At a glance
Ryman Hospitality Properties Inc is worth $8.36B, about 35 times its fiscal 2025 earnings. Revenue grew 10.2% to $2.58B in fiscal 2025, with 9.4% kept as profit; over 5 years it has grown 37.5% a year. It pays a 3.62% dividend yield, raised every year for at least 4 years, and returned $734.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +60.2% over the past year with dividends reinvested and +13.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 84.3% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months and 11 months after the lows.
The business in plain English
Ryman Hospitality Properties is a real estate investment trust (REIT). A REIT is a company that owns property and generally avoids federal corporate income tax on the profits it pays out as dividends. Ryman owns large resorts where convention groups can meet, sleep and eat under one roof. Its core is five Gaylord Hotels resorts in or near Nashville, Orlando, Dallas, Washington D.C. and Denver. It also owns two JW Marriott resorts in San Antonio and Phoenix. Together they have 11,869 rooms. Federal tax rules restrict REITs from running hotels, so Marriott manages them.
Its main customers are meeting planners booking large group events, along with regional leisure travelers. Hospitality brought in about 83% of Ryman's $2.58 billion in revenue for the year ended December 31, 2025. Food and drink is a big earner. Banquets alone made up 26.4% of total revenue, more than group room bookings at 20.9%. Rooms for individual travelers added 10.1%.
The other 17% came from Ryman's roughly 70% stake in Opry Entertainment Group. That group owns the Grand Ole Opry, Nashville's Ryman Auditorium and WSM-AM radio. It also runs six Blake Shelton-themed Ole Red venues, a Luke Combs-themed Category 10 venue and the Block 21 complex in Austin. It holds a majority stake in the festival producer Southern Entertainment.
Price history
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RHP +60.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Hotel Food And Beverage Banquets | $680.3M | 26.4% |
| Hotel Group Rooms | $538.5M | 20.9% |
| Hotel Other | $349.8M | 13.6% |
| Hotel Food And Beverage Outlets | $313.6M | 12.2% |
| Hotel Transient Rooms | $260.8M | 10.1% |
| Entertainment Admissions And Ticketing | $168.1M | 6.5% |
| Entertainment Food And Beverage | $152.5M | 5.9% |
| Entertainment Retail And Other | $113.4M | 4.4% |
By business segment
| Hospitality | $2.14B | 83.2% |
| Entertainment Segment | $434.0M | 16.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $749.0M, up 13.6% from a year earlier, and net income was $92.8M (+29.3%).
- For fiscal 2025, revenue was $2.58B (+10.2% year over year; +37.5% a year from FY2020 to FY2025) with a 9.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +37.5% good |
|---|---|
| Operating margin | 18.9% good |
| Free cash flow margin | 9% watch |
| Return on equity (FY2025) | 32.5% good |
| Return on assets (FY2025) | 3.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $524.5M | $-417.4M | $-327.0M |
| FY2021 | $939.4M | $-177.0M | $33.8M |
| FY2022 | $1.81B | $129.0M | $330.4M |
| FY2023 | $2.16B | $311.2M | $350.3M |
| FY2024 | $2.34B | $271.6M | $168.6M |
| FY2025 | $2.58B | $243.4M | $232.4M |
Valuation snapshot
| Market value | $8.36B |
|---|---|
| P/E ratio | 35.1 |
| Dividend yield | 3.62% |
Rank among 1514 US companies
Market value at each year end
Ryman Hospitality Properties’s market value went from $3.21B at the end of 2016 to $8.36B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.36B | +40.3% |
| 2025 | $5.96B | -4.6% |
| 2024 | $6.25B | -4.9% |
| 2023 | $6.57B | +45.7% |
| 2022 | $4.51B | -10.9% |
| 2021 | $5.06B | +35.9% |
| 2020 | $3.73B | -16.4% |
| 2019 | $4.46B | +30.2% |
| 2018 | $3.42B | -3.1% |
| 2017 | $3.53B | +9.9% |
| 2016 | $3.21B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RHP price data to Oct 28, 2026 | +44.6% | +60.2% | +22.4% | +13.2% | +14.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.6% |
| 2025 | -4.7% |
| 2024 | -1.2% |
| 2023 | +40.2% |
| 2022 | -10.7% |
| 2021 | +35.7% |
| 2020 | -19.7% |
| 2019 | +35.7% |
| 2018 | +0.9% |
| 2017 | +15.1% |
| 2016 | +29.2% |
| 2015 | +2.9% |
| 2014 | +32.2% |
| 2013 | +16.0% |
| 2012 | +136.1% |
| 2011 | -32.8% |
| 2010 | +82.0% |
| 2009 | +82.2% |
| 2008 | -73.2% |
| 2007 | -20.5% |
| 2006 | +16.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 91% over that stretch · deepest drop along the way 91%, back to its old high 45.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 72.6% over that stretch · deepest drop along the way 84.3%, back to its old high 18.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.9% over that stretch · deepest drop along the way 26%, back to its old high 11.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 9.42% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.6% | Mar 31, 2025 |
| Vanguard Capital Management | 5.13% | Mar 31, 2026 |
| PRINCIPAL REAL ESTATE INVESTORS LLC | 4.1% | Sep 30, 2025 |
ETFs with the most weight in RHP
| BYRE Principal Real Estate Active Opportunities ETF | 2.38% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.22% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.87% |
| PSCF Invesco S&P SmallCap Financials ETF | 1.61% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 1.08% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.86% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.85% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.7% |
What could go wrong
- All hotels depend on one manager, Marriott. Tax rules restrict REITs from running hotels, so Marriott manages all of Ryman's hotels. Ryman can't easily change how they're run. Damage to Marriott's business or reputation could cut revenue and dividends.
