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PRSU

Pursuit Attractions and Hospitality, Inc.

PRSU

Pursuit Attractions and Hospitality, Inc. • NYSE
$34.33 ▲ 0.50% (+0.17)
Market Cap $970.96 M
52w High $46.66
52w Low $26.66
Dividend Yield 0%
P/E -40.87
Volume 59.98K
Outstanding Shares 28.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $241.022M ▲ $17.103M ▼ $73.835M ▲ 30.634% ▲ $2.61 ▲ $120.631M ▲
Q2-2025 $116.743M ▲ $89.365M ▲ $5.646M ▲ 4.836% ▲ $0.2 ▲ $23.618M ▲
Q1-2025 $37.579M ▲ $66.56M ▲ $-31.136M ▼ -82.855% ▼ $-1.11 ▼ $-20.655M ▲
Q4-2024 $-741.251M ▼ $2.555M ▼ $315.735M ▲ -42.595% ▼ $10.81 ▲ $-144.114M ▼
Q3-2024 $455.704M $7.757M $48.615M 10.668% $1.68 $92.735M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $24.742M ▲ $893.099M ▲ $270.966M ▲ $528.362M ▲
Q1-2025 $22.801M ▼ $832.564M ▼ $243.219M ▲ $497.854M ▼
Q4-2024 $49.702M ▼ $845.008M ▼ $228.32M ▼ $525.825M ▲
Q3-2024 $64.552M ▲ $1.196B ▼ $1.002B ▼ $96.765M ▲
Q2-2024 $59.381M $1.223B $1.093B $41.207M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $7.596M ▲ $9.716M ▲ $-14.998M ▼ $1.255M ▼ $1.964M ▲ $3.234M ▲
Q1-2025 $-31.221M ▲ $-24.405M ▲ $-5.198M ▼ $3.687M ▲ $-29.639M ▼ $-34.304M ▲
Q4-2024 $-112.259M ▼ $-76.147M ▼ $417.938M ▲ $-323.078M ▼ $-11.515M ▼ $-79.591M ▼
Q3-2024 $55.864M ▲ $110.365M ▲ $-11.071M ▲ $-95.793M ▼ $5.185M ▼ $95.44M ▲
Q2-2024 $30.878M $30.274M $-17.056M $-5.577M $7.186M $13.133M

Five-Year Company Overview

Income Statement

Income Statement PRSU’s income statement shows a business that struggled during the pandemic but has worked its way back to consistent, if modest, profitability. Revenue dipped after the initial post‑pandemic rebound but has been edging up again in the last couple of years, suggesting a slow, ongoing recovery in visitor volumes and pricing. Profit margins have improved meaningfully: the company moved from losses a few years ago to positive operating profits more recently, which points to better cost control and more efficient operations. The standout feature is the most recent year’s net income, which is far higher than in prior years and much larger than what the underlying operating profits alone would support. That pattern usually signals a one‑time gain, such as an asset sale, accounting adjustment, or tax benefit, rather than a step‑change in the core business. In other words, the underlying trend is one of gradual improvement, but the latest bottom‑line result looks unusually strong and may not be repeatable at the same level.

Balance Sheet

Balance Sheet The balance sheet has gone through a major cleanup. Total assets have grown from pre‑pandemic levels and are now relatively stable, reflecting an established base of attractions and properties rather than a rapidly expanding footprint. Cash on hand is modest, so the company does not appear to be sitting on a large liquidity cushion and likely still needs steady visitor traffic to support operations and investments. The most encouraging shift is on the funding side: debt had built up to fairly high levels but has been sharply reduced in the most recent year. At the same time, shareholder equity has jumped from being very thin to a much healthier level, likely due to the large recent earnings and possibly capital actions. This combination points to a business that has de‑risked its balance sheet and now has a stronger buffer to absorb shocks, although it remains capital‑intensive and reliant on its asset base performing well.

Cash Flow

Cash Flow Cash flow has moved from a stressed position to a more balanced one. During the pandemic and immediate aftermath, the company was burning cash from operations, which is typical for destination‑driven businesses when travel collapses. Over the last three years, operating cash flow has turned positive and stayed there, indicating that the core operations are now generating cash rather than consuming it. Capital spending has been steady and significant, reflecting ongoing investment in attractions, upgrades, and new projects. Free cash flow, after these investments, was negative for several years but has recently moved close to breakeven or slightly positive. That shift suggests PRSU is gradually reaching a point where it can better fund its growth from internal cash, though the margin of safety is still not very wide and depends on maintaining healthy visitor levels.

Competitive Edge

Competitive Edge PRSU’s competitive position is built around “place” more than “product.” Its key assets are attractions and lodging in iconic, highly regulated, and capacity‑constrained locations such as national parks and other protected or hard‑to‑access destinations. These are areas where new entrants face strict permitting, limited land availability, and often political and community resistance. That creates natural barriers to entry and gives existing operators like PRSU a durable advantage. The company also benefits from a curated and integrated offering: guests can stay at its lodges, visit its attractions, and use its transportation and dining options in a seamless way. This kind of ecosystem can increase guest spending while making the overall experience more memorable and convenient. The flip side is concentration risk: relying heavily on a finite set of locations and the broader travel cycle makes PRSU sensitive to weather events, geopolitical issues, and swings in tourism demand.

Innovation and R&D

Innovation and R&D PRSU is not a traditional R&D‑heavy company, but it does innovate in how it designs and delivers experiences. The “Flyover” attractions are a good illustration: they use advanced ride systems, large‑format visuals, drones for content capture, and multi‑sensory effects to create immersive, destination‑themed experiences. This type of experiential innovation can command premium pricing and differentiate PRSU from more generic attractions. Strategically, the “Refresh, Build, Buy” framework signals a structured approach to growth. The company is consistently refreshing existing assets to keep experiences current, building new concepts like Flyover in major cities, and selectively acquiring hard‑to‑replicate properties in strong tourism markets. These initiatives require sustained capital and careful execution, and they introduce project risk, but they also position PRSU to ride the broader shift toward spending on experiences rather than goods.

Summary

Overall, PRSU looks like a travel‑exposed, asset‑heavy business that has navigated a difficult period and emerged with a stronger financial footing and a clearer strategic identity. The income statement shows gradual operational improvement, but the latest year’s standout profit appears to be boosted by one‑off factors and should be treated with caution when thinking about the underlying earning power. The balance sheet is in much better shape than a few years ago, with less debt and more equity providing a healthier cushion, though cash remains relatively tight. Cash generation from operations is now positive and largely funding the steady investment needed to maintain and enhance its attractions. From a market standpoint, PRSU’s strength lies in its unique, hard‑to‑replicate locations and its ability to bundle lodging, attractions, and services into cohesive experiences. Its innovation focus is on deepening that experiential edge rather than on pure technology. The main opportunities revolve around leveraging its moat in the experience economy, while the main risks remain sensitivity to tourism cycles, execution on capital projects, and the finite nature of its destination footprint.

NEWS

November 5, 2025 · 4:10 PM UTC

Pursuit Reports 2025 Third Quarter Results

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October 15, 2025 · 4:10 PM UTC

Pursuit Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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October 1, 2025 · 4:10 PM UTC

Pursuit Enhances Liquidity for Accelerated Growth with Upsized Credit Facility

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September 23, 2025 · 4:10 PM UTC

Pursuit Secures Full Ownership of High-Performing Glacier Park Subsidiary in Iconic Destination

Read more