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Pursuit Attractions and Hospitality logo

Pursuit Attractions and Hospitality

PRSU
33
Specialty Business Services · Industrials
Price
$53.15
-0.02 (-0.04%)
Market Cap
$1.45B
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+39.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 20.4M (2021) → 28.4M (2025)

Pursuit Attractions and Hospitality runs tourist attractions and hotels in some of North America's most scenic natural areas. Its properties include glass-sky walkways, gondolas, wildlife parks, and lodges located near places like Banff, Jasper, and Glacier National Park. The company focuses on visitors who travel to iconic outdoor destinations and want guided, memorable experiences tied to those landscapes.

Pursuit makes money by charging admission fees, selling lodging stays, and offering food and retail at its sites. It operates primarily in Canada and the United States, with a smaller presence in Iceland. Its main competitive advantage is holding long-term concession agreements that give it exclusive or preferred access to operate inside protected parks and public lands — agreements that are difficult for competitors to replicate. The biggest risk is that visitor numbers depend heavily on travel demand, weather, and economic conditions, all of which can shift quickly and hurt revenue.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+18.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

25.9%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 months

$35M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Pursuit Attractions and Hospitality grew revenue 37% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
-6.3%
Thin — -6.3% gross margin
Operating Margin
-43.5%
Losing money on operations — -43.5%
ROCE
-3.2%
Weak — -3.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
N/A
Data not available
EPS YoY
-91.1%
Earnings shrinking (-91.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
226%
Turns 226% of profit into real cash
FCF Margin
-2.7%
Burning cash (-2.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.33
Conservative — low debt load (0.33)
Interest Cover
7.42x
Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
48.3x
Expensive — P/E 48.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+18.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (48.3 → 29.9)

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Dividends

Not applicable for this business.
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