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Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Monarch Casino & Resort reported revenue of $545M in the fiscal year ended Dec 2025, up 4.4% from the year before. Operating income was $127M, an operating margin of 23.4%, and net income was $101M. Operating cash flow of $165M less capital expenditure of $36M left free cash flow of $128M.
Ranks among the 14 lodging companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 395 | 478 | 501 | 522 | 545 |
| Gross profit | 89.9 | 111 | 110 | 92.5 | 127 |
| Selling, general & admin | 84.4 | 97.6 | 106 | 108 | 109 |
| Operating incomederived: revenue − total costs | 89.9 | 111 | 110 | 92.5 | 127 |
| Pre-tax income | 85.4 | 109 | 109 | 92.4 | 129 |
| Income tax | 16.9 | 21.5 | 26.1 | 19.6 | 28.0 |
| Net income | 68.5 | 87.5 | 82.4 | 72.8 | 101 |
| Diluted EPS | 3.53 | 4.47 | 4.20 | 3.84 | 5.43 |
| Diluted shares | 19.4 | 19.6 | 19.6 | 19.0 | 18.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 33.5 | 38.8 | 43.4 | 58.8 | 96.5 |
| Receivables | 8.9 | 9.6 | 12.0 | 10.3 | 11.1 |
| Inventory | 7.2 | 7.6 | 7.6 | 9.3 | 9.1 |
| Current assets | 84.1 | 89.4 | 75.0 | 90.4 | 129 |
| Net PP&E | 581 | 578 | 580 | 575 | 557 |
| Goodwill | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 |
| Total assets | 690 | 693 | 681 | 692 | 713 |
| Payables | 18.6 | 14.4 | 23.1 | 41.2 | 44.9 |
| Deferred revenue | – | – | 17.5 | 16.8 | 16.8 |
| Current liabilities | 141 | 118 | 123 | 146 | 150 |
| Long-term debt | 68.2 | – | 5.5 | – | – |
| Total liabilities | 242 | 154 | 168 | 174 | 175 |
| Shareholders' equity | 448 | 539 | 513 | 518 | 538 |
| Backlog (remaining obligations) | 9.4 | 8.0 | 8.8 | 8.1 | 7.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 128 | 140 | 173 | 141 | 165 |
| Capital expenditure | 46.9 | 39.5 | 49.0 | 47.4 | 36.3 |
| Free cash flow | 81.2 | 100 | 124 | 93.3 | 128 |
| Depreciation & amortisation | 38.4 | 43.4 | 47.3 | 51.4 | 54.0 |
| Stock-based compensation | 4.1 | 5.1 | 7.1 | 7.9 | 8.4 |
| Share buybacks | – | 6.5 | 5.0 | 60.0 | 72.7 |
| Dividends paid | – | – | 113 | 22.3 | 21.9 |
| Dividend per share | – | – | 5.90 | 1.20 | 1.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.9% | 4.9% | 4.1% | 4.4% |
| Operating income growth (YoY) | – | 24.0% | −1.2% | −16.0% | 37.8% |
| EPS growth (YoY) | – | 26.6% | −6.0% | −8.6% | 41.4% |
| Gross margin | 22.7% | 23.3% | 22.0% | 17.7% | 23.4% |
| Operating margin | 22.7% | 23.3% | 22.0% | 17.7% | 23.4% |
| Net margin | 17.3% | 18.3% | 16.4% | 13.9% | 18.6% |
| Return on equityBlank when equity is negative | 15.3% | 16.2% | 16.1% | 14.1% | 18.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.4% | 19.4% | 19.8% | 17.0% | 22.7% |
| Free cash flow margin | 20.5% | 21.0% | 24.7% | 17.9% | 23.6% |
| Cash conversion (CFO ÷ net income) | 1.87x | 1.60x | 2.10x | 1.93x | 1.62x |
| Receivable days | 8 | 7 | 9 | 7 | 7 |
| Inventory days | 9 | 8 | 7 | 8 | 8 |
| Payable days | 22 | 14 | 22 | 35 | 39 |
| Debt ÷ equity | 0.15x | – | 0.01x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 34.6 | – | −37.9 | – | – |
| Current ratio | 0.60x | 0.76x | 0.61x | 0.62x | 0.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.