Wynn Resorts (WYNN)
Consumer Discretionary · $8.5B market cap · SEC CIK 0001174922
fundamentals score out of 100
Next reports on Nov 4, 2026, after the close, with analysts expecting $1.01 in earnings per share.
The case for WYNN
- Free cash flow of 8.1% of its market value a year: a lot of cash for the price.
- A PEG of 0.90: a P/E of 19.0× is low for EPS growing 21%.
- Has compounded revenue at 27.8% a year over five years.
The case against
- Down 35.7% over the past year.
- Long-term debt of $10.5B would take 8 years of operating cash flow to repay.
- Growth is slowing: revenue up 6.4% this year against 27.8% a year over five.
- Owes more than it owns: shareholder equity is -$275M, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Current liabilities exceed current assets (ratio 0.91).
- Return on assets of 3.5% is lower than 92% of Consumer Discretionary companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 76 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 77 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 36 |
| Momentumhow the price has behaved lately | 10 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 19.0× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 1.2× |
| Revenue growth (YoY) | +6.4% |
| EPS growth (YoY) | +21.0% |
| Gross margin | 41% |
| Operating margin | 16% |
| Net margin | 6% |
| Return on assets | 3.5% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 0.91 |
| Dividend yield | 0.97% |
| Beta | 0.94 |
| 52-week range | $81.35 – $134.72 |
| Position in that range | 2% of the way up |
| 3-month return | -21.0% |
| 1-year return | -35.7% |
Five years of financials, as filed
Pulled from Wynn Resorts's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $7.1B | $7.1B | $6.5B | $3.8B | $3.8B |
| Operating income | $1.1B | $1.1B | $840M | -$101M | -$395M |
| Net income | $327M | $501M | $730M | -$424M | -$756M |
| Operating cash flow | $1.4B | $1.4B | $1.2B | -$71.3M | -$223M |
| Capital expenditure | $660M | $420M | $443M | $300M | $291M |
| Total assets | $13.1B | $13.0B | $14.0B | $13.4B | $12.5B |
| Total liabilities | $14.1B | $13.9B | $15.1B | $15.1B | $13.4B |
| Shareholder equity | -$275M | -$224M | -$251M | -$751M | -$214M |
| Cash | $1.5B | $2.4B | $2.9B | $3.7B | $2.5B |
| Long-term debt | $10.5B | $10.5B | $11.0B | $11.6B | $11.9B |
| Free cash flow | $692M | $1.0B | $805M | -$371M | -$513M |
| Operating margin | 15.7% | 15.9% | 12.9% | -2.7% | -10.5% |
| Net margin | 4.6% | 7.0% | 11.2% | -11.3% | -20.1% |
| Diluted shares | 104M | 110M | 113M | 114M | 114M |
Share count is down 8.4% over 4 years. Buybacks have been shrinking the pie.
What Wynn Resorts says it does
Our Company Wynn Resorts, Limited ("Wynn Resorts," "Wynn," or together with its subsidiaries, "we" or the "Company") is a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. We believe that our extensive design and operational experience across numerous gaming jurisdictions provides us with a distinct advantage over other gaming enterprises. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), we operate two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn…
Risk factors WYNN lists in its 10-K
- Our business is particularly sensitive to reductions in discretionary consumer spending, and
- a negative macroeconomic environment, including an economic downturn or recession, could adversely impact our business, results of operations, financial condition and cash flows
- Investigations, litigation and other disputes could distract management, damage our reputation, and result in negative publicity and additional scrutiny from regulators
- We depend on the continued services of key managers and employees. If we do not retain our key personnel or attract and retain other highly skilled employees, our business will suffer
- Our continued success depends on our ability to maintain the reputation of our resorts
- We are entirely dependent on a limited number of resorts for all of our cash flow, which subjects us to greater risks than a gaming company with more operating properties
- We are a parent company and our primary source of cash is and will be distributions from our subsidiaries
- Our casino, hotel, convention and other facilities and offerings face intense competition, which may increase in the future
- Las Vegas Operations and Encore Boston Harbor
- Our business relies on premium customers. We often extend credit, and we may not be able to collect gaming receivables from our credit players or credit play may decrease
- Las Vegas Operations and Encore Boston Harbor
- Win rates for our gaming operations depend on a variety of factors, some of which are beyond our control
- We could encounter higher than expected cost increases in the development of our projects
- Because we own real property, we are subject to extensive environmental regulation, which creates uncertainty regarding future environmental expenditures and liabilities