Wynn Resorts, Limited WYNN

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 77.67 USD on Nov 2, 2026, −35.0% year to date

Quant rating

Quant rating D Rank 245 of 344 in Consumer Discretionary

Growth B 79 of 344
Valuation A 14 of 344
Quality C 211 of 344
Revisions D 280 of 344
Momentum D 309 of 344

Wall Street consensus Buy (1.74)Average target 122.14 USD +57.3%

Historical valuation

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

Key data

Market cap: 8.0B
Enterprise value: 15.9B
52-week range: 70.82 – 134.72
3-year range: 66.10 – 134.72
Dividend yield: 1.34%
Beta (5 years): 0.95
Shares outstanding: 103M
Next earnings: Nov 5, 2026

About the company

Wynn Resorts, Limited is a designer, developer, and operator of integrated resorts featuring hotel rooms, retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. The Company owns and operates Wynn Las Vegas, Wynn Macau, Wynn Palace, Cotai, Wynn Mayfair, and operates Encore Boston Harbor. Wynn and Encore Las Vegas consist of two hotel towers with a total of 4,748 spacious hotel rooms, suites, and villas. Encore Boston Harbor features 671 hotel rooms and suites, a spa, 14 dining and lounge venues, a nightclub, and a ballroom and meeting spaces. Wynn Macau is in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers. Wynn Palace offers 1,706 exquisite rooms, suites, and villas, 14 food and beverage outlets, meeting and convention space, an extensive boutique shopping esplanade, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a spa and salon.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,138	7,128	6,532	3,757	3,764	–
Revenue growth	0.1%	9.1%	73.9%	−0.2%	79.6%	27.8%
EPS (basic, normalized)	4.19	6.02	4.10	−4.47	−6.12	–
EPS growth	−30.4%	46.8%	–	–	–	–
Gross margin	41.4%	43.5%	43.2%	36.4%	32.0%	39.3%
Net margin	4.6%	7.0%	11.2%	−11.3%	−20.1%	−1.7%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	2,101
Current ratio	0.91x
Long-term debt (mil)	9,296
Net debt (mil)	7,887
Total equity (mil)	−169
Net debt / equity	−46.54x
Net debt / EBITDA	3.55x

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	7,138	+0.1%	2.2x	2,224	−0.2%	7.1x	4.19	−30.4%	18.5x
2026	7,420	+3.9%	2.1x	2,010	−9.6%	7.9x	4.47	+6.7%	17.4x
2027	7,663	+3.3%	2.1x	2,102	+4.6%	7.6x	4.92	+10.1%	15.8x
2028	8,040	+4.9%	2.0x	2,233	+6.2%	7.1x	5.60	+13.7%	13.9x

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	7,420	−0.9%	−0.9%	−0.5%	4.47	−6.8%	−7.6%	−15.8%
2027	7,663	−1.1%	−1.5%	−1.7%	4.92	−7.2%	−9.6%	−15.7%
2028	8,040	−1.0%	−1.2%	−1.8%	5.60	−8.6%	−9.6%	−16.3%

Earnings surprises EPS beat in 1 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)	1,863	1,733	1,693	1,839	1,700	1,738	1,834	1,866	1,857	1,857
Sales mean (mil)	1,790	1,752	1,733	1,769	1,739	1,747	1,769	1,853	1,823	1,842
Surprise	+4.1%	−1.1%	−2.3%	+3.9%	−2.2%	−0.5%	+3.6%	+0.7%	+1.8%	+0.8%
EPS reported	1.59	1.12	0.90	2.42	1.07	1.09	0.86	1.17	1.25	1.24
EPS mean	1.27	1.14	1.01	1.22	1.19	1.21	1.17	1.47	1.25	1.11
Surprise	+25.5%	−1.7%	−10.8%	+98.4%	−10.0%	−9.6%	−26.4%	−20.6%	−0.3%	+11.6%

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
WYNN Wynn Resorts, Limited	8.0B	3.55x	4.6%	−47.40x	17.4x	15.8x	7.9x	7.6x
MAR Marriott International, Inc.	108.6B	3.06x	9.9%	−24.09x	35.1x	31.4x	20.7x	19.3x
HLT Hilton Worldwide Holdings Inc.	81.1B	3.39x	12.1%	−12.34x	40.0x	34.9x	23.1x	21.0x
RCL Royal Caribbean Cruises Ltd.	85.9B	3.09x	23.8%	7.33x	17.9x	15.8x	13.9x	12.6x
VIK Viking Holdings Ltd	38.9B	1.19x	17.7%	23.53x	27.0x	20.1x	19.7x	15.6x
CCL Carnival Corporation Ltd	40.4B	3.16x	10.4%	2.86x	13.3x	11.6x	8.8x	8.3x
Mean		2.91x	13.1%	−8.35x	25.1x	21.6x	15.7x	14.1x
Median		3.13x	11.2%	−4.74x	22.5x	17.9x	16.8x	14.1x

