Golden Entertainment, Inc. (GDEN) 10-Year Financial Performance & Capital Metrics

GDEN • • Industrial / General

Consumer CyclicalCasinos & GamingDistributed Gaming OperationsVideo Gaming Terminal Operators

AboutGolden Entertainment, Inc., together with its subsidiaries, engages in the ownership and operation of a diversified entertainment platform in the United States. The company operates through four segments: Nevada Casino Resorts, Nevada Locals Casinos, Maryland Casino Resort, and Distributed Gaming. The Nevada Casino Resorts segment comprises of destination casino resort properties that include various food and beverage outlets, entertainment venues, and other amenities. The Nevada Locals Casinos segment consists of casino properties that cater to local customers. The Maryland Casino Resort segment operates Rocky Gap casino resort, including various food and beverage outlets, signature golf course, spa, and pool. The Distributed Gaming segment operates slot machines and amusement devices in non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, and grocery stores. As of February 17, 2022, the company operated approximately 16,900 slots, 120 table games, and 6,200 hotel rooms; 10 casinos; and video gaming devices at 1,100 locations, as well as owned 60 traditional taverns. The company was formerly known as Lakes Entertainment, Inc. and changed its name to Golden Entertainment, Inc. in July 2015. Golden Entertainment, Inc. was incorporated in 1998 and is headquartered in Las Vegas, Nevada.Show more

Revenue $667M -36.7%
EBITDA $202M -58.6%
Net Income $51M -80.2%
EPS (Diluted) 1.71 -79.4%
Gross Margin 54.13% +25.8%
EBITDA Margin 30.32% -34.6%
Operating Margin 16.81% -55.6%
Net Margin 7.61% -68.7%
ROE 10.03% -82.5%
ROIC 8.17% -67.0%
Debt/Equity 1.06 -24.6%
Interest Coverage 3.21 -47.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.6%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Share count reduced 3.5% through buybacks

