Penn National Gaming (PENN)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from PENN's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Penn National Gaming's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.9B | $6.4B | $6.4B | $6.6B | $7.0B |
| Net income | $421M | $222M | -$490M | -$312M | -$843M |
| Free cash flow | $652M | $615M | $96M | -$123M | -$140M |
| EPS (diluted) | $2.48 | $1.29 | -$3.22 | -$2.05 | -$5.83 |
| Operating margin | 17.9% | 15.2% | -10.8% | 1.1% | -9.7% |
Where the revenue comes from
Revenue by segments, fiscal 2025. Every breakdown, year by year.
Superinvestors who own PENN
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $147M | 0.05% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $59M | 0.09% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $8M | 0.02% | Q2 2026 |
| Prem Watsa Fairfax Financial Holdings |
Held | $1M | 0.04% | Q2 2026 |
| Andrew Redleaf Whitebox Advisors |
Trimmed | $663,548 | 0.02% | Q2 2026 |
Insider buying
Open-market purchases by Penn National Gaming's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you. Every purchase since records began.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Nov 21, 2025 | Felicia Hendrix |
7,315 | $13.79 | $100,874 |
| Nov 17, 2025 | David A Handler |
20,000 | $14.25 | $285,000 |
| Nov 7, 2025 | Jay A Snowden |
34,700 | $14.32 | $496,904 |
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In the full deep dive
Questions
Are Penn National Gaming insiders buying the stock?
3 open-market insider purchases of PENN in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Penn National Gaming?
5 of the superinvestors Investingly tracks hold PENN in their latest 13F, including Cliff Asness, Ron Baron, Joel Greenblatt.
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Prices and ratios as of Oct 8, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.