The company's financial position appears increasingly fragile, evidenced by a $812.0 million deficit in retained earnings and a significant reliance on $3.4 billion of goodwill within its $10.9 billion asset base.
| Total Current Assets | 1.14B | 1.35B | 447.87M | 572.35M | 522.71M | 567.19M | 288.95M | 245.03M | 122.46M | 134.05M | 105.49M |
| Cash & Short-Term Investments | 559.3M | 798.42M | 171.23M | 163.19M | 212.51M | 206.19M | 128.12M | 182.58M | 77.58M | 85.81M | 55.36M |
| Cash Only | 559.3M | 798.42M | 171.23M | 163.19M | 212.51M | 206.19M | 123.44M | 182.58M | 77.58M | 85.81M | 55.36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 4.67M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 205.38M | 239.39M | 118.16M | 165.18M | 166.61M | 210.69M | 8.71M | 23.19M | 22.97M | 23.71M | 17.47M |
| Days Sales Outstanding | 26.56 | 32.89 | 17.6 | 24.62 | 26.96 | 58.15 | 8.52 | 16.17 | 19.16 | 20.55 | 15.37 |
| Inventory | 61.27M | 0 | 19.32M | 14.63M | 14.19M | 11.49M | 9.3M | 7.9M | 6.42M | 7.26M | 6.8M |
| Days Inventory Outstanding | 6.31 | - | 6.28 | 4.83 | 5.13 | 7.84 | 24.47 | 15.57 | 17.32 | 22.15 | 20.09 |
| Other Current Assets | 313.99M | 308.98M | 123.87M | 212.29M | 114.98M | 119.11M | 130.71M | 2.92M | 3.85M | 7.4M | 25.86M |
| Total Non-Current Assets | 9.79B | 9.88B | 5.41B | 6.29B | 5.78B | 5.99B | 1.64B | 776.86M | 659.89M | 584.08M | 535.4M |
| Property, Plant & Equipment | 2.92B | 0 | 2.18B | 2.34B | 2.01B | 1.35B | 785.14M | 527.66M | 416.15M | 335.55M | 280.84M |
| Fixed Asset Turnover | 1.29x | - | 1.13x | 1.05x | 1.12x | 0.98x | 0.47x | 0.99x | 1.05x | 1.25x | 1.48x |
| Goodwill | 3.37B | 3.43B | 1.8B | 1.94B | 1.75B | 2.12B | 186.98M | 133.08M | 132.03M | 132.03M | 132.03M |
| Intangible Assets | 2.92B | 3B | 1.31B | 1.87B | 1.96B | 2.48B | 663.39M | 110.37M | 110.1M | 115.37M | 120.95M |
| Long-Term Investments | 763.02M | 321.34M | 65.75M | 0 | 0 | 0 | 0 | 0 | -9.83M | -15.47M | 0 |
| Other Non-Current Assets | 557.93M | 3.13B | 61.28M | 110.32M | 32.69M | 27.01M | 5.38M | 5.74M | 1.6M | 1.13M | 1.58M |
| Total Assets | 10.93B | 11.23B | 5.86B | 6.86B | 6.3B | 6.55B | 1.93B | 1.02B | 782.35M | 718.13M | 640.89M |
| Asset Turnover | 0.30x | 0.24x | 0.42x | 0.36x | 0.36x | 0.20x | 0.19x | 0.51x | 0.56x | 0.59x | 0.65x |
| Asset Growth % | 173.74% | 91.64% | -14.59% | 8.9% | -3.86% | 239.57% | 88.85% | 30.62% | 8.94% | 12.05% | - |
| Total Current Liabilities | 1.02B | 1.69B | 677.81M | 874.78M | 755.8M | 570.13M | 143.19M | 89.78M | 75.59M | 116.24M | 65.33M |
| Accounts Payable | 146.86M | 196.89M | 85.77M | 69.16M | 70.07M | 87.54M | 15.87M | 14.92M | 14.21M | 25.06M | 0 |
| Days Payables Outstanding | 35.94 | 47.43 | 27.87 | 22.84 | 25.34 | 59.71 | 41.77 | 29.41 | 38.36 | 76.46 | - |
| Short-Term Debt | 0 | 141.99M | 19.45M | 19.45M | 19.45M | 19.45M | 5.75M | 3M | 3.6M | 33.33M | 10.68M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.58M | 2.63M | 0 |
| Other Current Liabilities | 877.75M | 1.33B | 143.01M | 216.26M | 172.78M | 184.63M | 11.63M | 33.03M | 38.57M | 42.94M | 40.1M |
| Current Ratio | 1.11x | 0.80x | 0.66x | 0.65x | 0.69x | 0.99x | 2.02x | 2.73x | 1.62x | 1.15x | 1.61x |
