Six Flags past growth... a rollercoaster to say the least

Revenue 10/5/1 CAGR has been: 8.9%/12.9%/50%

• VERY important to note, 1-year revenue growth is due to the Cedar Point acquisition. But still, the 10/5 CAGR growth has been pretty good.

Net Income 10/5/1 CAGR is basically meaningless because they have flopped from profitable to unprofitable so frequently.

• Net income was negative in 2024 — not because of a structural business decline, but due to merger accounting and one-time integration costs from the Cedar Fair deal. Adjusting for these items, underlying operating income and cash flow remained positive.

Total Equity 10/1 is 35%/450%

• 5-year CAGR unavailable because they dipped into negative TE during the pandemic.

• 35% 10-year CAGR shows that they are in an acquisition mode for other parks (no other way to grow that fast)

• Big red flag: TE was so negative from 2019-2023 because management was obsessed with returning capital to shareholders.

• They have used debt to fund so much, so understanding their balance sheet will be imperative.

• Six Flags’ total equity was negative from 2019–2023 because of years of aggressive buybacks and dividends, followed by heavy pandemic losses and asset write-downs. The balance sheet flipped positive in 2024 after merging with Cedar Fair, which added a massive asset base and goodwill.