# Wynn Resorts (WYNN.US)

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

Analysis as of: 2026-10-01T09:07:21.811Z. Financial observations: FY2008–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: $76.97 per share; close as of 2026-10-15.

Estimated value: low $36.99 per share, central $43.82 per share, high $49.07 per share. Buy at or below the central value $43.82 per share. Valuation as of 2026-10-01T09:07:21.811Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.3% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines 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: 0

- Years with a net loss: 3

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.17×

- FY2018: 0.11×

- FY2022: -0.03×

- FY2023: 0.13×

- FY2024: 0.16×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: -3.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.3%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.5%

- FY2017: 13.6%

- FY2018: 8.0%

- FY2019: 5.7%

- FY2020: -10.6%

- FY2021: -3.4%

- FY2022: -0.9%

- FY2023: 8.2%

- FY2024: 11.8%

- FY2025: 8.5%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 2.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $379M

- Return on incremental invested capital: 7.1%

- Working capital / revenue, annual change: 3.3 pp

- Working capital / revenue, change between three-year averages: 23.8 pp

- Working capital / revenue, final three-year average: 3.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.81×

- FY2022: 0.23×

- FY2023: 1.25×

- FY2024: 1.36×

- FY2025: 0.63×

### management: pass

- $1 retained earnings test: 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.0% vs 8.5%

- Market cap gain: $3.7B

- Cumulative retained earnings: -$1.5B

- Diluted shares, 10-year annual growth: 0.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.4%

- Per-share value change: $2.17

- Per-share value, starting three-year median: $2.38

- Per-share value, ending three-year median: $4.54

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: -$3.9M

- ROIC, first three-year median: 8.0%

- ROIC, last three-year median: 8.5%

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 1.24×

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.13×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -8.9%

- FY2018: -2.9%

- FY2019: -5.6%

- FY2020: -7.2%

- FY2021: -4.3%

- FY2022: -2.6%

- FY2023: -3.7%

- FY2024: -7.1%

- FY2025: -7.8%

## Holders

## Price story

Down 41% since Nov 2025 · "WYNN Q4 Deep Dive: Margin Pressures and International Expansion Shape Outlook" (finance.yahoo.com, Feb 2026) · sales +0.1%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

Price needs cash profits to grow 12.7% a year for ten years

- 2025-05-19: WYNN Q1 Earnings Call: Tariff Delays, Cost Controls, and Market Dynamics Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/wynn-q1-earnings-call-tariff-132334102.html))

- 2025-07-03: Wynn Resorts (WYNN) Surges 8.8% on Macau Gaming Revenue Jump ([finance.yahoo.com](https://finance.yahoo.com/news/wynn-resorts-wynn-surges-8-004818171.html))

- 2025-08-08: Wynn Resorts Q2 2025 slides: Record Las Vegas EBITDA, UAE project on track ([investing.com](https://www.investing.com/news/company-news/wynn-resorts-q2-2025-slides-record-las-vegas-ebitda-uae-project-on-track-93CH-4179028))

- 2025-11-07: Wynn’s third quarter buoyed by premium pricing ([finance.yahoo.com](https://finance.yahoo.com/news/wynn-third-quarter-buoyed-premium-095820736.html))

- 2026-02-13: WYNN Q4 Deep Dive: Margin Pressures and International Expansion Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/wynn-q4-deep-dive-margin-053603100.html))

### Sales · FY2024–2025

sales +0.1%; source https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm; observed 2026-03-02.

- FY2016: $4.3B 

- FY2017: $6.1B 

- FY2018: $6.7B 

- FY2022: $3.8B 

- FY2023: $6.5B 

- FY2024: $7.1B 

- FY2025: $7.1B 

### Gross margin · FY2025

gross margin 41.4%; source https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm; observed 2026-03-02.

