A Business at a Glance
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WYNN RESORTS LTD
WYNN
$10.1B
Mkt Cap
$96.92
+0.16%
WYNN RESORTS LTD (WYNN) has a current P/E ratio of 30.9, compared to its historical median P/E of 20.6. The stock is currently considered Expensive based on its historical valuation range.
WYNN RESORTS LTD (WYNN) has a 5-year average return on invested capital (ROIC) of 4.7%. This is below average and may indicate limited pricing power.
WYNN RESORTS LTD (WYNN) has a market capitalization of $10.1B. It is classified as a large-cap stock.
Yes, WYNN RESORTS LTD (WYNN) pays a dividend with a trailing twelve-month yield of 1.74%. The company also returns capital through share buybacks, with a buyback yield of 2.37%.
Based on historical P/E analysis, WYNN RESORTS LTD (WYNN) appears expensive. The current P/E of 30.9 is 50% above its historical median of 20.6. The estimated fair value CAGR (P/E method) is 1.9%.
WYNN RESORTS LTD (WYNN) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
WYNN RESORTS LTD (WYNN) reported annual revenue of $211 million in its most recent fiscal year, based on SEC EDGAR filings.
Wynn Resorts is a luxury integrated resort operator and designer with properties across multiple gaming jurisdictions, generating revenue from gaming, hotel accommodations, dining, retail, entertainment, and convention facilities. The company operates Wynn Palace and Wynn Macau (collectively representing approximately 72% ownership through Wynn Macau, Limited) in Macau's Special Administrative Region; Wynn Las Vegas and Encore at Wynn Las Vegas (100% owned) on the Las Vegas Strip; and Encore Boston Harbor in Everett, Massachusetts, with a 40% equity interest in Wynn Al Marjan Island, an integrated resort under construction in Ras Al Khaimah, United Arab Emirates expected to open in 2027. The company's business model centers on creating premium guest experiences across diverse customer segments through world-class design, superior customer service, and continuous reinvestment in amenities; unit economics vary by property, with Las Vegas generating substantial non-gaming revenue while Macau derives the majority of revenue from gaming operations. Distribution leverages international marketing teams across multiple branch offices to attract high-net-worth domestic and international customers. Wynn's competitive moat derives from its extensive design and operational experience across gaming jurisdictions, in-house design and development capabilities, and reputation for five-star service and luxury hospitality, positioning it as the highest-ranked hotel company globally.
【Macau momentum and UAE expansion】 Management expects sustained double-digit market-wide gaming revenue growth in Macau following strong performance in the back half of 2025, with volumes in early 2026 remaining robust. Wynn Al Marjan Island is anticipated to open in 2027 as the only integrated resort in what analysts predict will be a $5 billion-plus gaming revenue market, with the company's equity contribution expected to be modest at approximately $25 million–$50 million given strong condo sales in the region. Las Vegas operations face a near-term headwind from the Encore Tower remodel beginning in spring 2026, which will remove approximately 80,000 room nights in 2026, though management expects to partially offset this impact through rate increases and strong group pacing. Capital expenditure is expected to total $400 million–$450 million in 2026, including concession-related projects in Macau and the Encore Tower renovation, with management maintaining disciplined operating expense management across properties.
| Metric | Target | Period |
|---|---|---|
| Capital expenditure | $400 million–$450 million | FY2026 |
| Wynn Al Marjan Island equity contribution | $25 million–$50 million | Project completion (2027) |
| Las Vegas room nights out of service | approximately 80,000 room nights | FY2026 |
| Encore Tower remodel estimated spend | $330 million | Spring 2026 through completion (approximately one year) |
Capital expenditure (FY2026): “We continue to expect the initial work on Enclave, together with our other CapEx projects, to result in a 2026 expansion in CapEx range of $400 million-$450 million.”
Wynn Al Marjan Island equity contribution (Project completion (2027)): “Given the recent success of condo sales in the UAE in general and Ras Al Khaimah in particular, we anticipate our portion of the equity check for the project will be quite small, about $25 million-$50 million.”
Las Vegas room nights out of service (FY2026): “As I mentioned last quarter, we will begin the Encore Tower remodel in the second quarter and expect to lose about 80,000 room nights in 2026.”
Encore Tower remodel estimated spend (Spring 2026 through completion (approximately one year)): “We're pleased to be resuming our Encore Tower remodel, with construction set to begin in spring 2026, with an estimated spend of $330 million, which we expect to take about a year to complete.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.3B | 211M | - | - | - | - |
| Net Income | 375M | 327M | 501M | 730M | -424M | -756M |
| EPS | $3.61 | $3.14 | $4.35 | $6.32 | $-3.73 | $-6.64 |
| Free Cash Flow | 693M | 692M | 1.0B | 805M | -371M | -513M |
| ROIC | 9.7% | 9.2% | 12.4% | 9.4% | -1.1% | -6.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | -44.25 | -54.32 | -53.22 | -18.30 | -56.25 |
| Dividends/Share | $1.68 | $1.68 | $1.21 | $0.73 | $0.01 | $0.01 |
| Operating Income | 1.1B | 1.1B | 1.1B | 840M | -101M | -395M |
| Operating Margin | 15.5% | - | - | - | - | - |
| ROE | 0.0% | -131.0% | -210.7% | -145.7% | 87.8% | 266.9% |
| Shares Outstanding | 104M | 104M | 115M | 116M | 114M | 114M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.4B | 4.1B | 4.3B | 6.1B | 6.7B | 194M | N/A | N/A | N/A | N/A | N/A | 211M | 7.3B |
| Gross Margin | 43.9% | 42.9% | 40.6% | 44.2% | 36.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 492M | 465M | 548M | 685M | 761M | 897M | 721M | 797M | 830M | 1.1B | 1.1B | 1.1B | 1.1B |
| EBIT | 1.3B | 659M | 522M | 1.1B | 736M | 714M | -1.2B | -395M | -101M | 840M | 1.1B | 1.1B | 1.1B |
| Op. Margin | 23.3% | 16.2% | 12.0% | 17.4% | 10.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 15.5% |
| Net Income | 732M | 195M | 242M | 747M | 572M | 123M | -2.1B | -756M | -424M | 730M | 501M | 327M | 375M |
| Net Margin | 13.5% | 4.8% | 5.6% | 12.3% | 8.5% | 63.3% | N/A | N/A | N/A | N/A | N/A | 155.4% | 5.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 10M | 38M | 72M | 25M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 28.0% | 10.9% | 7.0% | 13.8% | 8.7% | 4.7% | -17.3% | -6.4% | -1.1% | 9.4% | 12.4% | 9.2% | 9.7% |
| ROE | N/A | -277.5% | 153.2% | 135.1% | 38.4% | 6.5% | -297.2% | 266.9% | 87.8% | -145.7% | -210.7% | -131.0% | 0.0% |
| ROA | 8.1% | 2.0% | 2.2% | 6.1% | 4.4% | 0.9% | -14.9% | -5.7% | -3.3% | 5.3% | 3.7% | 2.5% | 2.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 573M | 971M | 1.9B | 961M | 901M | -1.1B | -223M | -71M | 1.2B | 1.4B | 1.4B | 1.4B |
| Free Cash Flow | -123M | -1.3B | -255M | 941M | -514M | -162M | -1.4B | -513M | -371M | 805M | 1.0B | 692M | 693M |
| Owner Earnings | 745M | 212M | 523M | 1.3B | 374M | 236M | -1.9B | -1.0B | -831M | 496M | 708M | 640M | -6.7B |
| CapEx | 1.2B | 1.9B | 1.2B | 935M | 1.5B | 1.1B | 290M | 291M | 300M | 443M | 420M | 660M | 680M |
| Maint. CapEx | 314M | 323M | 405M | 552M | 551M | 625M | 726M | 716M | 692M | 687M | 659M | 621M | 8.0B |
| Growth CapEx | 907M | 1.6B | 821M | 383M | 925M | 438M | 0 | 0 | 0 | 0 | 0 | 40M | 0 |
| D&A | 314M | 323M | 405M | 552M | 551M | 625M | 726M | 716M | 692M | 687M | 659M | 621M | 8.0B |
| CapEx/OCF | 111.2% | 335.4% | 126.3% | 49.9% | 153.5% | 118.0% | N/A | N/A | N/A | 35.5% | 29.4% | 48.8% | 49.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 943M | 499M | 325M | 321M | 570M | 567M | 109M | 1.6M | 1.4M | 85M | 140M | 175M | 175M |
| Dividend Yield | 5.5% | 5.5% | 4.0% | 2.7% | 3.8% | 4.6% | 1.2% | 0.0% | 0.0% | 0.8% | 1.3% | 1.6% | 1.7% |
| Share Buybacks | 2.1M | 7.2M | 14M | 18M | 160M | 67M | 12M | 14M | 187M | 212M | 402M | 380M | 238M |
| Buyback Yield | 0.0% | 0.1% | 0.2% | 0.1% | 1.6% | 0.5% | 0.1% | 0.1% | 2.1% | 2.1% | 4.0% | 2.9% | 2.4% |
| Stock-Based Comp | 39M | 38M | 43M | 44M | 36M | 40M | 62M | 95M | 68M | 65M | 59M | 92M | 98M |
| Debt Repayment | 200M | 3.3B | 401M | 3.0B | 3.0B | 2.9B | 2.0B | 2.5B | 50M | 1.5B | 3.1B | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 4.9B | 7.0B | 7.5B | 6.7B | 7.2B | 8.2B | 9.7B | 9.5B | 10.1B | 10.5B | 9.8B | 10.7B | 9.3B |
| Cash & Equiv. | 2.2B | 2.1B | 2.5B | 2.8B | 2.2B | 2.4B | 3.5B | 2.5B | 3.7B | 2.9B | 2.4B | 1.5B | 1.2B |
| Long-Term Debt | 7.3B | 9.1B | 10.1B | 9.6B | 9.4B | 10.1B | 12.5B | 11.9B | 11.6B | 11.0B | 10.5B | 10.5B | 10.0B |
| Debt/Equity | -255.23 | -81.71 | 64.11 | 10.16 | 4.63 | 6.07 | -37.51 | -56.25 | -18.30 | -53.22 | -54.32 | -44.25 | 0.00 |
| Interest Coverage | 4.0 | 2.2 | 1.8 | 2.7 | 1.9 | 1.7 | -2.2 | -0.7 | -0.2 | 1.1 | 49.2 | 1.7 | 598.8 |
| Equity | -29M | -112M | 158M | 948M | 2.0B | 1.7B | -352M | -214M | -751M | -251M | -224M | -275M | -212M |
| Total Assets | 9.1B | 10.5B | 12.0B | 12.7B | 13.2B | 13.9B | 13.9B | 12.5B | 13.4B | 14.0B | 13.0B | 13.1B | 12.9B |
| Total Liabilities | 8.9B | 10.4B | 11.7B | 11.6B | 11.4B | 12.3B | 14.6B | 13.4B | 15.1B | 15.1B | 13.9B | 14.1B | 13.8B |
| Intangibles | 112M | 111M | 114M | 124M | 223M | 146M | 126M | 169M | 146M | 303M | 255M | 224M | 216M |
| Retained Earnings | 164M | 55M | 95M | 635M | 922M | 642M | -1.5B | -2.3B | -2.7B | -2.1B | -1.7B | -1.5B | -1.4B |
| Working Capital | 1.5B | 1.4B | 1.6B | 1.5B | 759M | 873M | 1.9B | 1.6B | 2.2B | 2.0B | 1.4B | 1.0B | 473M |
| Current Assets | 2.8B | 2.5B | 3.0B | 3.4B | 2.6B | 2.9B | 3.8B | 2.9B | 4.0B | 4.2B | 2.9B | 2.7B | 2.4B |
| Current Liabilities | 1.3B | 1.1B | 1.4B | 1.9B | 1.9B | 2.0B | 1.9B | 1.3B | 1.8B | 2.2B | 1.5B | 1.6B | 2.0B |
| Per Share Data | |||||||||||||
| EPS | 7.18 | 1.92 | 2.38 | 7.28 | 5.35 | 1.15 | -19.37 | -6.64 | -3.73 | 6.32 | 4.35 | 3.14 | 3.61 |
| Owner EPS | 7.31 | 2.08 | 5.14 | 12.47 | 3.50 | 2.21 | -17.43 | -9.08 | -7.31 | 4.29 | 6.15 | 6.14 | -64.60 |
| Book Value | -0.28 | -1.10 | 1.55 | 9.24 | 19.01 | 16.30 | -3.30 | -1.88 | -6.61 | -2.18 | -1.95 | -2.64 | -2.04 |
| Cash Flow/Share | 10.78 | 5.63 | 9.55 | 18.28 | 8.99 | 8.43 | -10.05 | -1.96 | -0.63 | 10.80 | 12.38 | 12.98 | 80.49 |
| Dividends/Share | 9.25 | 4.91 | 3.20 | 3.13 | 5.33 | 3.75 | 1.02 | 0.01 | 0.01 | 0.73 | 1.21 | 1.68 | 1.68 |
| Shares Out. | 101.9M | 101.7M | 101.7M | 102.6M | 107.0M | 106.9M | 106.7M | 113.8M | 113.6M | 115.5M | 115.2M | 104.2M | 103.7M |
| Valuation | |||||||||||||
| P/E Ratio | 17.9 | 31.3 | 32.9 | 21.1 | 16.9 | 116.9 | N/A | N/A | N/A | 14.2 | 20.1 | 39.5 | 26.9 |
| P/FCF | N/A | N/A | N/A | 16.8 | N/A | N/A | N/A | N/A | N/A | 12.9 | 10.0 | 18.7 | 14.5 |
| EV/EBIT | 14.2 | 19.8 | 29.6 | 21.3 | 23.0 | 23.2 | N/A | N/A | N/A | 20.3 | 14.0 | 18.4 | 17.1 |
| Price/Book | N/A | N/A | 50.4 | 16.7 | 4.8 | 8.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | 3.1 | 2.2 | 1.9 | 2.0 | 2.3 | 1.9 | 4.5 | 3.2 | 2.1 | 1.7 | 1.5 | 1.5 | 1.4 |
| FCF Yield | -0.9% | -22.1% | -3.2% | 6.0% | -5.3% | -1.1% | -11.4% | -5.4% | -4.2% | 7.8% | 10.0% | 5.4% | 6.9% |
| Market Cap | 13.1B | 6.1B | 8.0B | 15.8B | 9.7B | 14.4B | 12.0B | 9.5B | 8.8B | 10.4B | 10.1B | 12.9B | 10.1B |
| Avg. Price | 167.35 | 89.05 | 80.01 | 116.61 | 141.40 | 115.18 | 88.02 | 105.64 | 69.38 | 97.18 | 90.84 | 101.72 | 96.92 |
| Year-End Price | 128.71 | 60.03 | 78.25 | 153.89 | 90.56 | 134.47 | 111.99 | 83.86 | 77.68 | 89.69 | 87.63 | 124.09 | 96.92 |
WYNN RESORTS LTD passes 2 of 9 quality checks, indicating weak fundamentals.
WYNN RESORTS LTD trades at 30.9x trailing earnings, compared to its 15-year median P/E of 20.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.6x vs a median of 14.8x. The company's 5-year average ROIC is 4.7%. Total shareholder yield (dividends + buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +13.8%.
WYNN RESORTS LTD (WYNN) has a net profit margin of 155.4%. This is a strong margin indicating high profitability.
WYNN RESORTS LTD (WYNN) generated $692 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WYNN RESORTS LTD (WYNN) reported earnings per share (EPS) of $3.14 in its most recent fiscal year.
WYNN RESORTS LTD (WYNN) has a return on equity (ROE) of -131.0%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 18 years of financial data for WYNN RESORTS LTD (WYNN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WYNN RESORTS LTD (WYNN) has a book value per share of $-2.64, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained double-digit market-wide gaming revenue growth in Macau following strong performance in the back half of 2025, with volumes in early 2026 remaining robust. Wynn Al Marjan Island is anticipated to open in 2027 as the only integrated resort in what analysts predict will be a $5 billion-plus gaming revenue market, with the company's equity contribution expected to be modest at approximately $25 million–$50 million given strong condo sales in the region. Las Vegas operations face a near-term headwind from the Encore Tower remodel beginning in spring 2026, which will remove approximately 80,000 room nights in 2026, though management expects to partially offset this impact through rate increases and strong group pacing. Capital expenditure is expected to total $400 million–$450 million in 2026, including concession-related projects in Macau and the Encore Tower renovation, with management maintaining disciplined operating expense management across properties.
Based on recent SEC filings and earnings calls, WYNN RESORTS LTD (WYNN) has provided the following forward guidance: Capital expenditure: $400 million–$450 million (FY2026); Wynn Al Marjan Island equity contribution: $25 million–$50 million (Project completion (2027)); Las Vegas room nights out of service: approximately 80,000 room nights (FY2026); Encore Tower remodel estimated spend: $330 million (Spring 2026 through completion (approximately one year)).