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Monarch Casino & Resort

MCRI Nasdaq Casinos & Gaming Financials FY2016–FY2025

Monarch Casino & Resort's revenue rose 4.4% to $545 million in fiscal 2025. Its net margin was 18.6%, up from 13.9% a year earlier. Free cash flow was $128 million, up 37.7%. It paid out $95 million in dividends and buybacks, 74% of free cash flow. The diluted share count fell 1.6%.

Last close · Oct 23, 2026

$112.68

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$545M
4.4% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$101M
39.3%
Free cash flow Cash from operations minus capital spending.
$128M
37.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.1x
On $5.90 EPS (TTM)

What Monarch Casino & Resort does

No business description yet.

Legal name
MONARCH CASINO & RESORT, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-018717
0000907242

Revenue and margins

Monarch Casino & Resort had $545M of revenue in fiscal 2025, up 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $128M in fiscal 2025, 23.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Monarch Casino & Resort returned $94.6M to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count fell 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Monarch Casino & Resort yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 18.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.1x · peers 14.3x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Monarch Casino & Resort can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $33.5M$38.8M$43.4M$58.8M$96.5M
Debt incl. finance leases ——$5.5M——
Net debt / EBITDA ——−0.2x——
Debt / equity ——0.0x——
Interest coverage 28.8x76.2x56.2x94.7x520.8x
Current ratio 0.6x0.8x0.6x0.6x0.9x
Quick ratio 0.5x0.7x0.6x0.6x0.8x
Total assets $691M$693M$681M$692M$713M
Total liabilities $242M$154M$168M$174M$175M
Shareholders' equity $448M$539M$513M$518M$538M
Net debt (− = net cash) ——−$37.9M——

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.6M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 John FarahiCEO, Director, 10% owner Sold 5,000 $124.00 $0.6M Form 4
May 28, 2026 John FarahiCEO, Director, 10% owner Sold 5,000 $120.84 $0.6M Form 4
Mar 16, 2026 John FarahiCEO, Director, 10% owner Sold 2,000 $99.00 $0.2M Form 4
Mar 10, 2026 John FarahiCEO, Director, 10% owner Sold 1,000 $97.43 $0.1M Form 4
Dec 17, 2025 John FarahiCEO, Director, 10% owner Sold 1,000 $100.63 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −13.2%−9.9%−9.0%
Altman Z'' 6.085.956.99

