olivLaw · US equity research
Pursuit Attractions and Hospitality, Inc. PRSU
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Pursuit Attractions and Hospitality, Inc. operates sightseeing attractions and lodging in iconic destinations across the United States, Canada, Iceland and Costa Rica, with revenue up 23.4% in fiscal 2025. It now focuses its portfolio on core assets after selling the Flyover business and acquiring Eagle Wing Tours.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Pursuit Attractions and Hospitality, Inc. (PRSU) stock was 56.50 USD (+0.71% on the day), with market capitalisation 1.5 bn USD, P/E 33.6 on diluted EPS of 1.68 USD over the last 12 months, dividend yield 0.00%, beta 1.11, 52-week range 32.28–56.50 USD. Latest reported quarter (Q3 2026): revenue of 251.5 m USD (+4.4% YoY), net income of 82.8 m USD (+12.1% YoY), diluted EPS 2.95 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 52.19 – 57.17
- in the upper half of the band · %B 0.87 · band width 9.1%
- SMA 50 / 200
- 51.45 / 45.24
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.25 / 1.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.1% | −1.1% | +9.1 pp | — |
| 3 months | +12.8% | −0.5% | +13.2 pp | — |
| 6 months | +34.8% | +4.4% | +30.5 pp | — |
| Year to date | +67.8% | +12.3% | +55.4 pp | — |
| 1 year | +64.3% | +13.5% | +50.7 pp | −31.8% |
| 3 years | +102.4% | +76.4% | +26.0 pp | −25.9% |
| 5 years | +10.8% | +63.7% | −52.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45.8 m | 37.6 m | 116.7 m | 241.0 m | 57.1 m | 51.6 m | 133.5 m | 251.5 m |
| Cost of revenue | 3.2 m | 2.3 m | 8.9 m | 19.8 m | 3.7 m | 3.0 m | 9.6 m | 20.5 m |
| SG&A | 16.7 m | 20.7 m | 19.6 m | 20.0 m | 19.8 m | 19.2 m | 20.8 m | 19.2 m |
| Depreciation & amortisation | 10.7 m | 11.0 m | 11.1 m | 12.0 m | 12.0 m | 9.7 m | 9.7 m | 10.2 m |
| Interest expense | 3.9 m | 1.5 m | 1.9 m | 2.8 m | 2.6 m | 2.7 m | 3.2 m | 2.0 m |
| Pre-tax income | -78.9 m | -33.1 m | 10.6 m | 105.8 m | -28.3 m | -25.9 m | 21.7 m | 113.1 m |
| Income tax | -5.3 m | -1.9 m | 3.0 m | 17.8 m | -2.4 m | -1.2 m | 4.2 m | 22.2 m |
| Net income | 315.7 m | -31.1 m | 5.6 m | 73.9 m | -25.7 m | -24.9 m | 15.2 m | 82.8 m |
| Diluted EPS | 14.94 ≈ | -1.11 | 0.20 | 2.60 | -0.91 ≈ | -0.90 | 0.54 | 2.95 |
| Capex | 15.6 m | 9.9 m | 18.4 m ≈ | 15.8 m ≈ | 30.9 m | 16.9 m | 19.7 m ≈ | 23.3 m ≈ |
| Share repurchases | — | 0 | 0 ≈ | 0 ≈ | 10.2 m | 25.2 m | 7.5 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 28-quarter history (min 1.8, median 33.5, max 260.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.3 bn | 415.4 m | 507.3 m | 299.3 m | 350.3 m | 366.5 m | 452.4 m |
| Revenue YoY | −5.3% | +5.3% | −68.1% | +22.1% | — | +17.0% | +4.6% | +23.4% |
| Net income | 49.2 m | 22.0 m | -374.1 m | -92.7 m | 23.2 m | 16.0 m | 368.5 m | 22.7 m |
| Net income YoY | −14.8% | −55.2% | −1,797.7% | unavailable | — | −31.0% | +2,201.0% | −93.8% |
| Diluted EPS | 2.40 | 1.02 | -18.64 | -5.01 | 0.54 | 0.30 | 12.84 | 0.80 |
| Diluted EPS YoY | −15.2% | −57.5% | −1,927.5% | unavailable | — | −44.4% | +4,180.0% | −93.8% |
| net % | 4.0% | 1.7% | -90.0% | -18.3% | 7.8% | 4.6% | 100.6% | 5.0% |
| Free cash flow | 7.3 m | 32.0 m | -133.8 m | -95.8 m | 16.5 m | 42.2 m | unavailable | unavailable |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 31.1 m USD
- Financial debt
- 100.8 m USD
- Net debt
- 69.7 m USD
- Equity
- 660.4 m USD
- Total assets
- 965.4 m USD
- Debt / equity
- 0.15x
- Current ratio
- 0.81x
- ROE