✗Weaknesses

✗Sales declining 7.3% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y28.3%

5Y-7.29%

3Y-15.28%

TTM-12.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-32.06%

TTM-85.8%

EPS CAGR

10Y-

5Y-

3Y-30.25%

TTM-85.49%

ROCE

10Y Avg7.76%

5Y Avg11.45%

3Y Avg16.78%

Latest9.94%

Peer Comparison

Video Gaming Terminal Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ACELAccel Entertainment, Inc.	968.54M	11.64	28.39	5.17%	3.34%	16.1%	5.64%	2.30
GDENGolden Entertainment, Inc.	728.95M	27.85	16.29	-36.68%	0.85%	1.26%	5.82%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	177.04M	403.2M	509.81M	851.79M	973.41M	694.15M	1.1B	1.12B	1.05B	666.82M
Revenue Growth %	2.21%	1.28%	0.26%	0.67%	0.14%	-0.29%	0.58%	0.02%	-0.06%	-0.37%
Cost of Goods Sold+	118.61M	284.77M	336.98M	498.9M	578.51M	418.97M	600.34M	637.15M	600.01M	305.89M
COGS % of Revenue	0.67%	0.71%	0.66%	0.59%	0.59%	0.6%	0.55%	0.57%	0.57%	0.46%
Gross Profit+	58.43M	118.44M	172.83M	352.89M	394.9M	275.19M	496.2M	484.57M	453.13M	360.93M
Gross Margin %	0.33%	0.29%	0.34%	0.41%	0.41%	0.4%	0.45%	0.43%	0.43%	0.54%
Gross Profit Growth %	1.37%	1.03%	0.46%	1.04%	0.12%	-0.3%	0.8%	-0.02%	-0.06%	-0.2%
Operating Expenses+	52.2M	103.7M	152.99M	294.85M	348.78M	342.63M	330.17M	336.62M	53.92M	248.8M
OpEx % of Revenue	0.29%	0.26%	0.3%	0.35%	0.36%	0.49%	0.3%	0.3%	0.05%	0.37%
Selling, General & Admin	38.71M	68.16M	103.52M	183.89M	231.27M	183.43M	222.21M	235.56M	255.56M	225.82M
SG&A % of Revenue	0.22%	0.17%	0.2%	0.22%	0.24%	0.26%	0.2%	0.21%	0.24%	0.34%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	90K	869K	49.47M	110.96M	117.51M	159.2M	107.95M	101.06M	-201.64M	22.98M
Operating Income+	18.36M	13.04M	15.38M	50.97M	46.12M	-67.44M	166.04M	147.95M	399.21M	112.12M
Operating Margin %	0.1%	0.03%	0.03%	0.06%	0.05%	-0.1%	0.15%	0.13%	0.38%	0.17%
Operating Income Growth %	1.77%	-0.29%	0.18%	2.31%	-0.1%	-2.46%	3.46%	-0.11%	1.7%	-0.72%
EBITDA+	29.16M	40.54M	56.16M	145.42M	162.71M	56.99M	272.73M	248.07M	488.14M	202.16M
EBITDA Margin %	0.16%	0.1%	0.11%	0.17%	0.17%	0.08%	0.25%	0.22%	0.46%	0.3%
EBITDA Growth %	2.43%	0.39%	0.39%	1.59%	0.12%	-0.65%	3.79%	-0.09%	0.97%	-0.59%
D&A (Non-Cash Add-back)	10.8M	27.51M	40.79M	94.46M	116.59M	124.43M	106.69M	100.12M	88.93M	90.03M
EBIT	17.28M	18.43M	13.76M	52.75M	47.04M	-32.67M	167.3M	148.88M	397.48M	45.07M
Net Interest Income+	-2.73M	-6.45M	-19.6M	-64.03M	-74.22M	-69.11M	-62.85M	-63.49M	-65.52M	-34.88M
Interest Income	82K	0	0	0	0	0	0	0	0	0
Interest Expense	2.81M	6.45M	19.6M	64.03M	74.22M	69.11M	62.85M	63.49M	65.52M	34.88M
Other Income/Expense	-3.81M	-1.06M	-21.21M	-62.24M	-83.79M	-69.11M	-3.83M	-65.08M	-67.25M	-39.33M
Pretax Income+	14.55M	11.97M	-5.75M	-11.28M	-37.67M	-136.55M	162.21M	82.87M	331.96M	72.79M
Pretax Margin %	0.08%	0.03%	-0.01%	-0.01%	-0.04%	-0.2%	0.15%	0.07%	0.32%	0.11%
Income Tax+	-9.97M	-4.33M	-7.92M	9.64M	1.88M	61K	436K	521K	76.21M	22.06M
Effective Tax Rate %	1.69%	1.36%	-0.38%	1.85%	1.05%	1%	1%	0.99%	0.77%	0.7%
Net Income+	24.52M	16.3M	2.17M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Net Margin %	0.14%	0.04%	0%	-0.02%	-0.04%	-0.2%	0.15%	0.07%	0.24%	0.08%
Net Income Growth %	1.99%	-0.34%	-0.87%	-10.63%	-0.89%	-2.45%	2.18%	-0.49%	2.11%	-0.8%
Net Income (Continuing)	24.52M	16.3M	2.08M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.43	0.73	0.09	-0.76	-1.43	-4.87	5.04	2.61	8.31	1.71
EPS Growth %	1.77%	-0.49%	-0.88%	-9.44%	-0.88%	-2.41%	2.03%	-0.48%	2.18%	-0.79%
EPS (Basic)	1.45	0.74	0.09	-0.76	-1.43	-4.87	5.64	2.87	8.93	1.80
Diluted Shares Outstanding	17.1M	22.45M	24.66M	27.55M	27.75M	28.08M	32.12M	31.51M	30.78M	29.7M
Basic Shares Outstanding	16.88M	22.14M	23.11M	27.52M	27.75M	28.08M	28.71M	28.66M	28.65M	28.18M
Dividend Payout Ratio	-	1.44%	-	-	-	-	-	-	0.23%	0.42%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	83.64M	69.65M	133.08M	156.76M	160.43M	140.73M	263.94M	244.57M	409.44M	103.79M
Cash & Short-Term Investments	69.18M	46.9M	90.58M	116.07M	111.68M	103.56M	220.54M	136.89M	157.55M	57.73M
