Forensic Analysis · Amusement & Recreation · as of Nov 9, 2026
Pursuit Attractions & Hospitality, Inc. (PRSU)
A forensic read on Pursuit Attractions & Hospitality, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.5
Distress distance
Clean
Earnings quality
6
Forensic signals
4.1%
ROE
23.4%
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.
Pursuit Attractions & Hospitality, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.55×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.55× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
5.7%
FY2025
Return on invested capital.Return on invested capital is 5.7% in the latest fiscal year, against 8.0% in FY2023, having run between -3.1% and 8.0% across FY2023–FY2025 with no direction held. After-tax operating profit was $70M in FY2023 and $45M in FY2025, with operating income at 31.0% of revenue in FY2023. The capital base behind it came down -11% across FY2023–FY2025, from $884M to $789M, so this return is struck on a smaller base than it started on. Across FY2024–FY2025, $255M went into capital expenditure and acquisitions against $89M of total depreciation and amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2024's operating profit carried a $48M asset write-down and a $3M restructuring charge that alone took about 5.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+16.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +36% over the last 2 years to FY2025 (+16.7%/yr). The count is growing — 20.9M shares in FY2023, 28.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~16.7% 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 FY2023 has been diluted ~27%.
1.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.6% of revenue and 67% of free cash flow in FY2025 — about $0.26 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 16.7% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. 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.
+13.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $50.3M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +23% against revenue +23% and inventory up +21% against +11% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 9% of net operating assets, against an accruals ratio of 13.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
92% of FCF
FY2025
Shareholder returns.Returned $10M to shareholders (buybacks + dividends) in FY2025 — 92% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 0% of free cash flow two years back — not just sitting there. Counting the $7M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 159%.
Key fundamentals
Latest Revenue$452.4M
Revenue Growth YoY+23.4%
Revenue CAGR (2yr)+13.6%
Net Margin5.0%
Free Cash Flow$11.1M
Return on Equity4.1%
Debt / Equity0.27x
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 Pursuit Attractions & Hospitality, Inc.'s actual 10-K/10-Q/8-K filings?