- 3.5%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 415.4 m | 507.3 m | 299.3 m | 350.3 m | 366.5 m | 452.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | — | — | — | 31.9 m | 31.1 m | 34.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | — | — | — | 318.4 m ≈ | 335.4 m ≈ | 417.8 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| SG&A | — | — | — | 56.8 m | 57.8 m | 80.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -116.2 m | -47.0 m | 68.9 m | 108.4 m | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Depreciation & amortisation | 56.6 m | 53.8 m | 36.1 m | 37.9 m | 43.0 m | 46.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -59.7 m ≈ | 6.7 m ≈ | 105.1 m ≈ | 146.4 m ≈ | — | — | SEC (XBRL)· 01 Mar 2024derived |
| Interest expense | 17.9 m | 28.3 m | 4.1 m | 6.0 m | 14.2 m | 8.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -360.9 m | -95.1 m | 506.0 k | 27.3 m | -45.4 m | 55.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 14.2 m | -1.8 m | 5.7 m | 12.9 m | 6.3 m | 16.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -374.1 m | -92.7 m | 23.2 m | 16.0 m | 368.5 m | 22.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -18.64 | -5.01 | 0.54 | 0.30 | 12.84 | 0.80 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 20.3 m | 20.4 m | 20.6 m | 20.9 m | 21.4 m | 28.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.10 | 0.00 | 0.00 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 39.5 m | 61.6 m | 59.7 m | 27.4 m | 49.7 m | 31.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 17.8 m | 92.0 m | 122.4 m | 8.2 m | 9.3 m | 9.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 8.7 m | 8.6 m | 10.8 m | 9.5 m | 10.0 m | 12.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 91.3 m | 197.6 m | 239.6 m | 235.8 m | 117.4 m | 63.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 492.2 m | 549.1 m | 549.6 m | 554.7 m | 526.2 m | 596.8 m | SEC (XBRL)· 04 Nov 2026verified |
| Goodwill | 99.8 m | 112.1 m | 121.4 m | 123.9 m | 103.3 m | 150.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 71.2 m | 65.2 m | 59.0 m | 54.9 m | 64.4 m | 75.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 853.2 m | 1.0 bn | 1.1 bn | 1.1 bn | 845.0 m | 965.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 21.0 m | 69.7 m | 73.0 m | 14.7 m | 22.5 m | 21.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 8.3 m | 12.8 m | 13.2 m | 6.6 m | 1.9 m | 1.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 400.2 m | 390.5 m | 400.2 m | 388.7 m | 15.0 m | 99.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 97.7 m | 175.1 m | 211.1 m | 232.5 m | 76.4 m | 78.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 545.1 m | 807.8 m | 856.0 m | 867.4 m | 228.3 m | 305.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 174.1 m | 91.8 m | 96.8 m | 132.6 m | 616.7 m | 660.4 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -80.2 m | -37.9 m | 73.4 m | 104.7 m | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Capex | 53.6 m | 57.9 m | 56.9 m | 62.4 m | 56.2 m | 75.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -133.8 m ≈ | -95.8 m ≈ | 16.5 m ≈ | 42.2 m ≈ | — | — | SEC (XBRL)· 01 Mar 2024derived |
| Investing cash flow | -6.8 m | -51.8 m | -63.3 m | -74.9 m | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Financing cash flow | 66.3 m | 107.9 m | -6.1 m | -36.2 m | — | — | SEC (XBRL)· 01 Mar 2024verified |
| Dividends paid | 4.1 m | 0 | 0 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Share repurchases | 2.8 m | 0 | 0 | 0 | 0 | 10.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.5 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.84 – 65.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E22.84 – 65.51 (Mid 41.33)7 companies used · median multiple 24.5x · quartiles 13.6x – 38.9xBRSL, DIS, MSGE, MTN, PRKS, RSI, SEAT
