One-glance verdict
Overvalued
$-10.47 our estimate vs market $0.62
Wall Street consensus: $3.00 (-128.7% lower than our fair-value estimate)
106% below our estimate, beyond the bull case
Fundamentals snapshot
Full House Resorts, Inc.
FLL · NCM · Consumer Cyclical · Resorts & Casinos
Current price
$0.62
52-week range
$0.59 - $3.37
Market cap
$22.81M
Balance sheet
Distressed
0.09x Concerning
Net debt $493.19M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Revenue grew 2.4% last year.
- Reward Free cash flow was positive in 3/10 years.
- Risk Return on equity was -936.4% last year — the company lost money on shareholders' equity.
- Risk Net debt grew 33.6% over 3 years.
What this company does
Full House Resorts, Inc.
Full House Resorts, Inc. owns and operates casinos and hotels across the United States. The company makes money primarily from gambling and hotel stays at its properties. This means their success is tied to how many people visit their casinos and how much they spend, similar to how a restaurant's success depends on how many customers eat there.
How the company got here
Full House Resorts, Inc. was founded in 1987 and has evolved significantly over the decades. Initially incorporated as Hour Corp. and later D.H.Z. Capital Corp., it adopted the Full House Resorts name in 1992. The company's early years involved operating a resort in Deadwood, South Dakota, but it was later sold due to limitations in the location and betting limits. A key turning point was the involvement of Allen Paulson, founder of Gulfstream Aerospace, who became CEO in 1994, and later, Lee Iacocca, former Chrysler chairman, who was a major investor. The company went public in 1993, raising $8 million. Over the years, Full House Resorts has pursued a strategy of acquiring and developing regional casinos, often focusing on market-leading properties with strong management. Recent developments include the opening of new properties like American Place in Illinois and Chamonix in Colorado, signaling a continued focus on expansion and growth.
What it actually does
Full House Resorts, Inc. is a company that owns, operates, develops, and manages casinos and related hospitality and entertainment facilities across the United States. Essentially, they run places where people can gamble, stay in hotels, eat, and enjoy entertainment. Their business model involves generating revenue from various sources within these facilities, including gaming operations, hotel stays, food and beverage sales, and other amenities. They aim to provide guests with a positive entertainment experience in a comfortable atmosphere.
Midwest & South
This segment of Full House Resorts includes several of its key properties: the Silver Slipper Casino and Hotel in Mississippi, the Rising Star Casino Resort in Indiana, and the American Place Casino in Illinois. The Midwest & South region is a significant contributor to the company's overall revenue. American Place, in particular, has been highlighted as a major growth driver, with ongoing development plans for a permanent facility in the populous Chicago northern suburbs. The segment's performance is closely watched as it represents a substantial portion of the company's earnings.
West
The West segment encompasses Full House Resorts' properties located in Colorado and Nevada. This includes the Chamonix Casino Hotel and Bronco Billy's Casino in Colorado, and the Grand Lodge Casino in Nevada, which is situated within the Hyatt Regency Lake Tahoe. Historically, this segment also included Stockman's Casino, which has since been sold. The company focuses on developing and operating these regional casinos, aiming to provide a strong entertainment and hospitality experience for guests in these locations.
Contracted Sports Wagering
This segment represents a smaller but distinct part of Full House Resorts' business, focusing on sports betting. It includes the company's involvement in both on-site and online sports wagering through what are known as 'skins' in Colorado, Indiana, and Illinois. A 'skin' in this context is essentially a license or partnership that allows the company to offer sports betting services, either through its own platforms or in collaboration with others. This segment reflects the growing trend of integrating sports betting into the casino and hospitality industry.
