FUN vs LTH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FUN and LTH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FUN and LTH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Six Flags Entertainment Corporation (NYSE: FUN) runs more than 40 amusement parks, water parks, and resort properties across the United States, Canada, and Mexico, including the legacy Cedar Fair and Six Flags brands. The company was created by the July 1, 2024 merger of Cedar Fair and Six Flags, and it keeps Cedar Fair's old FUN ticker. Revenue comes from admissions, season passes and memberships, and in-park spending on food, beverage, merchandise, and games, with per-capita spending (~$69 in Q1 2026) a key metric the company pushes higher through pricing and mix.

Full FUN guide

Life Time Group Holdings runs more than 190 large-format athletic country clubs across the United States and Canada, pairing gyms with pools, spas, pickleball and tennis courts, cafes, coworking spaces and a digital platform of classes and events. It positions itself at the premium end of the fitness market, charging average monthly dues around $230 and average revenue per membership near $930, and it has been deliberately shifting toward higher-value members and away from lower-paying insurance-administered memberships. Revenue reached roughly $3.0 billion in 2025 and continued to climb in 2026: about $789 million in the first quarter and about $866 million in the second, up about 14% year over year, with net income of about $101 million in the second quarter.

Full LTH guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• FUN drivers: Merger synergies and cost cuts; Attendance and per-capita spending.
• LTH drivers: Premium membership pricing and mix shift; New club expansion and footprint growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The balance sheet is the biggest risk: roughly $5.16 billion of debt against a market cap under $900 million means interest costs consume a large share of cash flow and leave little cushion for a bad season. For LTH, the most cited risk is heavy capital spending and reliance on sale-leasebacks, which can squeeze cash flow and margins if financing conditions worsen or rents rise.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick FUN if you believe its drivers more; LTH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the FUN and LTH guides.

FUN. FUN trades at a small equity value relative to its revenue, but enterprise value is dominated by roughly $5.16 billion of debt, so the business is valued far more richly on an EV/EBITDA basis (~7.7x) than the ~$867 million market cap suggests. Third-quarter results on November 5, 2026 cover the peak summer season, with consensus EPS near $2.09 on ~$1.17 billion of revenue, and will be the first print since the Goliath accident. Seasonality means quarterly figures swing between profit in summer and losses in the off-season.

LTH. Life Time trades at about 22 times trailing and 20 times forward earnings and roughly 15 times EV/EBITDA, after a 54% rise in 2026. Analysts expect revenue of about $3.37 billion in 2026 and $3.77 billion in 2027, and the 14 covering it have a mean target of about $56. The roughly $4.3 billion debt load, negative free cash flow during the build-out and sale-leaseback reliance are the main counterweights to that valuation.

Headline figures (approximate, October 2026): FUN shows revenue (ttm) ~$3.06B; latest quarter down ~7% year over year, q2 2026 Revenue ~$865M; net loss ~$203M; EPS -$1.41 vs +$0.33 consensus, ebitda (ttm) ~$794M; free cash flow ~$483M, net loss (ttm) ~$1.75B (includes the 2025 non-cash impairment); LTH shows revenue (ttm) ~$3.2B (Q2 2026 ~$866M, up ~14% YoY), net income (ttm) ~$415M (EPS ~$1.83), operating / net margin ~17% / ~13%, p/e (trailing / forward) ~22x / ~20x.

FUN and LTH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FUN and LTH exposure against your real portfolio. It is not an investment adviser.