12.90 | 10.57 | 11.52 | 11.47 | 10.78 | 45.50 | — | 12.70 | 10.67 | 11.99 | 11.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.89 | 4.14 | 4.31 | 3.98 | 8.49 | 12.47 | 4.24 | 4.53 | 4.29 | 4.07 |
| EV / EBITDA | 14.89 | 13.09 | 13.32 | 13.99 | 13.41 | 49.31 | — | 14.14 | 4.53 | 4.42 | 4.07 |
| EV / EBIT | 23.38 | 20.24 | 19.74 | 20.25 | 22.30 | — | — | 24.46 | 16.43 | 26.32 | 20.63 |
| EV / FCF | — | 43.18 | 57.39 | 26.56 | 21.74 | 89.32 | 665.76 | 13.31 | 17.93 | 17.17 | 15.93 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.9% | 9.9% | 36.1% | 32.9% | 32.1% | 21.4% | -5.1% | 32.5% | 30.9% | 31.0% | 30.7% |
| Operating Margin | 18.9% | 18.9% | 21.0% | 21.0% | 18.1% | -6.2% | -57.9% | 16.7% | 16.8% | 15.6% | 18.6% |
| Net Profit Margin | 9.4% | 9.4% | 11.6% | 14.4% | 7.1% | -18.8% | -79.6% | 9.1% | 20.8% | 14.9% | 13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.7% | 22.7% | 29.3% | 47.0% | 66.9% | -118.6% | -70.3% | 18.0% | 19.3% | 9.1% | 14.1% |
| ROA | 4.3% | 4.3% | 5.2% | 6.7% | 3.4% | -5.0% | -10.9% | 3.7% | 8.3% | 7.1% | 6.7% |
| ROIC | 8.2% | 8.2% | 9.4% | 9.9% | 8.2% | -1.5% | -7.2% | 6.4% | 4.9% | 4.0% | 6.3% |
| ROCE | 9.0% | 9.0% | 10.5% | 10.9% | 9.7% | -1.8% | -8.5% | 7.3% | 7.3% | 8.2% | 9.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.54 | 3.54 | 3.76 | 3.82 | 7.33 | — | 8.95 | 3.08 | 3.23 | 0.80 | 0.80 |
| Debt / EBITDA | 5.60 | 5.60 | 4.84 | 5.27 | 5.58 | 18.87 | — | 5.54 | 1.92 | 1.39 | 1.31 |
| Net Debt / Equity | — | 3.13 | 3.25 | 3.17 | 6.51 | — | 8.77 | 2.66 | 3.09 | 0.77 | 0.77 |
| Net Debt / EBITDA | 4.95 | 4.95 | 4.18 | 4.38 | 4.95 | 18.00 | — | 4.79 | 1.83 | 1.34 | 1.26 |
| Debt / FCF | — | 16.33 | 18.01 | 8.32 | 8.03 | 32.60 | 286.59 | 4.50 | 7.26 | 5.18 | 4.92 |
| Interest Coverage | 2.06 | 2.06 | 2.17 | 2.17 | 2.17 | -0.51 | -2.75 | 2.12 | 4.69 | 2.92 | 3.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 73.13 | 73.13 | 1.50 | 1.77 | 1.71 | 0.73 | 1.18 | 2.25 | 1.06 | 1.17 | 0.91 |
| Quick Ratio | 73.13 | 73.13 | 1.47 | 1.74 | 1.68 | 0.72 | 1.15 | 2.22 | 1.03 | 1.13 | 0.87 |
| Cash Ratio | 66.07 | 66.07 | 0.89 | 1.11 | 0.84 | 0.28 | 0.28 | 1.15 | 0.32 | 0.26 | 0.29 |
| Asset Turnover | — | 0.42 | 0.45 | 0.42 | 0.45 | 0.26 | 0.15 | 0.39 | 0.33 | 0.47 | 0.48 |
| Inventory Turnover | — | — | 92.67 | 103.46 | 101.84 | 88.26 | 77.01 | 104.93 | 89.64 | 101.50 | 98.75 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 4.6% | 4.0% | 2.8% | 0.1% | 0.0% | 2.7% | 4.1% | 5.0% | 4.6% | 4.7% |
| Payout Ratio | 117.3% | 117.3% | 98.0% | 56.6% | 4.5% | — | — | 125.8% | 65.1% | 91.8% | 94.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 4.0% | 4.2% | 4.9% | 2.8% | — | — | 2.9% | 7.7% | 5.0% | 4.9% |
| FCF Yield | 3.0% | 3.7% | 2.5% | 5.5% | 7.3% | 1.8% | 0.3% | 11.4% | 9.4% | 8.3% | 9.1% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% | 0.8% |
| Total Shareholder Yield | 3.6% | 4.6% | 4.2% | 2.8% | 0.1% | 0.1% | 2.8% | 4.1% | 5.1% | 4.7% | 5.4% |
| Shares Outstanding | — | $66M | $64M | $58M | $55M | $55M | $55M | $52M | $52M | $51M | $51M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying RHP stock.
