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Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (275%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $280.0M dividends + $45.0M buybacks = $325.0M returned on $102.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.54B 100.0% | $2.60B 100.0% | $2.70B 100.0% | $2.50B 100.0% | $1.36B 100.0% | $852.0M 100.0% | $2.84B 100.0% | $2.74B 100.0% | $2.79B 100.0% | $2.73B 100.0% |
| Selling, General & Admin | $72.0M 2.8% | $69.0M 2.7% | $65.0M 2.4% | $63.0M 2.5% | $62.0M 4.6% | $63.0M 7.4% | $62.0M 2.2% | $65.0M 2.4% | $68.0M 2.4% | $71.0M 2.6% |
| Total Operating Expenses | $2.63B 103.7% | $2.28B 87.6% | $2.59B 96.0% | $2.22B 88.7% | $1.54B 112.8% | $2.12B 248.4% | $2.44B 85.7% | $2.33B 85.1% | $2.42B 86.7% | $2.31B 84.7% |
| Operating Income | -$33.0M -1.3% | $391.0M 15.0% | $343.0M 12.7% | $296.0M 11.8% | -$179.0M -13.1% | -$1.20B -141.1% | $426.0M 15.0% | $504.0M 18.4% | $371.0M 13.3% | $419.0M 15.4% |
| Interest Expense | $209.0M 8.2% | $214.0M 8.2% | $207.0M 7.7% | $217.0M 8.7% | $228.0M 16.7% | $213.0M 25.0% | $140.0M 4.9% | $127.0M 4.6% | $124.0M 4.4% | $181.0M 6.6% |
| Interest & Investment Income | $10.0M 0.4% | $21.0M 0.8% | $38.0M 1.4% | $13.0M 0.5% | $1.0M 0.1% | $2.0M 0.2% | $6.0M 0.2% | $6.0M 0.2% | $2.0M 0.1% | $2.0M 0.1% |
| Other Income (Expense), net | — | — | — | $96.0M 3.8% | -$7.0M -0.5% | -$15.0M -1.8% | $45.0M 1.6% | $99.0M 3.6% | — | -$25.0M -0.9% |
| Pretax Income | -$270.0M -10.6% | $165.0M 6.3% | $144.0M 5.3% | $173.0M 6.9% | -$450.0M -33.0% | -$1.45B -170.2% | $351.0M 12.3% | $500.0M 18.3% | $285.0M 10.2% | $221.0M 8.1% |
| Income Tax Expense | $7.0M 0.3% | -$61.0M -2.3% | $38.0M 1.4% | $0 0.0% | $2.0M 0.1% | -$6.0M -0.7% | $35.0M 1.2% | $23.0M 0.8% | -$2.35B -84.1% | $82.0M 3.0% |
| Net Income | -$283.0M -11.1% | $212.0M 8.2% | $97.0M 3.6% | $162.0M 6.5% | -$459.0M -33.7% | -$1.44B -169.0% | $306.0M 10.8% | $472.0M 17.2% | $2.63B 94.1% | $133.0M 4.9% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.43 | $1.02 | $0.44 | $0.71 | -$1.95 | -$6.11 | $1.44 | $2.32 | $12.38 | $0.67 |
| EPS (Diluted) | -$1.43 | $1.01 | $0.44 | $0.71 | -$1.95 | -$6.11 | $1.44 | $2.31 | $12.21 | $0.67 |
| Weighted Avg Shares (Basic) | 199.0M | 207.0M | 214.0M | 228.0M | 236.0M | 236.0M | 212.0M | 203.0M | 211.0M | 198.0M |
