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If we violate gaming laws or regulations, substantial fines could be levied against us, our subsidiaries and the persons involved, and we could be forced to forfeit a portion of our assets. The suspension, revocation or non-renewal of any of our licenses or the levy on us of substantial fines or forfeiture of assets would have a material adverse effect on our business, financial condition and r…
$117.62
$1.07 (-0.90%)
Price from 35 days ago
Margins and capital returns are both well above average: 23.39% operating margin, ROIC at 18.37%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 4.4%, steady but not accelerating.
Even for strong businesses, today's 20x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
19.9x earnings, 13.8x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$556M
▲ +4.4% YoY
Net Income (TTM)
$109M
▲ +39.3% YoY
Op. Margin
24.65%
▲ +5.7pp YoY
ROIC
19.10%
▲ +4.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$155M
▲ +37.7% YoY
Op. Cash Flow (TTM)
$177M
▲ +17.1% YoY
Net Debt
-$107M
Net Cash Position
Cash & Equiv.
$120M
5Y CAGR: +24.2%
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