Penn National Gaming Inc (PENN) — Tangible Net Worth Ratio
Penn National Gaming Inc (PENN) has a Tangible Net Worth Ratio of 23.1% as of December 2025. This metric is calculated by deducting intangible assets ($1.40 Billion) from net assets ($1.83 Billion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. See Penn National Gaming Inc (PENN) working capital ratio to evaluate short-term liquidity relative to the company's equity base.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Penn National Gaming Inc Tangible Net Worth Ratio (1993–2025)
This chart shows how Penn National Gaming Inc's Tangible Net Worth Ratio has changed across 30 annual periods from 1993 to 2025. As of December 2025, the ratio stands at 23.1%, reflecting net assets of $1.83 Billion with intangible assets of $1.40 Billion USD. See operational self-sufficiency of Penn National Gaming Inc to measure how many days the company can operate on defensive assets alone.
Annual Tangible Net Worth Ratio for Penn National Gaming Inc (1993–2025)
The table below presents the year-by-year Tangible Net Worth Ratio for Penn National Gaming Inc from 1993 to 2025, covering 30 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. For the full company profile including market capitalisation, see PENN market cap overview.
| Year | Tangible NW Ratio | Net Assets (USD) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2025 | 23.1% | $1.83 Billion | $1.40 Billion | $14.27 Billion | ▼ -23.3 pp |
| 2024 | 46.5% | $2.86 Billion | $1.53 Billion | $15.26 Billion | ▼ -2.9 pp |
| 2023 | 49.4% | $3.20 Billion | $1.62 Billion | $16.06 Billion | ▼ -2.2 pp |
| 2022 | 51.7% | $3.60 Billion | $1.74 Billion | $17.50 Billion | ▼ -2.6 pp |
| 2021 | 54.3% | $4.10 Billion | $1.87 Billion | $16.87 Billion | ▲ +11.3 pp |
| 2020 | 43.0% | $2.66 Billion | $1.51 Billion | $14.67 Billion | ▲ +52.4 pp |
| 2019 | -9.4% | $1.85 Billion | $2.03 Billion | $14.19 Billion | ▲ +144.5 pp |
| 2018 | -153.9% | $731.22 Million | $1.86 Billion | $10.96 Billion | ▼ -187.1 pp |
| 2014 | 33.2% | $554.49 Million | $370.56 Million | $2.24 Billion | ▼ -19.4 pp |
| 2013 | 52.6% | $758.40 Million | $359.65 Million | $2.18 Billion | ▼ -16.0 pp |
| 2012 | 68.6% | $2.25 Billion | $706.48 Million | $5.64 Billion | ▼ -10.0 pp |
| 2011 | 78.6% | $1.97 Billion | $421.59 Million | $4.61 Billion | ▲ +2.0 pp |
| 2010 | 76.6% | $1.78 Billion | $415.15 Million | $4.46 Billion | ▼ -3.0 pp |
| 2009 | 79.6% | $1.85 Billion | $376.95 Million | $4.71 Billion | ▲ +13.4 pp |
| 2008 | 66.3% | $2.06 Billion | $693.76 Million | $5.19 Billion | ▲ +35.6 pp |
| 2007 | 30.6% | $1.12 Billion | $777.44 Million | $4.97 Billion | ▲ +9.5 pp |
| 2006 | 21.2% | $921.16 Million | $726.13 Million | $4.51 Billion | ▲ +389.5 pp |
| 2005 | -368.4% | $546.54 Million | $2.56 Billion | $4.19 Billion | ▼ -316.5 pp |
| 2004 | -51.9% | $398.09 Million | $604.60 Million | $1.64 Billion | ▲ +49.0 pp |
| 2003 | -100.9% | $309.88 Million | $622.50 Million | $1.61 Billion | ▼ -127.2 pp |
| 2002 | 26.3% | $247.00 Million | $182.04 Million | $765.48 Million | ▲ +11.3 pp |
| 2001 | 15.0% | $103.27 Million | $87.75 Million | $679.38 Million | ▲ +25.8 pp |
| 2000 | -10.8% | $79.22 Million | $87.75 Million | $439.90 Million | ▼ -78.2 pp |
| 1999 | 67.4% | $66.30 Million | $21.60 Million | $190.60 Million | ▲ +5.4 pp |
| 1998 | 62.0% | $59.00 Million | $22.40 Million | $160.80 Million | ▲ +4.9 pp |
| 1997 | 57.1% | $53.90 Million | $23.10 Million | $158.90 Million | ▲ +35.6 pp |
| 1996 | 21.5% | $27.90 Million | $21.90 Million | $96.70 Million | ▼ -69.4 pp |
| 1995 | 90.9% | $20.80 Million | $1.90 Million | $27.50 Million | ▲ +3.7 pp |
| 1994 | 87.2% | $15.60 Million | $2.00 Million | $21.90 Million | ▲ +46.0 pp |
| 1993 | 41.2% | $3.40 Million | $2.00 Million | $18.40 Million | — |