WYNN

Wynn has rebuilt to a roughly $7.14B revenue base (FY2025, +0.1% YoY), recovering from the pandemic trough of $3.76B in 2021-2022, and generates dependable operating cash flow of $1.35B with a 15.7% operating margin. The integrated-resort model spanning Macau (Wynn Palace and Wynn Macau via ~72% WML ownership), Las Vegas, and Encore Boston Harbor produces durable, high-quality assets, and a new growth avenue is under construction in the Wynn Al Marjan Island UAE joint venture (40% equity interest). At 33.6x FY diluted EPS of $3.14 and 1.5x sales, the stock is not demanding on cash flow but is full on earnings, which fell 27.8% YoY.

The balance sheet is the central concern. Stockholders' equity is negative at -$275M and retained earnings sit at -$1.45B, producing a meaningless but telling -118.8% ROE and negative leverage ratios. Long-term debt is $10.5B against $1.46B cash, and that cash fell 39.7% YoY while capital expenditures jumped 57.3% to $660M as the UAE project and resort reinvestment ramp. The company is still returning capital aggressively, with $380M of buybacks and $175M of dividends paid in FY2025, which limits deleveraging.