FULL HOUSE RESORTS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FULL HOUSE RESORTS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	146	161	164	165	126	180	163	241	292	302
Cost of revenue								19.4	22.7	20.2
Gross profit								222	269	282
Selling, general and administrative	49.8	53.5	54.4	56.1	47.6	60	59.7	85.7	104	110
Operating expenses								188	238	249
Operating income	6.19	7.06	7.43	6.22	10.5	37.6	12.7	-1.16	2.75	3.12
Interest expense	9.49	10.9	10.3	10.7	9.82	23.7	23	23	43.2	42.7
Other non-operating income	-10.7	-12.2	-11.3	-12	-10.4	-25.4	-27.5	-22.6	-43.2	-42.8
Pre-tax income	-4.46	-5.18	-3.9	-5.74	0.06	12.1	-14.8	-23.8	-40.5	-39.7
Income tax	0.63	-0.15	0.48	0.08	-0.09	0.44	-0.03	1.15	0.22	0.53
Net income	-5.09	-5.03	-4.37	-5.82	0.15	11.7	-14.8	-24.9	-40.7	-40.2
EBITDA	14.1	15.7	15.8	14.5	18.1	44.8	20.6	29.9	44.9	45.7
EPS, basic	-0.26	-0.22	-0.17	-0.22	0.01	0.36	-0.43	-0.72	-1.16	-1.12
EPS, diluted	-0.26	-0.22	-0.23	-0.22	0.01	0.33	-0.43	-0.72	-1.16	-1.12
Shares, basic (weighted)	19.6	22.9	26	27	27.1	32.5	34.4	34.5	35	36
Shares, diluted (weighted)	19.6	22.9	26.5	27	27.8	34.9	34.4	34.5	35	36

