Forensic Analysis · Hotels & Casinos · as of Nov 11, 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
-1.0
Distress distance
Clean
Earnings quality
3
Forensic signals
-62.8%
ROE
0.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Bally's Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.0, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-3.8%
FY2024
Return on invested capital.Return on invested capital is -3.8% in the latest fiscal year, against -4.3% in FY2022, having run between -4.3% and 1.5% across FY2022–FY2024 with no direction held. After-tax operating profit was ($231M) in FY2022 and ($204M) in FY2024, with operating income at -13.0% of revenue in FY2022, 4.2% in FY2023 and -10.5% in FY2024. The capital base behind it went from $5.4B in FY2022 to $5.4B in FY2024 (+2%), while the revenue it carried went from $2.3B to $2.5B. Across FY2023–FY2024, $844M went into capital expenditure, purchases of intangible assets and acquisitions against $277M of depreciation excluding $453M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2022's operating profit carried a $232M asset write-down and a $232M goodwill write-off that took about 6.8 points off that year's return, and FY2024's carried a $249M asset write-down, a $72M goodwill write-off and a $20M restructuring charge that took about 4.9 points off the latest; so, net of each other, the two charges add about 1.9 points to the +0.5-point change across FY2022–FY2024. FY2023's operating profit carried a $37M restructuring charge and a $6M asset write-down that alone took about 0.6 points off that year's return; FY2023 sits between the two ends of FY2022–FY2024, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
stopped
FY2023→FY2024
Shareholder 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.
$303M
FY2022–FY2024
Goodwill impairments.Took $303M of goodwill writedowns across 2 years (FY2022 ($232M), FY2024 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.45B
Revenue Growth YoY+0.1%
Revenue CAGR (2yr)+4.2%
Net Margin-23.2%
Free Cash Flow-$130.7M
Return on Equity-62.8%
Debt / Equity2.83x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Bally's Corp's actual 10-K/10-Q/8-K filings?