# Caesars Entertainment (CZR.US)

Canonical: https://gigainvestors.com/s/CZR

Analysis as of: 2026-10-16T07:27:53.587Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.25 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 0.69×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.06×

- FY2018: 0.15×

- FY2019: 0.16×

- FY2020: -0.11×

- FY2021: 0.15×

- FY2022: 0.16×

- FY2023: 0.21×

- FY2024: 0.20×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: 0.9%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 49.6%

- Recent gross margin (lower of latest and 3-year median): 50.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.7%

- FY2017: 0.9%

- FY2018: 2.8%

- FY2019: 44.2%

- FY2020: -1.5%

- FY2021: 6.2%

- FY2022: 8.0%

- FY2023: 11.0%

- FY2024: 10.1%

- FY2025: 8.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$413M

- Net income, five-year total: -$1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 2.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$413M

- FY2022: -$646M

- FY2023: $786M

- FY2024: -$250M

- FY2025: $110M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.7% vs 10.1%

- Per-share earnings: 0.94 to -1.29 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.7%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $3.9B

- Cumulative retained earnings: -$3.4B

- Diluted shares, 10-year annual growth: 15.7%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.23

- Per-share value, starting three-year median: $0.94

- Per-share value, ending three-year median: -$1.29

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 1.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $24B

- Cumulative net income, 10 years: -$3.4B

- ROIC, first three-year median: 1.7%

- ROIC, last three-year median: 10.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.51

- FY2017: $0.94

- FY2018: $1.23

- FY2019: $1.04

- FY2020: -$8.45

- FY2021: -$4.76

- FY2022: -$4.18

- FY2023: $3.64

- FY2024: -$1.29

- FY2025: -$2.47

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 4.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -1.6%

- FY2018: -3.9%

- FY2019: -4.1%

- FY2020: -3.2%

- FY2021: -5.8%

- FY2022: -5.6%

- FY2023: -3.1%

- FY2024: -4.3%

- FY2025: -5.8%

## Holders

- [Carl Icahn](https://gigainvestors.com/ic): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 73% since Oct 2021 · "Caesars Entertainment Third-Quarter Loss Widens as Las Vegas Revenue Declines" (finance.yahoo.com, Oct 2025) · sales +2.1%

Story as of 2026-10-16T09:58:36.411Z; price observation 2026-10-15.

- 2025-04-29: Caesars Entertainment posts narrower first-quarter loss on sports betting surge ([finance.yahoo.com](https://finance.yahoo.com/news/caesars-entertainment-posts-narrower-first-204757679.html))

- 2025-07-29: Caesars Entertainment reports a decline in revenue from the Las Vegas segment ([seekingalpha.com](https://seekingalpha.com/news/4473724-caesars-entertainment-reports-a-decline-in-revenue-from-the-las-vegas-segment?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-28: Caesars Entertainment (NASDAQ:CZR) Misses Q3 Sales Expectations, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/news/caesars-entertainment-nasdaq-czr-misses-213841516.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/858339/000085833920000023/a2019q4cecform10-k.htm; observed 2020-02-25.

- FY2016: $900M 

- FY2017: $1.5B 

- FY2018: $2.1B 

- FY2019: $2.5B 

- FY2020: $3.6B 

- FY2021: $9.6B 

- FY2022: $11B 

- FY2023: $12B 

- FY2024: $11B 

- FY2025: $11B 

### Gross margin · FY2025

gross margin 50%; source https://www.sec.gov/Archives/edgar/data/858339/000085833920000023/a2019q4cecform10-k.htm; observed 2020-02-25.

- FY2016: 39.2% 

- FY2017: 45.2% 

- FY2018: 45.0% 

- FY2019: 49.0% 

- FY2020: 49.1% 

- FY2021: 51.4% 

- FY2022: 50.1% 

- FY2023: 53.2% 

- FY2024: 51.8% 

- FY2025: 50.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in resorts & casinos; annual sales are USD 11.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2025: revenue 11486000000; grossProfit 5743000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CZR.US: Caesars Entertainment, Inc. operates as a gaming and hospitality company. It owns, leases, brands, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. The company also operates and conducts online gaming, retail and online sports wagering across 42 jurisdictions in North America, and iGaming in five jurisdictions in North America; sports betting from retail and online sportsbooks; and other games, such as keno. In addition, it operates casinos, dining venues, bars, nightclubs, lounges, hotels, and entertainment venues; and provides staffing and management services. In addition, the company operates as a real estate leasing company, that constructs and develops the Grand Bazaar. The company was founded in 1937 and is based in Reno, Nevada.

### Why customers stay

Margins ranged from 50% to 53.2% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2023: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2024: grossProfit / revenue = 51.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2025: grossProfit / revenue = 50%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); 10-year return on capital observations [[2016,0.01689318073438097],[2017,0.009238474833078176],[2018,0.028053059826515715],[2019,0.44235008232857065],[2020,-0.014899054559779397],[2021,0.06201408677885908],[2022,0.08034916364487074],[2023,0.10973701955495617],[2024,0.10128317845417617],[2025,0.08864038876889849]]; median 0.07118162521186491. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 229 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2016: growth capex 0; upkeep 47380000; owner earnings 40596000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2017: growth capex 0; upkeep 83161000; owner earnings 96110000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2018: growth capex 0; upkeep 147415000; owner earnings 105014000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/858339/000085833920000023/a2019q4cecform10-k.htm (filed 2020-02-25); FY2019: growth capex 0; upkeep 170766000; owner earnings 134855000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2023: growth capex 3000000; upkeep 1261000000; owner earnings 786000000. Growth capex / owner earnings = 0.003816793893129771.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2025: growth capex 0; upkeep 805000000; owner earnings 110000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,16000000],[2021,45000000],[2022,27000000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); FY2025: cash repurchases 229000000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CZR.US SharesStats.PercentInsiders = 0.788 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2020-02-25); Closing price 29.25 USD; reporting-to-trading FX 1; FY2025 annual sales per share 56.58128078817734; price multiple 0.5169554239944281. FY2025 cash earnings/share 0.541871921182266. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $12.10 per share

