Ryman (RHP)
NYSE:RHP
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Ryman
(NYSE:RHP)
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Rating:60Neutral
Price Target:
$106.00
▲(5.43% Upside)
Action:ReiteratedDate: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
Group/Convention Booking Momentum
Large forward-booked group volume and higher ADR pacing provide durable revenue visibility for multiple years, supporting RevPAR outperformance and predictable multi-day stays. That forward demand stabilizes cash flows, enhances on-property ancillary spend, and mitigates short-term leisure volatility.
Negative Factors
High Financial Leverage
A debt-heavy capital structure amplifies exposure to lodging cyclicality and limits strategic flexibility. High leverage raises refinancing and interest-rate sensitivity, constrains capacity for opportunistic M&A or further buybacks, and requires sustained strong cash generation to avoid covenant pressure or rating setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Group/Convention Booking Momentum
Large forward-booked group volume and higher ADR pacing provide durable revenue visibility for multiple years, supporting RevPAR outperformance and predictable multi-day stays. That forward demand stabilizes cash flows, enhances on-property ancillary spend, and mitigates short-term leisure volatility.
Read all positive factors
Ryman (RHP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.38B
Dividend Yield5.01%
Average Volume (3M)451.67K
Price to Earnings (P/E)24.0
Beta (1Y)0.73
Revenue Growth6.98%
EPS Growth-32.02%
CountryUS
Employees1,047
SectorReal Estate
Sector Strength53
IndustryREIT - Hotel & Motel
Share Statistics
EPS (TTM)1.11
Shares Outstanding63,006,030
10 Day Avg. Volume435,364
30 Day Avg. Volume451,673
Financial Highlights & Ratios
PEG Ratio-1.82
Price to Book (P/B)7.80
Price to Sales (P/S)2.27
P/FCF Ratio25.17
Enterprise Value/Market Cap1.59
Enterprise Value/Revenue3.93
Enterprise Value/Gross Profit15.26
Enterprise Value/Ebitda13.13
Forecast
1Y Price Target
$114.22Price Target Upside13.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)4.02
Revenue Forecast (FY)$2.78B
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* includ...
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 Ryma...
Ryman Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, notable growth in the Entertainment segment, record holiday/ICE! performance, robust liquidity and a successful acquisition strategy, while noting measured, conservative guidance for 2026 driven by macro uncertainty, near-term seasonality and ongoing construction disruption. Overall, management portrayed confidence in long-term growth and substantial portfolio-driven upside, balanced against identifiable near-term risks.Positive Updates
Beating Guidance and Strong Financial Execution
Full year results came in above midpoints of guidance ranges; Entertainment segment and AFFO/AFFO per share finished above the high end of guidance. Fourth quarter outperformed expectations driven by holiday programming and downtown Nashville volumes.
Negative Updates
Conservative 2026 Guidance and Macroeconomic Uncertainty
Management issued a cautious initial 2026 guide with same-store RevPAR midpoint growth of 2.5% and flattish leisure assumptions, citing political and macroeconomic uncertainty and potential attrition/cancellations that could pull results below group pace.
Read all updates
Q4-2025 Updates
Positive
Negative
Beating Guidance and Strong Financial Execution
Full year results came in above midpoints of guidance ranges; Entertainment segment and AFFO/AFFO per share finished above the high end of guidance. Fourth quarter outperformed expectations driven by holiday programming and downtown Nashville volumes.
Read all positive updates
Company Guidance
Management's 2026 guidance at the midpoint assumes same-store hospitality RevPAR growth of 2.5% (same-store total RevPAR +2.5%), same-store hospitality adjusted EBITDAre consistent with ~2.5% operating expense growth or roughly 10 bps of margin expansion, and a JW Marriott Desert Ridge first full-year adjusted EBITDAre contribution (meeting-space conversion opens April 2026); the Entertainment midpoint implies nearly 10% adjusted EBITDAre growth with 2026 seasonality weighted to Q2. Near-term, management expects Q1 same-store RevPAR and total RevPAR to be roughly flat, hospitality adjusted EBITDAre margin to decline ~100 bps, and Entertainment Q1 adjusted EBITDAre to fall by several million dollars. Booking and pace metrics underpinning the guide include same-store group rooms revenue on the books for 2026 up ~6% (2027 up ~5%), ADR on the books pacing mid-single-digits, December 2025 bookings ADR +>10% vs prior year, more than 1.2M gross group room nights booked in Q4, and entering the year with ~50 points of occupancy on the books. Financial posture assumes $350–$450M of 2026 capex (primarily hospitality), unrestricted cash $471M, total available liquidity ~ $1.3B (pro forma ~ $1.4B after increasing the revolver to $850M), pro forma net leverage ~4.3x, a Fitch upgrade to BB (TLB margin cut from 200 bps to 175 bps), and a Q1 dividend of $1.20 payable April 15, 2026.Ryman Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
45
Neutral
Cash Flow
63
Positive
| 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
Positive
100.54
Price Trends
95.95
Positive
94.57
Positive
93.19
Positive
Market Momentum
1.99
Negative
64.56
Neutral
88.83
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RHP, the sentiment is Positive. The current price of 100.54 is above the 20-day moving average (MA) of 94.42, above the 50-day MA of 95.95, and above the 200-day MA of 93.19, indicating a bullish trend. The MACD of 1.99 indicates Negative momentum. The RSI at 64.56 is Neutral, neither overbought nor oversold. The STOCH value of 88.83 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RHP.
Ryman Risk Analysis
Ryman disclosed 50 risk factors in its most recent earnings report. Ryman reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ryman Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $14.23B | 16.05 | 11.54% | 4.90% | 6.45% | 3.79% | |
67 Neutral | $2.11B | 18.22 | 6.59% | 5.13% | 0.95% | -8.40% | |
67 Neutral | $2.95B | 23.79 | 5.50% | 8.30% | 0.57% | -13.58% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.81B | 70.45 | 1.23% | 3.98% | 3.04% | -98.77% | |
63 Neutral | $2.28B | ― | -8.42% | 13.10% | -3.57% | -104.55% | |
60 Neutral | $6.38B | 24.03 | 34.28% | 5.01% | 6.98% | -32.02% |
* Real Estate Sector Average
RHP
Ryman
100.54
19.04
23.37%
DRH
Diamondrock
10.29
3.61
54.13%
SHO
Sunstone Hotel
9.50
1.58
19.95%
HST
Host Hotels & Resorts
20.57
7.63
58.99%
APLE
Apple Hospitality REIT
12.61
1.65
15.04%
PK
Park Hotels & Resorts
11.18
2.23
24.86%
Ryman Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Ryman Prices $700 Million Senior Notes Offering
Positive
Mar 12, 2026
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 o...
Business Operations and StrategyPrivate Placements and Financing
Ryman Hospitality Expands Revolving Credit Capacity and Maturity
Positive
Jan 28, 2026
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 e...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.