Forensic Analysis · Hospitality & Leisure · as of Sep 25, 2026
Wynn Resorts Ltd (WYNN)
A forensic read on Wynn Resorts Ltd 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
Grey Zone
Financial health
1.4
Distress distance
Clean
Earnings quality
3
Forensic signals
18.7
P / E (ttm)
$8.4B
Market cap
0.97%
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.
Wynn Resorts Ltd earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+11.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.9% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +24% against revenue 0% and inventory up +17% against 0% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 13% of net operating assets, against an accruals ratio of 11.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
8.9%
FY2025
Return on invested capital.Return on invested capital is 8.9% in the latest fiscal year, against 7.9% in FY2023, having run between 7.9% and 11.3% across FY2023–FY2025 with no direction held. After-tax operating profit was $756M in FY2023 and $890M in FY2025, with operating income at 12.9% of revenue in FY2023, 15.9% in FY2024 and 15.7% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($9.6B to $10.0B, +4%), so there has been little new capital for that return to be earned on. FY2023's operating profit carried a $72M goodwill write-off that alone took about 0.7 points off that year's return, so about 0.7 of the 1.0-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.
$72M
FY2023–FY2023
Goodwill impairments.Took $72M of goodwill writedowns across 1 year (FY2023 ($72M)) — about 10% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$7.14B
Revenue Growth YoY+0.1%
Revenue CAGR (2yr)+4.5%
Net Margin4.6%
Free Cash Flow$692.2M
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 Wynn Resorts Ltd's actual 10-K/10-Q/8-K filings?