Forensic Analysis · Live Entertainment & Events · as of Nov 10, 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
-2.0
Distress distance
Clean
Earnings quality
5
Forensic signals
-123.4%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 -2.0, 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
-14.1%
FY2025
Return on invested capital.Return on invested capital is -14.1% in the latest fiscal year, against 2.4% in FY2024. After-tax operating profit was $202M in FY2024 and ($1.1B) in FY2025, with operating income at 11.5% of revenue in FY2024 and -44.4% in FY2025. The capital base behind it went from $8.3B in FY2024 to $7.7B in FY2025 (-8%), while the revenue it carried went from $2.7B to $3.1B. FY2024's operating profit carried a $42M goodwill write-off that took about 0.3 points off that year's return, and FY2025's carried a $1.3B goodwill write-off that took about 13.8 points off the latest; so, net of each other, the two charges take about 13.5 points off the -16.5-point change across FY2024–FY2025. A non-cash write-down lowers the reported return in the year it lands.
+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 — 75.3M shares in FY2024, 100.7M in FY2025: 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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 33.8% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$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-123.4%
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?