- 2016-11: $13.75 per share

- 2016-12: $16.95 per share

- 2017-01: $15.50 per share

- 2017-02: $16.30 per share

- 2017-03: $18.93 per share

- 2017-04: $19.13 per share

- 2017-05: $20.75 per share

- 2017-06: $20.00 per share

- 2017-07: $20.40 per share

- 2017-08: $23.00 per share

- 2017-09: $25.65 per share

- 2017-10: $25.70 per share

- 2017-11: $30.60 per share

- 2017-12: $33.15 per share

- 2018-01: $34.55 per share

- 2018-02: $34.10 per share

- 2018-03: $33.00 per share

- 2018-04: $40.50 per share

- 2018-05: $45.20 per share

- 2018-06: $39.10 per share

- 2018-07: $42.85 per share

- 2018-08: $48.05 per share

- 2018-09: $48.60 per share

- 2018-10: $36.50 per share

- 2018-11: $43.98 per share

- 2018-12: $36.21 per share

- 2019-01: $46.62 per share

- 2019-02: $48.21 per share

- 2019-03: $46.69 per share

- 2019-04: $49.37 per share

- 2019-05: $49.17 per share

- 2019-06: $46.07 per share

- 2019-07: $45.12 per share

- 2019-08: $38.51 per share

- 2019-09: $39.87 per share

- 2019-10: $44.77 per share

- 2019-11: $53.51 per share

- 2019-12: $59.64 per share

- 2020-01: $59.78 per share

- 2020-02: $50.18 per share

- 2020-03: $14.40 per share

- 2020-04: $21.44 per share

- 2020-05: $35.46 per share

- 2020-06: $40.06 per share

- 2020-07: $31.05 per share

- 2020-08: $45.80 per share

- 2020-09: $56.06 per share

- 2020-10: $44.82 per share

- 2020-11: $68.12 per share

- 2020-12: $74.27 per share

- 2021-01: $70.39 per share

- 2021-02: $93.44 per share

- 2021-03: $87.45 per share

- 2021-04: $97.84 per share

- 2021-05: $107.45 per share

- 2021-06: $103.75 per share

- 2021-07: $87.36 per share

- 2021-08: $101.63 per share

- 2021-09: $112.28 per share

- 2021-10: $109.46 per share

- 2021-11: $90.07 per share

- 2021-12: $93.53 per share

- 2022-01: $76.14 per share

- 2022-02: $84.19 per share

- 2022-03: $77.36 per share

- 2022-04: $66.28 per share

- 2022-05: $50.17 per share

- 2022-06: $38.30 per share

- 2022-07: $45.69 per share

- 2022-08: $43.12 per share

- 2022-09: $32.26 per share

- 2022-10: $43.73 per share

- 2022-11: $50.81 per share

- 2022-12: $41.60 per share

- 2023-01: $52.06 per share

- 2023-02: $50.76 per share

- 2023-03: $48.81 per share

- 2023-04: $45.29 per share

- 2023-05: $41.01 per share

- 2023-06: $50.97 per share

- 2023-07: $59.02 per share

- 2023-08: $55.26 per share

- 2023-09: $46.35 per share

- 2023-10: $39.89 per share

- 2023-11: $44.72 per share

- 2023-12: $46.88 per share

- 2024-01: $43.87 per share

- 2024-02: $43.47 per share

- 2024-03: $43.74 per share

- 2024-04: $35.82 per share

- 2024-05: $35.56 per share

- 2024-06: $39.74 per share

- 2024-07: $39.95 per share

- 2024-08: $37.64 per share

- 2024-09: $41.74 per share

- 2024-10: $40.05 per share

- 2024-11: $38.49 per share

- 2024-12: $33.42 per share

- 2025-01: $36.05 per share

- 2025-02: $33.22 per share

- 2025-03: $25.00 per share

- 2025-04: $27.06 per share

- 2025-05: $26.88 per share

- 2025-06: $28.39 per share

- 2025-07: $26.68 per share

- 2025-08: $26.77 per share

- 2025-09: $27.03 per share

- 2025-10: $20.10 per share

- 2025-11: $23.27 per share

- 2025-12: $23.39 per share

- 2026-01: $20.70 per share

- 2026-02: $25.05 per share

- 2026-03: $26.43 per share

- 2026-04: $27.80 per share

- 2026-05: $29.05 per share

- 2026-06: $30.18 per share

- 2026-07: $29.75 per share

- 2026-08: $29.70 per share

- 2026-09: $29.65 per share

- 2026-10: $29.25 per share

## Annual estimated value (USD per share)

- FY2016: low $10.17 per share, central $11.45 per share, high $13.15 per share

- FY2017: low $15.04 per share, central $16.90 per share, high $19.37 per share

- FY2018: low $17.48 per share, central $19.52 per share, high $22.24 per share

- FY2019: low $21.41 per share, central $24.03 per share, high $27.51 per share

- FY2020: low $17.93 per share, central $19.27 per share, high $21.06 per share

- FY2021: low $29.07 per share, central $32.51 per share, high $37.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/858339/000085833920000023/a2019q4cecform10-k.htm); period 2019-12-31, filed 2020-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.