Latest Ratios: P/E Ratio 25.9x · EV/EBITDA 10.8x · ROE N/A. (2002–2025 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 | $8.5B | $12.5B | $9.5B | $10.3B | $9.4B | $9.7B | $12.0B | $14.9B | $10.6B | $17.3B | $8.8B |
| Enterprise Value | $19.3B | $23.4B | $19.2B | $20.8B | $19.5B | $19.2B | $21.8B | $23.1B | $17.8B | $24.1B | $16.5B |
| P/E Ratio → | 25.94 | 38.32 | 19.81 | 14.42 | — | — | — | 47.72 | 18.12 | 23.16 | 36.35 |
| P/S Ratio | 1.18 | 1.76 | 1.33 | 1.57 | 2.49 | 2.57 | 5.75 | 2.25 | 1.58 | 2.74 | 1.97 |
| P/B Ratio | — | — | — | — | — | — | — | 9.64 | 5.83 | 16.04 | 34.17 |
| P/FCF | 12.22 | 18.13 | 9.47 | 13.88 | — | — | — | — | — | 18.65 | — |
| P/OCF | 6.25 | 9.27 | 6.66 | 8.24 | — | — | — | 16.49 | 11.01 | 9.22 | 9.08 |
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 | — | 3.27 | 2.70 | 3.18 | 5.18 | 5.10 | 10.38 | 3.49 | 2.65 | 3.82 | 3.69 |
| EV / EBITDA | 10.85 | 13.15 | 10.74 | 13.60 | 32.88 | 59.74 | — | 15.35 | 13.71 | 15.00 | 17.79 |
| EV / EBIT | 16.67 | 20.51 | 14.45 | 20.03 | — | — | — | 25.57 | 14.84 | 22.85 | 30.20 |
| EV / FCF | — | 33.79 | 19.17 | 28.05 | — | — | — | — | — | 26.01 | — |
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 | 32.7% | 32.7% | 43.5% | 43.2% | 36.4% | 32.0% | 16.8% | 38.5% | 39.2% | 37.2% | 37.9% |
| Operating Margin | 16.2% | 16.2% | 15.9% | 12.9% | -2.7% | -10.5% | -58.8% | 13.3% | 11.1% | 16.7% | 11.7% |
| Net Profit Margin | 4.6% | 4.6% | 7.0% | 11.2% | -11.3% | -20.1% | -98.6% | 1.9% | 8.7% | 11.8% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | -514.1% | 7.3% | 40.4% | 111.8% | 173.0% |
| ROA | 2.5% | 2.5% | 3.7% | 5.3% | -3.3% | -5.7% | -14.9% | 0.9% | 4.5% | 6.1% | 2.2% |
| ROIC | 9.3% | 9.3% | 9.4% | 7.1% | -0.9% | -3.4% | -9.9% | 7.0% | 6.6% | 10.0% | 5.2% |
| ROCE | 9.9% | 9.9% | 9.8% | 7.2% | -0.9% | -3.4% | -10.3% | 7.6% | 6.8% | 9.9% | 5.2% |
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 | — | — | — | — | — | — | — | 6.85 | 5.19 | 8.93 | 39.26 |
| Debt / EBITDA | 6.92 | 6.92 | 6.79 | 8.75 | 23.21 | 37.49 | — | 7.03 | 7.26 | 5.99 | 10.93 |
| Net Debt / Equity | — | — | — | — | — | — | — | 5.33 | 3.97 | 6.33 | 29.75 |
| Net Debt / EBITDA | 6.09 | 6.09 | 5.44 | 6.87 | 17.04 | 29.64 | — | 5.46 | 5.55 | 4.24 | 8.28 |
| Debt / FCF | — | 15.65 | 9.70 | 14.16 | — | — | — | — | — | 7.36 | — |
| Interest Coverage | 1.82 | 1.82 | 1.93 | 1.38 | -0.08 | -0.67 | -2.17 | 2.18 | 3.14 | 2.72 | 1.89 |
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 | 1.63 | 1.63 | 1.90 | 1.93 | 2.22 | 2.23 | 2.03 | 1.44 | 1.40 | 1.77 | 2.11 |
| Quick Ratio | 1.58 | 1.58 | 1.85 | 1.89 | 2.19 | 2.18 | 1.99 | 1.40 | 1.37 | 1.74 | 2.05 |
| Cash Ratio | 1.26 | 1.26 | 1.58 | 1.69 | 2.02 | 1.96 | 1.85 | 1.19 | 1.18 | 1.54 | 1.85 |
| Asset Turnover | — | 0.53 | 0.55 | 0.47 | 0.28 | 0.30 | 0.15 | 0.48 | 0.51 | 0.50 | 0.37 |
| Inventory Turnover | 54.27 | 54.27 | 53.13 | 49.09 | 34.10 | 36.57 | 26.30 | 45.95 | 61.33 | 55.33 | 30.30 |
| Days Sales Outstanding | — | 21.24 | 16.95 | 19.09 | 20.99 | 19.34 | 34.86 | 19.13 | 15.03 | 12.97 | 17.89 |
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 | 2.1% | 1.4% | 1.5% | 0.8% | 0.0% | 0.0% | 0.9% | 3.8% | 5.4% | 1.9% | 3.7% |
| Payout Ratio | 53.4% | 53.4% | 27.9% | 11.6% | — | — | — | 460.6% | 97.5% | 42.9% | 134.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 2.6% | 5.0% | 6.9% | — | — | — | 2.1% | 5.5% | 4.3% | 2.8% |
| FCF Yield | 8.2% | 5.5% | 10.6% | 7.2% | — | — | — | — | — | 5.4% | — |
| Buyback Yield | 4.5% | 3.0% | 4.2% | 2.1% | 2.0% | 0.1% | 0.1% | 0.5% | 1.5% | 0.1% | 0.2% |
| Total Shareholder Yield | 6.6% | 4.4% | 5.7% | 2.9% | 2.0% | 0.2% | 1.0% | 4.3% | 6.9% | 2.0% | 3.8% |
| Shares Outstanding | — | $104M | $110M | $113M | $114M | $114M | $107M | $107M | $107M | $103M | $102M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying WYNN stock.
