Investment Thesis
Wynn Resorts demonstrates solid operational efficiency with 15.7% operating margins and strong cash generation (FCF of $692M), but faces significant financial distress with negative stockholders' equity (-$275.5M) and debt load of $10.5B against total equity deficit. Profitability deterioration (net income -20% YoY, diluted EPS -27.8% YoY) on flat revenue growth raises concerns about operational challenges and debt service sustainability despite adequate short-term liquidity.
WYNN Strengths
- Strong free cash flow generation at $692.2M with 9.7% FCF margin demonstrates core business cash-generating ability
- Solid operating efficiency with 15.7% operating margin and 1.4B in operating cash flow
- Adequate short-term liquidity with 1.63x current ratio and $1.5B cash position relative to operations
WYNN Risks
- Negative stockholders' equity of -$275.5M indicates balance sheet insolvency and significant debt overhang at $10.5B
- Declining profitability with net income down 20% YoY and diluted EPS down 27.8% YoY despite flat revenue suggests operational deterioration or rising costs
- Flat revenue growth (+0.1% YoY) in hospitality sector indicates market saturation or competitive pressure with limited top-line expansion capacity
Key Metrics to Watch
- Net income trend and margin recovery - critical given 20% YoY decline
- Revenue growth acceleration and occupancy rates - currently stagnant growth is concerning
- Debt reduction trajectory - negative equity requires deleveraging to restore financial health
WYNN Financial Metrics
WYNN Profitability Ratios
WYNN Balance Sheet & Liquidity
WYNN 5-Year Financial Trend
5-Year Trend Summary: WYNN RESORTS LTD's revenue has shown modest growth of 8% over the 5-year period. The most recent EPS of $6.32 reflects profitable operations.
WYNN Growth Metrics (YoY)
WYNN Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $1.7B | -$32.1M | $-0.29 |
| Q2 2025 | $1.7B | $66.2M | $0.64 |
| Q1 2025 | $1.7B | $72.7M | $0.69 |
| Q3 2024 | $1.7B | $838.0K | $0.01 |
| Q2 2024 | $1.6B | $105.2M | $0.84 |
| Q1 2024 | $1.4B | $12.3M | $-0.02 |
| Q3 2022 | $889.7M | $838.0K | $0.01 |
| Q2 2022 | $908.8M | $105.2M | $0.84 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
WYNN Capital Allocation
WYNN SEC Filings
Access official SEC EDGAR filings for WYNN RESORTS LTD (CIK: 0001174922)