Cash Only	69.18M	46.9M	90.58M	116.07M	111.68M	103.56M	220.54M	136.89M	157.55M	57.73M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.11M	9.04M	14.69M	12.78M	16.25M	13.71M	18.72M	20.5M	16.95M	13.18M
Days Sales Outstanding	10.54	8.18	10.52	5.48	6.09	7.21	6.23	6.67	5.87	7.21
Inventory	6.8M	2.6M	5.59M	6.76M	8.24M	5.64M	6.64M	8.12M	8.1M	8.01M
Days Inventory Outstanding	20.94	3.34	6.06	4.94	5.2	4.91	4.04	4.65	4.93	9.56
Other Current Assets	2.55M	1.35M	2.82M	3.43M	4.39M	2.91M	2.93M	53.17M	204.8M	24.88M
Total Non-Current Assets+	295.14M	349.43M	1.23B	1.21B	1.58B	1.43B	1.35B	1.26B	1.04B	976.11M
Property, Plant & Equipment	114.31M	137.58M	895.24M	894.95M	1.25B	1.16B	1.08B	988.62M	865.54M	829.36M
Fixed Asset Turnover	1.55x	2.93x	0.57x	0.95x	0.78x	0.60x	1.01x	1.13x	1.22x	0.80x
Goodwill	96.29M	105.66M	158.13M	158.13M	184.32M	158.4M	158.4M	158.4M	84.33M	86.54M
Intangible Assets	80.82M	98.6M	157.69M	141.13M	135.15M	106.11M	98.06M	89.55M	53.94M	53.39M
Long-Term Investments	0	0	0	-2.59M	-1.09M	-1.52M	-1.86M	0	0	0
Other Non-Current Assets	3.72M	7.59M	13.24M	15.6M	10.95M	9.41M	11.7M	15.7M	9.53M	6.83M
Total Assets+	378.78M	419.08M	1.37B	1.37B	1.74B	1.57B	1.62B	1.51B	1.45B	1.08B
Asset Turnover	0.47x	0.96x	0.37x	0.62x	0.56x	0.44x	0.68x	0.74x	0.73x	0.62x
Asset Growth %	2.1%	0.11%	2.26%	0%	0.27%	-0.1%	0.03%	-0.07%	-0.04%	-0.26%
Total Current Liabilities+	25.35M	37.1M	77.76M	83.46M	132.76M	118.71M	126.97M	132.7M	174.38M	100.99M
Accounts Payable	8.24M	11.74M	19.47M	27.81M	30.15M	20.18M	19.1M	25.17M	18.7M	21.69M
Days Payables Outstanding	25.35	15.05	21.09	20.35	19.02	17.58	11.61	14.42	11.38	25.88
Short-Term Debt	9.18M	15.75M	9.76M	10.48M	8.5M	11.14M	1.06M	555K	4.6M	5.31M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Other Current Liabilities	831K	6.87M	27.04M	25.39M	20.66M	1.21M	35.35M	10.19M	39.23M	11.85M
Current Ratio	3.30x	1.88x	1.71x	1.88x	1.21x	1.19x	2.08x	1.84x	2.35x	1.03x
Quick Ratio	3.03x	1.81x	1.64x	1.80x	1.15x	1.14x	2.03x	1.78x	2.30x	0.95x
Cash Conversion Cycle	6.12	-3.53	-4.51	-9.93	-7.73	-5.46	-1.35	-3.1	-0.58	-9.12
Total Non-Current Liabilities+	142.95M	172.55M	966.43M	967.96M	1.32B	1.29B	1.17B	1.02B	740.17M	504.69M
Long-Term Debt	136.92M	167.69M	963.2M	960.56M	1.13B	1.12B	1.01B	900.46M	658.52M	402.94M
Capital Lease Obligations	0	0	4.92M	5.58M	184.3M	165.92M	157.56M	121.98M	81.33M	80.66M
Deferred Tax Liabilities	4.47M	38K	0	2.59M	1.09M	1.52M	1.86M	53K	0	20.91M
Other Non-Current Liabilities	1.56M	4.08M	-1.7M	-781K	2.65M	2.24M	1.63M	552K	328K	171K
Total Liabilities	168.3M	209.65M	1.04B	1.05B	1.45B	1.41B	1.3B	1.16B	914.55M	605.68M
Total Debt+	146.1M	183.44M	972.96M	971.04M	1.36B	1.33B	1.21B	1.07B	758.19M	504.04M
Net Debt	76.92M	136.54M	882.38M	854.97M	1.25B	1.23B	986.24M	928.31M	600.64M	446.32M
Debt / Equity	0.69x	0.88x	3.03x	3.08x	4.68x	8.27x	3.78x	3.02x	1.41x	1.06x
Debt / EBITDA	5.01x	4.52x	17.32x	6.68x	8.34x	23.41x	4.42x	4.29x	1.55x	2.49x
Net Debt / EBITDA	2.64x	3.37x	15.71x	5.88x	7.65x	21.59x	3.62x	3.74x	1.23x	2.21x
Interest Coverage	6.53x	2.02x	0.78x	0.80x	0.62x	-0.98x	2.64x	2.33x	6.09x	3.21x
Total Equity+	210.49M	209.43M	320.99M	315.15M	289.74M	161.26M	319.54M	352.92M	537.73M	474.23M
Equity Growth %	0.96%	-0.01%	0.53%	-0.02%	-0.08%	-0.44%	0.98%	0.1%	0.52%	-0.12%
Book Value per Share	12.31	9.33	13.02	11.44	10.44	5.74	9.95	11.20	17.47	15.97
Total Shareholders' Equity	210.49M	209.43M	320.99M	315.15M	289.74M	161.26M	319.54M	352.92M	537.73M	474.23M
Common Stock	353K	223K	264K	268K	279K	282K	288K	282K	287K	265K
Retained Earnings	-73.72M	-80.95M	-78.78M	-120.36M	-172.18M	-309.74M	-158.58M	-127.42M	61.48M	-7.85M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.82M	-33.39M	-63.42M	-139.3M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	9.34M	37.4M	22.1M	97.95M	113.91M	36.73M	295.77M	150.2M	119.2M	92.34M
Operating CF Margin %	0.05%	0.09%	0.04%	0.11%	0.12%	0.05%	0.27%	0.13%	0.11%	0.14%
Operating CF Growth %	6.27%	3%	-0.41%	3.43%	0.16%	-0.68%	7.05%	-0.49%	-0.21%	-0.23%
