Monarch Casino & Resort, Inc. MCRI

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 111.76 USD on Nov 1, 2026, +16.4% year to date

Quant rating

Quant rating C Rank 142 of 344 in Consumer Discretionary

Growth C 165 of 344
Valuation D 246 of 344
Quality A 38 of 344
Revisions C 202 of 344
Momentum C 165 of 344

Wall Street consensus Hold (2.71)Average target 128.71 USD +15.2%

Historical valuation

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

Key data

Market cap: 1.9B
Enterprise value: 1.8B
52-week range: 88.36 – 135.87
3-year range: 60.56 – 135.87
Dividend yield: 1.09%
Beta (5 years): 1.39
Shares outstanding: 17.6M
Next earnings: Feb 7, 2027

About the company

Monarch Casino & Resort, Inc. owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (Atlantis) and the Monarch Casino Resort Spa Black Hawk (Monarch Black Hawk), a hotel and casino in Black Hawk, Colorado. The Monarch Black Hawk features approximately 60,000 square feet of casino space; over 1,000 slot machines; over 43 table games; a live poker room; a keno counter and a sports book. The resort also includes over 10 bars and lounges. The Atlantis is located over three miles south of downtown, which features over 61,000 square feet of casino space; over 817 guest rooms and suites; eight food outlets; two gourmet coffee and pastry bars and one snack bar; a 30,000 square-foot health spa and salon with an enclosed year-round pool: one retail outlet offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center, and over 52,000 square feet of banquet, convention and meeting room space.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	545	522	501	478	395	–
Revenue growth	4.4%	4.1%	4.9%	20.9%	114.4%	24.2%
EPS (basic, normalized)	5.43	4.96	4.20	4.47	3.53	–
EPS growth	9.5%	18.1%	−6.0%	26.6%	–	–
Gross margin	55.0%	53.8%	53.7%	54.3%	55.1%	54.4%
Net margin	18.6%	13.9%	16.4%	18.3%	17.3%	16.9%
ROE	19.2%	14.1%	15.7%	17.7%	16.8%	16.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	137
Current ratio	1.17x
Long-term debt (mil)	0
Net debt (mil)	−137
Total equity (mil)	569
Net debt / equity	−0.24x
Net debt / EBITDA	−0.69x

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	545	+4.4%	3.3x	199	+13.6%	9.1x	5.43	+9.5%	20.6x
2026	569	+4.4%	3.2x	211	+5.7%	8.6x	6.85	+26.2%	16.3x
2027	581	+2.1%	3.1x	216	+2.7%	8.4x	7.11	+3.7%	15.7x
2028	592	+1.9%	3.1x	221	+2.1%	8.2x	7.57	+6.5%	14.8x

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	569	−0.3%	−0.3%	−0.5%	6.85	−1.6%	−1.6%	+3.4%
2027	581	−0.2%	−0.2%	−0.6%	7.11	−0.2%	−0.1%	+2.5%
2028	592	−0.3%	−0.3%	+0.3%	7.57	−2.4%	−2.2%	−2.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

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)	122	128	138	135	125	137	143	140	137	143
Sales mean (mil)	122	126	134	129	123	130	146	139	129	143
Surprise	−0.5%	+1.5%	+2.9%	+4.2%	+2.2%	+5.5%	−1.9%	+0.5%	+6.1%	+0.1%
EPS reported	0.93	1.19	1.47	1.36	1.05	1.44	1.69	1.25	1.58	1.85
EPS mean	0.96	1.11	1.37	1.10	0.99	1.19	1.57	1.36	1.15	1.67
Surprise	−3.4%	+7.3%	+7.5%	+23.3%	+6.1%	+21.1%	+7.4%	−8.4%	+37.6%	+11.1%

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
MCRI Monarch Casino & Resort, Inc.	1.9B	−0.69x	18.6%	3.42x	16.3x	15.7x	8.6x	8.4x
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
LVS Las Vegas Sands Corp.	23.2B	2.45x	12.5%	−67.38x	13.3x	12.2x	7.7x	7.5x
H Hyatt Hotels Corp	16.9B	3.45x	−0.7%	5.15x	48.6x	36.9x	17.7x	15.2x
FLUT Flutter Entertainment PLC	14.3B	3.17x	−1.9%	1.64x	17.3x	11.9x	9.0x	7.4x
Mean		2.47x	8.4%	−15.39x	28.1x	23.6x	14.3x	13.0x
Median		3.12x	11.0%	−5.22x	25.7x	23.1x	13.3x	11.8x

