TacticScaleWhat United Parks & Resorts Does & How It Makes Money (PRKS)
Updated October 2026 · reflects United Parks & Resorts's latest reported financials
U.S. theme park operator behind SeaWorld and Busch Gardens. The company earns money from visitors to its owned and licensed parks, mainly through admission and reservations, plus in-park dining and other attractions.
How United Parks & Resorts makes money
The company earns money from visitors to its owned and licensed parks, mainly through admission and reservations, plus in-park dining and other attractions. Discovery Cove adds reservations-only, all-inclusive visits.
What United Parks & Resorts does
United Parks & Resorts Inc., known as SeaWorld Entertainment, Inc. until February 2024, owns and licenses a portfolio of U.S. theme parks. Its main brands are SeaWorld marine-life parks in San Diego, Orlando and San Antonio, Busch Gardens destination parks in Tampa Bay and Williamsburg, and Aquatica South Seas-themed water parks in Orlando and San Antonio. The portfolio also includes Discovery Cove, a reservations-only, all-inclusive marine-life park; Sesame Place parks in Philadelphia and San Diego; the Water Country USA family water park; and Adventure Island, which offers water rides and dining. The company was founded in 1959 and is headquartered in Orlando, Florida.
Products & services
- SeaWorld
- Busch Gardens
- Aquatica
- Discovery Cove
- Sesame Place
- Water Country USA / Adventure Island
What is United Parks & Resorts worth?
On an owner-earnings DCF, United Parks & Resorts's most-likely value is about $43 versus a recent price near $33 (32% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$32) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 14.5× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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