Latest Ratios: P/E Ratio 17.2x · EV/EBITDA 10.7x · ROE 19.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $1.8B | $1.5B | $1.4B | $1.5B | $1.4B | $1.2B | $907M | $708M | $823M | $455M |
| Enterprise Value | $1.9B | $1.7B | $1.5B | $1.3B | $1.5B | $1.5B | $1.3B | $1.1B | $772M | $820M | $455M |
| P/E Ratio → | 17.15 | 17.62 | 20.55 | 16.46 | 17.20 | 20.95 | 48.98 | 28.56 | 20.73 | 32.24 | 18.55 |
| P/S Ratio | 3.41 | 3.29 | 2.87 | 2.71 | 3.15 | 3.63 | 6.27 | 3.64 | 2.95 | 3.57 | 2.10 |
| P/B Ratio | 3.79 | 3.33 | 2.89 | 2.64 | 2.79 | 3.21 | 3.14 | 2.66 | 2.35 | 3.09 | 1.95 |
| P/FCF | 11.90 | 13.96 | 16.05 | 10.94 | 15.01 | 17.70 | — | — | — | — | 25.86 |
| P/OCF | 11.72 | 10.88 | 10.64 | 7.84 | 10.77 | 11.21 | 36.75 | 14.34 | 12.06 | 16.65 | 10.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.16 | 2.78 | 2.66 | 3.11 | 3.81 | 7.17 | 4.42 | 3.21 | 3.56 | 2.10 |
| EV / EBITDA | 10.74 | 9.03 | 10.09 | 8.47 | 9.60 | 11.73 | 40.55 | 20.25 | 13.45 | 14.70 | 8.53 |
| EV / EBIT | 13.61 | 13.11 | 15.70 | 12.11 | 13.34 | 16.75 | 86.56 | 27.86 | 18.04 | 20.17 | 11.60 |
| EV / FCF | — | 13.41 | 15.57 | 10.75 | 14.83 | 18.55 | — | — | — | — | 25.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.1% | 45.1% | 53.8% | 53.7% | 54.3% | 55.1% | 54.1% | 50.9% | 51.3% | 51.4% | 51.5% |
| Operating Margin | 25.1% | 25.1% | 17.7% | 22.0% | 23.3% | 22.7% | 8.3% | 15.9% | 17.8% | 17.6% | 17.8% |
| Net Profit Margin | 18.6% | 18.6% | 13.9% | 16.4% | 18.3% | 17.3% | 12.8% | 12.8% | 14.2% | 11.1% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.2% | 19.2% | 14.1% | 15.7% | 17.7% | 16.8% | 6.7% | 9.9% | 12.0% | 10.2% | 11.2% |
| ROA | 14.4% | 14.4% | 10.6% | 12.0% | 12.6% | 10.1% | 3.7% | 5.9% | 8.7% | 8.1% | 8.6% |
| ROIC | 21.8% | 21.8% | 14.4% | 16.3% | 16.1% | 12.8% | 2.3% | 7.1% | 10.2% | 12.3% | 12.6% |
| ROCE | 24.7% | 24.7% | 16.8% | 19.4% | 19.8% | 16.2% | 2.8% | 8.5% | 12.4% | 14.7% | 16.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.03 | 0.04 | 0.04 | 0.23 | 0.53 | 0.57 | 0.31 | 0.10 | 0.11 |
| Debt / EBITDA | 0.13 | 0.13 | 0.10 | 0.13 | 0.13 | 0.80 | 5.97 | 3.59 | 1.65 | 0.47 | 0.49 |
| Net Debt / Equity | — | -0.13 | -0.09 | -0.04 | -0.03 | 0.15 | 0.45 | 0.57 | 0.21 | -0.01 | -0.00 |
| Net Debt / EBITDA | -0.37 | -0.37 | -0.31 | -0.15 | -0.12 | 0.54 | 5.10 | 3.59 | 1.11 | -0.05 | -0.00 |
| Debt / FCF | — | -0.55 | -0.48 | -0.18 | -0.18 | 0.85 | — | — | — | — | -0.01 |
| Interest Coverage | 67.82 | 67.82 | 889.45 | 67.79 | 46.05 | 19.95 | 55.94 | — | 241.95 | 42.05 | 63.68 |
Net cash position: cash ($96M) exceeds total debt ($26M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | 0.62 | 0.61 | 0.76 | 0.60 | 0.67 | 1.00 | 0.79 | 1.17 | 1.12 |
| Quick Ratio | 0.80 | 0.80 | 0.55 | 0.55 | 0.70 | 0.54 | 0.60 | 0.91 | 0.72 | 1.08 | 1.03 |
| Cash Ratio | 0.64 | 0.64 | 0.40 | 0.35 | 0.33 | 0.24 | 0.26 | 0.76 | 0.51 | 0.74 | 0.75 |
| Asset Turnover | — | 0.76 | 0.76 | 0.74 | 0.69 | 0.57 | 0.27 | 0.40 | 0.53 | 0.69 | 0.74 |
| Inventory Turnover | 32.91 | 32.91 | 25.96 | 30.51 | 28.88 | 24.82 | 10.83 | 18.16 | 31.71 | 33.64 | 33.98 |
| Days Sales Outstanding | — | 9.43 | 8.23 | 9.46 | 26.39 | 33.07 | 6.14 | 8.27 | 10.66 | 14.13 | 9.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.2% | 1.5% | 8.3% | — | — | — | — | — | — | — |
| Payout Ratio | 21.6% | 21.6% | 30.6% | 136.8% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 5.7% | 4.9% | 6.1% | 5.8% | 4.8% | 2.0% | 3.5% | 4.8% | 3.1% | 5.4% |
| FCF Yield | 8.4% | 7.2% | 6.2% | 9.1% | 6.7% | 5.7% | — | — | — | — | 3.9% |
| Buyback Yield | 3.8% | 4.1% | 4.0% | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.8% | 5.3% | 5.5% | 8.7% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $19M | $19M | $20M | $20M | $19M | $19M | $19M | $19M | $18M | $18M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MCRI stock.