Technical analysis

1M+2.4%
3M−21.6%
1Y−34.1%
3Y−10.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Wynn Resorts, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,138	7,128	6,532	3,757	3,764	2,096
Cost of revenue	4,181	4,026	3,709	2,390	2,559	1,743
Gross profit	2,957	3,102	2,823	1,367	1,205	353
Selling, general & administrative expenses	1,218	1,186	1,077	919	884	859
Research & development	–	–	–	–	–	–
Depreciation/amortization	621	659	687	692	716	726
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.7	127	231	−144	2.1	4.6
Other operating expenses	0	0	0	0	0	0
Operating income	1,117	1,130	827	−101	−397	−1,237
Net interest income (expense)	−594	−516	−531	−605	−591	−554
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−8.6	29.2	−11.5	5.8	−23.9	28.5
Net income before taxes	514	643	285	−700	−1,012	−1,762
Provision for taxes	105	3.7	−497	9.3	0.5	565
Minority interest	−81.8	−139	−52.2	286	256	260
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	327	501	730	−424	−756	−2,067
Extraordinary items	–	–	–	–	–	–
Net income	327	501	730	−424	−756	−2,067
EBIT, normalized	1,118	1,256	1,059	−245	−395	−1,232
EBITDA, normalized	1,739	1,915	1,746	447	321	−507
Basic EPS, normalized	4.19	6.02	4.10	−4.47	−6.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Wynn Resorts, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,065	2,426	3,724	3,650	2,523	3,482
Receivables	403	324	342	216	199	200
Total inventory	88.5	75.8	75.6	70.1	70.0	66.3
Prepaid expenses	127	95.7	100.0	88.2	79.1	64.7
Other current assets	0	0	0	4.8	4.9	0
Total current assets	2,684	2,922	4,242	4,030	2,876	3,813
Property, plant & equipment	8,404	8,319	8,521	8,749	9,137	9,595
Goodwill	–	18.5	18.5	90.5	130	144
Intangibles	224	255	311	155	178	134
Long-term investments	1,016	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	781	1,465	904	391	211	183
Total assets	13,108	12,978	13,996	13,415	12,531	13,870
Liabilities
Accounts payable	255	205	208	197	171	148
Payable/accrued	–	–	–	–	–	–
Accrued expenses	781	766	726	542	615	475
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	37.2	59.6	723	566	66.0	610
Other current liabilities	570	509	543	506	436	647
Total current liabilities	1,643	1,540	2,200	1,811	1,288	1,881
Long-term debt	10,611	10,572	11,053	11,599	11,929	12,524
Minority interest	−756	−744	−850	−890	−622	−385
Other liabilities	1,885	1,835	1,844	1,645	151	202
Total liabilities	13,384	13,202	14,248	14,166	12,745	14,222
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.3	1.3	1.3	1.3	1.3	1.2
Additional paid-in capital	3,802	3,699	3,647	3,584	3,503	2,598
Retained earnings (accumulated deficit)	−1,454	−1,677	−2,067	−2,712	−2,288	−1,532
Treasury stock	−2,621	−2,242	−1,836	−1,624	−1,436	−1,423
Other equity	−3.1	−5.7	3.4	−0.4	6.0	3.6
Total equity	−275	−224	−251	−751	−214	−352
Total liabilities & shareholders' equity	13,108	12,978	13,996	13,415	12,531	13,870

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Wynn Resorts, Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	409	640	782	−709	−1,012	−2,327
Depreciation, depletion & amortization	621	659	687	692	716	726
Deferred taxes	97.3	−6.8	−503	3.2	−2.7	562
Non-cash items	264	170	279	−0.8	217	212
Changes in working capital	−38.8	−35.8	1.8	−56.6	−141	−246
Cash from operations	1,353	1,426	1,248	−71.3	−223	−1,072
Investing activities
Capital expenditures	−661	−423	−507	−353	−347	−290
Other investing cash flows	−996	339	−835	1,701	4.3	24.4
Cash from investing	−1,657	−83.6	−1,343	1,349	−342	−266
Financing activities
Financing cash flow items	−62.9	−58.2	−71.6	19.1	−55.4	−67.2
Cash dividends paid	−175	−140	−84.7	−1.4	−1.6	−109
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−416	−1,596	−563	−41.4	−331	2,639
Cash from financing	−653	−1,794	−719	−23.7	−388	2,463
Foreign exchange effects	−3.9	3.5	0.3	−2.1	−2.3	3.0
Net change in cash	−962	−448	−814	1,252	−955	1,128
Free cash flow	692	1,004	741	−424	−569	−1,363

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 2, 2026 after market close.