Wynn Resorts, Limited's current P/E ratio is 25.9x. The historical average is 31.7x. This places it at the 56th percentile of its historical range.
Wynn Resorts, Limited's current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.9x.
Based on historical data, Wynn Resorts, Limited is trading at a P/E of 25.9x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wynn Resorts, Limited's current dividend yield is 2.06% with a payout ratio of 53.4%.
Wynn Resorts, Limited has 32.7% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
Wynn Resorts, Limited's Debt/EBITDA ratio is 6.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Macau regulatory and demand volatility
Metrics are mathematically derived from official filings.
Premium Multiple with Modest Growth
WYNN trades at 32.6x trailing earnings and 12.1x EV/EBITDA, a premium to LVS's 9.0x, implying investors expect sustained margin recovery and Macau stability, per recent filings.
The forward P/E of 22.2x suggests the market is pricing in earnings growth, but the PEG is unavailable, making it difficult to assess growth-adjusted value. Compared to LVS's EV/EBITDA of 9.0x, WYNN's 12.1x appears rich, yet it is below MGM's 32.2x, indicating a middle-ground valuation. This premium may reflect WYNN's higher asset quality and brand strength, but it also leaves little room for operational disappointment.
Margin Recovery Still Below Peers
Gross margin improved to 40.9% in 2026Q2 from a 32.0% trough, but remains below LVS's 49.8% and MGM's 44.4%, as reported in quarterly statements.
Operating margin has stabilized around 16%, yet net margin of 7.5% is volatile due to non-operating items, as seen in the swing from -1.9% to 15.1% over the past year. The gap in gross margin versus peers suggests WYNN may have less pricing power or higher cost structure, possibly due to its Macau concentration. Investors should monitor whether margin expansion can close the gap, as it is critical for justifying the valuation premium.
Subdued Returns on Invested Capital
ROIC has hovered between 2.2% and 2.9% over the last five quarters, well below LVS's 16.9%, indicating capital-intensive operations with limited incremental returns, based on financial statements.
Despite stable asset turnover of 0.14x, ROIC remains low, suggesting that the heavy investment in PP&E ($8.4B) is not generating commensurate returns. The negative equity complicates ROE calculation, but the trend in ROIC points to a business that is not compounding efficiently. This may be a cyclical trough, but the lack of improvement over ten quarters warrants caution.
Working Capital Swings Distort Efficiency
Cash conversion cycle improved to 7 days in 2026Q1 from 9 days in 2025Q4, but quarterly swings in working capital, such as a $213.5M outflow in 2026Q2, create volatility, per cash flow data.
DSO and DIO are stable at 18 and 7 days, respectively, but DPO data is incomplete, limiting full CCC analysis. The large working capital swings, driven by receivables and payables timing, suggest that reported efficiency metrics may not reflect underlying operational stability. Investors should focus on normalized working capital trends rather than quarter-to-quarter noise.
High Leverage with Negative Equity
Debt-to-EBITDA remains elevated at 26.6x in 2026Q2, with interest coverage of 2.3x, while shareholders' equity is negative at -$907M, indicating a strained balance sheet, as per balance sheet data.
Total debt is stable around $12.2B, but the negative equity makes traditional D/E undefined, and debt-to-assets of 93% highlights heavy reliance on borrowed capital. Interest coverage of 2.3x is thin, leaving little buffer for earnings shocks. The recent acquisition activity, which increased goodwill to $208M, may add further strain if not accretive.
Liquidity Buffer Tightens
Current ratio fell to 0.91 in 2026Q2 from 1.90 in 2024Q4, with cash declining from $2.4B to $1.6B, indicating a shrinking liquidity cushion, based on reported balance sheet figures.
The quick ratio of 0.88 suggests that WYNN may struggle to cover short-term obligations without relying on inventory, which is minimal in this business. The declining cash position, coupled with rising capex (9.6% of revenue), could pressure liquidity if operating cash flow remains volatile. However, the company's access to credit markets and asset base may provide alternative sources of funding.
Misapplied EV/EBITDA in Capital-Intensive Casinos
EV/EBITDA is often misapplied to WYNN because it ignores the heavy maintenance capex and working capital swings, which are significant in casino operations, as seen in the data.
For asset-heavy businesses like WYNN, EV/EBITDA can overstate earnings power because it does not account for the capital expenditures required to maintain properties. A more appropriate metric is EV/EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent), which normalizes for lease and rent expenses common in gaming. Additionally, given the negative equity, investors should use EV/EBITDA in conjunction with debt-to-EBITDA and interest coverage to assess solvency, rather than relying on P/E or ROE.