PENN Entertainment

PENN Gaming & Leisure 6/10 Medium Risk
6/10
Sector avg: 5.0/10

PENN Entertainment carries $2.9B in long-term debt, with $2.2B in scheduled principal maturities. With $873M (39% of maturities) due within 24 months, PENN faces a meaningful refinancing window. PENN shows negative interest coverage (-1.4x), indicating operating losses exceed interest costs. DebtCanary scores PENN at 6/10, indicating moderate refinancing pressure.

Maturity Schedule

As of 2026-03-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.
Year 1 $862M Year 2 $11M Year 3 $1.3B Year 4 $800,000 Year 5 $800,000 Beyond 5 $5M
Period Amount Due % of Total
Year 1 (0-12 months) $862M 38.9%
Year 2 (12-24 months) $11M 0.5%
Year 3 (24-36 months) $1.3B 60.3%
Year 4 (36-48 months) $800,000 0.0%
Year 5 (48-60 months) $800,000 0.0%
Beyond 5 Years $5M 0.2%
Total Scheduled Maturities $2.2B 100.0%
Why don't these totals match? Total scheduled maturities ($2.2B) falls short of balance-sheet long-term debt ($2.9B) by about 25%. The two figures come from different disclosures: the maturity schedule aggregates gross principal repayments from the debt footnote — typically including the current portion of long-term debt and sometimes finance leases — while balance-sheet long-term debt is a carrying value that excludes the current portion and is net of unamortized discounts, premiums, and issuance costs. They can also come from filings with different period-end dates (2026-03-31 vs 2026-03-31). Both numbers are shown exactly as reported to the SEC.

Key Metrics

Total Long-Term Debt
$2.9B
Near-Term (12mo)
$862M
Interest Coverage
-1.4x
Debt/Equity
1.61
Cash Coverage
0.82x
Operating Income
-$674M

How This Score Was Computed

Weighted average of 4 scored components (raw 6.50, rounded to 6). Weights of skipped components are redistributed proportionally among those scored.

Component Value Sub-Score Weight Used
Near-Term Maturity Concentration
Show calculation
Year-1 maturities / Total scheduled maturities
Year-1 maturities: $862M
Total scheduled maturities: $2.2B
 38.9% 7/10 30%
Interest Coverage Ratio
Show calculation
Operating income / Interest expense
Operating income: -$674M
Interest expense: $487M
GAAP operating income is negative while operating cash flow is positive (commonly stock-based compensation). The sub-score uses cash-flow coverage of 1.0x ($508M operating cash flow / $487M interest) so a non-cash loss doesn't read as debt distress. The displayed ratio stays GAAP.
 -1.38x 7/10 25%
Debt-to-Equity Ratio
Show calculation
Long-term debt / Stockholders' equity
Long-term debt: $2.9B
Stockholders' equity: $1.8B
 1.61 5/10 25%
Cash Coverage of Near-Term Debt
Show calculation
Cash & equivalents / Debt due within 12 months
Cash & equivalents: $708M
Near-term debt: $862M
 0.82x 7/10 20%
Cash Runway
Only scored when a company is burning cash. Operating cash flow is positive (or unreported), so runway isn't a constraint.
 N/A — not scored

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from PENN Entertainment's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date Form Details
2026-06-18 8-K Shareholder Vote
2026-05-28 8-K Material Agreement, New Debt Obligation
2026-04-29 10-Q Quarterly report
2026-04-27 DEFA14A Additional proxy materials
2026-04-27 DEF 14A Proxy statement
2026-04-23 8-K Earnings Results
2026-04-16 8-K Material Agreement, New Debt Obligation
2026-03-16 8-K Material Agreement, New Debt Obligation

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Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-03-31. Filing date: 2026-04-29. Data last fetched: 2026-07-28. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Complete.
View SEC EDGAR filings for PENN Entertainment →