United Parks & Resorts Inc.
PRKS Consumer Cyclical Leisure
United Parks & Resorts Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.7 billion, down 3.64% from fiscal 2024. In the quarter to June 2026, revenue fell 1.41%, EPS fell 6.85%, free cash flow fell 20.5% and total debt rose 1.74%, each against the same quarter a year earlier.
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United Parks & Resorts Inc. (PRKS) Beneish M-score
United Parks & Resorts Inc.'s Beneish M-score for fiscal 2025 is −2.87; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.87 | 0.00 |
| FY2024 | −2.87 | 0.06 |
| FY2023 | −2.92 | 0.14 |
| FY2022 | −3.06 | (1.67) |
| FY2021 | −1.40 | (14.01) |
| FY2020 | 12.61 | 15.68 |
| FY2019 | −3.07 | (0.56) |
| FY2018 | −2.51 | 1.05 |
| FY2017 | −3.56 | (0.44) |
| FY2016 | −3.12 | (0.22) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 1.06 | — | 0.56 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CALY Callaway Golf Company compare | −3.5× |
| PTON Peloton Interactive, Inc. compare | −3.4× |
| FUN Six Flags Entertainment Corporation compare | −3.4× |
| PRKS United Parks & Resorts Inc. | −2.9× |
| PLNT Planet Fitness, Inc. compare | −2.7× |
| YETI YETI Holdings, Inc. compare | −2.5× |
| OSW OneSpaWorld Holdings Limited compare | −2.5× |
| LUCK Lucky Strike Entertainment compare | −2.4× |
| TRON Tron Inc. compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI