Forensic Analysis · General / Diversified · as of Jun 27, 2026
PENN Entertainment, Inc. (PENN)
A forensic read on PENN Entertainment, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.7
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-44.5%
ROE
$2.9B
Market cap
PENN Entertainment, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.7, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4%Return on invested capital.Return on invested capital is -4% and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$1.1BGoodwill impairments.Took $1.1B of goodwill writedowns across 6 year(s) (FY2023 ($30M), FY2024 ($12M), FY2025 ($832M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-12.1%
Debt / Equity1.57x
Free Cash Flow$-139.5M
Latest Revenue$6.96B
Return on Equity-46.0%
Revenue Growth YoY+5.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on PENN Entertainment, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PENN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown