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1. Company Snapshot

1.a. Company Description

Ryman Hospitality Properties, Inc.(NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences.The Company's core holdings* include a network of five of the top 10 largest non-gaming convention center hotels in the United States based on total indoor meeting space.


These convention center resorts operate under the Gaylord Hotels brand and are managed by Marriott International.The Company also owns two adjacent ancillary hotels and a small number of attractions managed by Marriott International for a combined total of 10,110 rooms and more than 2.7 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country.The Company's Entertainment segment includes a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle media network the Company owns in a joint-venture with Gray Television.


The Company operates its Entertainment segment as part of a taxable REIT subsidiary.* The Company is the sole owner of Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; and Gaylord National Resort & Convention Center.It is the majority owner and managing member of the joint venture that owns the Gaylord Rockies Resort & Convention Center.

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1.b. Last Insights on RHP

Ryman Hospitality Properties' recent performance was negatively impacted by a series of financing activities, including the issuance of $625 million in senior notes due 2033, which may have increased the company's debt burden. The company also announced an upsized common stock offering, which could have diluted existing shareholders. Additionally, the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa may have required significant upfront costs, potentially affecting the company's short-term financials.

1.c. Company Highlights

2. Ryman Hospitality Properties' Q3 2025 Earnings: A Strong Performance Amidst a Volatile Landscape

Ryman Hospitality Properties reported its third-quarter 2025 earnings, with revenues and EPS beating expectations. The company's EPS came in at $1.63, surpassing the estimated $1.59. The same-store hospitality portfolio outperformed the industry, achieving a RevPAR and total RevPAR index of approximately 141% and 195% of fair share. The group's strong performance was driven by a better-than-anticipated corporate group meetings pickup. The company's adjusted EBITDAre guidance for the full year 2025 was narrowed to $772 million to $802 million.

Publication Date: Nov -13

📋 Highlights
  • Strong Same-Store Performance:: Same-store hospitality portfolio achieved RevPAR and total RevPAR index of 141% and 195% of fair share, outperforming industry benchmarks.
  • Entertainment Revenue Growth:: Generated $92M revenue and $25M adjusted EBITDAre in Q3, with full-year guidance narrowed to $112M ($6Y/Y growth), despite downtown Nashville supply challenges.
  • Corporate Group Demand Surge:: Group room nights on the books hit 7.9M, record high, driven by corporate mix shifts and 5% ICE ticket growth, with 300K ICE tickets booked (6-point Y/Y increase).
  • 2026 Growth Outlook:: Projects mid-teens unlevered IRRs on $35M Category 10 Las Vegas investment, alongside 6% EBITDAre growth in entertainment and $375M–$425M 2025 capex for asset upgrades.
  • Financial Resilience:: Ended Q3 with $483M unrestricted cash and 4.4x net leverage ratio, maintaining dividend coverage of 100% of REIT taxable income and narrowing 2025 AFFO guidance to $509.5M–$538M.

Segmental Performance

The same-store hospitality segment delivered results towards the high end of expectations, driven by short-term corporate group pickup. Food and beverage outlet performance was a bright spot, with outlet sales per occupied room increasing nearly 13%. The leisure business was also strong, with leisure room nights at Opryland increasing over 5%. The Entertainment business delivered third-quarter revenue of approximately $92 million and adjusted EBITDAre of approximately $25 million, with growth partially offset by softer volumes at downtown Nashville venues due to new supply.

Outlook and Guidance

The company's outlook for 2026 is optimistic, with expectations for an increase in group demand driven by lower interest rates and a more favorable business environment. Group rooms revenue on the books for the fourth quarter is comparable to the same time last year, and early ticket sales for holiday programming are pacing ahead of last year. The company expects to generate at least mid-teens unlevered IRRs on the estimated project cost of approximately $35 million for Category 10 Las Vegas.

Valuation

With a P/E Ratio of 25.2 and an EV/EBITDA of 8.8, the stock appears to be reasonably valued. The company's Dividend Yield of 4.87% is also attractive, indicating a decent return for income investors. Analysts estimate next year's revenue growth at 7.9%, which suggests a positive outlook for the company's top-line performance.

Growth Opportunities

The company is expanding its presence in the fintech sector and has hired new sales resources to increase overlap between Gaylord and JW properties. The acquisition of Southern and expansion into markets like Las Vegas and Austin present growth opportunities for the entertainment business. The company expects to announce further market expansions in the next few months, particularly in country music-centric markets.

Operational Highlights

Gross definite room nights have improved, while net definite room nights have declined due to cancellations and revals. However, corporate bookings are outpacing association bookings, and the company is seeing a shift towards a more corporate mix. The durability of the rate premium is stronger than the occupancy premium, driven by investments in capital and a focus on higher-quality corporate customers.