- New Phoenix resort must be absorbed smoothly. Ryman bought JW Marriott Desert Ridge in June 2025. If folding it into the portfolio proves harder, costlier or slower than expected, financial and operating results could suffer.
- Shared control of the Opry business. Ryman owns about 70% of Opry Entertainment Group. Agreements with an affiliate of Atairos, which holds a minority stake, govern that ownership. A disagreement with that partner could hurt Ryman's interest.
- Board can drop REIT status without a vote. Ryman's board can revoke its REIT status without shareholder approval. That would expose its profits to federal corporate income tax and end the requirement to pay out taxable income as dividends.
- Floating-rate debt can get costlier. Some of Ryman's debt carries variable interest rates. If rates rise, its interest bills could climb significantly, leaving less cash for hotel investment and dividends.
- Rising rates can weigh on the shares. Ryman warns its share price may move sharply with market interest rates. Higher rates make bonds and savings more attractive next to dividend stocks, which can pull the shares down.
Recent events
- Other company announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Major agreement signed; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
Ryman's record of dividend growth is short. During the pandemic the payout fell from $0.95 a share in 2020 to about one cent in 2021. It then rose four years running to $4.65 in fiscal 2025. The yield was 3.62% as of October 28, 2026. Dividends paid in fiscal 2025 equaled 117.3% of net income and 122.9% of free cash flow (cash left after capital spending). Depreciation is a non-cash cost, so REITs often pay out more than their net income. Paying more than free cash flow, though, leaves no cushion. Ryman bought back no shares in fiscal 2021–2025, and its share count rose 14.6% from October 2021 to July 2026.
The shares lost 91% in the 2008 financial crisis and did not recover until December 2012. In the 2020 COVID crash they dropped 84.3% and took about 18 months from the low to recover. In the 2022 bear market they fell 26%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Ryman Hospitality Properties make money?
Mostly by owning large convention resorts. In the year ended December 31, 2025, its Hospitality segment produced about 83% of $2.58 billion in revenue. That money came from banquets, room bookings by groups and individual travelers, and restaurants. The properties are five Gaylord Hotels resorts, two JW Marriott resorts and two smaller overflow hotels, all run by Marriott. The other 17% came from Opry Entertainment Group, which Ryman owns about 70% of. It earns money from tickets, food and drink, and retail at the Grand Ole Opry and other venues.
Does RHP raise its dividend every year?
No. Ryman has raised its dividend four years in a row, but the streak began after the pandemic. The payout fell from $0.95 a share in 2020 to about one cent in 2021. Dividends then grew to $4.65 a share in fiscal 2025, and the yield was 3.62% as of October 28, 2026. As a REIT, Ryman's policy is to pay out at least 100% of its REIT taxable income each year, subject to board decisions.
Does Ryman Hospitality own the Grand Ole Opry?
Yes, through a controlling stake. Ryman owns about 70% of Opry Entertainment Group, which owns the Grand Ole Opry, the Ryman Auditorium in downtown Nashville and WSM-AM, the Opry's radio home. The group also includes six Ole Red venues, a Category 10 venue in Nashville and the Block 21 complex in Austin. In 2022 Ryman sold a minority stake to an affiliate of Atairos and its partner NBCUniversal. The group produced about 17% of Ryman's fiscal 2025 revenue.
Who manages Ryman Hospitality's hotels?
Marriott does. Federal tax law restricts REITs from operating hotels. So Ryman leases its hotels to taxable subsidiaries, which hire Marriott as manager. Marriott sets room and meeting-space rates, controls spending and employs the staff. Ryman benefits from Marriott's sales force and frequent-traveler program, but it can't require Marriott to run the hotels a particular way. One manager runs the hotels behind substantially all of Ryman's Hospitality revenue, so trouble at Marriott could hurt Ryman's results and dividends.
How has RHP stock performed over the long term?
It has done well over the past decade, with deep drops along the way. Based on share prices as of October 28, 2026, the stock returned about 14.2% a year over 10 years and 13.2% a year over five years. It gained 60.2% over the prior 12 months. But it fell 91% in the 2008 financial crisis and 84.3% in the 2020 COVID crash. As of October 28, 2026, it traded at 35.1 times fiscal 2025 earnings per share.