| Weighted Avg Shares (Diluted) | 199.0M | 209.0M | 215.0M | 228.0M | 236.0M | 236.0M | 213.0M | 204.0M | 214.0M | 198.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $232.0M is below the $1.71B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.4% on $3.86B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | $104.2B | 42.0× | 24.2× | 4.0× | 4.3% | — | 9.9% | -69.0% | -69.4% | -0.1× | 553 |
| HLT | $79.4B | 58.3× | 31.7× | 6.6× | 7.7% | — | 12.1% | -27.0% | 20.9% | 4.0× | 346 |
| LVS | $24.0B | 15.8× | — | 1.8× | 15.2% | — | 12.5% | 102% | 9.4% | — | 149 |
| H | $17.4B | — | 68.4× | 2.5× | 6.8% | — | -0.7% | -1.6% | -0.7% | 11.4× | 99 |
| WYNN | $7.6B | 23.6× | 9.9× | 1.1× | 0.1% | — | 4.6% | -119% | 3.2% | 5.4× | 101 |
| MGM | $7.4B | 37.9× | — | 0.4× | 1.7% | — | 1.2% | 8.5% | 2.4% | — | 155 |
| CZR | $5.9B | — | 5.1× | 0.5× | 2.1% | — | -4.4% | -14.3% | -3.3% | 3.3× | 76 |
| WH | $5.7B | 30.8× | 18.8× | 4.0× | 1.5% | — | 13.5% | 41.2% | 6.4% | 5.7× | 96 |
| BYD | $5.3B | 3.2× | 6.6× | 1.3× | 4.1% | — | 45.0% | 70.7% | 39.6% | 1.6× | 73 |
| CHH | $5.1B | 14.3× | 13.7× | 3.2× | 0.8% | — | 23.2% | 204% | 17.7% | 3.7× | 61 |
| ATAT | $4.5B | 59.4× | 12.1× | 3.2× | 41.0% | — | 16.6% | 45.1% | 42.2% | -1.3× | 16 |
| TNL | $4.3B | 20.8× | 14.3× | 1.1× | 4.1% | 93.2% | 5.7% | -23.4% | 5.0% | 7.9× | 102 |
| PK | $3.4B | — | — | 1.3× | -2.2% | — | -11.1% | -9.0% | -4.1% | — | 91 |
| RRR | $2.9B | 15.8× | 7.8× | 1.4× | 3.7% | — | 9.3% | 90.3% | 5.2% | 4.1× | 39 |
| SHO | $2.4B | 323.5× | — | 2.5× | 6.0% | — | 2.6% | 1.3% | 0.9% | — | 57 |
| MCRI | $2.0B | 20.6× | 10.9× | 3.6× | 4.4% | 23.4% | 18.6% | 18.9% | 18.9% | 0.0× | 44 |
| XHR | $1.9B | 32.4× | 13.4× | 1.8× | 3.8% | 30.6% | 5.8% | 5.6% | 2.5% | 5.4× | 49 |
| MLCO | $1.5B | 24.9× | 6.6× | 0.3× | 11.3% | — | 3.6% | -14.8% | 3.4% | 5.3× | 19 |
Peers = companies sharing PK's sector (Hotels & Motels) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $16.60 today, the market must believe free cash flow compounds 20.8%/yr for a decade (off $174.0M on the 3-yr avg basis).
On the basis ($155.3M) the requirement is 22.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.8% is more optimistic than its 9-yr track record.
