Ryman (RHP) AI Stock Analysis

• Market Cap: $5.77B
• Dividend Yield: 5.01%
• Average Volume (3M): 529.68K
• Price to Earnings (P/E): 24.0
• Beta (1Y): 0.71
• Revenue Growth: 6.98%
• EPS Growth: -32.02%
• Country: US
• Employees: 1,047
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Hotel & Motel
• EPS (TTM): 1.11
• Shares Outstanding: 63,006,030
• 10 Day Avg. Volume: 438,088
• 30 Day Avg. Volume: 529,678
• PEG Ratio: -1.82
• Price to Book (P/B): 7.80
• Price to Sales (P/S): 2.27
• P/FCF Ratio: 25.17
• Enterprise Value/Market Cap: 1.67
• Enterprise Value/Revenue: 3.73
• Enterprise Value/Gross Profit: 14.49
• Enterprise Value/Ebitda: 12.47
• 1Y Price Target: $110.86
• Price Target Upside: 21.07% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 3.96
• Revenue Forecast (FY): $2.77B

• Rating: 60 Neutral
• Price Target: $99.00 ▲(8.11% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is driven primarily by solid operating performance and constructive forward commentary (strong bookings/liquidity), tempered by meaningful balance-sheet leverage and a clearly weak technical setup. Valuation is helped by the strong dividend yield, while recent refinancing and expanded credit capacity modestly support the outlook.

Positive Factors

Forward Group Bookings

Substantial forward group bookings and on-the-books group revenue provide durable revenue visibility for a convention-focused REIT. Multi-day group demand boosts ADR and ancillary spend (banquets, AV, F&B), supporting steadier cash flow and insulating results from purely transient leisure volatility.

Entertainment Segment Diversification

Rapid Entertainment growth adds a structurally different revenue stream with high-margin, ticketed programming and venue economics. This diversification reduces correlation to hotel cycles, increases non-room revenue capture, and enhances recurring cash generation from events and attractions over multiple years.

Improved Liquidity & Extended Maturities

Lengthening the revolver maturity and issuing 2034 notes to retire 2027 paper materially lowers near-term refinancing pressure and raises available liquidity (pro forma ~ $1.3–1.4B). This structural improvement supports multi-year capex, dividend policy, and reduces rollover risk in tightening markets.

Negative Factors

High Leverage

The company’s capital structure remains debt-heavy and pro forma net leverage is elevated (~4.3x per guidance), which amplifies sensitivity to interest rates and cyclical downturns. High leverage constrains flexibility, increases covenant and refinancing risk, and limits ability to pursue opportunistic investments without more liquidity.

Margin Volatility & Weaker FCF Conversion

Sharp margin swings in 2025 and declining free cash flow in 2024–2025 indicate operating profitability isn’t consistently translating into cash. Persistent margin volatility and softer FCF reduce internal funding for capex and debt service, raising reliance on external financing and pressuring long-term coverage metrics.

High CapEx and Renovation Disruption

Large, multi-year renovation programs and $350–$450M capex plans are structurally necessary but have caused recurring EBITDA disruption (~$23M in 2025) and will continue to pressure margins and free cash flow. Sustained disruption can depress near-term property economics and complicate debt servicing and dividend maintenance.

Ryman Business Overview & Revenue Model

Company Description

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences. The Company's core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space. These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International. The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company's Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television. The Company operates its Entertainment segment as part of a taxable REIT subsidiary. * The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center. It is the majority owner and managing member of the joint venture that owns the Gaylord Rockies Resort & Convention Center.

How the Company Makes Money

Ryman makes money primarily through real estate and hotel-related cash flows generated by its owned hospitality and entertainment assets. 1) Hotel and resort real estate economics (core earnings driver) - Room revenue exposure: The hotels in Ryman’s portfolio generate lodging revenue from transient leisure travelers and, importantly, large group/convention bookings. While the exact contractual structure varies by property, Ryman’s economics are tied to the operating performance of these assets (e.g., occupancy and average daily rate) through rent and/or other property-level cash flow arrangements. - On-property spend (non-room): Large convention-oriented resorts typically generate significant ancillary revenue streams such as food and beverage, banquet/catering, meeting room and event services, resort fees (if applicable), parking, and other guest services. These operating results support the property-level cash generation that ultimately drives Ryman’s returns as an owner. - Group/convention focus as a demand engine: Ryman’s properties are purpose-built for large meetings and conventions, which can provide forward-booked demand and multi-day stays. This can support higher overall on-property spending per occupied room through banquet and event activity relative to typical transient-focused hotels. 2) Entertainment and experiential hospitality - Venue/attraction-related income: Through ownership interests in entertainment venues and related assets, Ryman can earn income from live events and attractions (e.g., ticketed events and venue-related revenues), as well as ancillary spending tied to those experiences (e.g., food and beverage, merchandise, and premium offerings), where applicable. 3) Strategic operating relationships - Third-party operation of hotels: Ryman’s large resort hotels are operated by an external hotel operator under brand/management arrangements. This allows Ryman to focus on ownership, asset management, capital allocation, and real estate investment while relying on an experienced operator for day-to-day hotel operations, sales, and booking execution. 4) REIT capital structure and asset recycling - As a REIT, Ryman may also enhance shareholder returns through real estate acquisitions, redevelopment/capital improvements that support rate and group demand, and selective dispositions. Earnings are therefore influenced by portfolio mix, capital expenditure programs, and the broader lodging cycle in addition to property-level operating performance. null

Ryman Financial Statement Overview

Summary

Strong multi-year recovery with materially higher revenue and solid profitability since 2022, plus consistently positive operating cash flow and positive free cash flow. Offsetting this, the balance sheet is heavily debt-weighted (high leverage), and 2025 showed margin volatility and softer free cash flow conversion versus prior years.