Net Income	24.52M	16.3M	2.17M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Depreciation & Amortization	10.8M	27.51M	40.79M	94.46M	116.59M	124.43M	106.69M	100.12M	88.93M	90.03M
Stock-Based Compensation	809K	3.88M	8.75M	9.64M	10.04M	9.53M	13.84M	12.88M	13.48M	10.04M
Deferred Taxes	-10.22M	-4.33M	-7.83M	10.38M	-1.5M	432K	341K	-13.63M	-17.74M	50.42M
Other Non-Cash Items	-20.99M	-3.76M	1.84M	6.61M	18.77M	40.23M	7.97M	7.54M	-285.56M	-60.62M
Working Capital Changes	4.42M	-2.21M	-23.63M	-2.23M	9.55M	-1.27M	5.15M	-39.06M	64.34M	-48.27M
Change in Receivables	1.03M	-3.15M	-1.59M	1.91M	-1.85M	1.6M	-5.64M	-4.88M	-128K	4.17M
Change in Inventory	371K	-1.78M	-568K	-1.03M	-1.5M	9M	-14.39M	0	0	0
Change in Payables	900K	2.77M	-22.61M	-4.92M	11.57M	-13.74M	14.39M	-4.49M	53.5M	-75.23M
Cash from Investing+	90.05M	-71.12M	-756.19M	-69.21M	-256.05M	-35.85M	-28.89M	-51.27M	266.92M	147.23M
Capital Expenditures	-7.95M	-30.63M	-29.46M	-69.31M	-107.27M	-36.5M	-29.26M	-51.42M	-85.88M	-49.9M
CapEx % of Revenue	0.04%	0.08%	0.06%	0.08%	0.11%	0.05%	0.03%	0.05%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26.24M	787K	-2.25M	103K	170K	0	0	0	401K	16K
Cash from Financing+	-65.63M	11.45M	777.77M	-3.25M	137.75M	-9M	-149.91M	-177.44M	-330.56M	-379.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-23.53M	0	0	0	0	0	0	-57.73M	-21.31M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.24M	1.29M	-8.2M	25.89M	-11.75M	-449K	-6.73M	-10.65M	-16.9M	-4.21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.4M	6.76M	-7.36M	28.64M	6.64M	233K	266.52M	98.78M	33.33M	42.44M
FCF Margin %	0.01%	0.02%	-0.01%	0.03%	0.01%	0%	0.24%	0.09%	0.03%	0.06%
FCF Growth %	1.43%	3.84%	-2.09%	4.89%	-0.77%	-0.96%	1142.85%	-0.63%	-0.66%	0.27%
FCF per Share	0.08	0.30	-0.30	1.04	0.24	0.01	8.30	3.13	1.08	1.43
FCF Conversion (FCF/Net Income)	0.38x	2.29x	10.18x	-4.68x	-2.88x	-0.27x	1.83x	1.82x	0.47x	1.82x
Interest Paid	2.32M	5.72M	14.14M	0	0	0	0	58.9M	66.9M	42.5M
Taxes Paid	170K	260K	84K	0	0	0	0	19.71M	38.68M	9.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.42%	7.76%	0.82%	-6.58%	-13.08%	-60.58%	67.29%	24.49%	57.43%	10.03%
Return on Invested Capital (ROIC)	7.45%	3.09%	1.49%	3.22%	2.56%	-3.46%	9.23%	8.58%	24.75%	8.17%
Gross Margin	33.01%	29.37%	33.9%	41.43%	40.57%	39.64%	45.25%	43.2%	43.03%	54.13%
Net Margin	13.85%	4.04%	0.43%	-2.46%	-4.06%	-19.68%	14.75%	7.34%	24.28%	7.61%
Debt / Equity	0.69x	0.88x	3.03x	3.08x	4.68x	8.27x	3.78x	3.02x	1.41x	1.06x
Interest Coverage	6.53x	2.02x	0.78x	0.80x	0.62x	-0.98x	2.64x	2.33x	6.09x	3.21x
FCF Conversion	0.38x	2.29x	10.18x	-4.68x	-2.88x	-0.27x	1.83x	1.82x	0.47x	1.82x
Revenue Growth	220.89%	127.74%	26.44%	67.08%	14.28%	-28.69%	57.97%	2.3%	-6.11%	-36.68%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	-	525.18M	578.8M	476.75M	766.31M	760.91M	674.3M	319.27M
Casino Growth	-	-	-	-	10.21%	-17.63%	60.73%	-0.70%	-11.38%	-52.65%
Food and Beverage	-	-	-	-	-	112.08M	167.81M	175.36M	182.41M	171.93M
Food and Beverage Growth	-	-	-	-	-	-	49.73%	4.50%	4.02%	-5.75%
Occupancy	-	-	-	106.81M	132.19M	71.41M	109.8M	122.32M	124.65M	119.56M
Occupancy Growth	-	-	-	-	23.77%	-45.98%	53.76%	11.40%	1.90%	-4.08%
Hotel, Other	-	-	-	-	-	33.91M	52.62M	63.13M	71.79M	-
Hotel, Other Growth	-	-	-	-	-	-	55.17%	19.97%	13.73%	-
Food And Beverage	-	-	-	170.45M	202.93M	-	-	-	-	-
Food And Beverage Growth	-	-	-	-	19.06%	-	-	-	-	-
Hotel Other	-	-	-	49.36M	59.48M	-	-	-	-	-
Hotel Other Growth	-	-	-	-	20.50%	-	-	-	-	-
Distributed Gaming	103.61M	305.79M	330.05M	-	-	-	-	-	-	-
Distributed Gaming Growth	-	195.14%	7.93%	-	-	-	-	-	-	-
Casinos	73.25M	97.13M	179.18M	-	-	-	-	-	-	-
Casinos Growth	-	32.61%	84.47%	-	-	-	-	-	-	-
Corporate and Other	1.99M	-	-	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Pahrump, Nevada	100K	-	-	-	-	-	-	-	-	-
Pahrump, Nevada Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Golden Entertainment, Inc. (GDEN) has a price-to-earnings (P/E) ratio of 16.3x. This is roughly in line with market averages.

