Forensic Analysis · Hospitality & Leisure · as of Aug 11, 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

1.5

Distress distance

Clean

Earnings quality

Forensic signals

23.5

P / E (ttm)

$10.5B

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). 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 1.5, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 13% of net operating assets, diverging from the balance-sheet accrual read.

8.9%

FY2025

Return on invested capital. Return on invested capital is 8.9% in the latest fiscal year and rising from -1% — around its ~8% cost of capital, so growth is roughly value-neutral.

$120M

FY2021–FY2023

Goodwill impairments. Took $120M of goodwill writedowns across 3 years (FY2021 ($10M), FY2022 ($38M), FY2023 ($72M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$7.14B

Revenue Growth YoY+0.1%

Revenue CAGR (3yr)+23.8%

Net Margin4.6%

Free Cash Flow$692.2M

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.