FUN

LONGINSIDER BUY

SIX FLAGS ENTERTAINMENT CORP

Funds

Score

4.50

vs SPY

+2.0%

Stock return (since Q-end)

+18.4%

SPY return (since Q-end)

+16.3%

Current price

$21.01

News Summary

Neutral

Six Flags beat Q1 2026 consensus estimates with 12% revenue growth and 4% attendance gains, demonstrating operational resilience and effective pricing strategies. However, the company is divesting seven parks (~$260M revenue, 4.5M guests) to deleverage a $5.27B net debt position, and has undergone significant management turnover with a new CFO, CMO, and Chief Legal Officer all appointed within weeks.

Red flags

•Net loss widened to $268.6M (vs. $219.7M prior year) despite revenue growth, driven by $38.7M trade name impairments and asset disposal losses
•Net debt of $5.27B remains very high; park divestitures ($331M gross, ~$260M in revenue) are a distress signal requiring debt reduction
•Significant management instability: CFO Brian Witherow departed May 8, permanent replacement Ash Walia not starting until June 17; CMO and Chief Legal Officer also newly appointed in June
•No formal guidance provided; management cited low visibility despite early-season indicators being modestly positive
•Seven-park divestiture represents ~8% of 2025 revenue and removes higher-EBITDA assets, raising questions about remaining portfolio quality

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Sachem Head Capital	Scott Ferguson	5.0M	+5.0M	$89.3B	—	NEW
Jana Partners	Barry Rosenstein	4.1M	+4.1M	$73.1B	—	NEW
Glenview Capital	Larry Robbins	2.2M	+2.2M	$39.5B	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.

Insider Activity

Name	Title	Type	Shares	Price	Value	Filed
Spiegel Marilyn G	—	BUY	3K	$19.10	$0.05M	2026-05-21
Spiegel Marilyn G	—	BUY	3K	$19.13	$0.05M	2026-05-12
HADDRILL RICHARD M	Executive Chair	BUY	10K	$19.08	$0.19M	2026-05-12