Growth & Financials

Golden Entertainment, Inc. (GDEN) reported $643.5M in revenue for fiscal year 2024. This represents a 1709% increase from $35.6M in 2011.

Golden Entertainment, Inc. (GDEN) saw revenue decline by 36.7% over the past year.

Yes, Golden Entertainment, Inc. (GDEN) is profitable, generating $5.5M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Yes, Golden Entertainment, Inc. (GDEN) pays a dividend with a yield of 2.58%. This makes it attractive for income-focused investors.

Golden Entertainment, Inc. (GDEN) has a return on equity (ROE) of 10.0%. This is reasonable for most industries.

Golden Entertainment, Inc. (GDEN) generated $54.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

Golden Entertainment, Inc. (GDEN) 10-Year Financial Performance & Capital Metrics

GDEN • • Industrial / General

Consumer CyclicalCasinos & GamingDistributed Gaming OperationsVideo Gaming Terminal Operators

Revenue $667M -36.7%
EBITDA $202M -58.6%
Net Income $51M -80.2%
EPS (Diluted) 1.71 -79.4%
Gross Margin 54.13% +25.8%
EBITDA Margin 30.32% -34.6%
Operating Margin 16.81% -55.6%
Net Margin 7.61% -68.7%
ROE 10.03% -82.5%
ROIC 8.17% -67.0%
Debt/Equity 1.06 -24.6%
Interest Coverage 3.21 -47.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.6%
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Share count reduced 3.5% through buybacks

