Quality Investor

Pursuit Attractions and Hospitality, Inc.

Rank #127Value

PRSU · NYSE · Consumer Cyclical

Pursuit Attractions and Hospitality, Inc. (PRSU) — Rank #127 by gross profitability (GP/assets 0.41) · ROE 4.2% · Piotroski F-Score 4 / 9.

As-of 2026-09-15 · CIK 0000884219 · all metrics point-in-time as of the filing date.

About

Pursuit Attractions and Hospitality, Inc., an attraction and hospitality company, owns and operates a collection of travel experiences in iconic destinations in the United States, Canada, Iceland, and Costa Rica.

Show more

It operates various attractions and lodges with integrated restaurants, retail, and transportation facilities, as well as owns and operates eco-luxury resorts. The company was formerly known as Viad Corp and changed its name to Pursuit Attractions and Hospitality, Inc. in January 2025. Pursuit Attractions and Hospitality, Inc.

was founded in 1926 and is based in Denver, Colorado.

Industry
Travel Services
Sector
Consumer Cyclical
State
DE
Filer Category
Accelerated filer
Fiscal Year End
December 31

Price History

PRSU+12.6% · +2.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$1.33B

P/E (annual)

61.1

P/S (annual)

2.9

P/B

2.5

P/OCF (annual)

15.5

Shareholder Yield

-40.1%

Employees

2,100

Industry

Travel Services

Exchange

NYSE

Signal Flags

1 green1 yellow2 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Revenue declining YoYRevenue contracted year over year
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.41
Return on equity
4.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.68
Current ratio
1.61×
Net cash
-$157.97M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
1.6%

Growth

0/2 pass
Revenue growth
-52.5%
Piotroski F-Score
4 / 9
Share dilution
40.1%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

3 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

33.1%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 40.1% — per-share value needs a total required return of 73.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 8.8%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

27.4%

r = 10% (base)

33.1%

r = 12%

38.0%

Net debt / market cap: 11.4%

Base FCF: $11.1M3Y mean FCF: $13.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
10.6xmed 27.8x1162.0x

P / S

Price / revenue per share

2.1xExpensive
0.5xmed 0.7x2.1x

P / B

Price / book value per share

8.9xExpensive
1.2xmed 2.0x8.9x

P / GP

Price / gross profit per share

N/A
0.5xmed 0.6x1.1x

P / FCF

Price / free cash flow per share

N/A
11.2xmed 22.3x163.4x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.41

Primary signal (Novy-Marx).

Return on equity

4.2%

Gross margin

92.3%

Revenue growth (YoY)

-52.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2012201320142020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

1.7%

Earnings CAGR (3Y)

-0.8%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.68

Current ratio

1.61×

Quick ratio

0.41×

Net cash

-$157.97M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$11.13M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.51

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20102020
Capital Return
Value
Decline