Wynn Resorts, Limited (WYNN) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Wynn Resorts, Limited

Updated on October 4, 2026 · accounts published on August 4, 2026

Reading of October 4, 2026: A business with recovered operating margins, weighed down by heavy debt and thin returns on capital

Wynn Resorts trades at a P/E of 18.2 over the last 12 months, 3 % above its sector median, while net debt stood at 6.2× EBITDA in fiscal 2025.

• Is Wynn Resorts expensive or cheap? Its P/E of 18.2 sits 3 % above the sector median of 17.6 and below its own three-year average of 23.7.
• How is the business doing? Operating margin of 16.1 % over the last 12 months triples its 2014-2025 average of 5.4 %, though EPS fell 28 %.
• How strong is the balance sheet, and could it survive a recession? Net debt of $104.66 per share equals 138 % of the share price and 6.2× EBITDA in fiscal 2025.
• What to expect from the next earnings? Wynn Resorts reports on November 5, 2026; analysts expect EPS of $0.88, below the $1.24 of the last quarter.

Is Wynn Resorts expensive or cheap?

Over the last 12 months Wynn Resorts trades at a P/E of 18.2. That is 3 % above the 17.6 median of 213 consumer cyclical peers and below its own three-year average of 23.7. EV/sales of 3.3× in fiscal 2025 is roughly 23 % under its ten-year average of 4.3×. The free cash flow yield of 9.8 % is about double the 4.7 % earnings yield, so cash generation looks stronger than reported profit. The stock is down 38 % over 12 months and sits 40 % below its 52-week high of $133.34. Peter Lynch's warning about cyclicals applies here: a moderate P/E says little until you look at the debt.

How is the business doing?

Over the last 12 months revenue was flat at +0.1 % while EPS fell 28 %. The operating margin of 16.1 % is about three times the 5.4 % average for fiscal 2014-2025, yet only 6.1 % of revenue ends up as net profit. Returns on capital are the weak point. ROIC of 8.6 % sits 1.6 points below the sector median of 10.2 %, and it has not topped 10 % in any of the last ten fiscal years. The five-year averages, 6.4 % for operating margin and 4.0 % for ROIC, fall short of the 8 % and 12 % the sector treats as healthy.

How strong is the balance sheet, and could it survive a recession?

Consumer cyclicals depend on spending that shrinks in a recession, so the sector judges them on debt and liquidity rather than on one good year. On that test Wynn Resorts struggles. Net debt reached 6.2× EBITDA in fiscal 2025, more than double the healthy ceiling of 3.0×, and is worth 138 % of today's share price. Over the last 12 months the current ratio is 0.91, against a healthy level of 1.5, and the Altman Z of 1.3 sits in the danger zone below 1.81. The dividend yields 1.3 % and has risen for 3 consecutive fiscal years, but it absorbed 53 % of fiscal 2025 earnings.

What to expect from the next earnings?

On August 4, 2026 Wynn Resorts reported EPS of $1.24 against $0.99 expected, a 25 % beat. That was the exception: it has beaten EPS estimates in only 2 of the last 8 quarters. For the quarter due on November 5, 2026, analysts expect $0.88. Over the last 18 days the 2026 EPS consensus slipped 0.5 %, from $4.65 to $4.62 across 11 analysts, while the revenue consensus barely moved. Of 45 analysts, 29 rate the stock a buy, 15 a hold and 1 a sell. With a record of 2 beats in 8 quarters, that optimism is worth checking against the actual numbers.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.