✗Weaknesses

✗Sales declining 7.3% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y28.3%

5Y-7.29%

3Y-15.28%

TTM-12.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-32.06%

TTM-85.8%

EPS CAGR

10Y-

5Y-

3Y-30.25%

TTM-85.49%

ROCE

10Y Avg7.76%

5Y Avg11.45%

3Y Avg16.78%

Latest9.94%

Peer Comparison

Video Gaming Terminal Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ACELAccel Entertainment, Inc.	968.54M	11.64	28.39	5.17%	3.34%	16.1%	5.64%	2.30
GDENGolden Entertainment, Inc.	728.95M	27.85	16.29	-36.68%	0.85%	1.26%	5.82%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	177.04M	403.2M	509.81M	851.79M	973.41M	694.15M	1.1B	1.12B	1.05B	666.82M
Revenue Growth %	2.21%	1.28%	0.26%	0.67%	0.14%	-0.29%	0.58%	0.02%	-0.06%	-0.37%
Cost of Goods Sold+	118.61M	284.77M	336.98M	498.9M	578.51M	418.97M	600.34M	637.15M	600.01M	305.89M
COGS % of Revenue	0.67%	0.71%	0.66%	0.59%	0.59%	0.6%	0.55%	0.57%	0.57%	0.46%
Gross Profit+	58.43M	118.44M	172.83M	352.89M	394.9M	275.19M	496.2M	484.57M	453.13M	360.93M
Gross Margin %	0.33%	0.29%	0.34%	0.41%	0.41%	0.4%	0.45%	0.43%	0.43%	0.54%
Gross Profit Growth %	1.37%	1.03%	0.46%	1.04%	0.12%	-0.3%	0.8%	-0.02%	-0.06%	-0.2%
Operating Expenses+	52.2M	103.7M	152.99M	294.85M	348.78M	342.63M	330.17M	336.62M	53.92M	248.8M
OpEx % of Revenue	0.29%	0.26%	0.3%	0.35%	0.36%	0.49%	0.3%	0.3%	0.05%	0.37%
Selling, General & Admin	38.71M	68.16M	103.52M	183.89M	231.27M	183.43M	222.21M	235.56M	255.56M	225.82M
SG&A % of Revenue	0.22%	0.17%	0.2%	0.22%	0.24%	0.26%	0.2%	0.21%	0.24%	0.34%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	90K	869K	49.47M	110.96M	117.51M	159.2M	107.95M	101.06M	-201.64M	22.98M
Operating Income+	18.36M	13.04M	15.38M	50.97M	46.12M	-67.44M	166.04M	147.95M	399.21M	112.12M
Operating Margin %	0.1%	0.03%	0.03%	0.06%	0.05%	-0.1%	0.15%	0.13%	0.38%	0.17%
Operating Income Growth %	1.77%	-0.29%	0.18%	2.31%	-0.1%	-2.46%	3.46%	-0.11%	1.7%	-0.72%
EBITDA+	29.16M	40.54M	56.16M	145.42M	162.71M	56.99M	272.73M	248.07M	488.14M	202.16M
EBITDA Margin %	0.16%	0.1%	0.11%	0.17%	0.17%	0.08%	0.25%	0.22%	0.46%	0.3%
EBITDA Growth %	2.43%	0.39%	0.39%	1.59%	0.12%	-0.65%	3.79%	-0.09%	0.97%	-0.59%
D&A (Non-Cash Add-back)	10.8M	27.51M	40.79M	94.46M	116.59M	124.43M	106.69M	100.12M	88.93M	90.03M
EBIT	17.28M	18.43M	13.76M	52.75M	47.04M	-32.67M	167.3M	148.88M	397.48M	45.07M
Net Interest Income+	-2.73M	-6.45M	-19.6M	-64.03M	-74.22M	-69.11M	-62.85M	-63.49M	-65.52M	-34.88M
Interest Income	82K	0	0	0	0	0	0	0	0	0
Interest Expense	2.81M	6.45M	19.6M	64.03M	74.22M	69.11M	62.85M	63.49M	65.52M	34.88M
Other Income/Expense	-3.81M	-1.06M	-21.21M	-62.24M	-83.79M	-69.11M	-3.83M	-65.08M	-67.25M	-39.33M
Pretax Income+	14.55M	11.97M	-5.75M	-11.28M	-37.67M	-136.55M	162.21M	82.87M	331.96M	72.79M
Pretax Margin %	0.08%	0.03%	-0.01%	-0.01%	-0.04%	-0.2%	0.15%	0.07%	0.32%	0.11%
Income Tax+	-9.97M	-4.33M	-7.92M	9.64M	1.88M	61K	436K	521K	76.21M	22.06M
Effective Tax Rate %	1.69%	1.36%	-0.38%	1.85%	1.05%	1%	1%	0.99%	0.77%	0.7%
Net Income+	24.52M	16.3M	2.17M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Net Margin %	0.14%	0.04%	0%	-0.02%	-0.04%	-0.2%	0.15%	0.07%	0.24%	0.08%
Net Income Growth %	1.99%	-0.34%	-0.87%	-10.63%	-0.89%	-2.45%	2.18%	-0.49%	2.11%	-0.8%
Net Income (Continuing)	24.52M	16.3M	2.08M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.43	0.73	0.09	-0.76	-1.43	-4.87	5.04	2.61	8.31	1.71
EPS Growth %	1.77%	-0.49%	-0.88%	-9.44%	-0.88%	-2.41%	2.03%	-0.48%	2.18%	-0.79%
EPS (Basic)	1.45	0.74	0.09	-0.76	-1.43	-4.87	5.64	2.87	8.93	1.80
Diluted Shares Outstanding	17.1M	22.45M	24.66M	27.55M	27.75M	28.08M	32.12M	31.51M	30.78M	29.7M
Basic Shares Outstanding	16.88M	22.14M	23.11M	27.52M	27.75M	28.08M	28.71M	28.66M	28.65M	28.18M
Dividend Payout Ratio	-	1.44%	-	-	-	-	-	-	0.23%	0.42%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	83.64M	69.65M	133.08M	156.76M	160.43M	140.73M	263.94M	244.57M	409.44M	103.79M
Cash & Short-Term Investments	69.18M	46.9M	90.58M	116.07M	111.68M	103.56M	220.54M	136.89M	157.55M	57.73M
Cash Only	69.18M	46.9M	90.58M	116.07M	111.68M	103.56M	220.54M	136.89M	157.55M	57.73M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.11M	9.04M	14.69M	12.78M	16.25M	13.71M	18.72M	20.5M	16.95M	13.18M
