Core Insights - Six Flags Entertainment focuses on delivering unique entertainment experiences to maintain competitive differentiation and recurring attendance [1] - The company operates amusement and water parks across 17 states in the U.S., Canada, and Mexico, generating revenue from park admissions, in-park spending, and licensing of intellectual property [2] Financial Performance - As of November 14, 2025, Six Flags shares were priced at $14.60, with a 69% decline over the past year and a negative alpha of 81 percentage points compared to the S&P 500 [3] - The company has a market cap of $1.4 billion and a debt load of $5 billion, indicating significant financial pressure [7] Investment Activity - Land & Buildings established a new position in Six Flags during the fiscal third quarter, acquiring 1,585,580 shares valued at $36.02 million, making it the fund's 5th-largest holding [4][6] - Institutional investors have been increasing their stakes in Six Flags despite the stock's significant decline since its acquisition of Cedar Fair in 2024 [6] Market Position and Valuation - Six Flags is trading at 9 times EBITDA and 0.4 times sales, suggesting that any return to profitability could yield substantial gains for investors over the next three to ten years [9] - The company targets a wide demographic of leisure consumers seeking high-value, memorable experiences, supported by a broad geographic footprint and established brand relationships [5]

Group 1 - JANA Partners has initiated a new equity stake in Six Flags Entertainment Corporation, purchasing 4,049,940 shares valued at approximately $92.01 million, representing 4.45% of the fund's reported U.S. equity assets [2][3] - As of November 14, 2025, Six Flags shares were priced at $14.60, reflecting a 69% decline over the past year and underperforming the S&P 500 by 81 percentage points [3] - Six Flags Entertainment operates regional amusement and water parks across 17 states and three countries, leveraging branded attractions to drive attendance and ancillary spending [5][7] Group 2 - The company reported a total revenue of $3.14 billion and a net income of -$1.75 billion, with a market capitalization of $1.48 billion as of November 14, 2025 [4] - Following the acquisition of Cedar Fair in 2024, Six Flags' stock has dropped from $50 per share to approximately $15, attributed to merger difficulties and higher-than-expected capital expenditures [9][10] - Despite challenges, Six Flags generated $270 million in free cash flow in 2022, indicating potential for over $400 million in free cash flow in the long term if the merger stabilizes [11]