Ryman Hospitality Properties, Inc. (RHP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+60.4%

$215.80

vs $134.58 price

Levered DCF

$104.64

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.6

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.02×	22.98×	20.42×	34.95×	-28.65×	-8.93×	34.8×	12.92×
P/B	7.8×	11.38×	11.17×	47.33×	-227.67×	18.14×	6.94×	7.28×
P/S	2.27×	2.67×	2.95×	2.5×	5.39×	7.1×	2.79×	2.68×
EV / EBITDA	12.46×	12.79×	13.82×	13.5×	51.15×	-63.57×	13.77×	12.2×
Gross margin	9.9%	36.1%	32.9%	32.1%	21.4%	-5.1%	32.5%	30.9%
Operating margin	18.9%	21.0%	21.0%	18.1%	-6.2%	-57.9%	16.7%	16.8%
Net margin	9.4%	11.6%	14.4%	7.1%	-18.8%	-79.6%	9.1%	20.8%
Current ratio	73.13×	1.5×	1.77×	1.71×	0.73×	1.18×	2.25×	1.06×
Debt / equity	5.72×	6.4×	6.16×	31.37×	-137.2×	13.99×	4.14×	5.2×
Interest coverage	2.02×	2.18×	2.15×	2.2×	-0.47×	-2.62×	2.03×	2.86×
Dividend yield	4.9%	4.3%	2.8%	0.1%	0.0%	2.7%	4.1%	5.0%
Payout ratio	117.3%	98.0%	56.6%	4.5%	-0.3%	-24.5%	125.8%	65.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.5%	49.5%	54.7%	135.4%	795.9%	-203.3%	22.6%	56.4%
Return on invested capital	8.1%	10.0%	9.7%	7.0%	-1.8%	-8.8%	6.2%	5.1%
Return on assets	3.9%	5.2%	6.0%	3.2%	-4.9%	-11.7%	3.6%	6.9%
Free cash flow yield	4.0%	2.7%	5.5%	7.3%	1.8%	0.3%	11.4%	9.4%
Earnings yield	4.2%	4.3%	4.9%	2.9%	-3.5%	-11.2%	3.3%	7.7%
Enterprise value	$9.6B	$9.3B	$9.3B	$7.2B	$8B	$6.5B	$6.8B	$5.8B
Net debt / EBITDA	4.9×	4.18×	4.35×	5×	18.67×	-27.36×	4.68×	4.95×
Cash conversion cycle (days)	20	19	24	34	54	72	36	31