Days Sales Outstanding	10.54	8.18	10.52	5.48	6.09	7.21	6.23	6.67	5.87	7.21
Inventory	6.8M	2.6M	5.59M	6.76M	8.24M	5.64M	6.64M	8.12M	8.1M	8.01M
Days Inventory Outstanding	20.94	3.34	6.06	4.94	5.2	4.91	4.04	4.65	4.93	9.56
Other Current Assets	2.55M	1.35M	2.82M	3.43M	4.39M	2.91M	2.93M	53.17M	204.8M	24.88M
Total Non-Current Assets+	295.14M	349.43M	1.23B	1.21B	1.58B	1.43B	1.35B	1.26B	1.04B	976.11M
Property, Plant & Equipment	114.31M	137.58M	895.24M	894.95M	1.25B	1.16B	1.08B	988.62M	865.54M	829.36M
Fixed Asset Turnover	1.55x	2.93x	0.57x	0.95x	0.78x	0.60x	1.01x	1.13x	1.22x	0.80x
Goodwill	96.29M	105.66M	158.13M	158.13M	184.32M	158.4M	158.4M	158.4M	84.33M	86.54M
Intangible Assets	80.82M	98.6M	157.69M	141.13M	135.15M	106.11M	98.06M	89.55M	53.94M	53.39M
Long-Term Investments	0	0	0	-2.59M	-1.09M	-1.52M	-1.86M	0	0	0
Other Non-Current Assets	3.72M	7.59M	13.24M	15.6M	10.95M	9.41M	11.7M	15.7M	9.53M	6.83M
Total Assets+	378.78M	419.08M	1.37B	1.37B	1.74B	1.57B	1.62B	1.51B	1.45B	1.08B
Asset Turnover	0.47x	0.96x	0.37x	0.62x	0.56x	0.44x	0.68x	0.74x	0.73x	0.62x
Asset Growth %	2.1%	0.11%	2.26%	0%	0.27%	-0.1%	0.03%	-0.07%	-0.04%	-0.26%
Total Current Liabilities+	25.35M	37.1M	77.76M	83.46M	132.76M	118.71M	126.97M	132.7M	174.38M	100.99M
Accounts Payable	8.24M	11.74M	19.47M	27.81M	30.15M	20.18M	19.1M	25.17M	18.7M	21.69M
Days Payables Outstanding	25.35	15.05	21.09	20.35	19.02	17.58	11.61	14.42	11.38	25.88
Short-Term Debt	9.18M	15.75M	9.76M	10.48M	8.5M	11.14M	1.06M	555K	4.6M	5.31M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Other Current Liabilities	831K	6.87M	27.04M	25.39M	20.66M	1.21M	35.35M	10.19M	39.23M	11.85M
Current Ratio	3.30x	1.88x	1.71x	1.88x	1.21x	1.19x	2.08x	1.84x	2.35x	1.03x
Quick Ratio	3.03x	1.81x	1.64x	1.80x	1.15x	1.14x	2.03x	1.78x	2.30x	0.95x
Cash Conversion Cycle	6.12	-3.53	-4.51	-9.93	-7.73	-5.46	-1.35	-3.1	-0.58	-9.12
Total Non-Current Liabilities+	142.95M	172.55M	966.43M	967.96M	1.32B	1.29B	1.17B	1.02B	740.17M	504.69M
Long-Term Debt	136.92M	167.69M	963.2M	960.56M	1.13B	1.12B	1.01B	900.46M	658.52M	402.94M
Capital Lease Obligations	0	0	4.92M	5.58M	184.3M	165.92M	157.56M	121.98M	81.33M	80.66M
Deferred Tax Liabilities	4.47M	38K	0	2.59M	1.09M	1.52M	1.86M	53K	0	20.91M
Other Non-Current Liabilities	1.56M	4.08M	-1.7M	-781K	2.65M	2.24M	1.63M	552K	328K	171K
Total Liabilities	168.3M	209.65M	1.04B	1.05B	1.45B	1.41B	1.3B	1.16B	914.55M	605.68M
Total Debt+	146.1M	183.44M	972.96M	971.04M	1.36B	1.33B	1.21B	1.07B	758.19M	504.04M
Net Debt	76.92M	136.54M	882.38M	854.97M	1.25B	1.23B	986.24M	928.31M	600.64M	446.32M
Debt / Equity	0.69x	0.88x	3.03x	3.08x	4.68x	8.27x	3.78x	3.02x	1.41x	1.06x
Debt / EBITDA	5.01x	4.52x	17.32x	6.68x	8.34x	23.41x	4.42x	4.29x	1.55x	2.49x
Net Debt / EBITDA	2.64x	3.37x	15.71x	5.88x	7.65x	21.59x	3.62x	3.74x	1.23x	2.21x
Interest Coverage	6.53x	2.02x	0.78x	0.80x	0.62x	-0.98x	2.64x	2.33x	6.09x	3.21x
Total Equity+	210.49M	209.43M	320.99M	315.15M	289.74M	161.26M	319.54M	352.92M	537.73M	474.23M
Equity Growth %	0.96%	-0.01%	0.53%	-0.02%	-0.08%	-0.44%	0.98%	0.1%	0.52%	-0.12%
Book Value per Share	12.31	9.33	13.02	11.44	10.44	5.74	9.95	11.20	17.47	15.97
Total Shareholders' Equity	210.49M	209.43M	320.99M	315.15M	289.74M	161.26M	319.54M	352.92M	537.73M	474.23M
Common Stock	353K	223K	264K	268K	279K	282K	288K	282K	287K	265K
Retained Earnings	-73.72M	-80.95M	-78.78M	-120.36M	-172.18M	-309.74M	-158.58M	-127.42M	61.48M	-7.85M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.82M	-33.39M	-63.42M	-139.3M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	9.34M	37.4M	22.1M	97.95M	113.91M	36.73M	295.77M	150.2M	119.2M	92.34M
Operating CF Margin %	0.05%	0.09%	0.04%	0.11%	0.12%	0.05%	0.27%	0.13%	0.11%	0.14%
Operating CF Growth %	6.27%	3%	-0.41%	3.43%	0.16%	-0.68%	7.05%	-0.49%	-0.21%	-0.23%
Net Income	24.52M	16.3M	2.17M	-20.91M	-39.55M	-136.61M	161.78M	82.35M	255.76M	50.73M
Depreciation & Amortization	10.8M	27.51M	40.79M	94.46M	116.59M	124.43M	106.69M	100.12M	88.93M	90.03M
Stock-Based Compensation	809K	3.88M	8.75M	9.64M	10.04M	9.53M	13.84M	12.88M	13.48M	10.04M
Deferred Taxes	-10.22M	-4.33M	-7.83M	10.38M	-1.5M	432K	341K	-13.63M	-17.74M	50.42M
Other Non-Cash Items	-20.99M	-3.76M	1.84M	6.61M	18.77M	40.23M	7.97M	7.54M	-285.56M	-60.62M
