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Financial statementsMONARCH CASINO & RESORT INC financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MONARCH CASINO & RESORT 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 | 264 | 279 | 240 | 249 | 184 | 395 | 478 | 501 | 522 | 545 |
| Gross profit | 38.5 | 40.7 | 42.8 | 39.6 | 15.3 | 89.9 | 111 | 110 | 92.5 | 127 |
| Selling, general and administrative | 57.7 | 62.7 | 65.8 | 69.3 | 60.4 | 84.4 | 97.6 | 106 | 108 | 109 |
| Operating income | 38.5 | 40.7 | ||||||||
| Interest expense | 0.62 | 0.97 | 0.18 | |||||||
| Other non-operating income | -0.62 | -0.97 | -0.18 | 0 | -0.27 | -4.51 | -2.42 | -1.63 | -0.1 | 1.94 |
| Pre-tax income | 37.9 | 39.7 | 42.6 | 39.6 | 15 | 85.4 | 109 | 109 | 92.4 | 129 |
| Income tax | 13.4 | 14.2 | 8.55 | 7.76 | -8.68 | 16.9 | 21.5 | 26.1 | 19.6 | 28 |
| Net income | 24.6 | 25.5 | 34.1 | 31.8 | 23.7 | 68.5 | 87.5 | 82.4 | 72.8 | 101 |
| EBITDA | 53.4 | 55.8 | ||||||||
| EPS, basic | 1.42 | 1.45 | 1.91 | 1.77 | 1.30 | 3.68 | 4.60 | 4.28 | 3.91 | 5.55 |
| EPS, diluted | 1.39 | 1.39 | 1.83 | 1.70 | 1.25 | 3.53 | 4.47 | 4.20 | 3.84 | 5.43 |
| Shares, basic (weighted) | 17.3 | 17.6 | 17.8 | 18 | 18.2 | 18.6 | 19 | 19.2 | 18.6 | 18.3 |
| Shares, diluted (weighted) | 17.7 | 18.4 | 18.6 | 18.7 | 18.9 | 19.4 | 19.6 | 19.6 | 19 | 18.7 |
| Dividend per share | 5.90 | 1.20 | 1.20 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 26.4 | 29.2 | 30.5 | 60.5 | 28.3 | 33.5 | 38.8 | 43.4 | 58.8 | 96.5 |
| Receivables | 5.04 | 6.93 | 6.74 | 5.46 | 3.74 | 8.88 | 9.57 | 12 | 10.3 | 11.1 |
| Inventory | 3.1 | 3.34 | 3.69 | 6.74 | 7.82 | 7.16 | 7.56 | 7.61 | 9.3 | 9.09 |
| Other current assets | 4.49 | 4.61 | 5.51 | 6.24 | 8.39 | 7.55 | 8.54 | 11 | 10.6 | 9.62 |
| Total current assets | 39.4 | 46 | 46.7 | 79.2 | 73.2 | 84.1 | 89.4 | 75 | 90.4 | 129 |
| Property, plant and equipment | 215 | 251 | 374 | 501 | 573 | 581 | 578 | 580 | 575 | 557 |
| Lease right-of-use assets | 15.6 | 14.8 | ||||||||
| Goodwill | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 |
| Intangible assets | 5.04 | 3.87 | 2.7 | 1.54 | 0.97 | 0.48 | 0.35 | 0.3 | 0.35 | 0.68 |
| Other non-current assets | 3.36 | 2.82 | 2.28 | 0.91 | 0.42 | 1.82 | ||||
| Total assets | 295 | 332 | 455 | 611 | 672 | 690 | 693 | 681 | 692 | 713 |
| Accounts payable | 8.72 | 8.18 | 11.2 | 17 | 11.7 | 18.6 | 14.4 | 23.1 | 41.2 | 44.9 |
| Accrued liabilities | 23.8 | 25.4 | 31.1 | 34.1 | 34.7 | 43 | 46 | 51.8 | 53.2 | 54 |
| Total current liabilities | 35.1 | 39.4 | 59.4 | 79.5 | 109 | 141 | 118 | 123 | 146 | 150 |
| Long-term debt | 26.2 | 68.2 | 5.5 | |||||||
| Lease liabilities | 14.8 | 14 | 13.5 | 13.2 | 14 | 13.1 | 12.3 | |||
| Other non-current liabilities | 1.76 | 0.88 | 1.07 | |||||||
| Total liabilities | 61.3 | 65.6 | 154 | 270 | 304 | 242 | 154 | 168 | 174 | 175 |
| Total debt | 26.2 | 68.2 | 5.5 | |||||||
| Paid-in capital | 23.8 | 26.9 | 30.1 | 35.2 | 34.5 | 41.4 | 40.7 | 48.8 | 62.9 | 76 |
| Retained earnings | 232 | 258 | 287 | 319 | 342 | 411 | 498 | 468 | 518 | 598 |
| Treasury stock | -22.2 | -18.1 | -15.9 | -12.8 | -8.87 | -4.34 | -0.17 | -3.72 | -63.7 | -136 |
| Shareholders' equity | 234 | 266 | 301 | 341 | 368 | 448 | 539 | 513 | 518 | 538 |
| Total equity | 234 | 266 | 301 | 341 | 368 | 448 | 539 | 513 | 518 | 538 |
| Total liabilities and equity | 295 | 332 | 455 | 611 | 672 | 690 | 693 | 681 | 692 | 713 |
| Shares outstanding | 17.5 | 17.8 | 17.9 | 18.1 | 18.4 | 18.8 | 19.1 | 19.1 | 18.4 | 17.8 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 24.6 | 25.5 | 34.1 | 31.8 | 23.7 | 68.5 | 87.5 | 82.4 | 72.8 | 101 |
| Depreciation and amortization | 14.8 | 15.1 | 14.6 | 14.9 | 17.3 | 38.4 | 43.4 | 47.3 | 51.4 | 54 |
| Stock-based compensation | 1.68 | 7.09 | 5.47 | 8.2 | 3.86 | 4.06 | 5.1 | 7.11 | 7.86 | 8.4 |
| Deferred income tax | 0.05 | 3.81 | -0.65 | 1.34 | 15.8 | 6.53 | 3.4 | 0.07 | -9.74 | -1.72 |
| Change in receivables | -1.38 | -1.99 | 0.09 | 1.09 | 1.56 | -5.39 | -0.84 | -2.62 | 1.5 | -0.99 |
| Change in inventory | -0.22 | -0.24 | -0.36 | -3.04 | -1.09 | 0.66 | -0.4 | -0.06 | -1.68 | 0.21 |
| Change in payables | 1.97 | -0.43 | 3 | 5.86 | -5.38 | 6.92 | -4.16 | 8.67 | 18.2 | 3.68 |
| Cash from operations | 43.7 | 49.5 | 58.8 | 63.2 | 31.4 | 128 | 140 | 173 | 141 | 165 |
| Capital expenditures | -26.1 | -50 | -137 | -125 | -88.7 | -46.9 | -39.5 | -49 | -47.4 | -36.3 |
| Cash from investing | -24.9 | -46.7 | -126 | -135 | -46.4 | -37.8 | -48 | -51.2 | -43.8 | -37.2 |
| Debt issued | 68.3 | 106 | 10.8 | |||||||
| Debt repaid | -14.7 | -3.75 | -24.6 | -92.5 | -83 | -7 | ||||
| Stock issued | 2.93 | 3.76 | 8.13 | 9.84 | 2.57 | 8.22 | 7.06 | |||
| Share buybacks | -6.5 | -5.03 | -60 | -72.7 | ||||||
| Dividends paid | -113 | -22.3 | -21.9 | |||||||
| Cash from financing | -13.6 | 68.3 | 102 | -17.3 | -85.1 | -86.5 | -117 | -81.5 | -89.9 | |
| Net change in cash | 5.22 | 2.77 | 1.31 | 30.1 | -32.2 | 5.22 | 5.25 | 4.58 | 15.4 | 37.7 |
| Free cash flow | 17.6 | -0.54 | -78.3 | -62.1 | -57.2 | 81.2 | 100 | 124 | 93.3 | 128 |
| Interest paid | 0.21 | 0.43 | 0.19 | 0.38 | 3.07 | 1.45 | 1.97 | 0.99 | 0.25 | |
