NYSE:RHP
Ryman Hospitality Properties, Inc.
A premier owner-operator of boutique hotels and historic entertainment venues across the US delivering stable cash flows and brand-driven occupancy growth.
Key Metrics
Investment Thesis
Bull Case
RHP offers attractive dividend yield with a history of consistent payouts, backed by a resilient balance sheet holding over $471M in cash and equivalents; the company benefits from long-term leases providing predictable operating income insulated from short-term market volatility.
Bear Case
Recent net income compression reflects higher operating costs and potential margin pressure in a recovering but still cautious hospitality environment; significant cash outflows of $1.23B for investing activities indicate ongoing capital needs that could strain liquidity if financing conditions deteriorate.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties Inc. owns, develops, and manages hotel properties primarily in the United States, serving leisure travelers, corporate guests, and event attendees through its portfolio of iconic venues like the Ryman Auditorium.
Analysis
Management Discussion
Revenue grew 10.6% year-over-year to $2.58B, supported by sustained occupancy and rate growth across its portfolio despite a sequential decline in net income to $247.3M compared to the prior year's $280.2M.
Industry Overview
The US lodging industry is experiencing a recovery phase with strong demand from leisure travelers, though commercial travel remains sensitive to economic cycles and inflationary pressures on labor and energy costs.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.81B | $2.16B | $2.34B | $2.58B |
| Cost of Revenue | $1.04B | $1.23B | $1.32B | $1.44B |
| Gross Profit | $768.3M | $932.7M | $1.01B | $1.14B |
| Operating Expenses | $441.1M | $479.0M | $523.6M | $649.0M |
| Operating Income | $327.1M | $453.7M | $490.8M | $487.0M |
| G&A | $43.0M | $42.8M | $41.8M | $42.8M |
| Stock-Based Comp | $15.0M | $15.4M | $13.9M | $14.1M |
| D&A | $208.6M | $211.2M | $235.6M | $278.1M |
| Depreciation | $184.7M | $203.3M | $226.8M | $262.2M |
| Amortization | $22.7M | $6.8M | $7.8M | $15.4M |
| Other OpEx | $398.2M | $436.2M | $481.8M | $606.2M |
| Non-Operating Income | $-153.4M | $-205.6M | $-196.8M | $-232.4M |
| Interest Expense | $148.4M | $211.4M | — | — |
| Interest Income | $5.8M | $21.4M | $28.0M | $20.3M |
| Pre-Tax Income | $173.7M | $248.1M | $294.0M | $254.6M |
| Income Tax | $38.8M | $-93.7M | $13.8M | $7.3M |
| Continuing Ops | $134.9M | $341.8M | $280.2M | $247.3M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $134.9M | $341.8M | $280.2M | $247.3M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $134.9M | $341.8M | $280.2M | $247.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $334.2M | $591.8M | $477.7M | $471.4M |
| Inventory | $12.0M | $14.0M | $16.1M | $16.9M |
| PP&E (Net) | $3.17B | $3.96B | $4.12B | $4.97B |
| Intangibles | $106.0M | $124.3M | $116.4M | — |
| Operating Leases | $18.9M | $18.1M | $22.1M | $41.4M |
| Total Assets | $4.04B | $5.19B | $5.22B | $6.18B |
| Total Liabilities | $3.63B | $4.27B | $4.28B | $4.97B |
| Shareholders' Equity | $407.8M | $917.9M | $934.6M | $1.21B |
| Retained Earnings | $-978.6M | $-894.3M | — | — |
| AOCI | $-10.9M | $-19.4M | $-15.2M | $-12.8M |
| Total L&E | $4.04B | $5.19B | $5.22B | $6.18B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $134.9M | $341.8M | $280.2M | $247.3M |
| Non-Cash Adjustments | $184.5M | $188.7M | $294.8M | $345.5M |
| Working Capital Changes | $100.5M | $26.6M | $1.5M | $-2.2M |
| Cash from Operations | $419.9M | $557.1M | $576.5M | $590.6M |
| Cash from Investing | $-189.3M | $-1.01B | $-410.4M | $-1.23B |
| Debt Issuances | — | $400.0M | $1.00B | $625.0M |
| Dividends Paid | $5.9M | $176.0M | $266.1M | $285.6M |
| Cash from Financing | $50.7M | $711.9M | $-290.3M | $567.3M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $281.3M | $256.1M | $-124.2M | $-76.0M |
| Beginning Cash | $163.0M | $444.3M | $700.4M | $576.2M |
| Ending Cash | $444.3M | $700.4M | $576.2M | $500.2M |
Frequently Asked Questions
How does Ryman Hospitality Properties, Inc. make money?
The company generates revenue through long-term lease agreements with third-party hotel management companies, direct ownership of certain properties, and ancillary services including food and beverage operations within its portfolio locations.
What are the main risks for RHP?
Sensitivity to macroeconomic downturns that reduce travel demand and corporate spending; rising interest rates increasing debt servicing costs given the capital-intensive nature of real estate; potential for lease termination or non-renewal by third-party managers affecting cash flow stability.
What is RHP's competitive advantage?
Strong brand recognition and historic assets like the Ryman Auditorium provide unique market differentiation; a geographically diversified footprint reduces single-market concentration risk; experienced local management teams optimize occupancy and ADR in key leisure and convention markets.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.