Working Capital Changes	4.42M	-2.21M	-23.63M	-2.23M	9.55M	-1.27M	5.15M	-39.06M	64.34M	-48.27M
Change in Receivables	1.03M	-3.15M	-1.59M	1.91M	-1.85M	1.6M	-5.64M	-4.88M	-128K	4.17M
Change in Inventory	371K	-1.78M	-568K	-1.03M	-1.5M	9M	-14.39M	0	0	0
Change in Payables	900K	2.77M	-22.61M	-4.92M	11.57M	-13.74M	14.39M	-4.49M	53.5M	-75.23M
Cash from Investing+	90.05M	-71.12M	-756.19M	-69.21M	-256.05M	-35.85M	-28.89M	-51.27M	266.92M	147.23M
Capital Expenditures	-7.95M	-30.63M	-29.46M	-69.31M	-107.27M	-36.5M	-29.26M	-51.42M	-85.88M	-49.9M
CapEx % of Revenue	0.04%	0.08%	0.06%	0.08%	0.11%	0.05%	0.03%	0.05%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	26.24M	787K	-2.25M	103K	170K	0	0	0	401K	16K
Cash from Financing+	-65.63M	11.45M	777.77M	-3.25M	137.75M	-9M	-149.91M	-177.44M	-330.56M	-379.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-23.53M	0	0	0	0	0	0	-57.73M	-21.31M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-6.24M	1.29M	-8.2M	25.89M	-11.75M	-449K	-6.73M	-10.65M	-16.9M	-4.21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.4M	6.76M	-7.36M	28.64M	6.64M	233K	266.52M	98.78M	33.33M	42.44M
FCF Margin %	0.01%	0.02%	-0.01%	0.03%	0.01%	0%	0.24%	0.09%	0.03%	0.06%
FCF Growth %	1.43%	3.84%	-2.09%	4.89%	-0.77%	-0.96%	1142.85%	-0.63%	-0.66%	0.27%
FCF per Share	0.08	0.30	-0.30	1.04	0.24	0.01	8.30	3.13	1.08	1.43
FCF Conversion (FCF/Net Income)	0.38x	2.29x	10.18x	-4.68x	-2.88x	-0.27x	1.83x	1.82x	0.47x	1.82x
Interest Paid	2.32M	5.72M	14.14M	0	0	0	0	58.9M	66.9M	42.5M
Taxes Paid	170K	260K	84K	0	0	0	0	19.71M	38.68M	9.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.42%	7.76%	0.82%	-6.58%	-13.08%	-60.58%	67.29%	24.49%	57.43%	10.03%
Return on Invested Capital (ROIC)	7.45%	3.09%	1.49%	3.22%	2.56%	-3.46%	9.23%	8.58%	24.75%	8.17%
Gross Margin	33.01%	29.37%	33.9%	41.43%	40.57%	39.64%	45.25%	43.2%	43.03%	54.13%
Net Margin	13.85%	4.04%	0.43%	-2.46%	-4.06%	-19.68%	14.75%	7.34%	24.28%	7.61%
Debt / Equity	0.69x	0.88x	3.03x	3.08x	4.68x	8.27x	3.78x	3.02x	1.41x	1.06x
Interest Coverage	6.53x	2.02x	0.78x	0.80x	0.62x	-0.98x	2.64x	2.33x	6.09x	3.21x
FCF Conversion	0.38x	2.29x	10.18x	-4.68x	-2.88x	-0.27x	1.83x	1.82x	0.47x	1.82x
Revenue Growth	220.89%	127.74%	26.44%	67.08%	14.28%	-28.69%	57.97%	2.3%	-6.11%	-36.68%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	-	525.18M	578.8M	476.75M	766.31M	760.91M	674.3M	319.27M
Casino Growth	-	-	-	-	10.21%	-17.63%	60.73%	-0.70%	-11.38%	-52.65%
Food and Beverage	-	-	-	-	-	112.08M	167.81M	175.36M	182.41M	171.93M
Food and Beverage Growth	-	-	-	-	-	-	49.73%	4.50%	4.02%	-5.75%
Occupancy	-	-	-	106.81M	132.19M	71.41M	109.8M	122.32M	124.65M	119.56M
Occupancy Growth	-	-	-	-	23.77%	-45.98%	53.76%	11.40%	1.90%	-4.08%
Hotel, Other	-	-	-	-	-	33.91M	52.62M	63.13M	71.79M	-
Hotel, Other Growth	-	-	-	-	-	-	55.17%	19.97%	13.73%	-
Food And Beverage	-	-	-	170.45M	202.93M	-	-	-	-	-
Food And Beverage Growth	-	-	-	-	19.06%	-	-	-	-	-
Hotel Other	-	-	-	49.36M	59.48M	-	-	-	-	-
Hotel Other Growth	-	-	-	-	20.50%	-	-	-	-	-
Distributed Gaming	103.61M	305.79M	330.05M	-	-	-	-	-	-	-
Distributed Gaming Growth	-	195.14%	7.93%	-	-	-	-	-	-	-
Casinos	73.25M	97.13M	179.18M	-	-	-	-	-	-	-
Casinos Growth	-	32.61%	84.47%	-	-	-	-	-	-	-
Corporate and Other	1.99M	-	-	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Pahrump, Nevada	100K	-	-	-	-	-	-	-	-	-
Pahrump, Nevada Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Golden Entertainment, Inc. (GDEN) has a price-to-earnings (P/E) ratio of 16.3x. This is roughly in line with market averages.

Growth & Financials

Golden Entertainment, Inc. (GDEN) reported $643.5M in revenue for fiscal year 2024. This represents a 1709% increase from $35.6M in 2011.

Golden Entertainment, Inc. (GDEN) saw revenue decline by 36.7% over the past year.

Yes, Golden Entertainment, Inc. (GDEN) is profitable, generating $5.5M in net income for fiscal year 2024 (7.6% net margin).

Dividend & Returns

Yes, Golden Entertainment, Inc. (GDEN) pays a dividend with a yield of 2.58%. This makes it attractive for income-focused investors.

Golden Entertainment, Inc. (GDEN) has a return on equity (ROE) of 10.0%. This is reasonable for most industries.

Golden Entertainment, Inc. (GDEN) generated $54.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.