| Income taxes paid | 12.4 | 12 | 7.31 | 6.32 | 12.4 | 15.6 | 25.6 | 29.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 24.7% | Gross profit / revenue. |
| Pre-tax margin | 25.0% | Pre-tax income / revenue. |
| Net margin | 19.6% | Net income / revenue. |
| FCF margin | 27.8% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 31.8% | Cash from operations / revenue. |
| Effective tax rate | 21.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 19.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 15.0% | Net income / average total assets. |
| SG&A / revenue | 19.8% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.5% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 4.0% | Capital expenditures / revenue. |
| D&A / revenue | 9.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 4.4% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 4.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 24.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 37.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 4.6% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 52.9% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 39.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 5.0% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 33.8% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 41.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 6.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 34.1% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 17.1% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 5.6% | 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 | 39.3% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 37.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 8.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 0.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | 3.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -0.1% | 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 | 7.9% | 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 | 3.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 0.9% | 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 | 1.2% | 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 | -1.6% | 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 | -0.2% | 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 | 0.98x | Current assets / current liabilities. |
| Quick ratio | 0.86x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.80x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 24.2% | Total liabilities / total assets. |
| Working capital | -$3.7M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 3.5% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $524.7M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.77x | Revenue / average total assets. |
| Fixed asset turnover | 1.01x | Revenue / average property, plant and equipment. |
| Receivables turnover | 57.3x | Revenue / average receivables. |
| Days sales outstanding | 6 days | 365 x average receivables / revenue. |
| FCF conversion | 141.8% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 12.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $6.00 | 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 | $30.56 | Revenue / diluted weighted shares. |
| FCF per share | $8.50 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $9.71 | Cash from operations / diluted weighted shares. |
| Book value per share | $30.99 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $29.58 | Tangible book value / shares outstanding. |
| Cash per share | $6.77 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 19.9% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 14.0% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $2.11B | Share price x shares outstanding. |
| Enterprise value | $1.99B | Market cap + total debt - cash - short-term investments. |
| P/E | 19.3x | Market cap / net income. Only when net income is positive. |
| P/S | 3.79x | Market cap / revenue. |
| P/B | 3.84x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 4.02x | Market cap / tangible book value, when positive. |
| P/FCF | 13.6x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.9x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.58x | Enterprise value / revenue. |
| EV/FCF | 12.9x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 7.3% | Free cash flow / market cap. |
| Earnings yield | 5.2% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.0% | Dividends paid over the period / market cap. |
| Shareholder yield | 1.0% | (Dividends paid + share buybacks) / market cap. |
| PEG | 2.89x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was MONARCH CASINO & RESORT INC's revenue in fiscal 2025?
MONARCH CASINO & RESORT INC reported revenue of $545.1M for fiscal 2025, 4.4% higher than the year before.
Was MONARCH CASINO & RESORT INC profitable in fiscal 2025?
Yes. Net income was $101.4M, a net margin of 18.6%.
How much free cash flow did MONARCH CASINO & RESORT INC generate in fiscal 2025?
Cash from operations of $164.7M minus capital expenditures of $36.3M left free cash flow of $128.4M.