| Quick Ratio | 1.05x | 0.80x | 0.63x | 0.64x | 0.67x | 0.97x | 1.95x | 2.64x | 1.54x | 1.09x | 1.51x |
| Cash Conversion Cycle | -3.07 | - | -4 | 6.61 | 6.75 | 6.27 | -8.78 | 2.33 | -1.88 | -33.76 | - |
| Total Non-Current Liabilities | 7.56B | 7B | 5.15B | 5.35B | 4.74B | 4.37B | 1.46B | 720.69M | 408.1M | 425.1M | 460M |
| Long-Term Debt | 2.3B | 4.46B | 3.3B | 3.64B | 3.47B | 3.43B | 1.09B | 680.6M | 390.58M | 357.88M | 404.31M |
| Capital Lease Obligations | 5.65B | 1.83B | 1.55B | 1.35B | 1B | 506.48M | 62.02M | 16.21M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2B | 553.51M | 118.21M | 125.59M | 138.02M | 214.47M | 0 | 13.79M | 17.53M | 11.65M | 0 |
| Other Non-Current Liabilities | 4.71B | 152.48M | 179.41M | 233.29M | 127.73M | 219.56M | 303.93M | 10.09M | 0 | 67.22M | 55.69M |
| Total Liabilities | 8.59B | 8.69B | 5.83B | 6.23B | 5.49B | 4.94B | 1.6B | 810.48M | 483.69M | 541.33M | 525.32M |
| Total Debt | 2.3B | 6.43B | 4.94B | 5.07B | 4.52B | 3.98B | 1.16B | 700.83M | 394.17M | 391.2M | 414.99M |
| Net Debt | 1.74B | 5.64B | 4.77B | 4.9B | 4.31B | 3.77B | 1.04B | 518.25M | 316.59M | 305.39M | 359.63M |
| Debt / Equity | 0.98x | 2.53x | 159.83x | 7.97x | 5.61x | 2.46x | 3.56x | 3.32x | 1.32x | 2.21x | 3.59x |
| Debt / EBITDA | 6.78x | 18.69x | 120.18x | 11.15x | 599.22x | 16.70x | 59.80x | 4.77x | 2.76x | 2.68x | 3.02x |
| Net Debt / EBITDA | 5.13x | 16.37x | 116.01x | 10.79x | 571.07x | 15.83x | 53.45x | 3.53x | 2.21x | 2.09x | 2.62x |
| Interest Coverage | 0.03x | 0.07x | 0.13x | -0.14x | 0.81x | 1.24x | 0.06x | 3.15x | 5.82x | 5.42x | 4.42x |
| Total Equity | 2.34B | 2.54B | 30.9M | 635.85M | 806.25M | 1.62B | 326.6M | 211.41M | 298.66M | 176.8M | 115.57M |
| Equity Growth % | 8511.21% | 8135.16% | -95.14% | -21.13% | -50.1% | 394.74% | 54.48% | -29.21% | 68.92% | 52.99% | - |
| Book Value per Share | 38.88 | 41.93 | 0.64 | 11.92 | 13.87 | 32.55 | 10.43 | 5.59 | 7.75 | 4.60 | 2.94 |
| Total Shareholders' Equity | 791.34M | 994.66M | 30.9M | 635.43M | 805.82M | 1.61B | 326.6M | 211.41M | 298.66M | 176.8M | 115.57M |
| Common Stock | 488K | 484K | 408K | 400K | 466K | 530K | 307K | 412K | 380K | 362K | 90K |
| Retained Earnings | -811.99M | -650.07M | -1.12B | -555.89M | -535.37M | -181.58M | 34.79M | 250.42M | 202.88M | 130.81M | 70.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -29.17M | 0 | -223.07M | -30.23M | -22.27M | 0 |
| Accumulated OCI | 53.89M | 69.42M | -260.27M | -209.56M | -295.64M | -26.81M | -3.14M | -1.89M | 0 | 0 | 0 |
| Minority Interest | 1.55B | 1.55B | 0 | 428K | 428K | 3.76M | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity constraints
According to recent financial statements, Bally's total assets reached $10.9 billion in 2026Q1, yet this growth is overshadowed by a persistent accumulation of liabilities and a significant decline in equity, signaling a weakening financial position as the company aggressively pursues its capital-intensive development strategy.
The trajectory of the balance sheet suggests that asset growth is being funded primarily through debt rather than retained earnings, which have remained deeply negative. This reliance on external financing to fuel expansion may indicate that the company's core operations are not yet self-sustaining, warranting caution regarding long-term solvency.
