Flutter Entertainment vs Wynn Resorts
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The short version
- Flutter Entertainment is the larger business, with $16.4B of revenue in fiscal 2025 against $7.1B for Wynn Resorts, about 2.3 times as much.
- Flutter Entertainment grew revenue faster (16.6%, against 0.1%).
- Wynn Resorts kept more of each dollar of sales as operating profit (15.7% operating margin, against 0.2%).
- Wynn Resorts turned more of its sales into free cash flow (9.7% FCF margin, against 6.6%).
- Wynn Resorts earned a higher return on the capital invested in it (11.6%, against 0.2%).
| Latest fiscal year | FLUT · FY25 | WYNN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $7.5B |
| Revenue | $16.4B | $7.1B |
| Free cash flow | $1.1B | $692M |
| Net income | −$310M | $327M |
| Growth | ||
| Revenue growth | 16.6% | 0.1% |
| 5-year growth | 51.9% | 27.8% |
| Share count change | −1.7% | −5.5% |
| Profitability | ||
| Gross margin | 45.2% | — |
| Operating margin | 0.2% | 15.7% |
| Net margin | −1.9% | 4.6% |
| FCF margin | 6.6% | 9.7% |
| Return on capital | 0.2% | 11.6% |
| Return on equity | −3.4% | — |
| Balance sheet | ||
| Net debt | $10.4B | $9.2B |
| Net debt / EBITDA | 6.7x | 5.3x |
| Dividends and buybacks | $1.1B | $555M |
| Valuation & quality | ||
| P/E | — | 17.4x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
FLUT $1.2B
WYNN $4.3B
FY17
FLUT $1.3B
WYNN $6.1B
FY18
FLUT $2.0B
WYNN $6.7B
FY19
FLUT $2.5B
WYNN $6.6B
FY20
FLUT —
WYNN $2.1B
FY21
FLUT —
WYNN $3.8B
FY22
FLUT $9.5B
WYNN $3.8B
FY23
FLUT $11.8B
WYNN $6.5B
FY24
FLUT $14.0B
WYNN $7.1B
FY25
FLUT $16.4B
WYNN $7.1B
FLUT
WYNN
Operating margin
FY16
FLUT —
WYNN 12.0%
FY17
FLUT 34.1%
WYNN 17.4%
FY18
FLUT 12.8%
WYNN 11.0%
FY19
FLUT 10.5%
WYNN 13.3%
FY20
FLUT —
WYNN −58.8%
FY21
FLUT —
WYNN −10.5%
FY22
FLUT −0.9%
WYNN −2.7%
FY23
FLUT −4.7%
WYNN 12.9%
FY24
FLUT 6.2%
WYNN 15.9%
FY25
FLUT 0.2%
WYNN 15.7%
FLUT
WYNN
Free cash flow
FY16
FLUT $343M
WYNN −$255M
FY17
FLUT $484M
WYNN $941M
FY18
FLUT $526M
WYNN −$514M
FY19
FLUT $643M
WYNN −$162M
FY20
FLUT —
WYNN −$1.4B
FY21
FLUT —
WYNN −$513M
FY22
FLUT $1.0B
WYNN −$371M
FY23
FLUT $778M
WYNN $805M
FY24
FLUT $1.5B
WYNN $1.0B
FY25
FLUT $1.1B
WYNN $692M
FLUT
WYNN
Return on capital
FY16
FLUT —
WYNN 6.9%
FY17
FLUT 9.9%
WYNN 13.6%
FY18
FLUT 3.2%
WYNN 8.8%
FY19
FLUT 3.0%
WYNN 6.0%
FY20
FLUT —
WYNN −10.5%
FY21
FLUT —
WYNN −3.6%
FY22
FLUT —
WYNN −1.0%
FY23
FLUT —
WYNN 11.5%
FY24
FLUT 5.8%
WYNN 15.0%
FY25
FLUT 0.2%
WYNN 11.6%
FLUT
WYNN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.