Technical analysis

1M−5.7%
3M−9.7%
1Y+21.3%
3Y+94.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Monarch Casino & Resort, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	545	522	501	478	395	184
Cost of revenue	245	241	232	218	178	84.7
Gross profit	300	281	269	260	218	99.7
Selling, general & administrative expenses	109	108	106	97.6	86.4	63.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	54.0	51.4	47.3	43.4	38.4	17.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	9.1	28.7	5.9	7.1	5.0	3.7
Other operating expenses	0.1	0	0	0	−2.1	0.2
Operating income	127	92.5	110	111	89.9	15.3
Net interest income (expense)	1.9	−0.1	−1.6	−2.4	−4.5	−0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	129	92.4	109	109	85.4	15.0
Provision for taxes	28.0	19.6	26.1	21.5	16.9	−8.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	101	72.8	82.4	87.5	68.5	23.7
Extraordinary items	–	–	–	–	–	–
Net income	101	72.8	82.4	87.5	68.5	23.7
EBIT, normalized	137	121	116	119	94.9	19.0
EBITDA, normalized	191	173	163	162	133	36.3
Basic EPS, normalized	5.43	4.96	4.20	4.47	3.53	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Monarch Casino & Resort, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	96.5	58.8	43.4	38.8	33.5	28.3
Receivables	14.1	11.8	13.0	34.6	35.8	28.6
Total inventory	9.1	9.3	7.6	7.6	7.2	7.8
Prepaid expenses	9.6	10.6	11.0	8.5	7.6	8.4
Other current assets	0	0	0	0	0	0
Total current assets	129	90.4	75.0	89.4	84.1	73.2
Property, plant & equipment	557	575	580	578	581	573
Goodwill	25.1	25.1	25.1	25.1	25.1	25.1
Intangibles	1.8	0.3	0.3	0.4	0.5	1.0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0	0.4	0	0	0	0.1
Total assets	713	692	681	693	690	672
Liabilities
Accounts payable	95.1	92.3	70.7	64.4	77.5	61.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	55.1	54.1	52.7	46.7	43.7	35.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	6.7	20.0	12.5
Other current liabilities	0	0	0	0	0	0
Total current liabilities	150	146	123	118	141	109
Long-term debt	0	0	5.5	0	68.2	167
Minority interest	–	–	–	–	–	–
Other liabilities	25.0	27.4	38.9	36.2	33.1	27.2
Total liabilities	175	174	168	154	242	304
Shareholders' equity
Preferred stock	–	–	–	0	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	76.0	62.9	48.8	40.7	41.4	34.5
Retained earnings (accumulated deficit)	598	518	468	498	411	342
Treasury stock	−136	−63.7	−3.7	−0.2	−4.3	−8.9
Other equity	0	0	0	0	0	0
Total equity	538	518	513	539	448	368
Total liabilities & shareholders' equity	713	692	681	693	690	672

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Monarch Casino & Resort, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	101	72.8	82.4	87.5	68.5	23.7
Depreciation, depletion & amortization	54.0	51.4	47.3	43.4	38.4	17.3
Deferred taxes	−1.7	−9.7	0.1	3.4	6.5	15.8
Non-cash items	8.4	8.0	8.2	6.8	5.4	4.9
Changes in working capital	2.7	18.4	35.1	−1.4	9.2	−30.3
Cash from operations	165	141	173	140	128	31.4
Investing activities
Capital expenditures	−36.3	−47.4	−49.0	−39.5	−46.9	−88.7
Other investing cash flows	−0.9	3.6	−2.2	−8.5	9.1	42.3
Cash from investing	−37.2	−43.8	−51.2	−48.0	−37.8	−46.4
Financing activities
Financing cash flow items	–	–	–	0	–	−2.9
Cash dividends paid	−21.9	−22.3	−113	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−68.0	−59.3	−4.4	−86.5	−85.1	−14.4
Cash from financing	−89.9	−81.5	−117	−86.5	−85.1	−17.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	37.7	15.4	4.6	5.3	5.2	−32.2
Free cash flow	128	93.3	124	100	81.2	−57.2

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.