Default is 11.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.20B shares (market data) · net debt $3.62B
mean -34.6% · volatility σ 140% · implied rate exceeded in 1/7 yrs
Central path = implied 20.8%/yr growth; shaded band = ±1σ (140%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-30
Where each multiple sits in its own 10-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 10-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -9% against ROIC -4% — -5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 48.6× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 2.4 | 2.2 | 7.4 | 4.6 | 2.5 | 2.4 | 2.7 | 2.8 |
| Operating Income | 18.4 | 15.0 | -141.1 | -13.1 | 11.8 | 12.7 | 15.0 | -1.3 |
| Income Tax | 0.8 | 1.2 | -0.7 | 0.1 | 0.0 | 1.4 | -2.3 | 0.3 |
| Net Income | 17.2 | 10.8 | -169.0 | -33.7 | 6.5 | 3.6 | 8.2 | -11.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.19pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 4.2% | 11.7% (today's — no rate published for this year) | -7.5pts |
| FY2020 | -13.2% | 11.7% (today's — no rate published for this year) | -24.9pts |
| FY2021 | -2.1% | 11.0% | -13.1pts |
| FY2022 | 3.6% | 11.4% | -7.8pts |
| FY2023 | 4.9% | 9.7% | -4.8pts |
| FY2024 | 5.5% | 10.5% | -5.1pts |
| FY2025 | -0.5% | 11.2% | -11.7pts |
| Now | -4.1% | 11.7% | -15.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 15.4% | 4.9% |
| FY2017 | not reported | 13.3% | 94.1% |
| FY2018 | not reported | 18.4% | 17.2% |
| FY2019 | not reported | 15.0% | 10.8% |
| FY2020 | not reported | -141.1% | -169.0% |
| FY2021 | not reported | -13.1% | -33.7% |
| FY2022 | not reported | 11.8% | 6.5% |
| FY2023 | not reported | 12.7% | 3.6% |
| FY2024 | not reported | 15.0% | 8.2% |
| FY2025 | not reported | -1.3% | -11.1% |
Return on equity is 5 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
ROIC ex-goodwill is -0.48% against -0.48% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.38x of reported profit into free cash flow over 4 years, with accruals negative.
Reported free cash flow is $102M; after share-based compensation it is $83M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $16.82, free cash flow must compound 20.89%/yr for 10 years. It has done -14.38%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −302.3% | 20.9% |
| FY2023 | −9.5% | 20.9% |
| FY2024 | −7.3% | 20.9% |
| FY2025 | −49.5% | 20.9% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate of 20.89% has not been achieved in any of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$283M | −$283M |
| Share-based comp | $19M | −$264M |
| Other non-cash & working capital | $662M | $398M |
| Operating cash flow | $398M | $398M |
| Capex | −$296M | $102M |
| Free cash flow | $102M | $102M |
| FCF after SBC | $83M | $83M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -70.0% | -85.6% | -15.5 points |
| FY2021 | 59.9% | 269.2% | 209.4 points |
| FY2022 | 83.6% | 34.4% | -49.2 points |
| FY2023 | 7.9% | -13.2% | -21.1 points |
| FY2024 | -3.7% | 17.0% | 20.6 points |
| FY2025 | -2.2% | -11.4% | -9.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 23.1 days | not reported | not reported | not reported |
| FY2020 | 11.1 days | not reported | not reported | not reported |
| FY2021 | 25.7 days | not reported | not reported | not reported |
| FY2022 | 18.8 days | not reported | not reported | not reported |
| FY2023 | 15.2 days | not reported | not reported | not reported |
| FY2024 | 18.4 days | not reported | not reported | not reported |
| FY2025 | 16.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.7 percent |
| FY2020 | -9.5 percent |
| FY2021 | -3.3 percent |
| FY2022 | -2.5 percent |
