Citizens has begun coverage of United Parks & Resorts with a Market Perform rating, flagging execution concerns despite the SeaWorld and Busch Gardens owner’s diversified attendance profile.
Citizens initiated coverage of United Parks & Resorts Inc. (NYSE:PRKS) with a Market Perform rating on 29 June 2026. The firm cited concerns over execution consistency, despite describing the company’s underlying business model as attractive. United Parks & Resorts operates 12 theme and water parks across six US markets, including the SeaWorld, Busch Gardens and Aquatica brands.
Citizens noted that the company’s assets sit in destination markets while retaining the cost structure of a regional operator, giving exposure to both tourist and local demand. The firm linked recent volatility to international travel headwinds and weather disruption, which have driven downward estimate revisions in past years. Revenue fell 3.6% over the last twelve months to $1.65 billion.
The firm projects flat attendance for 2026 and said it is waiting for evidence of stabilisation before turning more positive. Citizens said it remains comfortable with revenue expectations over the next two years, broadly in line with consensus, though cost pressures continue to create inconsistent results.
The rating follows a soft first quarter for the Orlando-based operator, with adjusted EBITDA missing expectations on lower attendance. United Parks & Resorts reported a 5.0% year-on-year attendance decline to 3.2 million guests for the three months to 31 March, alongside a net loss of $34.1 million.
