Forensic Analysis · General / Diversified · as of Jun 27, 2026
Bally's Corp (BALY)
A forensic read on Bally's Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-115.3%
ROE
$733M
Market cap
Bally's Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+65.1%Accruals ratio.Net operating assets grew +65.1% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse.
-4%Return on invested capital.Return on invested capital is -4% and slipping from 1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
stoppedShareholder returns — halted.Capital returns have STOPPED — $99M of buybacks + dividends in FY2023, but ~$0 in FY2024. A halt usually means the company is conserving cash; understand why before reading it as neutral.
$309MGoodwill impairments.Took $309M of goodwill writedowns across 3 year(s) (FY2020 ($5M), FY2022 ($232M), FY2024 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-23.2%
Debt / Equity4.52x
Free Cash Flow$-47.0M
Latest Revenue$2.45B
Return on Equity-57.1%
Revenue Growth YoY+0.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Bally's Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BALY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown