Caesars Entertainment Inc CZR

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 29.09 USD on Nov 1, 2026, +24.4% year to date

Quant rating

Quant rating D Rank 270 of 344 in Consumer Discretionary

Growth B 54 of 344
Valuation C 160 of 344
Quality D 286 of 344
Revisions D 311 of 344
Momentum C 167 of 344

Wall Street consensus Hold (2.93)Average target 31.27 USD +7.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.9B
Enterprise value: 30.0B
52-week range: 17.86 – 30.82
3-year range: 17.86 – 49.16
Dividend yield: –
Beta (5 years): 1.91
Shares outstanding: 204M
Next earnings: Feb 21, 2027

About the company

Caesars Entertainment, Inc. is a casino-entertainment company and a diversified gaming and hospitality provider. It operates primarily under the Caesars, Harrah's, Horseshoe, and Eldorado brand names. Its segments include Las Vegas, Regional, Caesars Digital, and Managed and Branded, in addition to Corporate and Other. It offers diversified gaming, entertainment and hospitality amenities, destinations, and a full suite of mobile and online gaming and sports betting experiences. It owns, leases or manages an aggregate of 52 domestic properties in 18 states. It also operates and conducts sports wagering across 34 jurisdictions in North America, 27 of which offer online sports betting, and operates iGaming in five jurisdictions in North America. It operates the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the new Horseshoe Online Casino app. It offers various online casino games, including slots, table games, live dealer and video poker.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,486	11,245	11,528	10,821	9,570	–
Revenue growth	2.1%	−2.5%	6.5%	13.1%	163.8%	25.9%
EPS (basic, normalized)	−2.42	−1.29	3.64	−4.19	−4.83	–
EPS growth	–	–	–	–	–	–
Gross margin	47.2%	49.1%	50.5%	47.4%	48.2%	48.5%
Net margin	−4.4%	−2.5%	6.8%	−4.7%	−10.3%	−3.0%
ROE	−13.1%	−6.4%	19.0%	−12.5%	−20.8%	−6.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	864
Current ratio	0.82x
Long-term debt (mil)	24,632
Net debt (mil)	24,051
Total equity (mil)	3,277
Net debt / equity	7.34x
Net debt / EBITDA	6.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,486	+2.1%	2.6x	3,624	−3.6%	8.3x	−2.42	−87.6%	−12.0x
2026	11,832	+3.0%	2.5x	3,629	+0.1%	8.3x	−1.28	+47.1%	−22.7x
2027	12,116	+2.4%	2.5x	3,761	+3.6%	8.0x	0.10	+108.0%	282.2x
2028	12,349	+1.9%	2.4x	3,861	+2.7%	7.8x	0.43	+317.7%	67.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,832	−0.4%	−0.4%	+0.1%	−1.28	−36.5%	−58.5%	−202.8%
2027	12,116	−0.6%	−0.5%	−0.1%	0.10	−62.2%	−51.1%	−75.2%
2028	12,349	−0.4%	−0.4%	−0.4%	0.43	−47.4%	−30.6%	−51.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,742	2,830	2,874	2,799	2,794	2,907	2,869	2,916	2,870	2,993
Sales mean (mil)	2,835	2,876	2,924	2,815	2,790	2,863	2,892	2,888	2,851	2,980
Surprise	−3.3%	−1.6%	−1.7%	−0.6%	+0.2%	+1.5%	−0.8%	+1.0%	+0.7%	+0.4%
EPS reported	−0.73	−0.02	−0.04	0.05	−0.54	−0.39	−0.27	−1.23	−0.48	−0.30
EPS mean	−0.05	0.12	0.12	−0.13	−0.18	0.05	−0.05	−0.16	−0.24	0.03
Surprise	−1,240.4%	−116.1%	−132.9%	−137.3%	−200.6%	−933.9%	−391.6%	−646.7%	−103.7%	−1,080.4%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CZR Caesars Entertainment Inc	5.9B	6.64x	−4.4%	1.81x	−22.7x	282.2x	8.3x	8.0x
MAR Marriott International, Inc.	104.1B	3.06x	9.9%	−23.10x	34.0x	30.5x	20.1x	18.7x
HLT Hilton Worldwide Holdings Inc.	79.4B	3.39x	12.1%	−12.08x	39.1x	34.1x	22.7x	20.6x
RCL Royal Caribbean Cruises Ltd.	82.2B	3.09x	23.8%	7.01x	17.2x	15.1x	13.4x	12.2x
VIK Viking Holdings Ltd	39.1B	1.19x	17.7%	23.64x	26.8x	19.9x	19.8x	15.7x
CCL Carnival Corporation Ltd	38.8B	3.16x	10.4%	2.75x	12.8x	11.1x	8.6x	8.1x
Mean		3.42x	11.6%	0.01x	17.9x	65.5x	15.5x	13.9x
Median		3.13x	11.2%	2.28x	22.0x	25.2x	16.6x	14.0x

Technical analysis

1M−1.7%
3M−2.9%
1Y+31.7%
3Y−25.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Caesars Entertainment Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,486	11,245	11,528	10,821	9,570	3,628
Cost of revenue	6,065	5,726	5,701	5,687	4,956	2,041
Gross profit	5,421	5,519	5,827	5,134	4,614	1,587
Selling, general & administrative expenses	1,926	1,920	2,012	2,068	1,782	902
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,417	1,324	1,261	1,205	1,126	583
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	224	60.0	282	207	482	682
Other operating expenses	0	0	0	0	0	0
Operating income	1,854	2,215	2,272	1,654	1,224	−580
Net interest income (expense)	−2,304	−2,366	−2,342	−2,299	−2,349	−1,202
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.0	27.0	10.0	80.0	−144	176
Net income before taxes	−448	−124	−60.0	−565	−1,269	−1,606
Provision for taxes	−11.0	87.0	−888	−41.0	−283	132
Minority interest	−65.0	−67.0	−42.0	11.0	−3.0	1.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−502	−278	786	−513	−989	−1,737
Extraordinary items	–	0	0	−386	−30.0	−20.0
Net income	−502	−278	786	−899	−1,019	−1,757
EBIT, normalized	2,112	2,275	2,561	1,861	1,706	102
EBITDA, normalized	3,529	3,599	3,822	3,066	2,832	685
Basic EPS, normalized	−2.42	−1.29	3.64	−4.19	−4.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Caesars Entertainment Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	887	866	1,005	1,038	1,070	1,776
Receivables	476	470	608	611	472	386
Total inventory	43.0	45.0	46.0	59.0	42.0	44.0
Prepaid expenses	312	271	264	263	290	253
Other current assets	85.0	95.0	122	131	4,090	3,604
Total current assets	1,803	1,747	2,045	2,102	5,964	6,063
Property, plant & equipment	14,962	15,416	15,378	15,237	14,601	14,735
Goodwill	10,441	10,601	10,990	11,004	11,076	9,864
Intangibles	3,985	4,133	4,523	4,714	4,920	4,283
Long-term investments	133	131	157	94.0	158	173
Note receivable	–	–	–	–	–	–
Other long-term assets	315	562	273	376	1,312	1,267
Total assets	31,639	32,590	33,366	33,527	38,031	36,385
Liabilities
Accounts payable	297	296	408	314	254	167
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,296	1,275	1,468	1,499	2,293	1,492
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	114	109	65.0	108	70.0	67.0
Other current liabilities	546	592	749	747	2,680	787
Total current liabilities	2,253	2,272	2,690	2,668	5,297	2,513
Long-term debt	24,766	24,932	24,983	25,269	26,146	26,368
Minority interest	182	219	168	38.0	61.0	18.0
Other liabilities	934	1,010	973	1,839	2,047	2,470
Total liabilities	28,135	28,433	28,814	29,814	33,551	31,369
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	6,709	6,862	7,001	6,953	6,877	6,382
Retained earnings (accumulated deficit)	−3,303	−2,801	−2,523	−3,309	−2,410	−1,391
Treasury stock	0	0	−23.0	−23.0	−23.0	−9.0
Other equity	98.0	96.0	97.0	92.0	36.0	34.0
Total equity	3,504	4,157	4,552	3,713	4,480	5,016
Total liabilities & shareholders' equity	31,639	32,590	33,366	33,527	38,031	36,385

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Caesars Entertainment Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−437	−211	828	−910	−1,016	−1,758
Depreciation, depletion & amortization	1,417	1,324	1,261	1,205	1,126	583
Deferred taxes	−11.0	87.0	−888	−41.0	−283	176
Non-cash items	534	350	668	965	1,047	497
Changes in working capital	−201	−475	−60.0	−244	308	−100
Cash from operations	1,302	1,075	1,809	975	1,182	−602
Investing activities
Capital expenditures	−809	−1,311	−1,294	−963	−832	−199
Other investing cash flows	238	607	38.0	581	−2,091	−5,906
Cash from investing	−571	−704	−1,256	−382	−2,923	−6,105
Financing activities
Financing cash flow items	−119	−154	−59.0	−42.0	488	−372
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−644	−344	−654	−1,240	−1,038	11,013
Cash from financing	−763	−498	−713	−1,282	−550	10,641
Foreign exchange effects	–	0	0	−29.0	32.0	129
Net change in cash	−32.0	−127	−160	−718	−2,259	4,063
Free cash flow	493	−236	515	12.0	350	−801

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.