| FY2023 | -4.3 percent |
| FY2024 | -2.4 percent |
| FY2025 | -8.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was |
|---|
| Shares |
|---|
| Price |
|---|
| Value |
|---|
| 2026-09-23 | Natelli Thomas A Director | Grant | 1,756 | $0.00 | $0 |
| 2026-09-23 | Naughton Timothy J Director | Grant | 1,756 | $0.00 | $0 |
| 2026-09-23 | Bedient Patricia M Director | Grant | 1,923 | $0.00 | $0 |
| 2026-09-03 | Olander Jill C EVP, Human Resources | Grant2d late | 66,312 | $0.00 | $0 |
| 2026-09-03 | Vu Nancy M. EVP,Gen. Counsel & Secretary | Grant2d late | 66,312 | $0.00 | $0 |
| 2026-09-03 | Piantedosi Joseph M. EVP, Asset Management | Grant2d late | 99,469 | $0.00 | $0 |
| 2026-09-03 | Mayfield Carl A. EVP, Design and Construction | Grant2d late | 99,469 | $0.00 | $0 |
| 2026-09-03 | Dell'Orto Sean M. EVP, CFO & Treasurer | Grant2d late | 165,782 | $0.00 | $0 |
| 2026-09-03 | Baltimore Thomas J Jr CEO | Grant2d late | 331,564 | $0.00 | $0 |
| 2026-06-23 | Naughton Timothy J Director | Grant | 1,814 | $0.00 | $0 |
| 2026-06-23 | Natelli Thomas A Director | Grant | 1,814 | $0.00 | $0 |
| 2026-06-23 | Bedient Patricia M Director | Grant | 1,986 | $0.00 | $0 |
| 2026-04-24 | Sadove Stephen I Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Naughton Timothy J Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Natelli Thomas A Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Mcclements Terri D. Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Garrett Geoffrey Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Kelly Christie B. Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Eckert Thomas D Director | Grant | 13,839 | $0.00 | $0 |
| 2026-04-24 | Bedient Patricia M Director | Grant | 13,839 | $0.00 | $0 |
| 2026-03-24 | Bedient Patricia M Director | Grant | 2,723 | $0.00 | $0 |
| 2026-03-24 | Naughton Timothy J Director | Grant | 2,487 | $0.00 | $0 |
| 2026-03-24 | Natelli Thomas A Director | Grant | 2,487 | $0.00 | $0 |
| 2026-03-24 | Kelly Christie B. Director | Grant | 2,842 | $0.00 | $0 |
| 2026-02-23 | Vu Nancy M. EVP, Gen. Counsel & Secretary | Tax withholding | 3,361 | $11.25 | $38k |
| 2026-02-23 | Piantedosi Joseph M. EVP, Asset Management | Tax withholding | 1,679 | $11.25 | $19k |
| 2026-02-23 | Robb Darren W SVP and CAO | Tax withholding | 751 | $11.25 | $8k |
| 2026-02-23 | Olander Jill C EVP, Human Resources | Tax withholding | 2,106 | $11.25 | $24k |
| 2026-02-23 | Morey Thomas C EVP & Chief Investment Officer | Tax withholding | 5,332 | $11.25 | $60k |
| 2026-02-23 | Mayfield Carl A. EVP, Design and Construction | Tax withholding | 4,108 | $11.25 | $46k |
| 2026-02-23 | Dell'Orto Sean M. EVP, COO, CFO & Treasurer | Tax withholding | 6,116 | $11.25 | $69k |
| 2026-02-23 | Baltimore Thomas J Jr CEO | Tax withholding | 22,068 | $11.25 | $248k |
| 2026-02-17 | Vu Nancy M. EVP,Gen. Counsel & Secretary | Tax withholding | 3,751 | $11.20 | $42k |
| 2026-02-17 | Robb Darren W SVP and CAO | Tax withholding | 854 | $11.20 | $10k |
| 2026-02-17 | Piantedosi Joseph M. EVP, Asset Management | Tax withholding | 1,634 | $11.20 | $18k |
| 2026-02-17 | Olander Jill C EVP, Human Resources | Tax withholding | 2,350 | $11.20 | $26k |
| 2026-02-17 | Morey Thomas C EVP & Chief Investment Officer | Tax withholding | 5,951 | $11.20 | $67k |
| 2026-02-17 | Mayfield Carl A. EVP, Design and Construction | Tax withholding | 4,584 | $11.20 | $51k |
| 2026-02-17 | Dell'Orto Sean M. EVP, CFO & Treasurer | Tax withholding | 6,825 | $11.20 | $76k |
| 2026-02-17 | Baltimore Thomas J Jr CEO | Tax withholding | 23,790 | $11.20 | $266k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.