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.6% | 95 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.8% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 14.0% | 93 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 33.6x | 50 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial72/100 · 1/3 factors with a value
- Growth97/100 · 2/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial40/100 · 1/2 factors with a value
- Valuation· partial50/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Pursuit Attractions and Hospitality, Inc. (PRSU). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 452.4 m USD in 2025; YoY growth 23.4%; net margin 9.6%; ROE 7.7%.
The estimated value range is 22.84–65.51 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 41.33 USD, the price of 56.50 USD leaves a potential of -26.8% (value / price − 1) and a margin of safety of -36.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.6%
- Revenue CAGR 3Y: 14.8%
- EPS CAGR 3Y: 14.0%
- Current ratio: 1.7x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −33% / +193% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +64% / +102% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | +10% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −75% / −100% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
1- and 3-year price returns: for PRSU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 37.99 Total return -33% · Per year -33% | 66.86 Total return 18% · Per year 18% | 100.30 Total return 78% · Per year 78% |
| 3 years | 44.87 Total return -21% · Per year -7% | 88.06 Total return 56% · Per year 16% | 143.86 Total return 155% · Per year 37% |
| 5 years | 52.99 Total return -6% · Per year -1% | 115.97 Total return 105% · Per year 15% | 206.34 Total return 265% · Per year 30% |
- Exit P/E± 22.01
- Net margin± 15.41
- Annual revenue growth± 11.52
- Annual dilution± 1.29
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Pursuit Attractions and Hospitality, Inc. operates sightseeing attractions and lodging in iconic destinations across the United States, Canada, Iceland and Costa Rica, with revenue up 23.4% in fiscal 2025 1. It now focuses its portfolio on core assets after selling the Flyover business and acquiring Eagle Wing Tours 23.
SWOT
Strengths
- A portfolio of attractions and lodges in iconic destinations, recognized through several Travelers Choice awards, gives a brand advantage that is hard to replicate 1.
- Leverage is described as controlled, and the company has revolving credit capacity available to finance growth 3.
- Combining attractions with lodging allows cross-selling and higher spend per guest 1.
Weaknesses
- The business is highly seasonal, concentrated in summer, which makes revenue vulnerable to adverse events in peak periods 1.
- Dependence on weather was visible in the second quarter of 2026, when attraction visitation declined 3.
- Exposure to several countries and currencies adds operational complexity and currency risk 13.
Opportunities
- Organic growth projects planned for 2026 and 2030 could deliver strong returns if completed on schedule 3.
- Reopening of the Denali park road could relaunch the safari experience and attract new customer segments 13.
- Strategic acquisitions in top destinations, such as Eagle Wing Tours, could extend geographic presence 23.
Threats
Risks
- High seasonalityhigh
Most revenue is earned in the second and third quarters, so adverse summer events can strongly affect annual results 1.
- Natural disasters and catastropheshigh
Wildfires, floods and volcanic eruptions can close properties and deter visitors, as happened in Jasper in 2024 1.
- Debt and financial covenantsmedium
The revolving credit facility has financial covenants and payment obligations that could limit flexibility if economic conditions worsen 1.
