FUN // Six Flags Entertainment Corporation

Consumer Discretionary • Services-Misc. Amusement & Recreation

$7.68 ▲ +0.14 (+1.86%)

MKT CAP: $785.8M • VOL: 3.85M

52W L $7 52W H $26

PIOTROSKI

5 / 9

FUN // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

FUN // Six Flags Entertainment Corporation

GROSS MARGIN

91.3%

OP MARGIN

-44.4%

ROIC %

-19.3%

MKT CAP

$785.8M

UPSTREAM INPUTS ──► FUN OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
FUN ★	Six Flags Entertainment Corporation	$7.68	$785.8M	91.3%	-44.4%	-19.3%	—	+14.4%	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$243.79	$2.63T	—	—	17.6%	15.8x	—	FUN VS AMZN <GO>
TSLA	Tesla, Inc.	$403.30	$1.59T	19.3%	3.4%	3.4%	199.0x	+8.3%	FUN VS TSLA <GO>
V	Visa Inc.	$410.54	$733.53B	—	60.0%	32.3%	28.9x	+11.3%	FUN VS V <GO>
MA	Mastercard Incorporated	$635.70	$556.88B	—	57.6%	33.5%	29.2x	+16.4%	FUN VS MA <GO>
PG	Procter & Gamble Company	$160.59	$372.21B	51.2%	24.3%	25.4%	16.2x	+0.3%	FUN VS PG <GO>