Forensic Analysis · Hospitality & Leisure · as of Sep 25, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-1.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-0.9
P / E (ttm)
-57.1%
ROE
$616M
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -1.1, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+65.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +65.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +250% on the year and inventory up +189% on the year.
-4.1%
FY2024
Return on invested capital.Return on invested capital is -4.1% in the latest fiscal year, against 1.4% in FY2023. After-tax operating profit was $82M in FY2023 and ($204M) in FY2024, with operating income at 4.2% of revenue in FY2023 and -10.5% in FY2024. The capital base behind it came down -14% across FY2023–FY2024, from $5.8B to $5.0B, so this is a return struck on a smaller base rather than a record of money put to work. FY2023's operating profit carried a $37M restructuring charge and a $6M asset write-down that took about 0.6 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 5.3 points off the latest; so, net of each other, the two charges take about 4.7 points off the -5.5-point change across FY2023–FY2024.
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.
$72M
FY2024–FY2024
Goodwill impairments.Took $72M of goodwill writedowns across 1 year (FY2024 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.45B
Revenue Growth YoY+0.1%
Net Margin-23.2%
Free Cash Flow-$130.7M
Return on Equity-57.1%
Debt / Equity3.34x
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?