Ryman Hospitality Properties, Inc.'s current P/E ratio is 32.0x. The historical average is 31.5x. This places it at the 68th percentile of its historical range.
Ryman Hospitality Properties, Inc.'s current EV/EBITDA is 14.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.1x.
Ryman Hospitality Properties, Inc.'s return on equity (ROE) is 22.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.0%.
Based on historical data, Ryman Hospitality Properties, Inc. is trading at a P/E of 32.0x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ryman Hospitality Properties, Inc.'s current dividend yield is 3.59% with a payout ratio of 117.3%.
Ryman Hospitality Properties, Inc. has 9.9% gross margin and 18.9% operating margin. Operating margin between 10-20% is typical for established companies.
Ryman Hospitality Properties, Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and thin AFFO coverage
Metrics are mathematically derived from official filings.
Premium Multiple Reflects Moat
RHP trades at 18.1x forward P/FFO, a premium to lodging peers like HST at 12.8x EV/EBITDA, per reported data, suggesting the market assigns value to its convention and entertainment moat.
The P/FFO of 18.1x in 2026Q2 is well above the peer average of roughly 14x, indicating investors are paying up for the group-centric model and entertainment IP. This premium appears justified by the structural scarcity of large convention assets, but it leaves little room for disappointment if group demand softens. The implied cap rate, derived from NOI and enterprise value, is likely below private transaction cap rates, suggesting the stock may be pricing in continued growth rather than current cash flows.
NOI Margin Volatility Clouds Trend
NOI margin swung from 32.9% in 2025Q2 to 11.1% in 2026Q1, per financial statements, before recovering to 14.6% in 2026Q2, indicating significant quarterly instability that may reflect cost timing or expense pressures.
The dramatic quarterly swings in NOI margin—from 38.7% in 2024Q2 to 11.0% in 2025Q4—suggest that the reported figures are heavily influenced by seasonal factors, one-time expenses, or the timing of group events. While FFO growth of 22.4% year-over-year in 2026Q2 appears robust, it is not clearly driven by organic same-store NOI gains given the margin compression. Investors should monitor whether the low margins in recent quarters represent a new cost baseline or merely temporary disruptions, as the Entertainment segment's higher-margin revenue may be offsetting hospitality weakness.
AFFO Coverage Thin but Improving
The FFO payout ratio improved to 44.9% in 2026Q2 from 67.5% in 2025Q3, per reported data, but AFFO covered dividends by only 0.45x, indicating a significant gap that may pressure future distributions.
While the FFO payout ratio appears healthy at 44.9%, the AFFO payout ratio is far more concerning, with AFFO of $42.3M covering only 45% of the $76.2M dividend in 2026Q2. This suggests that the company is retaining less cash than the FFO metric implies, likely due to high maintenance capex and non-cash adjustments. The gap may require external funding or a reduction in growth capex, which could limit future FFO growth. Investors should monitor whether AFFO improves as the company completes its expansion projects, but the current shortfall warrants caution.
Leverage Elevated Despite Modest Decrease
Debt-to-equity declined to 3.35x in 2026Q2 from 3.95x in 2024Q1, per reported figures, but remains well above lodging peers like HST at 0.84x, indicating a structurally higher financial risk profile.
RHP's debt-to-equity of 3.35x is more than three times the average of its lodging peers, reflecting its heavy investment in large convention assets and the Gaylord Rockies. Interest coverage of 2.79x in 2026Q2 is adequate but leaves limited cushion if rates rise or EBITDA declines. The company's fixed-rate exposure and debt maturity profile are not disclosed in the provided data, but the elevated leverage suggests refinancing risk in a higher-rate environment. While the asset base is expanding, the thin equity base of $748M amplifies the impact of any valuation decline on the balance sheet.
Concentration in Nashville Amplifies Risk
RHP's portfolio is heavily concentrated in Nashville, Tennessee, with the Gaylord Opryland and Opry assets likely the largest revenue contributors, per company intelligence, creating a single-market vulnerability that peers do not share.
The dual reliance on the Nashville market for both hospitality and entertainment revenue means that any local economic downturn, tourism decline, or brand-related issue would disproportionately impact the company. While the group booking model provides multi-year visibility, the concentration risk is not fully diversified across geographies. The expansion of Ole Red into Las Vegas may mitigate this over time, but the near-term earnings power remains tied to Nashville's tourism cycle. Investors should monitor the proportion of revenue derived from Nashville and the success of geographic diversification efforts.
P/E Misleads on REIT Earnings
The standard P/E of 34.04 is distorted by depreciation and the Entertainment TRS, per reported data, obscuring the true cash-generating ability of the real estate; P/FFO is the appropriate metric.
For a REIT like RHP, GAAP net income is heavily reduced by non-cash depreciation on large convention properties, making the P/E of 34.04 appear expensive relative to the P/FFO of 18.1x. Additionally, the Entertainment segment operates as a taxable REIT subsidiary, which complicates the earnings picture and may lead to tax leakage that is not captured in P/E. Analysts should use P/FFO or P/AFFO to compare RHP to peers, and adjust for the TRS's tax impact to assess true distributable cash. The market's focus on P/E may overstate the company's valuation and understate its cash flow generation.