Pursuit Attractions and Hospitality, Inc. (PRSU)

Return on total capital

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-49,814	-31,635	112,656	106,194	88,112	91,895	91,439	80,931	82,212	66,425	48,593	22,046	-48,690	-63,455	-99,648	-155,577	-283,106	-342,653	-298,630	-226,837
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	497,854	525,825	96,765	41,207	12,247	43,433	51,750	16,487	-4,248	14,530	7,759	-7,591	-18,169	6,282	25,608	18,751	56,502	95,955	134,848	153,772
Return on total capital		-10.01%	-6.02%	116.42%	257.71%	719.46%	211.58%	176.69%	490.88%	—	457.16%	626.28%	—	—	-1,010.11%	-389.13%	-829.70%	-501.05%	-357.10%	-221.46%	-147.52%

March 31, 2025 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-49,814K ÷ ($—K + $497,854K)
= -10.01%

The analysis of Pursuit Attractions and Hospitality, Inc.'s return on total capital over the specified periods reveals significant fluctuations and a highly volatile pattern. From June 30, 2020, through March 31, 2021, the company experienced substantial negative returns, with figures worsening from -147.52% to -501.05%. This trend indicates that during this timeframe, the company's operations were generating returns insufficient to cover the total capital invested, reflecting substantial diminutions in value or operational inefficiencies.

Throughout the latter part of 2021, the negative returns intensified further, reaching as low as -1,010.11% on December 31, 2021, signifying extremely poor performance relative to total capital. Notably, there is a period in 2022 where data is unavailable (March and June 2022), but positive returns resumed in September 2022 at 626.28%, followed by a decrease to 457.16% at the end of that year. This transition from negative to positive terrain suggests a significant recovery phase beginning in late 2022.

From early 2023 onward, the return on total capital demonstrates a positive trend, with figures rising to 490.88% in June 2023, 176.69% in September 2023, and reaching 211.58% at the close of December 2023. The subsequent periods indicate continued growth with a notable peak at 719.46% in March 2024, followed by fluctuations to 257.71% in June 2024, 116.42% in September 2024, and a decline to -6.02% in December 2024. The negative return reported in March 2025 (-10.01%) suggests renewed challenges or a downturn.

Overall, the company's return on total capital transitioned from deeply negative values in 2020 and 2021, indicating poor performance during these periods, to substantial positive returns starting from late 2022, reflecting possible improved operational efficiency, strategic adjustments, or market conditions. However, the recent fluctuations and occasional negative figures underscore ongoing volatility and the potential for instability in the company's profitability relative to its total capital base.