Forensic Analysis · Hotels & Casinos · as of Nov 9, 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.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
3
Forensic signals
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.
Wynn Resorts Ltd earns a B (Sound & dependable) forensic quality grade. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
9.3%
FY2025
Return on invested capital.Return on invested capital is 9.3% in the latest fiscal year, against 7.9% in FY2023, having run between 7.9% and 10.9% 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 went from $9.6B in FY2023 to $9.5B in FY2025 (-1%), while the revenue it carried went from $6.5B to $7.1B. 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 1.4-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.
$72M
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?