As reported in quarterly filings, Bally's debt-to-equity ratio has fluctuated wildly, reaching 0.98 in 2026Q1 after periods of extreme volatility, which underscores the company's precarious reliance on debt to manage its complex capital structure and fund ongoing regional casino development projects.
The high debt load relative to equity suggests that interest expenses will continue to exert significant pressure on net margins, limiting the company's financial flexibility. Investors should monitor whether the company can successfully deleverage once the Chicago permanent casino project reaches operational maturity, as current leverage levels appear unsustainable.
Based on the most recent quarterly data, Bally's current ratio of 1.11 in 2026Q1 indicates a marginal improvement in short-term liquidity, yet the company's cash position remains insufficient to comfortably cover its substantial operational burn and upcoming capital commitments without continued access to external financing.
The historical trend of current ratios consistently below 1.0 suggests that the company has operated with a structural liquidity deficit for several quarters. This reliance on external capital markets to maintain day-to-day operations may expose the firm to significant refinancing risks if credit conditions tighten.
Data from recent balance sheets reveal that Bally's retained earnings have plummeted to a deficit of $812.0 million as of 2026Q1, reflecting the cumulative impact of persistent net losses that continue to erode the company's book value and overall equity quality.
The consistent decline in retained earnings suggests that the company's business model is currently failing to generate the profitability required to build shareholder value. This trend may indicate that future growth initiatives will likely require further dilution or additional debt, potentially complicating the path to a stable equity base.
As evidenced by the company's 2026Q1 balance sheet, goodwill accounts for $3.4 billion of total assets, representing a significant portion of the firm's valuation that may be subject to impairment risk if the anticipated synergies from recent acquisitions fail to materialize as expected.
The heavy reliance on intangible assets suggests that the company's book value may be overstated, as these assets are highly sensitive to the performance of the interactive and gaming segments. If the company's digital expansion does not meet growth targets, the resulting goodwill write-downs could further destabilize an already vulnerable balance sheet.
Quick answers to the most common questions about buying BALY stock.
As of 2025, Bally's Corporation (BALY) had total assets of $11.23B including $1.35B in current assets.
Bally's Corporation (BALY) carries total debt of $6.43B, offset by $798.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bally's Corporation (BALY) has total shareholders' equity (book value) of $994.7M ($41.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bally's Corporation (BALY) reported a current ratio of 0.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.