- FY2022: 36.4% 

- FY2023: 43.2% 

- FY2024: 43.5% 

- FY2025: 41.4% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are USD 7.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm (filed 2026-03-02); FY2025: revenue 7137924000; grossProfit 2336373000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); WYNN.US: Wynn Resorts, Limited designs, develops, and operates integrated resorts. It operates in four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates casino space, private gaming salons, and sky casinos; a luxury hotel tower with suites and villas, as well as a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and a performance lake, an immersive entertainment center, Western and Asian art displays, and a gondola ride. Its Wynn Macau segment operates casino space, private gaming salons, sky casinos, and a poker room; luxury hotel towers with health clubs, spas, a salon, and a pool; food and beverage outlets; retail space; meeting and convention space; a performance lake; and a rotunda show featuring Chinese zodiac-inspired ceilings. The Las Vegas Operations segment operates casino space, private gaming salons, a sky casino, a poker room, and a race and sports book; a luxury hotel tower with suites, villas, swimming pools, private cabanas, full-service spas and salons, and a wedding chapel; food and beverage outlets; meeting and convention space; retail space; a golf course; nightclubs; a beach club; and theaters. Its Encore Boston Harbor segment operates casino space, private and high-limit gaming areas, and a sports book; a luxury hotel tower with suites, a spa, and a salon; food and beverage outlets; a nightclub; retail space; meeting and convention space; a waterfront park; floral displays; and water shuttle services. Wynn Resorts, Limited was incorporated in 2002 and is based in Las Vegas, Nevada.

### Why customers stay

Margins ranged from 41.4% to 43.5% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: grossProfit / revenue = 43.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm (filed 2026-03-02); FY2025: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); 10-year return on capital observations [[2016,0.06487854859721454],[2017,0.1358164271272329],[2018,0.07958519066086056],[2019,0.05735012575075754],[2020,-0.10551535780604412],[2021,-0.03390143908022773],[2022,-0.008598160262301377],[2023,0.08212534273020962],[2024,0.11845630548677492],[2025,0.08515203390803955]]; median 0.07223186962903755. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 7.9% of cash earnings on expansion; earns 7.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2017: growth capex 396677000; upkeep 552368000; owner earnings 703210000. Growth capex / owner earnings = 0.564094651668776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2018: growth capex 617467367.1209118; upkeep 984918632.8790882; owner earnings 114817367.12091184. Growth capex / owner earnings = 5.377822036893334.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2023: growth capex 0; upkeep 507176000; owner earnings 845573000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); FY2024: growth capex 0; upkeep 422544000; owner earnings 678400000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm (filed 2026-03-02); FY2025: growth capex 16777777.423342228; upkeep 644112222.5766578; owner earnings 211927777.42334223. Growth capex / owner earnings = 0.07916742971275215.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Incremental return on capital 0.07119370716149324, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Dividend observations: [[2016,325217000],[2017,569781000],[2018,569781000],[2019,566521000],[2020,108777000],[2021,1553000],[2022,1445000],[2023,84733000],[2024,139564000],[2025,174662000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm (filed 2026-03-02); FY2025: cash repurchases 380109000 USD.

### Are managers owners

Insiders own 27.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); WYNN.US SharesStats.PercentInsiders = 27.445000000000004 percentage points; cache date 2026-10-02.

### What could break it

"Our Macau Operations may be affected by adverse political and economic conditions." (SEC filing, Mar 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1174922/000117492226000013/wynn-20251231.htm (filed 2026-03-02); Our Macau Operations may be affected by adverse political and economic conditions.

### What the price says

The price assumes cash profits grow 13% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-02); Ten-year compound average after fade. Initial solved rate 0.1749223656789124. Price 77.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -13.639218656253997 → FY2025 1.9888179076601495. Closing-price date 2026-10-01.