Monarch Casino & Resort, Inc.'s current P/E ratio is 17.2x. The historical average is 22.2x. This places it at the 21th percentile of its historical range.
Monarch Casino & Resort, Inc.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
Monarch Casino & Resort, Inc.'s return on equity (ROE) is 19.2%. The historical average is 13.1%.
Based on historical data, Monarch Casino & Resort, Inc. is trading at a P/E of 17.2x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Monarch Casino & Resort, Inc.'s current dividend yield is 1.07% with a payout ratio of 21.6%.
Monarch Casino & Resort, Inc. has 45.1% gross margin and 25.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Monarch Casino & Resort, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin volatility and regulatory exposure
Metrics are mathematically derived from official filings.
Premium Multiples Hinge on Balance Sheet Quality
Based on reported figures, MCRI trades at 17.15x trailing earnings and 10.74x EV/EBITDA, a premium to its tiny peer Century Casinos yet a level that appears supported by near-zero leverage and a 0.50 PEG ratio.
The 0.50 PEG suggests the market is pricing MCRI's earnings growth conservatively relative to its 17.15x trailing P/E, which may indicate investors are paying for durability rather than expansion. Compared with Accel Entertainment at 17.91x P/E and 7.23x EV/EBITDA, MCRI's EBITDA multiple is higher, implying the market is rewarding its debt-light structure. Investors should monitor whether a slowdown in revenue growth toward the 2.4% quarterly pace erodes this premium.
Volatile Margins Obscure Earning Power
According to reported quarterly figures, MCRI's operating margin swung from 14.8% in Q2 2026 to 28.2% in Q3 2026, while net margin held in a narrower 16-23% band, suggesting operating results are more volatile than bottom-line earnings.
The gap between operating margin swings and steadier net margins suggests non-operating items and tax effects are cushioning reported earnings, which warrants further investigation before treating net income as a clean measure of earning power. Gross margin ranging from 34.9% to 57.9% over ten quarters appears driven more by cost timing than by a durable pricing shift. Trailing operating margin is therefore a more informative anchor than any single quarter.
Returns Recovering From a Trough Low
Based on reported figures, MCRI's ROIC recovered from 3.5% in Q2 2026 to 6.9% in Q3 2026, approaching its prior high of 6.1% in Q3 2025, though returns remain modest for a capital-intensive resort operator.
The recovery in ROIC appears driven by margin expansion rather than improved asset turnover, given the asset turnover ratio remains near 0.20 across periods. ROE of 5.6% is modest partly because the large equity base dilutes returns, a trait consistent with conservative capital structure rather than inefficient operations. Sustaining high-single-digit ROIC will depend on margin stability, which the recent volatility does not yet confirm.
Liquidity Recovery Remains Fragile
As reported in financial statements, MCRI's current ratio climbed from 0.45 in Q2 2024 to 1.17 in Q3 2026, though it stayed below 1.0 for much of the period, suggesting liquidity depends heavily on cash balances that have swung materially.
A quick ratio of 1.11 in Q3 2026 indicates that liquidity is not heavily reliant on inventory, which is appropriate for a casino business with minimal physical stock. However, the cash-driven nature of this liquidity means a sharp reversal in cash generation could push the ratio back below 1.0 quickly. Investors should monitor whether the current ratio holds above 1.0 through the next seasonal cycle.
Negative Cash Conversion Flatters Working Capital
Based on reported figures, MCRI's cash conversion cycle has been negative throughout, reaching -95 days in Q3 2026, which may reflect favorable payables timing rather than structurally superior working capital management.
A DPO of 110 days against a DSO of 6 days suggests the company effectively finances operations through supplier credit, a pattern that could reverse if vendors tighten terms. Because casino revenue is largely cash-settled, the cash conversion cycle is less meaningful than it would be for an industrial company, and the most commonly misapplied ratio here is the current ratio, which may be inflated by cash accumulation. A more useful adjustment is to evaluate free cash flow against capital spending and shareholder returns over several years.