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27	19.9	20.6	28.9	37.7	88.7	56.6	36.2	40.2	40.7
Receivables	1.91	1.76	2.04	2.21	4.9	4.69	4.08	5.33	5.1	3.67
Inventory	1.33	1.69	1.43	2.29	1.51	1.66	1.48	1.84	2.09	1.98
Other current assets	0	2.85	2.9	3.34	2.46	3.73	6.18	3.67	3.52	6.69
Total current assets	33.1	26.2	27	37.7	46.6	275	203	84.6	53.4	53
Property, plant and equipment	111	114	122	121	116	150
Lease right-of-use assets			0	19.2	17.4	15.8	15.8	44.7	56	53.1
Goodwill	21.3	21.3	21.3	21.3	21.3	21.3	21.3	21.3	19.5	19.5
Intangible assets	11	10.9	11.1	11.1	11	10.9	10.9	76.3	96.1	109
Other non-current assets	144	147
Total assets	177	173	182	211	213	474	595	688	673	650
Accounts payable	4.91	5.18	5.92	5.22	4.19	3.89	4.6	12.8	8.36	8.07
Accrued liabilities	8	8.85	3.67	10.6	10.8	10.2	9.96	19.8	24.3	36
Deferred revenue				0.1	1.37	1.82	1.65	6.18	5.85	5.79
Short-term debt	1.69	1	1	1.1	0.43
Total current liabilities	18.1	18.6	21.6	25.2	24.3	38.1	65.7	78.6	67.5	73.5
Long-term debt	94.2	93.6	94.2	103	107	302	402	465	468	474
Lease liabilities			0.17	16.7	14.9	12.9	13.4	40.2	52.3	50.5
Other non-current liabilities		2.69	0.17	0	0.63		0	16.1	37.3	41.4
Total liabilities	121	121	121	155	156	361	496	611	633	647
Total debt	95.9	94.6	95.2	104	107	302	402	465	468	474
Paid-in capital	51.3	51.9	63.9	64.4	64.8	109	111	113	116	118
Retained earnings	6.86	1.83	-0.94	-6.76	-6.61	5.09	-9.71	-34.6	-75.3	-115
Treasury stock	-1.65	-1.65	-1.65	-1.55	-1.54	-1.29	-1.09	-0.87
Shareholders' equity	56.5	53.6	61.3	56.1	56.7	113	99.8	77.8	40.5	2.54
Total equity	56.5	53.6	61.3	56.1	56.7	113	99.8	77.8	40.5	2.54
Total liabilities and equity	177	173	182	211	213	474	595	688	673	650
Shares outstanding	22.9	22.9	26.9	27.1	27.1	34.2	34.4	34.6	35.6	36.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.09	-5.03	-4.37	-5.82	0.15	11.7	-14.8	-24.9	-40.7	-40.2
Depreciation and amortization	7.93	8.6	8.4	8.33	7.67	7.22	7.93	31.1	42.1	42.6
Stock-based compensation	0.41	0.53	0.63	0.35	0.41	0.97	1.69	2.88	2.87	1.74
Deferred income tax	0.63	-0.15	0.48	0.08	-0.09	0.44	-0.03	0.66	0.26	0.53
Change in receivables	-0.45	0.15	-0.28	-0.17	-2.7	0.21	0.62	-2.19	0.02	1.39
Change in payables	2.3	1.19	2.73	-0.03	-1.44	9.71	1.24	6.22	10.2	3.42
Cash from operations	7.92	7.14	9.82	10.5	8.99	29.5	4.38	22.3	13.8	9.97
Capital expenditures	-3.5	-11.1	-17.1	-8.09	-2.64	-37	-171	-149	-52.6	-12.7
Acquisitions	-28.4	0
Cash from investing	-28.5	-11.2	-17.4	-8.67	-2.62	-37.2	-172	-199	-45.7	-10.3
Debt repaid		0	-1	-1.08	-1.1	-107
Stock issued	4.64	0	0	0.23	0.03	0.39	0.19	0.08	0.45	0.5
Cash from financing	33.1	-3.06	8.33	7.42	1.48	235	93.6	59	-1.5	0.8
Net change in cash	12.5	-7.13	0.72	9.22	7.85	228	-74.1	-117	-33.6	0.45
Free cash flow	4.42	-3.93	-7.23	2.38	6.35	-7.49	-167	-126	-38.7	-2.68
Interest paid	8.19	9.91	9.37	9.55	8.51	12.4	19.6	22.5	39.2	39
Income taxes paid									0.9	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	93.2%	Gross profit / revenue.
Operating margin	2.3%	Operating income / revenue.
EBITDA margin	16.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.8%	Pre-tax income / revenue.
Net margin	-12.1%	Net income / revenue.
FCF margin	1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.7%	Cash from operations / revenue.
Return on assets (ROA)	-5.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	35.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	13.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	13.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-37.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-21.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	30.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-28.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	31.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-93.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-70.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-46.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	25.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.62x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Debt / assets	74.5%	Total debt / total assets.
Liabilities / assets	102.1%	Total liabilities / total assets.
Net debt	$436.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.16x	Operating income / interest expense.
Working capital	-$31.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$142.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Inventory turnover	9.52x	Cost of revenue / average inventory.
Days inventory	38 days	365 x average inventory / cost of revenue.
Receivables turnover	81.0x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	122 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-80 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	72.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.39	Revenue / diluted weighted shares.
FCF per share	$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.40	Cash from operations / diluted weighted shares.
Book value per share	-$0.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.89	Tangible book value / shares outstanding.
Cash per share	$0.91	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$62.3M	Share price x shares outstanding.
Enterprise value	$498.6M	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/FCF	15.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.31x	Market cap / cash from operations, when positive.
EV/Sales	1.63x	Enterprise value / revenue.
EV/EBIT	70.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	126x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.4%	Free cash flow / market cap.
Earnings yield	-59.2%	Net income / market cap (the inverse of P/E).

What was FULL HOUSE RESORTS INC's revenue in fiscal 2025?

FULL HOUSE RESORTS INC reported revenue of $302.4M for fiscal 2025, 3.5% higher than the year before.

Was FULL HOUSE RESORTS INC profitable in fiscal 2025?

No. It reported a net loss of $40.2M.

How much free cash flow did FULL HOUSE RESORTS INC generate in fiscal 2025?

Cash from operations of $10.0M minus capital expenditures of $12.7M left free cash flow of -$2.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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