Forensic Analysis · Hotels & Casinos · as of Nov 10, 2026
Caesars Entertainment, Inc. (CZR)
A forensic read on Caesars Entertainment, Inc. 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
0.1
Distress distance
Clean
Earnings quality
2
Forensic signals
-13.1%
ROE
2.1%
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.
Caesars Entertainment, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.0%
FY2025
Return on invested capital.Return on invested capital is 5.0% in the latest fiscal year and slipping across FY2023–FY2025 from 6.6%. After-tax operating profit was $2.0B in FY2023 and $1.5B in FY2025, with operating income at 21.4% of revenue in FY2023, 20.5% in FY2024 and 16.2% in FY2025. The capital base behind it went from $29.7B in FY2023 to $29.1B in FY2025 (-2%), while the revenue it carried went from $11.5B to $11.5B. FY2023's operating profit carried a $95M asset write-down and a $14M goodwill write-off that took about 0.3 points off that year's return, and FY2025's carried a $182M asset write-down and a $160M goodwill write-off that took about 0.9 points off the latest; so, net of each other, the two charges take about 0.6 points off the -1.6-point change across FY2023–FY2025. FY2024's operating profit carried a $302M asset write-down and a $182M goodwill write-off that alone took about 1.3 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, 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.
$356M
FY2023–FY2025
Goodwill impairments.Took $356M of goodwill writedowns across 3 years (FY2023 ($14M), FY2024 ($182M), FY2025 ($160M)) — about 5933% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
Key fundamentals
Latest Revenue$11.49B
Revenue Growth YoY+2.1%
Revenue CAGR (2yr)-0.2%
Net Margin-4.4%
Free Cash Flow$497.0M
Return on Equity-13.1%
Debt / Equity3.36x
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 Caesars Entertainment, Inc.'s actual 10-K/10-Q/8-K filings?