What happened
According to a Securities and Exchange Commission (SEC) filing dated Feb. 17, 2026, Ananym Capital Management, LP, liquidated its entire holding of 795,411 shares in Six Flags Entertainment (FUN +0.07%). The estimated transaction value for the sale was $18.07 million based on the quarterly average share price. The quarter-end value of the stake was reduced by $18.07 million, capturing both the sale and any price drift during the period.
What else to know
Ananym Capital fully sold out of Six Flags Entertainment, which previously represented 6.9% of its reportable AUM in the prior quarter.
- Top holdings after the filing:
- Marriott Vacations Worldwide: $42.51 million (17.5% of AUM)
- Henry Schein: $41.35 million (17.0% of AUM)
- Baker Hughes: $36.61 million (15.1% of AUM)
- Scholastic Corp: $35.85 million (14.7% of AUM)
- LKQ: $33.52 million (13.8% of AUM)
As of Feb. 19, 2026, shares of Six Flags Entertainment were priced at $17.59, down 61.6% over the past year with an alpha of -74.0% versus the S&P 500.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 19, 2026) | $17.59 |
| Market Capitalization | $1.79 billion |
| Revenue (TTM) | $3.14 billion |
| Net Income (TTM) | ($1.72 billion) |
Company snapshot
Six Flags Entertainment:
- Operates amusement parks, water parks, and resort properties across North America, generating revenue through admissions, in-park spending, and licensing intellectual property such as Looney Tunes, DC Comics, and PEANUTS.
- Attracts guests to its parks and resorts and monetizes through ticket sales, food and beverage, merchandise, and branded experiences.
- Serves customers such as families, tourists, and thrill-seekers in the U.S., Canada, and Mexico seeking entertainment and leisure experiences.
Six Flags Entertainment operates amusement and water parks across North America, leveraging branded attractions to drive guest engagement and revenue. Its scale and diverse locations position it as a key player in the regional leisure and entertainment sector.
What this transaction means for investors
Ananym Capital Management’s liquidation of its Six Flags Entertainment position is a pretty stark about-face. After opening and adding to the position over the previous three quarters, Ananym sold out of the stock as it sank 64% in Q4. After merging with Cedar Fair in 2024 -- and promising synergies as a top-tier amusement park -- the new-look Six Flags has largely disappointed, with free cash flow turning negative and EBITDA flatlining over the last two years.
Now heavily indebted following the major acquisition, with wavering profitability and a lack of immediate synergies, Six Flags recently refinanced $1 billion of its 2027 debt, pushing it to 2032. This buys the company some valuable time to rebuild, but it will have to pay an interest rate of 8.625%, up from 5.5%. I mention this just to show that there is quite a bit of risk around buying Six Flags right now, and this may have played a part in Ananym just cleaning its hands of the holding.
That said, the company just signed a 30-year veteran of the amusement industry as its new CEO. It also has successful activist-investing firm, JANA Partners, invested in its stock and keeping a close eye on the company’s operations, which should only help the turnaround, in my opinion. Six Flags still has a debt-to-EBITDA ratio north of 4, but it is also the industry-leader in regional theme parks and has physical assets that can’t easily be matched in the U.S. It just needs to become a better operator, and I think its new CEO and JANA could help return the stock to its previous market-beating ways.
Yes -- there’s ample risk buying Six Flags, and Ananym probably made the best decision for its portfolio. However, I’d only be looking to buy Six Flags (in small batches over time) while it trades at a minuscule 4.5 times cash from operations and with an EV-to-EBITDA of 9.7. Maybe it’s nostalgia from my trips as a kid to Six Flags parks, or trips there now with my daughter, but the company’s enviable leadership position and moat should help it rebound, provided new management can streamline the bungled merger and the company’s operations as a whole.
