Forensic Analysis · Media / Entertainment / Streaming · as of Aug 11, 2026
Six Flags Entertainment Corporation/New (FUN)
A forensic read on Six Flags Entertainment Corporation/New built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-1.9
Distress distance
Clean
Earnings quality
5
Forensic signals
-0.9
P / E (ttm)
-290.9%
ROE
$1.6B
Market cap
3.05%
Dividend yield
14.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Six Flags Entertainment Corporation/New earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-15.4%
FY2025
Return on invested capital.Return on invested capital is -15.4% in the latest fiscal year and slipping from 2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+33.8%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +34% over the last 1 year to FY2025 (+33.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~33.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~25%.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $31M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue in FY2025 — about $0.63 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 33.8% a year, small enough that totals and per-share results tell the same story.
$1.4B
FY2024–FY2025
Goodwill impairments.Took $1.4B of goodwill writedowns across 2 years (FY2024 ($42M), FY2025 ($1.3B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$3.10B
Revenue Growth YoY+14.4%
Net Margin-51.6%
Free Cash Flow-$152.2M
Return on Equity-290.9%
Debt / Equity9.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Six Flags Entertainment Corporation/New's actual 10-K/10-Q/8-K filings?