What is PENN Entertainment, Inc.'s net debt / EBITDA?

PENN Entertainment, Inc. (PENN) reported net debt / EBITDA of 22.4× in Q2 2025.

What is the long-term trend for PENN Entertainment, Inc.'s net debt / EBITDA?

Over 2 years (2021 to 2024), PENN Entertainment, Inc.'s net debt / EBITDA has grown at a 163.7% compound annual growth rate (CAGR), from 4× to 28×.

What does net debt / EBITDA mean?

Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.

PENN Entertainment, Inc. PENN Net debt / EBITDA

Net debt / EBITDA at other companies

Churchill DownsCHDN

1.7×0.0×

MGM Resorts InternationalMGM

15×+2.0×

Boyd GamingBYD

2.4×-0.8×

Monarch Casino & ResortMCRI

-0.6×+0.3×

Caesars Entertainment, Inc.CZR

7.3×+0.7×

Flutter EntertainmentFLUT

7.3×+4.4×

Other financials

Income statement

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Revenue$1.8B+6.4%

Operating income$97.1M+127%

Net income-$2.3M-102%

EPS (diluted)-$0.02-103%

Balance sheet

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Cash & equivalents$708.0M+19.7%

Total debt$8.9B+2.6%

Total equity$1.8B-38.5%

Total assets$14.1B-6.4%

Cash flow

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Operating cash flow$122.4M+192%

CapEx$94.6M-24.4%

Free cash flow$27.8M+133%

Valuation

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Market cap$2.74B-19.5%

Enterprise value$10.9B-3.6%

P/S0.4×-0.1×

Profitability

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Operating margin-8.8%—

Net margin-13.5%-15.1pp

FCF margin5.8%-3.3pp

Returns & leverage

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Return on equity-39.9%-43.1pp

Debt / equity4.8×+1.9×

Current ratio0.8×+0.1×

Where this comes from

Calculated from PENN Entertainment, Inc.’s reported figures.

net debt/ebitda=22.4×

Based on the most recent quarter.

The official record: PENN Entertainment, Inc.’s 10-Q, filed August 7, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is PENN Entertainment, Inc.'s net debt / EBITDA?: PENN Entertainment, Inc. (PENN) reported net debt / EBITDA of 22.4× in Q2 2025.
What is the long-term trend for PENN Entertainment, Inc.'s net debt / EBITDA?: Over 2 years (2021 to 2024), PENN Entertainment, Inc.'s net debt / EBITDA has grown at a 163.7% compound annual growth rate (CAGR), from 4× to 28×.
What does net debt / EBITDA mean?: Net debt (total debt minus cash) divided by trailing-twelve-month EBITDA. Expresses leverage in years — roughly how long it would take to repay net debt out of operating cash earnings.