Why Six Flags Stock Absolutely Crushed the Market Today

Six Flags shares just delivered a rollercoaster ride that left Wall Street analysts clutching their pearls—and their portfolios.

The Thrill Ride Nobody Saw Coming

While traditional investors were busy rebalancing their boring bond allocations, Six Flags executed a gravity-defying surge that made theme park queues look short by comparison. The stock didn't just beat expectations—it launched them into orbit.

Breaking Through Resistance Levels

Market technicians watched in awe as share prices smashed through technical barriers that had stood firm for quarters. The move demonstrated more momentum than a 200-foot drop coaster—and with considerably less screaming from shareholders.

Where Traditional Analysis Goes to Die

Fundamental analysts scrambling to justify the move with discounted cash flow models looked about as relevant as someone trying to pay for a churro with a fax machine. Sometimes markets just want to have fun—and make money while doing it.

The theme park giant's performance serves as yet another reminder that sometimes the best investments aren't in spreadsheets but in experiences that actually make people happy—a concept that still baffles most finance professionals.

Valuable property

That morning, the activist, Land & Buildings Investment Management, published the letter it sent Six Flags. True to its name, the activist pushed the company to consider monetizing its sprawling land portfolio, suggesting means such as a spin-out of such assets into a real estate investment trust (REIT), or outright sales.

Image source: Getty Images.

This isn't the first time Land & Buildings has prodded Six Flags to exploit the value of its properties. In the letter, it said that one of its presentations illustrated how the company's stock could rocket 50% higher after pulling one of those moves.

The stakes are even higher now, at least according to the activist.

Referring to the beaten-down Six Flags equity, it wrote that "Today, with the Company's valuation NEAR all-time lows, we see an even more compelling rerating opportunity from separating the real estate, with over 75% immediate upside based on 2026 consensus estimates."

Land & Buildings wrote that "Upside could be as much as 130% if 2026 EBITDA recovers to $1.1 billion (FUN's original 2025 guidance)."

Small stake, big voice

As is standard with activist investors, Land & Buildings has a small (roughly 2%) stake in Six Flags, so it probably can't effect such a change on its own. Effective activists are good at shaking up the people who can make big moves, and at getting shareholders behind their ideas. So far, the company's ideas for "unlocking" the value of the real estate seem to be resonating. We'll see if they result in real change.