Income Statement

Revenue has expanded materially from 2020–2025, with 2025 showing solid growth versus 2024. Profitability has also improved dramatically from the 2020–2021 loss period to strong positive earnings in 2022–2025, supported by healthy operating and EBITDA profitability in recent years. The key weakness is margin volatility—2025 gross profit margin dropped sharply versus prior years even though operating profitability remained strong, suggesting either higher costs or one-time items that bear monitoring. Net profit margin also eased in 2025 versus 2023–2024.

Balance Sheet

Leverage is the main constraint: total debt is large and debt compared with equity remains very high in every recent year (still elevated in 2025). Equity has improved substantially since the very weak/negative levels in 2021–2022, but the capital structure is still debt-heavy, leaving the company more sensitive to refinancing conditions and downturns. Returns on equity have been high recently, but that is partly amplified by the relatively small equity base.

Cash Flow

Operating cash flow has been consistently positive and strong from 2021–2025, and free cash flow has remained positive each year, which supports debt service and reinvestment capacity. However, free cash flow declined in both 2024 and 2025 (negative growth), and free cash flow covers only a modest portion of net income in 2025, indicating earnings are not translating into free cash at the same rate as in 2022–2023. One reported data point shows operating cash flow coverage as 0.0 in 2025, which appears inconsistent with the positive operating cash flow and should be treated cautiously.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.58B	2.34B	2.16B	1.81B	939.37M
Gross Profit	255.86M	844.30M	709.01M	579.75M	200.70M
EBITDA	774.00M	725.64M	670.70M	530.75M	155.86M
Net Income	243.43M	271.64M	311.22M	128.99M	-176.97M
Balance Sheet
Total Assets	6.18B	5.22B	5.19B	4.04B	3.58B
Cash, Cash Equivalents and Short-Term Investments	500.18M	477.69M	591.83M	334.19M	140.69M
Total Debt	4.29B	3.51B	3.51B	2.99B	3.05B
Total Liabilities	4.97B	4.28B	4.27B	3.63B	3.60B
Stockholders Equity	750.15M	548.98M	569.15M	95.28M	-22.23M
Cash Flow
Free Cash Flow	232.39M	168.60M	350.28M	330.41M	89.25M
Operating Cash Flow	590.63M	576.51M	557.06M	419.93M	111.25M
Investing Cash Flow	-1.23B	-410.40M	-1.01B	-189.31M	-289.74M
Financing Cash Flow	567.29M	-290.32M	711.87M	50.71M	261.73M

Ryman Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 91.57
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RHP, the sentiment is Negative. The current price of 91.57 is below the 20-day moving average (MA) of 97.52, below the 50-day MA of 96.77, and below the 200-day MA of 95.20, indicating a bearish trend. The MACD of -1.95 indicates Positive momentum. The RSI at 36.50 is Neutral, neither overbought nor oversold. The STOCH value of 19.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RHP.

Ryman Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HST	72 Outperform	$13.12B	16.05	11.54%	4.90%	6.45%	3.79%
DRH	67 Neutral	$1.94B	17.62	6.59%	5.13%	0.95%	-8.40%
APLE	67 Neutral	$2.78B	23.79	5.50%	8.30%	0.57%	-13.58%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
SHO	64 Neutral	$1.72B	70.45	0.88%	3.98%	3.04%	-98.77%
PK	63 Neutral	$2.12B	-2.54	-8.42%	13.10%	-3.57%	-104.55%
RHP	60 Neutral	$5.77B	24.03	34.28%	5.01%	6.98%	-32.02%

Ryman Corporate Events

Ryman Prices $700 Million Senior Notes Offering

On March 11, 2026, Ryman Hospitality Properties, Inc. and its issuing subsidiaries priced a $700 million offering of 5.750% senior unsecured notes due 2034, fully guaranteed by certain subsidiaries and ranking pari passu with the company’s other senior unsecured debt while remaining junior to existing secured borrowings. The company plans to use the proceeds, together with cash on hand, to redeem in full its outstanding $700 million 4.750% senior notes due 2027, effectively extending its debt maturities, while the new indenture introduces customary covenants, redemption features, and change-of-control protections that will shape the firm’s financial flexibility and creditor protections going forward.

The most recent analyst rating on (RHP) stock is a Buy with a $115.00 price target. To see the full list of analyst forecasts on Ryman stock, see the RHP Stock Forecast page.

Ryman Hospitality Expands Revolving Credit Capacity and Maturity

On January 28, 2026, Ryman Hospitality Properties refinanced and amended its revolving credit facility, increasing total capacity from $700 million to $850 million, extending the maturity from May 2027 to January 2030 with an additional one-year extension option, and keeping pricing largely unchanged on a leverage-based grid over SOFR. The company also modified financial covenants tied to the revolver, including limits on consolidated net leverage, fixed charge coverage, secured and secured recourse indebtedness, and unencumbered leverage and interest coverage ratios, moves that collectively enhance liquidity, lengthen its debt maturity profile, and support its ability to fund ongoing growth while maintaining balance-sheet discipline.

The most recent analyst rating on (RHP) stock is a Hold with a $88.00 price target. To see the full list of analyst forecasts on Ryman stock, see the RHP Stock Forecast page.