3. NewsRoom

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Ryman Hospitality Properties, Inc. Declares Fourth Quarter Dividend

Dec -04

Source: globenewswire.com

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Edgestream Partners L.P. Takes Position in Ryman Hospitality Properties, Inc. $RHP

Dec -03

Source: defenseworld.net

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GRAND OLE OPRY TO CELEBRATE 100th ANNIVERSARY NIGHT WITH STAR-PACKED GLOBAL LIVESTREAM FRI., NOV. 28

Nov -24

Source: prnewswire.com

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Ryman Hospitality Properties, Inc. (RHP) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Teacher Retirement System of Texas Increases Stock Position in Ryman Hospitality Properties, Inc. $RHP

Nov -04

Source: defenseworld.net

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Ryman Hospitality Properties, Inc. Reports Third Quarter 2025 Results

Nov -03

Source: globenewswire.com

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Oppenheimer Asset Management Inc. Increases Stock Holdings in Ryman Hospitality Properties, Inc. $RHP

Nov -02

Source: defenseworld.net

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Sumitomo Mitsui Trust Group Inc. Buys 9,369 Shares of Ryman Hospitality Properties, Inc. $RHP

Oct -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.31%)

6. Segments

Hospitality

Expected Growth: 5.4%

Ryman Hospitality Properties' 5.4% growth in Hospitality segment is driven by increasing demand for luxury accommodations, strategic acquisitions, and effective cost management. Additionally, the company's focus on experiential travel and unique entertainment offerings has contributed to higher revenue per available room (RevPAR) and overall growth.

Entertainment

Expected Growth: 4.83%

Ryman Hospitality Properties' Entertainment segment growth of 4.83% is driven by increasing demand for live music and entertainment experiences, strategic partnerships with iconic brands, and expansion of its festival and event offerings. Additionally, the company's focus on enhancing the guest experience through technology and amenities has contributed to higher revenue and attendance.

7. Detailed Products

Hospitality

Ryman Hospitality Properties, Inc. owns and operates a portfolio of upscale hotels, including Gaylord Hotels, which offers luxurious accommodations, dining, and entertainment options.

Entertainment

The company owns and operates the Grand Ole Opry, the Ryman Auditorium, and other entertainment venues, offering live music performances and events.

Dining

Ryman Hospitality Properties, Inc. offers a range of dining options, including fine dining restaurants, casual eateries, and bars, within its hotels and entertainment venues.

Meetings and Events

The company offers meeting and event spaces, including ballrooms, conference centers, and outdoor spaces, for corporate events, weddings, and other gatherings.

Golf

Ryman Hospitality Properties, Inc. owns and operates several golf courses, offering challenging play and scenic views.

Spas and Wellness

The company offers luxurious spa and wellness services, including massages, facials, and fitness classes, within its hotels and resorts.

8. Ryman Hospitality Properties, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ryman Hospitality Properties, Inc. operates in the hospitality industry, which has a moderate threat of substitutes. While there are alternative accommodations available, such as Airbnb, the company's unique brand offerings and loyalty programs help to mitigate this threat.

Bargaining Power Of Customers

Ryman Hospitality Properties, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's loyalty programs and rewards help to build customer loyalty and reduce price sensitivity.

Bargaining Power Of Suppliers

Ryman Hospitality Properties, Inc. relies on various suppliers for goods and services, including food and beverage providers, linen suppliers, and maintenance contractors. While the company has some bargaining power due to its size, suppliers still have some negotiating power.

Threat Of New Entrants

The hospitality industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to compete with established players like Ryman Hospitality Properties, Inc.

Intensity Of Rivalry

The hospitality industry is highly competitive, with many established players competing for market share. Ryman Hospitality Properties, Inc. faces intense competition from other hotel and resort operators, which can lead to pricing pressure and reduced profitability.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 85.58%
Debt Cost 4.63%
Equity Weight 14.42%
Equity Cost 11.88%
WACC 5.67%
Leverage 593.33%

11. Quality Control: Ryman Hospitality Properties, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Rithm Capital

A-Score: 6.8/10

Value: 6.6

Growth: 2.3

Quality: 6.0

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

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A-Score: 6.6/10

Value: 7.2

Growth: 5.7

Quality: 7.0

Yield: 9.0

Momentum: 2.0

Volatility: 8.7

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A-Score: 6.1/10

Value: 8.6

Growth: 4.9

Quality: 4.6

Yield: 10.0

Momentum: 2.5

Volatility: 6.0

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A-Score: 6.1/10

Value: 6.6

Growth: 6.3

Quality: 8.4

Yield: 10.0

Momentum: 0.5

Volatility: 4.7

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Host Hotels & Resorts

A-Score: 6.1/10

Value: 5.5

Growth: 5.6

Quality: 5.6

Yield: 7.0

Momentum: 4.0

Volatility: 8.7

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Ryman Hospitality Properties

A-Score: 5.3/10

Value: 3.3

Growth: 7.0

Quality: 4.6

Yield: 6.0

Momentum: 2.5

Volatility: 8.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

91.74$

Current Price

91.74$

Potential

-0.00%

Expected Cash-Flows