# Pursuit Attractions and Hospitality (PRSU.US)

Canonical: https://gigainvestors.com/s/PRSU

Analysis as of: 2026-10-16T07:31:20.693Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $54.84 per share; close as of 2026-10-15.

Estimated value: low $9.57 per share, central $10.79 per share, high $12.40 per share. Buy at or below the central value $10.79 per share. Valuation as of 2026-10-16T07:31:20.693Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 7.99×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: -0.30×

- FY2021: -0.12×

- FY2022: 0.02×

- FY2023: 0.10×

- FY2024: 0.06×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: -11.6%

- Typical minus recent gross margin: -8.0 pp

- Typical gross margin (annual median): 7.2%

- Recent gross margin (lower of latest and 3-year median): 15.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.2%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.5%

- FY2017: 17.3%

- FY2018: 15.8%

- FY2019: 12.7%

- FY2020: -29.3%

- FY2021: -11.6%

- FY2022: 0.9%

- FY2023: 5.9%

- FY2024: 3.3%

- FY2025: 7.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $307M

- Net income, five-year total: $338M

- Return on incremental invested capital: 14.4%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -4.0 pp

- Working capital / revenue, final three-year average: 1.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: -0.34×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.8% vs 5.9%

- Per-share earnings: 2.09 to 0.80 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 7.0%

- Market cap gain: -$156M

- Cumulative retained earnings: $41M

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 7.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.4%

- Per-share value change: -$1.30

- Per-share value, starting three-year median: $2.09

- Per-share value, ending three-year median: $0.80

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $451M

- Cumulative net income, 10 years: $135M

- ROIC, first three-year median: 15.8%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.09

- FY2017: $2.83

- FY2018: $2.41

- FY2019: $1.09

- FY2020: -$18.45

- FY2021: -$4.54

- FY2022: $1.13

- FY2023: $0.77

- FY2024: $17.21

- FY2025: $0.80

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 0.50×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 10.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.28×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.39×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.7%

- FY2017: -5.9%

- FY2018: -4.5%

- FY2019: -6.5%

- FY2020: -34.4%

- FY2021: -5.3%

- FY2022: -4.6%

- FY2023: -7.8%

- FY2024: 37.7%

- FY2025: -5.3%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 22.5% a year for ten years · sales +23.4%

Story as of 2026-10-16T09:59:26.729Z; price observation 2026-10-15.

Price needs cash profits to grow 22.5% a year for ten years

- 2025-08-07: Pursuit raises full-year EBITDA guidance by $10M as company accelerates acquisition strategy ([seekingalpha.com](https://seekingalpha.com/news/4481040-pursuit-raises-full-year-ebitda-guidance-by-10m-as-company-accelerates-acquisition-strategy?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +23.4%; source https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm; observed 2026-02-25.

- FY2016: $1.2B 

- FY2017: $1.3B 

- FY2018: $1.2B 

- FY2019: $1.3B 

- FY2020: $415M 

- FY2021: $507M 

- FY2022: $299M 

- FY2023: $350M 

- FY2024: $366M 

- FY2025: $452M 

### Gross margin · FY2025

gross margin 92.3%; source https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm; observed 2026-02-25.

- FY2016: 7.1% 

- FY2017: 7.3% 

- FY2018: 7.1% 

- FY2019: 6.9% 

- FY2022: 8.1% 

- FY2023: 15.3% 

- FY2024: 11.1% 

- FY2025: 92.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in travel services; annual sales are USD 452.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm (filed 2026-02-25); FY2025: revenue 452417000; grossProfit 417794000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 11.1% to 92.3% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 11.1%.

- Source: https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 92.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.15498076149072257],[2017,0.17298271925718597],[2018,0.15757541882481868],[2019,0.1273313516294261],[2020,-0.29348612470656144],[2021,-0.116404769744697],[2022,0.00923960620542185],[2023,0.05916621309021636],[2024,0.03317923527655061],[2025,0.07700337705569511]]; median 0.06808479507295573. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 14.4% on new investment; paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 7072000; upkeep 42743000; cash acquisitions 195989000; owner earnings 42269000. Growth capex plus acquisitions / owner earnings = 4.8040171283919655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 1507000; upkeep 55114000; cash acquisitions 1501000; owner earnings 57707000. Growth capex plus acquisitions / owner earnings = 0.05212539206682032.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 83345000; cash acquisitions 4628000; owner earnings 22667000. Growth capex plus acquisitions / owner earnings = 0.20417346803723474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 17183000; upkeep 58964000; cash acquisitions 90992000; owner earnings 22035000. Growth capex plus acquisitions / owner earnings = 4.909235307465396.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 24514000; upkeep 37929000; cash acquisitions 41000; owner earnings 16017000. Growth capex plus acquisitions / owner earnings = 1.5330586252107137.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 13271000; upkeep 42960000; cash acquisitions 16129000; owner earnings 368544000. Growth capex plus acquisitions / owner earnings = 0.07977337848398021.

- Source: https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm (filed 2026-02-25); FY2025: growth capex 28950000; upkeep 46070000; cash acquisitions 107915000; owner earnings 22668000. Growth capex plus acquisitions / owner earnings = 6.037806599611788.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.14407274375590626, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,8111000],[2017,8160000],[2018,8154000],[2019,8094000],[2020,4064000],[2021,3900000],[2022,7801000],[2023,7801000],[2024,7801000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 10209000 USD.