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

- 2016-10: $94.55 per share

- 2016-11: $101.99 per share

- 2016-12: $86.51 per share

- 2017-01: $101.43 per share

- 2017-02: $96.15 per share

- 2017-03: $114.61 per share

- 2017-04: $123.01 per share

- 2017-05: $128.70 per share

- 2017-06: $134.12 per share

- 2017-07: $129.34 per share

- 2017-08: $138.99 per share

- 2017-09: $148.92 per share

- 2017-10: $147.49 per share

- 2017-11: $158.08 per share

- 2017-12: $168.59 per share

- 2018-01: $165.59 per share

- 2018-02: $167.50 per share

- 2018-03: $182.36 per share

- 2018-04: $186.19 per share

- 2018-05: $196.01 per share

- 2018-06: $167.34 per share

- 2018-07: $166.78 per share

- 2018-08: $148.34 per share

- 2018-09: $127.06 per share

- 2018-10: $100.60 per share

- 2018-11: $109.40 per share

- 2018-12: $98.91 per share

- 2019-01: $123.01 per share

- 2019-02: $126.54 per share

- 2019-03: $119.32 per share

- 2019-04: $144.45 per share

- 2019-05: $107.33 per share

- 2019-06: $123.99 per share

- 2019-07: $130.07 per share

- 2019-08: $110.15 per share

- 2019-09: $108.72 per share

- 2019-10: $121.34 per share

- 2019-11: $120.85 per share

- 2019-12: $138.87 per share

- 2020-01: $126.16 per share

- 2020-02: $107.98 per share

- 2020-03: $60.19 per share

- 2020-04: $85.53 per share

- 2020-05: $83.28 per share

- 2020-06: $74.49 per share

- 2020-07: $72.43 per share

- 2020-08: $87.45 per share

- 2020-09: $71.81 per share

- 2020-10: $72.43 per share

- 2020-11: $100.50 per share

- 2020-12: $112.83 per share

- 2021-01: $99.53 per share

- 2021-02: $131.73 per share

- 2021-03: $125.37 per share

- 2021-04: $128.40 per share

- 2021-05: $131.87 per share

- 2021-06: $122.30 per share

- 2021-07: $98.33 per share

- 2021-08: $101.69 per share

- 2021-09: $84.75 per share

- 2021-10: $89.80 per share

- 2021-11: $81.01 per share

- 2021-12: $85.04 per share

- 2022-01: $85.45 per share

- 2022-02: $86.52 per share

- 2022-03: $79.74 per share

- 2022-04: $70.48 per share

- 2022-05: $66.10 per share

- 2022-06: $56.98 per share

- 2022-07: $63.48 per share

- 2022-08: $60.59 per share

- 2022-09: $63.03 per share

- 2022-10: $63.90 per share

- 2022-11: $83.66 per share

- 2022-12: $82.47 per share

- 2023-01: $103.64 per share

- 2023-02: $108.37 per share

- 2023-03: $111.91 per share

- 2023-04: $114.28 per share

- 2023-05: $98.70 per share

- 2023-06: $105.61 per share

- 2023-07: $108.98 per share

- 2023-08: $101.38 per share

- 2023-09: $92.41 per share

- 2023-10: $87.78 per share

- 2023-11: $84.42 per share

- 2023-12: $91.11 per share

- 2024-01: $94.43 per share

- 2024-02: $105.20 per share

- 2024-03: $102.23 per share

- 2024-04: $91.65 per share

- 2024-05: $94.88 per share

- 2024-06: $89.50 per share

- 2024-07: $82.82 per share

- 2024-08: $76.88 per share

- 2024-09: $95.88 per share

- 2024-10: $96.02 per share

- 2024-11: $94.38 per share

- 2024-12: $86.16 per share

- 2025-01: $86.85 per share

- 2025-02: $89.32 per share

- 2025-03: $83.50 per share

- 2025-04: $80.31 per share

- 2025-05: $90.54 per share

- 2025-06: $93.67 per share

- 2025-07: $109.03 per share

- 2025-08: $126.75 per share

- 2025-09: $128.27 per share

- 2025-10: $118.99 per share

- 2025-11: $128.68 per share

- 2025-12: $120.33 per share

- 2026-01: $107.45 per share

- 2026-02: $108.19 per share

- 2026-03: $101.55 per share

- 2026-04: $107.11 per share

- 2026-05: $101.22 per share

- 2026-06: $97.09 per share

- 2026-07: $99.31 per share

- 2026-08: $91.28 per share

- 2026-09: $79.43 per share

## Annual estimated value (USD per share)

- FY2025: low $36.99 per share, central $43.82 per share, high $49.07 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/1174922/000117492226000013/wynn-20251231.htm); period 2025-12-31, filed 2026-03-02.

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.