What management is betting on now
Full House Resorts' management is focused on a strategy of thoughtful and profitable expansion. This involves improving the performance of existing properties through revenue growth and cost management, while also pursuing new development opportunities. Key priorities include the continued ramp-up and development of properties like American Place, the expansion and integration of properties like Chamonix and Bronco Billy's, and exploring new markets where promising opportunities exist. They aim to acquire or develop market-leading properties that can immediately contribute to the company's financial success, balancing aggressive growth with financial discipline.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$6.88M
FY2025 Q1
$-12.35M
FY2025 Q2
$4.54M
FY2025 Q3
$-5.54M
FY2025 Q4
$10.67M
FY2026 Q1
$-6.52M
FY2026 Q2
$1.09M
FY2026 Q3
$261.00K
Revenue
$81.78M
Net income
$-8.65M
Diluted EPS
-0.24
Operating cash flow
$848.00K
Free cash flow
$261.00K
Fetching…
Sources
Revenue
$78.06M
Net income
$-8.69M
Diluted EPS
-0.24
Operating cash flow
$2.42M
Free cash flow
$1.09M
Fetching…
Sources
Revenue
$74.42M
Net income
$-8.15M
Diluted EPS
-0.23
Operating cash flow
$-3.79M
Free cash flow
$-6.52M
Fetching…
Sources
Revenue
$75.42M
Net income
$-12.37M
Diluted EPS
-0.35
Operating cash flow
$12.04M
Free cash flow
$10.67M
Fetching…
Sources
Revenue
$77.95M
Net income
$-7.68M
Diluted EPS
-0.21
Operating cash flow
$-472.00K
Free cash flow
$-5.54M
Fetching…
Sources
Revenue
$73.95M
Net income
$-10.38M
Diluted EPS
-0.29
Operating cash flow
$7.87M
Free cash flow
$4.54M
Fetching…
Sources
Revenue
$75.06M
Net income
$-9.77M
Diluted EPS
-0.27
Operating cash flow
$-9.46M
Free cash flow
$-12.35M
Fetching…
Sources
Revenue
$72.96M
Net income
$-12.30M
Diluted EPS
-0.34
Operating cash flow
$14.84M
Free cash flow
$6.88M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-10.47 vs current price $0.62
Wall Street consensus is the average analyst price target: $3.00 (-128.7% lower than our fair-value estimate).
Our most-likely fair value is $-10.47 a share — about 1,782.1% below today's price of $0.62, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $493.2M. Interest coverage 0.1x.
Net debt
$493.19M
Interest coverage
0.09x
Full House Resorts, Inc.'s profit covers its interest bill about 0.1 times over. and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
FLL
BASELINE
Full House Resorts, Inc.
Total debt $526.60M Interest coverage 0.09x This is the baseline the peer rows are being compared against.
Total debt $1.07B Interest coverage 0.49x +464% vs FLL Carries about 5.6x more debt cushion than FLL.
Total debt $12.60M Interest coverage 1,225.91x +1,411,534% vs FLL Carries about 14116.3x more debt cushion than FLL.
Total debt $6.91B Interest coverage -0.10x -100% vs FLL This peer has almost no interest-payment cushion compared with FLL.
Total debt $3.29B Interest coverage 5.56x +6,305% vs FLL Carries about 64.0x more debt cushion than FLL.
What you should know
The case for and against FLL
2 Rewards
3 Risks
Rewards
-
Revenue grew 2.4% last year.
-
Free cash flow was positive in 3/10 years.
Risks
-
Return on equity was -936.4% last year — the company lost money on shareholders' equity.
-
Net debt grew 33.6% over 3 years.
-
Insider ownership is only 8.2% (peer median: 22.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
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P/B
-1.71x
P/S
0.07x
EV/EBITDA
10.40x
PEG ratio
0.66x
Profitability
How much profit each dollar creates
Gross margin
51.4%
Operating margin
2.9%
Net margin
-12.1%
ROE
-936.4%
ROA
0.7%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
0.62x
Quick ratio
0.45x
Total debt
$526.60M
Total cash
$33.41M
Growth
How the business has been compounding
Revenue TTM
$309.68M
Revenue 5Y CAGR
13.8%
EPS TTM
-1.05
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$11.51M
Free CF TTM
$-2.68M
FCF margin
-0.9%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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