### Are managers owners

Insiders own 1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PRSU.US SharesStats.PercentInsiders = 1.002 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 22.5% yearly over ten years; actual decline was 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate 0.315294743487856. Price 54.84; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6014213502827686 → FY2025 0.7984782838423333. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $41.50 per share

- 2016-11: $43.90 per share

- 2016-12: $44.10 per share

- 2017-01: $43.85 per share

- 2017-02: $47.20 per share

- 2017-03: $45.20 per share

- 2017-04: $45.20 per share

- 2017-05: $44.15 per share

- 2017-06: $47.25 per share

- 2017-07: $53.55 per share

- 2017-08: $54.95 per share

- 2017-09: $60.90 per share

- 2017-10: $58.05 per share

- 2017-11: $57.60 per share

- 2017-12: $55.40 per share

- 2018-01: $56.80 per share

- 2018-02: $52.05 per share

- 2018-03: $52.45 per share

- 2018-04: $50.75 per share

- 2018-05: $52.90 per share

- 2018-06: $54.25 per share

- 2018-07: $57.40 per share

- 2018-08: $61.60 per share

- 2018-09: $59.25 per share

- 2018-10: $47.89 per share

- 2018-11: $50.35 per share

- 2018-12: $50.09 per share

- 2019-01: $52.70 per share

- 2019-02: $57.90 per share

- 2019-03: $56.29 per share

- 2019-04: $61.31 per share

- 2019-05: $62.84 per share

- 2019-06: $66.24 per share

- 2019-07: $69.14 per share

- 2019-08: $64.63 per share

- 2019-09: $67.15 per share

- 2019-10: $61.02 per share

- 2019-11: $62.90 per share

- 2019-12: $67.50 per share

- 2020-01: $65.00 per share

- 2020-02: $50.20 per share

- 2020-03: $21.23 per share

- 2020-04: $23.97 per share

- 2020-05: $18.34 per share

- 2020-06: $19.02 per share

- 2020-07: $14.46 per share

- 2020-08: $21.43 per share

- 2020-09: $20.83 per share

- 2020-10: $20.00 per share

- 2020-11: $29.97 per share

- 2020-12: $36.17 per share

- 2021-01: $34.50 per share

- 2021-02: $41.84 per share

- 2021-03: $41.75 per share

- 2021-04: $41.66 per share

- 2021-05: $44.14 per share

- 2021-06: $49.85 per share

- 2021-07: $45.85 per share

- 2021-08: $43.19 per share

- 2021-09: $45.41 per share

- 2021-10: $44.37 per share

- 2021-11: $42.31 per share

- 2021-12: $42.79 per share

- 2022-01: $37.67 per share

- 2022-02: $34.94 per share

- 2022-03: $35.64 per share

- 2022-04: $32.75 per share

- 2022-05: $30.12 per share

- 2022-06: $27.61 per share

- 2022-07: $33.77 per share

- 2022-08: $38.18 per share

- 2022-09: $31.58 per share

- 2022-10: $37.28 per share

- 2022-11: $29.61 per share

- 2022-12: $24.39 per share

- 2023-01: $29.55 per share

- 2023-02: $25.71 per share

- 2023-03: $20.84 per share

- 2023-04: $19.03 per share

- 2023-05: $23.22 per share

- 2023-06: $26.88 per share

- 2023-07: $28.21 per share

- 2023-08: $28.39 per share

- 2023-09: $26.20 per share

- 2023-10: $24.23 per share

- 2023-11: $33.30 per share

- 2023-12: $36.20 per share

- 2024-01: $33.06 per share

- 2024-02: $37.23 per share

- 2024-03: $39.49 per share

- 2024-04: $34.48 per share

- 2024-05: $34.95 per share

- 2024-06: $34.00 per share

- 2024-07: $33.25 per share

- 2024-08: $34.41 per share

- 2024-09: $35.83 per share

- 2024-10: $37.44 per share

- 2024-11: $44.72 per share

- 2024-12: $42.51 per share

- 2025-01: $39.50 per share

- 2025-02: $39.70 per share

- 2025-03: $35.39 per share

- 2025-04: $29.29 per share

- 2025-05: $27.89 per share

- 2025-06: $28.83 per share

- 2025-07: $30.24 per share

- 2025-08: $37.30 per share

- 2025-09: $36.18 per share

- 2025-10: $35.48 per share

- 2025-11: $34.33 per share

- 2025-12: $33.68 per share

- 2026-01: $34.73 per share

- 2026-02: $34.76 per share

- 2026-03: $36.63 per share

- 2026-04: $42.08 per share

- 2026-05: $44.77 per share

- 2026-06: $55.97 per share

- 2026-07: $50.53 per share

- 2026-08: $48.00 per share

- 2026-09: $49.73 per share

- 2026-10: $54.84 per share

## Annual estimated value (USD per share)

- FY2016: low $19.18 per share, central $21.82 per share, high $25.34 per share

- FY2017: low $26.09 per share, central $29.71 per share, high $34.30 per share

- FY2018: low $24.24 per share, central $27.44 per share, high $31.71 per share

- FY2019: low $23.70 per share, central $28.38 per share, high $32.78 per share

- FY2020: low $5.64 per share, central $6.21 per share, high $6.96 per share

- FY2021: low $7.12 per share, central $7.75 per share, high $8.59 per share

- FY2025: low $8.65 per share, central $9.75 per share, high $11.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/884219/000119312526071582/prsu-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.