You might still call it SeaWorld in your head. Honestly, most people do. But if you’re looking at your portfolio and seeing the ticker PRKS, you're looking at United Parks and Resorts stock. The company rebranded back in early 2024 to better reflect its massive footprint—13 parks across the US and Abu Dhabi—and yet, the stock remains one of the most misunderstood plays in the leisure sector.
Is it a "rebound" play? A value trap?
Right now, as of mid-January 2026, the stock is hovering around $37.86. If you look at the 52-week high of $58.51, it’s clear the last twelve months haven't exactly been a victory lap for CEO Marc Swanson. But if you dig into the balance sheet, there’s a much weirder story happening under the surface. It’s a mix of resilient cash flow, aggressive buybacks, and some seriously valuable real estate that Wall Street seems to be ignoring.
The Reality of the Numbers
The third quarter of 2025 was, to put it bluntly, a bit of a mess. Revenue dipped 6.2% to $511.9 million. Net income tanked 25% compared to the year before. When those numbers hit the wire, the stock got absolutely hammered.
Why? Because attendance dropped by 240,000 guests.
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Investors hate seeing empty turnstiles. The company blamed "unfavorable calendar shifts"—basically the way the Fourth of July fell—and some genuinely nasty weather during peak weekends. They also saw international visitation drop by about 90,000 people.
But here’s the kicker: the people who did show up spent more. In-park per capita spending actually grew. This has been a consistent trend for 20 of the last 22 quarters. People might be picky about which weekends they travel, but once they’re inside the gates of Busch Gardens or Discovery Cove, they are opening their wallets for the $15 beers and the $40 t-shirts.
United Parks and Resorts Stock: The Hidden Real Estate Play
Most retail investors look at the "SeaWorld" brand and think about animal controversy or roller coasters. Sophisticated funds are looking at something else entirely: land.
United Parks and Resorts owns or controls over 2,000 acres of prime real estate. In Orlando alone, they have about 400 acres of undeveloped land sitting right next to their existing parks.
In a world where Universal is opening "Epic Universe" and Disney is constantly expanding, that land is gold. There’s a persistent theory among analysts at places like Insider Monkey that Hill Path Capital—which owns nearly half the company—might eventually push for a buyout or a massive real estate monetization deal. If they decided to build hotels or luxury resorts on those 400 Orlando acres, the valuation of United Parks and Resorts stock could look very different.
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Currently, the market cap is sitting around $2 billion. Some analysts argue that if you just valued the land and the cash flow separately, the "fair value" should be closer to $45 or $50 a share.
What’s Coming in 2026?
If 2025 was about weather excuses and rebranding pains, 2026 is supposed to be about the "big splash" (pun intended). Management is pinning their hopes on several new attractions to lure families back:
- SeaWorld Orlando: Debuting SEAQuest: Legends of the Deep, a submersible-style adventure.
- SeaWorld San Antonio: Launching Barracuda Strike, which is being billed as Texas' first inverted family coaster.
- Busch Gardens Tampa Bay: Opening Lion & Hyena Ridge, a massive 35,000-square-foot habitat expansion.
They’re also seeing forward-booking revenue for Discovery Cove up over 20% compared to last year. That’s a massive signal. Discovery Cove is their high-margin, "all-inclusive" crown jewel. If those bookings hold, the Q1 and Q2 2026 numbers might finally break the downward trend.
The Bear Case vs. The Bull Case
You’ve got to be realistic here. The consumer environment is "inconsistent." That’s CEO-speak for "people are broke and worried about inflation."
The Risk: If we hit a legitimate recession in 2026, theme parks are the first thing families cut from the budget. Plus, competition is brutal. Universal’s new park is a massive shiny object that could siphon away families who usually spend a day at SeaWorld.
The Reward: The stock is trading at a P/E ratio of about 11.6x. Compare that to the broader hospitality industry average of 21.9x. It’s cheap. Like, "bargain bin" cheap. The company is also using its cash to buy back shares—over 635,000 shares were repurchased in the latter half of 2025 alone. When a company buys back its own stock at these levels, they’re betting that the market is wrong.
Actionable Insights for Investors
So, what do you actually do with this information?
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- Watch the Earnings Date: The next big catalyst is the Q4 2025 earnings report, estimated for February 25, 2026. This will show if the holiday season (and those record-breaking "Howl-O-Scream" events) actually moved the needle.
- Monitor the Buybacks: If the company continues to exhaust its $500 million repurchase program, it creates a "floor" for the stock price. Fewer shares in circulation means higher EPS (Earnings Per Share) even if growth is flat.
- Check the "Discovery Cove" Pulse: This is the best indicator of high-end consumer health. If Discovery Cove remains booked out at premium prices, the company’s margins will stay resilient regardless of what happens at the cheaper gate-admission parks.
Buying United Parks and Resorts stock right now isn't a play on "loving dolphins." It's a play on a compressed valuation, massive real estate holdings, and a management team that is aggressively trying to shrink the share count until the market finally notices the cash flow.
If you’re looking for a safe, boring dividend stock, this isn’t it—they don't currently pay a dividend. But if you’re looking for a mispriced asset with a major activist investor (Hill Path) pulling the strings, PRKS is one of the most interesting stories in the 2026 market.