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ZYBERNO

Stock Report

Updated Aug 31, 2026

Six Flags Entertainment Corporation/NEW (FUN)

NYSE

$16.22

Six Flags Entertainment Corporation is an American amusement park company formed through the 2024 merger of Six Flags Entertainment Corporation and Cedar Fair LP, headquartered in Charlotte, North Carolina. The combined company operates the largest regional amusement park company in the world with approximately 50 parks including Six Flags parks, Cedar Point, Knott's Berry Farm, Carowinds, Canada's Wonderland, and other properties across North America.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

18.0/100

POOR BUSINESS

Six Flags Entertainment Corporation/NEW (FUN) scores 18/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FUN quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FUN valuation analysis · → View full FUN Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-449.5%)

Debt-to-Equity (Solvency Risk):CRITICAL (45.81x)

Operating Margin (Operational Efficiency):CRITICAL (-44.2%)

Return on Capital (Capital Efficiency):CRITICAL (-20.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Six Flags Entertainment Corporation/NEW (FUN) stock report — Zyberno Score 18/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, FUN generated $62.17M in Owner Earnings. Capital was deployed as follows: $393.70M invested in capital expenditures. Reinvestment rate: 0.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:16.22

Market Cap:$1.65B

Valuation Multiples (3)

P/B Ratio:14.38x

P/S Ratio:0.54x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$6.50B

Pfcf Ratio:57.60x

Price Action & Momentum (3)

12-1 Momentum:

-41.7% (17th pctile)

📈 Click to view full FUN Momentum analysis →

Momentum Percentile:17 / 100

% of 52-Week High:59.3%

B. Profitability Assessment

Return Metrics (5)

ROE:

-449.5%

📊 Click to view full FUN ROE analysis →

ROA:-22.7%

Roic:

-20.4%

📊 Click to view full FUN ROIC analysis →

Reinvestment Rate:0.7%

Fundamental Growth Rate (g):-0.1%

Margin Analysis (3)

Operating Margin Ttm:-44.2%

Net Margin Ttm:-57.3%

Ebitda Margin:-29.0%

TTM Performance (3)

Gross Margin Ttm:91.4%

Operating Margin Ttm:-44.2%

Net Margin Ttm:-57.3%

Yield Metrics (3)

Earnings Yield:-$106.91

Owner Earnings Yield:$3.77

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-11.9%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-31.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.42x

Quick Ratio:0.36x

Cash Ratio:0.10x

Leverage Analysis (3)

Debt To Equity Ttm:45.81x

Debt-to-Equity Ratio:45.81x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-760,576,000.00

Cash And Cash Equivalents:134,528,000.00

Long Term Debt:$4.97B

Net Debt:$4.85B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $3.06B

Linear Growth: -11.9%

📊 Click to view full FUN Revenue analysis & methodology →

Cost Of Revenue Ttm:$263.84M

Profitability Breakdown (2)

Gross profit TTM: $2.79B

Linear Growth: -11.8%

📊 Click to view full FUN Gross Profit analysis & methodology →

Operating income TTM: -$1.35B

Linear Growth: -31.5%

📊 Click to view full FUN Operating Income analysis & methodology →

Bottom Line Performance (3)

-$1.75B

Income Before Tax:-$1.75B

Ebitda Ttm:-887,549,000.00

Operating Expenses (5)

Operating Expenses:4,410,486,000.00

R And D Expense:0.00

Sga Expense:422,817,000.00

Income Tax Expense:-$44.46M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:48.9%

Ebitda Margin:-29.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$7.44B

Current Assets:$550.23M

Ppe Net:0.00

Goodwill:2,078,352,000.00

Intangible Assets:$683.34M

Liability Structure (4)

Total Liabilities:7,320,526,000.00

Current Liabilities:1,310,808,000.00

Long Term Debt:$4.97B

Short Term Debt:$15.04M

Equity & Capital (3)

Equity:$114.73M

Retained Earnings:-$2.23B

Common Stock:400,000,000.00

Working Capital Items (3)

Accounts Receivable:168,769,000.00

Inventory:80,133,000.00

Accounts Payable:173,233,000.00

Special Items (2)

Contract Liabilities:416,062,000.00

Stock Based Compensation:3,777,000.00

C. Cash Flow Analysis

Operating Activities (2)

$422.35M$28.65M

Investment Activities (2)

Investing Cash Flow:-$53.96M

Capital Expenditures Ttm:393,699,000.00

Financing Activities (3)

Financing Cash Flow:$163.69M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$500.00M

Long Term Debt Repayments:$13.78M

Non-Cash Items (1)

Depreciation Amortization Ttm:464,549,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-17.34

-$17.34

Earnings Per Share Ttm:-$17.21

Revenue & Cash Per Share (3)

Sales Per Share Ttm:30.06

Operating Cash Flow Per Share:$3.22

Fcf Per Share Ttm:0.28

Book Value & Capital (2)

Book Value Per Share:$1.13

Cash Per Share:1.32

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.40x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:18.12x

Days Sales Outstanding Ttm:20.14

Inventory Management (2)

Inventory Turnover Ttm:3.29x

Days Inventory Outstanding Ttm:110.86

Payables & Cash Cycle (2)

Days Payable Outstanding:239.65

Cash Conversion Cycle:-108.65

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:30.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $62.17M

Linear Growth: 0.0%

📊 Click to view full FUN Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.61

Owner Earnings Yield:$3.77

Damodaran Growth Analysis (2)

Reinvestment Rate:0.7%

Fundamental Growth Rate (g):-0.1%

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

3.6%

📊 Click to view full FUN expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-11.9%

Operating Income Growth Rate (Linear):-31.5%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-11.8%

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:FUN

Company Name:Six Flags Entertainment Corporation/NEW

Sector:Unknown

Industry:Services-Amusement & Recreation Services

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:101.73M

Shares Outstanding Basic:101.73M

Shares Outstanding Diluted:101.73M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 03:55:03 UTC

Data Timestamp:2026-08-31T03:55:03.967447