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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, Inc. faced negative drivers, including a 21.6% growth in short interest during December, indicating bearish sentiment. The company's Q4 2025 earnings call revealed a cautious outlook. Additionally, VIRGINIA RETIREMENT SYSTEMS ET Al decreased its stake by 77.6%, while Universal Beteiligungs und Servicegesellschaft mbH sold 6,032 shares, reducing its stake by 6.3%. These sales and cautious outlook may have contributed to downward pressure. (Source: MarketBeat, Jan 11)

1.c. Company Highlights

2. Ryman Hospitality Properties' Strong Q4 2025 Earnings: A Closer Look

Ryman Hospitality Properties reported a robust fourth quarter 2025, with revenues and adjusted EBITDAre exceeding expectations. The company's actual EPS came out at $2.38, beating estimates of $2.22. The strong performance was driven by the Entertainment segment, which delivered revenue growth of nearly 12% and adjusted EBITDAre growth of nearly 13%. The hospitality segment also performed well, with same-store total revenue reaching its highest level ever in the fourth quarter.

Publication Date: Feb -25

📋 Highlights
  • Full-Year Financial Outperformance:: Exceeded guidance ranges with full-year results surpassing midpoints and AFFO/AFFO per share above the high end.
  • Entertainment Segment Growth:: Delivered 12% fourth-quarter revenue growth and 13% adjusted EBITDAre growth, driven by strong holiday programming.
  • Gaylord Opryland Expansion:: 40% of existing carpeting and meeting space refreshed, with a 100,000 sq ft expansion nearing completion.
  • Strategic Acquisitions:: Acquired 14,000-seat CCNB amphitheater in Simpsonville, SC, and JW Desert Ridge in a top 10 meetings market.
  • Category 10 Brand Expansion:: Added Las Vegas (Q4 2026) and Universal City Walk locations, expanding the brand’s footprint and entertainment offerings.

Financial Performance

The company's financial performance was impressive, with a significant beat on EPS and revenue. The strong results were driven by the success of the Entertainment segment, as well as the hospitality segment, which saw same-store group rooms revenue on the books for 2026 increase by approximately 6% compared to the same time last year. As Mark Fioravanti, President and CEO, noted, "the same-store hospitality segment delivered the highest total revenue of any quarter and the highest adjusted EBITDAre of any fourth quarter."

Segment Performance

The Entertainment segment was a key driver of the company's strong performance, with revenue growth of nearly 12% and adjusted EBITDAre growth of nearly 13%. The segment's success was driven by strong holiday programming reception and better-than-expected volumes in downtown Nashville entertainment venues. The hospitality segment also performed well, with same-store total revenue reaching its highest level ever in the fourth quarter.

Valuation

Using the current valuation metrics, the company's P/E Ratio stands at 26.12, indicating that the stock may be slightly overvalued. However, the Dividend Yield of 4.52% is attractive, providing a relatively stable source of return. Additionally, the Net Debt / EBITDA ratio of 4.9 suggests that the company's leverage is manageable. Analysts estimate next year's revenue growth at 4.8%, which may provide further support for the stock.

Outlook

The company's outlook for 2026 is positive, with initial guidance ranges indicating a same-store hospitality business RevPAR growth of 2.5% and a midpoint of guidance range for same-store hospitality adjusted EBITDAre. The company is also expecting a shift in concert and concert count across the portfolio, with a focus on amphitheaters and festivals in Q2 and Q3. As Colin Reed, Executive Chairman, noted, "the earnings power of this business is expected to grow over the next 3-5 years, with opportunities for expansion and development."

3. NewsRoom

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Ryman Hospitality Properties: Record Bookings, Discounted Price

Apr -01

Source: seekingalpha.com

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A $39 Billion Empire and a 5% Dividend From Nashville's Front Porch

Mar -19

Source: fool.com

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Ryman Hospitality Properties, Inc. Announces First Quarter 2026 Earnings Conference Call – Friday, May 1, 2026, 10 a.m. ET

Mar -11

Source: globenewswire.com

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Ryman Hospitality Properties, Inc. Announces Closing of $700 Million of 5.750% Senior Notes due 2034

Mar -11

Source: globenewswire.com

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Ryman Hospitality Properties, Inc. (RHP) Presents at Citi's Miami Global Property CEO Conference 2026 Transcript

Mar -03

Source: seekingalpha.com

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Cash COWs: 12 High-Yield REITs With Safe Dividends

Mar -02

Source: seekingalpha.com

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Ryman Hospitality Properties, Inc. Provides Investor Presentation Ahead of Upcoming Institutional Investor Conferences

Mar -02

Source: globenewswire.com

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Centersquare Investment Management LLC Buys 14,296 Shares of Ryman Hospitality Properties, Inc. $RHP

Feb -26

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: 7.1/10

Value: 7.1

Growth: 3.9

Quality: 5.9

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

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Stock-Card
Apple Hospitality REIT

A-Score: 6.3/10

Value: 6.9

Growth: 5.7

Quality: 5.7

Yield: 9.0

Momentum: 2.0

Volatility: 8.7

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Innovative Industrial Properties

A-Score: 6.1/10

Value: 6.8

Growth: 6.2

Quality: 8.2

Yield: 10.0

Momentum: 0.5

Volatility: 5.0

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Host Hotels & Resorts

A-Score: 6.1/10

Value: 5.1

Growth: 5.6

Quality: 5.6

Yield: 7.0

Momentum: 5.0

Volatility: 8.3

1-Year Total Return ->

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Park Hotels & Resorts

A-Score: 6.1/10

Value: 8.2

Growth: 5.0

Quality: 4.8

Yield: 10.0

Momentum: 2.5

Volatility: 6.0

1-Year Total Return ->

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Ryman Hospitality Properties

A-Score: 5.6/10

Value: 3.1

Growth: 7.0

Quality: 5.3

Yield: 6.0

Momentum: 3.5

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

96.85$

Current Price

96.85$

Potential

-0.00%

Expected Cash-Flows