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Six Flags Entertainment Corporation/NEW

FUN · Communications · $1.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

50

2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $1.8B to $3.1B, increasing; diluted EPS 2.42 to -15.89, decreasing.

100

Median gross margin 91.2% over 4y, very stable.

0

Median ROIC -8.2%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage 0x.

41

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$17.37
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

5 years of fundamentals

The business, in plain English

Six Flags Entertainment Corporation/NEW booked $3.1B of revenue in FY2025 in the Communications sector and kept 91.3% of it as gross profit — a high-margin business by that measure. After every other cost, −51.6% of each revenue dollar reached the bottom line.

The balance sheet carried $5.2B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (0/100), which is how FUN lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2021–FY2025 · 5 fiscal years, normalized from FUN’s SEC filings

Sales, as filed$3.1B FY2025
$0$2B202120232025
Revenue kept after cost of goods91.3% FY2025
0%50%202120232025
Standard ROIC or separately labeled Operating ROICROIC −19.3% FY2025
−20%−10%0%202120232025
Cash an owner could take out−$1.6B FY2025
−$1B$0202120232025

Gaps in a line mean that item isn’t in FUN’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Six Flags Entertainment Corporation/NEW makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$3.1B · 100%Cost of revenue$270M · 9%Gross profit$2.8B · 91%Operating income−$1.4B · −44%Income before tax−$1.7B · −55%Income tax−$164M · −5%Net income−$1.6B · −52%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$3.1B100%
Cost of revenue$270M9%
$2.8B91%
−$1.4B−44%
Income before tax−$1.7B−55%
Income tax−$164M−5%
−$1.6B−52%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Six Flags Entertainment Corporation/NEW owns — and owes

Six Flags Entertainment Corporation/NEW's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$7.8B100%
Cash and equivalents$91.1M1%
$5.2B66%
Stockholders’ equity$550M7%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Six Flags Entertainment Corporation/NEW’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−123%Tax burden93%net income ÷ pretax incomeInterest burden125%pretax ÷ operating incomeOperating margin−44%operating income ÷ revenueAsset turnover0.37×revenue ÷ average assetsEquity multiplier6.53×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$1.6BFY2025
Income before tax−$1.7BFY2025
Operating income−$1.4BFY2025
$3.1BFY2025
Ending assets$7.8BFY2025
Beginning assets$9.1BFY2024
$550MFY2025
$2.0BFY2024
Source:
  • SEC filingFiling detailsAccession 0001999001-26-000048
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Six Flags Entertainment Corporation/NEW's cash went

Six Flags Entertainment Corporation/NEW’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$327M100%
Depreciation and amortization$486M149%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Six Flags Entertainment Corporation/NEW

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Six Flags Entertainment Corporation/NEW insiders reported

Records still being gathered — partial as of retrieval Aug 10, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

12 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.8 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 10, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for FUN; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How Six Flags Entertainment Corporation/NEW’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2024–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored FUN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 20242025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, FUN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#44 of 134 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #42APHP American Picture House Corporation45.1Shallow moat
  2. #43CHDN Churchill Downs Inc44.2Shallow moat
  3. #45TKO TKO GROUP HOLDINGS, INC.43.7Shallow moat
  4. #46NXST NEXSTAR MEDIA GROUP, INC.42.7Shallow moat

Compare FUN with its nearest peers →All Communications companies on the Index →

Common questions about FUN

Does Six Flags Entertainment Corporation/NEW have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Six Flags Entertainment Corporation/NEW (FUN) 43.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 50, pricing power 100, returns on capital 0, balance-sheet safety 28, capital allocation 41.
How has FUN's Moat Score changed over time?
The record logs 12 readings since Jul 18, 2026; the latest reads 43.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FUN. See the disclaimer.