- Currency riskmedium
Operations in Canada, Iceland and Costa Rica expose the company to currency fluctuations, which already led to an adjusted 2026 guidance 13.
- Attraction accidentsmedium
A serious incident at an attraction could damage reputation, lead to litigation and reduce visitors, and insurance might not cover all losses 1.
Investment thesis
What would need to be true (bull case)
- If demand for iconic experiences stays strong and second-quarter growth carries forward, the company could reach its revised 2026 guidance 3.
- Redirecting capital from the Flyover sale into high-return investments could support longer-term margin growth 3.
- The Tabacón acquisition and planned upgrades could diversify revenue and partly reduce dependence on summer seasonality 12.
What would break the thesis
- Concentrated summer activity means a weak season, caused by weather or an incident, could materially affect the year's results 13.
- Debt and currency swings could pressure profitability if financing costs rise or the Canadian dollar weakens 13.
- If growth capital projects fail to reach their expected returns, the investments could become a drag on cash flow 3.
What to watch
- Revenue and Adjusted EBITDA performance against the revised 2026 guidanceQ3 2026
- Integration of Eagle Wing Tours and its contribution to resultsQ4 2026
- Resumption of Denali Backcountry Adventure tours after the road reopens2027
- Net debt level and use of Flyover sale proceedsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Pursuit operates a collection of attractions and lodging grouped into regional collections such as Banff Jasper, Alaska, Glacier Park and Tabacón, with 17 attractions and 29 lodges at the end of fiscal 2025 1. The company is managed as a single operating segment and groups its activities into three lines of business: attractions, hospitality and transportation 1. Its growth strategy, called Refresh, Build, Buy, combines refreshing existing assets, building new experiences and making strategic acquisitions 1.
The July 2025 acquisition of Tabacón added an eco-luxury resort in Costa Rica designed to generate revenue more evenly over the calendar year than the rest of the business, which is heavily seasonal toward summer 12. The sale of Flyover to Brogent, completed on July 31, 2026, removed a non-core line, while the acquisition of Eagle Wing Tours in British Columbia extended the presence to Vancouver Island 23.
The company was formerly Viad Corp and was reorganized after selling its GES Exhibitions and Spiro segments, a transaction completed in 2024 1. Its shares trade on the NYSE under the symbol PRSU since January 2, 2025 13.
Segments
Attractions
Attractions include gondolas, lake cruises, glacier tours and the Sky Lagoon in Iceland, and attractions revenue reached 257.5 million USD in fiscal 2025 1.
Hospitality
Hospitality covers lodges and hotels in national parks in Canada, Alaska, Montana and Costa Rica, with revenue of 180.4 million USD in fiscal 2025 1. RevPAR growth was driven mainly by revenue management and stronger guest demand 1.
Transportation
Transportation includes motorcoach tours, airport shuttles and the Denali safari operation, and its contribution is small compared with attractions and lodging 1.
Market context
The market is leisure tourism and experiences in natural destinations, where competition is mainly based on location, facility uniqueness, service and price 1. Activity is strongly seasonal, with most revenue earned in the second and third quarters, so adverse events in peak periods have a major impact 1. The company operates in a market where demand depends on people's ability and willingness to travel 1.
Trends
- Demand for authentic experiencestailwind
The company says demand for experiential travel in iconic destinations remains strong, supporting revenue growth in attractions and lodging 3.
- Seasonality and weatherheadwind
Activity is concentrated in summer, and unfavorable weather in the second quarter of 2026 reduced attraction visitation, showing sensitivity to peak-period events 13.
- Portfolio consolidationmixed
The Flyover sale and the Eagle Wing Tours acquisition point to a focus on core assets, which could improve returns on invested capital if integration goes well 23.
- Financing costs and currencyheadwind
Variable-rate debt and fluctuations between the Canadian and US dollar can affect costs and results, and the company has already adjusted its 2026 guidance for exchange rate assumptions 13.