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Monarch Casino & Resort MCRI $2.1B 4.4% — 23.6% — 19.1x —
Rush Street Interactive RSI $1.8B 22.8% 7.7% 14.5% — 25.7x — Compare →
Red Rock Resorts RRR $2.9B 3.7% 29.7% 14.4% 14.7% — 7 Compare →
Churchill Downs CHDN $5.9B 7.0% 23.4% 23.9% 8.4% 14.3x 6 Compare →
Boyd Gaming BYD $5.4B 4.1% 18.3% 9.5% 13.5% 3.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $217M $231M $240M $249M $184M $395M $478M $502M $522M $545M
Gross profit $38.5M $40.7M $42.8M $39.6M $15.3M $89.9M $111M $110M $92.5M $128M
Operating income $38.5M $40.7M — — — — — — — —
Interest expense $0.6M $1.0M $0.2M — $0.4M $3.1M $1.4M $2.0M $1.0M $0.2M
Pretax income $37.9M $39.7M $42.6M $39.6M $15.0M $85.4M $109M $109M $92.4M $129M
Income tax $13.4M $14.2M $8.6M $7.8M −$8.7M $16.9M $21.5M $26.1M $19.6M $28.0M
Net income $24.6M $25.5M $34.1M $31.8M $23.7M $68.5M $87.5M $82.4M $72.8M $101M
Diluted EPS $1.39 $1.39 $1.83 $1.70 $1.25 $3.53 $4.47 $4.20 $3.84 $5.43
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $43.7M $49.5M $58.8M $63.2M $31.4M $128M $140M $173M $141M $165M
Capital expenditure $26.1M $50.0M $137M $125M $88.7M $46.9M $39.5M $49.0M $47.4M $36.3M
Free cash flow $17.6M −$0.5M −$78.3M −$62.1M −$57.2M $81.2M $100M $124M $93.3M $128M
Depreciation and amortization $14.8M $15.1M $14.6M $14.9M $17.3M $38.4M $43.4M $47.3M $51.4M $54.0M
Stock-based compensation $1.7M $7.1M $5.5M $8.2M $3.9M $4.1M $5.1M $7.1M $7.9M $8.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $6.5M $5.0M $60.0M $72.7M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $113M $22.3M $21.9M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $6.5M $118M $82.2M $94.6M
Balance sheet
Cash and short-term investments $26.4M $29.2M $30.5M $60.5M $28.3M $33.5M $38.8M $43.4M $58.8M $96.5M
Total debt — — — — — — — $5.5M — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $39.4M $46.0M $46.7M $79.2M $73.2M $84.1M $89.4M $75.0M $90.4M $129M
Current liabilities $35.1M $39.4M $59.4M $79.5M $109M $141M $118M $123M $147M $150M
Inventory $3.1M $3.3M $3.7M $6.7M $7.8M $7.2M $7.6M $7.6M $9.3M $9.1M
Property and equipment, net $215M $251M $374M $502M $573M $581M $578M $581M $575M $557M
Total assets $295M $332M $455M $611M $672M $691M $693M $681M $692M $713M
Total liabilities $61.3M $65.6M $154M $270M $304M $242M $154M $168M $174M $175M
Shareholders' equity $234M $267M $301M $341M $368M $448M $539M $513M $518M $538M
Margins
Gross margin 17.8% 17.6% 17.8% 15.9% 8.3% 22.7% 23.3% 22.0% 17.7% 23.4%
Operating margin 17.8% 17.6% — — — — — — — —
EBITDA margin 24.6% 24.2% 23.9% — 17.7% 32.1% 32.2% 31.5% 27.7% 33.7%
Net margin 11.3% 11.1% 14.2% 12.8% 12.8% 17.3% 18.3% 16.4% 13.9% 18.6%
FCF margin 8.1% −0.2% −32.6% −24.9% −31.0% 20.5% 21.0% 24.7% 17.9% 23.6%
Returns
Return on capital employed 16.6% 14.7% 12.4% — 2.8% 15.9% 19.7% 19.5% 16.9% 23.4%
Return on equity 11.2% 10.2% 12.0% 9.9% 6.7% 16.8% 17.7% 15.7% 14.1% 19.2%
Return on assets 8.6% 8.1% 8.7% 6.0% 3.7% 10.1% 12.7% 12.0% 10.6% 14.4%
Growth
Revenue growth — 6.3% 4.2% 3.7% −26.0% 114.4% 20.9% 4.9% 4.1% 4.4%
Net income growth 19.0% 3.9% 33.5% −6.7% −25.6% 189.3% 27.7% −5.8% −11.7% 39.3%
EPS growth 16.8% 0.0% 31.7% −7.1% −26.5% 182.4% 26.6% −6.0% −8.6% 41.4%
FCF growth 3,016.3% −103.0% — — — — 23.6% 23.7% −24.8% 37.7%
Share count change 1.9% 4.0% 1.1% 0.6% 1.0% 2.9% 0.8% 0.2% −3.3% −1.6%
Financial health
Net debt / EBITDA — — — — — — — −0.2x — —
Debt / equity — — — — — — — 0.0x — —
Interest coverage 62.6x 42.1x 242.0x — 40.5x 28.8x 76.2x 56.2x 94.7x 520.8x
Current ratio 1.1x 1.2x 0.8x 1.0x 0.7x 0.6x 0.8x 0.6x 0.6x 0.9x
Quick ratio 1.0x 1.1x 0.7x 0.9x 0.6x 0.5x 0.7x 0.6x 0.6x 0.8x
Capital allocation
Capex / revenue 12.0% 21.7% 57.0% 50.3% 48.1% 11.9% 8.3% 9.8% 9.1% 6.7%
Stock comp / revenue 0.8% 3.1% 2.3% 3.3% 2.1% 1.0% 1.1% 1.4% 1.5% 1.5%
Payouts / FCF 0.0% — — — — 0.0% 6.5% 95.0% 88.2% 73.7%
Quality scores
Altman Z'' 7.5 7.8 4.6 — 2.7 4.2 6.8 6.1 6.0 7.0
Accruals ratio −6.7% −7.6% −6.3% −5.9% −1.2% −8.8% −7.6% −13.2% −9.9% −9.0%

Source: SEC EDGAR XBRL filings (CIK 0000907242). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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