What happened
According to an SEC filing dated Feb. 17, 2026, HG Vora Capital Management, LLC, sold its entire holding of Six Flags Entertainment (FUN +0.84%), a change of 2,175,000 shares. The estimated transaction value is $49.42 million, calculated using the average share price for the quarter. The fund held no shares of Six Flags at year end.
What else to know
The fund fully liquidated its Six Flags stake, which previously made up 6.7% of AUM in the prior quarter.
Top holdings after the quarter:
- NASDAQ: PENN: $92.19 million (34.8% of AUM)
- NASDAQ: DRVN: $77.81 million (29.4% of AUM)
- NYSE: FAF: $41.47 million (15.7% of AUM)
- NYSE: NVRI: $22.40 million (8.5% of AUM)
- NYSE: EQH: $19.06 million (7.2% of AUM)
As of Feb. 17, 2026, shares were priced at $15.55, down 66.0% over the past year, underperforming the S&P 500 by 76.0 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Feb. 17, 2026) | $15.55 |
| Market capitalization | $1.58 billion |
| Revenue (TTM) | $3.10 billion |
| Net income (TTM) | ($1.60 billion) |
Company snapshot
- Six Flags operates amusement parks, water parks, and resort properties across North America, leveraging intellectual property such as Looney Tunes, DC Comics, and PEANUTS.
- The company targets families, thrill-seekers, and tourists seeking entertainment and leisure experiences in the U.S., Canada, and Mexico.
- It employs approximately 5,000 people and is headquartered in Charlotte, North Carolina.
Six Flags Entertainment is a leading operator of regional theme parks and resorts, with a diversified footprint spanning 17 states in the U.S., Canada, and Mexico. The company leverages a portfolio of well-known intellectual property to differentiate its attractions and drive recurring guest visits. Its scale and brand partnerships position it as a prominent player in the North American leisure and entertainment sector.
What this transaction means for investors
While Six Flags reported a huge loss for the last year, that did include a $1.5 billion non-cash impairment charge on goodwill and other intangibles. The company is still struggling, though. HG Vora had been accumulating Six Flags shares over the last year, adding 775,000 shares between Q2 and Q3.
Six Flags stock has plunged 60% in the last 12 months, though, and HG Vora decided to move on. Six Flags previously accounted for 6.7% of the investment manager’s holdings.
Six Flags management hasn’t been happy with its performance, either, and it hasn’t been a top entertainment stock. CEO John Reilly said as much in the latest earnings report, admitting 2025 “fell short of our expectations.” Reilly spoke optimistically about the future, though.
He noted that last year's efforts have fortified the company's core. Investments were made to enhance park infrastructure, introduce new attractions, upgrade technology, and improve food and beverage services. Future plans include further investments in family attractions and upgrades. The turnaround will likely take time, however, and HG Vora wasn’t willing to commit capital its for that long.
