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Ryman is the successor to Gaylord Entertainment Company ( Gaylord ), a Delaware corporation originally incorporated in 1956. As part of the plan to restructure our business operations to facilitate our qualification as a REIT for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman, on October 1, 2012, with Ryman as the surviving corporation, and…
18.90% operating margin is respectable but not wide. ROIC at 60.20%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 10.2%, still solid. Margins contracted 2.1pp, which offsets some of the top-line progress.
ROIC dropped from 69.00% to 60.20%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$2.65B
▲ +10.2% YoY
Net Income (TTM)
$251M
▼ -10.4% YoY
Op. Margin
19.16%
▼ -2.1pp YoY
ROIC
54.37%
▼ -8.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$302M
▲ +37.8% YoY
Op. Cash Flow (TTM)
$662M
▲ +2.4% YoY
Net Debt
-$261M
Net Cash Position
Cash & Equiv.
$424M
5Y CAGR: +37.5%
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