Competitive position
Competition comes from locally owned independent hotels, national and international chains and operators of attractions in the same destinations 1. The company says its advantages are distinctive attractions, iconic destinations and a strong hospitality culture, but competitors with greater financial and marketing resources could match or exceed them 1.
Competition is intensifying through overcapacity in hospitality and pricing pressure, which could force the company to lower its rates to keep customers 1.
- National and international hotel chains
Compete for lodging guests in the same regions, some with greater marketing resources and expansion capacity 1.
- Locally owned independent hotels
Compete in the geographic markets of the company's properties, especially in Canadian and Montana destinations 1.
- Sightseeing tour and attraction operators
Compete for the same visitors to national parks and tourist destinations 1.
- Thermal resorts and spas
Compete with Tabacón and Sky Lagoon in the luxury wellness and thermal experience segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Cultural exchange or ‘united front’? Why Taipei said no to Pursuit of Jade star Zhang LingheThe Straits Times — Asia · 25 Oct 2026 · EN
- News 12 | Westchester | 3 Haverstraw Officers Hurt After Attempted Burglary Suspect Runs Over Officer Crashes Into Police Vehicle During PursuitSurge — GDELT DOC · 24 Oct 2026 · RO
- US condones Japan's pursuit of nuclear weapons — North Korean news agencyTASS (RU, EN) · 15 Oct 2026 · EN
- ICE agent strikes man with vehicle during pursuit in Texas, officials sayThe Guardian World · 11 Oct 2026 · EN
- STAT+: Invivyd’s pursuit of a Covid vaccine alternative gets a lift, but an FDA hurdle may awaitSTAT News · 01 Oct 2026 · EN
- Whitmer: Michigan to review ICE vehicle pursuit that resulted in fatal crashThe Hill · 24 Sept 2026 · EN
- Watch : Suspect in suspicious ATM activity tosses $6 , 000 out truck window during police pursuitSurge — GDELT DOC · 24 Sept 2026 · RO
- Kosovo Verdict Reflects West’s Strategic Priorities, Not Pursuit of JusticeBalkan Insight (BIRN) · 17 Sept 2026 · EN
- Kaima Taira uses data and science in pursuit of pitching perfectionThe Japan Times · 14 Sept 2026 · EN
- Hot pursuit: Man who robbed Indian bank using chilli powder arrestedAl Jazeera English · 11 Sept 2026 · EN
- Badminton doubles players focusing on process in pursuit of 1st Asian Games gold togetherYonhap News (KR, EN) · 08 Sept 2026 · EN
- Polanski faces Green rival in his pursuit of Keir Starmer’s old seatThe Guardian World · 07 Sept 2026 · EN
- PayPal Dives As Advent-Stripe Group Said To Drop Pursuit Of Payments GiantYahoo Finance — News · 28 Aug 2026 · EN
- Stripe, Advent suspend their pursuit of PayPalYahoo Finance — News · 28 Aug 2026 · EN
- Stripe said to abandon $50B pursuit of PayPalHacker News · 28 Aug 2026 · EN
- Male driver dies after crash during police pursuit in WarwickshireThe Guardian World · 25 Aug 2026 · EN
- South Africa freedom day memorial gathering reveals its pursuit of dignity and inclusive governance in post apartheid eraGlobal Times (CN, EN) · 23 Aug 2026 · EN
- US Ukraine policy contradicts pursuit of peace — Russian deputy foreign ministerTASS (RU, EN) · 09 Aug 2026 · EN
- Nagasaki hibakusha urges pursuit of peace, not war preparationsThe Japan Times · 09 Aug 2026 · EN
- SpaceX's pursuit of a China-free supply chainNikkei Asia · 04 Aug 2026 · RO
The latest news item in our archive is from 25 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Current report20 May 2026Other events
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement15 Apr 2026
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Pursuit Attractions and Hospitality, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Pursuit Attractions and Hospitality, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Pursuit Attractions and Hospitality, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.