Latest Ratios: P/E Ratio -0.9x · EV/EBITDA 18.1x · ROE -54.4%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $606M | $1.0B | $867M | $744M | $1.1B | $1.9B | $1.6B | $966M | — | — | — |
| Enterprise Value | $6.2B | $6.6B | $5.6B | $5.6B | $5.4B | $5.7B | $2.6B | $1.5B | — | — | — |
| P/E Ratio → | -0.85 | — | — | — | — | — | — | 17.49 | — | — | — |
| P/S Ratio | 0.23 | 0.38 | 0.35 | 0.30 | 0.50 | 1.43 | 4.22 | 1.84 | — | — | — |
| P/B Ratio | 0.29 | 0.39 | 28.06 | 1.17 | 1.40 | 1.17 | 4.82 | 4.57 | — | — | — |
| P/FCF | — | — | — | — | — | — | 372.83 | 14.66 | — | — | — |
| P/OCF | — | — | 7.61 | 3.94 | 4.16 | 22.83 | 80.66 | 10.26 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 2.30 | 2.31 | 2.41 | 4.28 | 7.01 | 2.83 | — | — | — |
| EV / EBITDA | 18.13 | 19.29 | 137.11 | 12.43 | 720.22 | 23.77 | 134.30 | 10.09 | — | — | — |
| EV / EBIT | 216.97 | 230.75 | 134.58 | — | 32.05 | 38.79 | 740.20 | 11.81 | — | — | — |
| EV / FCF | — | — | — | — | — | — | 619.32 | 22.53 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0% | 43.0% | 54.2% | 54.9% | 55.3% | 59.5% | 62.8% | 64.6% | 69.1% | 71.6% | 70.2% |
| Operating Margin | 1.1% | 1.1% | -10.5% | 4.2% | -13.0% | 7.1% | -4.9% | 21.9% | 27.6% | 29.4% | 27.1% |
| Net Profit Margin | -26.4% | -26.4% | -23.2% | -7.7% | -18.9% | -8.7% | -1.5% | 10.5% | 16.3% | 14.8% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -54.4% | -54.4% | -170.3% | -26.0% | -35.1% | -11.8% | -2.0% | 21.6% | 30.0% | 42.6% | 38.8% |
| ROA | -8.2% | -8.2% | -8.9% | -2.8% | -6.6% | -2.7% | -0.4% | 6.1% | 9.5% | 9.2% | 7.0% |
| ROIC | 0.3% | 0.3% | -3.7% | 1.5% | -4.2% | 2.1% | -1.3% | 12.8% | 16.5% | 19.4% | 17.7% |
| ROCE | 0.4% | 0.4% | -4.6% | 1.8% | -5.1% | 2.4% | -1.4% | 14.0% | 18.4% | 21.0% | 19.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.53 | 2.53 | 159.83 | 7.97 | 5.61 | 2.46 | 3.56 | 3.32 | 1.32 | 2.21 | 3.59 |
| Debt / EBITDA | 18.69 | 18.69 | 120.18 | 11.15 | 599.22 | 16.70 | 59.80 | 4.77 | 2.76 | 2.68 | 3.02 |
| Net Debt / Equity | — | 2.21 | 154.29 | 7.71 | 5.35 | 2.33 | 3.18 | 2.45 | 1.06 | 1.73 | 3.11 |
| Net Debt / EBITDA | 16.37 | 16.37 | 116.01 | 10.79 | 571.07 | 15.83 | 53.45 | 3.53 | 2.21 | 2.09 | 2.62 |
| Debt / FCF | — | — | — | — | — | — | 246.49 | 7.87 | — | 5.09 | 5.93 |
| Interest Coverage | 0.07 | 0.07 | 0.13 | -0.14 | 0.81 | 1.24 | 0.06 | 3.15 | 5.82 | 5.42 | 4.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.66 | 0.65 | 0.69 | 0.99 | 2.02 | 2.73 | 1.62 | 1.15 | 1.61 |
| Quick Ratio | 0.80 | 0.80 | 0.63 | 0.64 | 0.67 | 0.97 | 1.95 | 2.64 | 1.54 | 1.09 | 1.51 |
| Cash Ratio | 0.47 | 0.47 | 0.25 | 0.19 | 0.28 | 0.36 | 0.89 | 2.03 | 1.03 | 0.74 | 0.85 |
| Asset Turnover | — | 0.24 | 0.42 | 0.36 | 0.36 | 0.20 | 0.19 | 0.51 | 0.56 | 0.59 | 0.65 |
| Inventory Turnover | — | — | 58.14 | 75.55 | 71.12 | 46.57 | 14.92 | 23.44 | 21.07 | 16.48 | 18.17 |
| Days Sales Outstanding | — | 32.89 | 17.60 | 24.62 | 26.96 | 58.15 | 8.52 | 16.17 | 19.16 | 20.55 | 15.37 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.2% | 0.8% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 13.7% | 0.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 5.7% | — | — | — |
| FCF Yield | — | — | — | — | — | — | 0.3% | 6.8% | — | — | — |
| Buyback Yield | 68.7% | 41.5% | 0.0% | 13.3% | 13.6% | 4.6% | 2.1% | 23.1% | — | — | — |
| Total Shareholder Yield | 68.7% | 41.5% | 0.0% | 13.3% | 13.6% | 4.6% | 2.3% | 23.9% | — | — | — |
| Shares Outstanding | — | $61M | $48M | $53M | $58M | $50M | $31M | $38M | $39M | $38M | $39M |
Capital intensive project execution
Based on current market data, Bally's trades at a P/S ratio of 0.28, which, when contrasted with the negative TTM P/E of -1.04, suggests that investors are heavily discounting the company's future earnings potential due to the significant execution risks surrounding its ongoing capital-intensive development projects.
The valuation multiples appear to reflect a market that is pricing in a high probability of distress rather than growth. Given the forward EV/EBITDA of 12.33, the market seems to be waiting for tangible evidence of cash flow stabilization from the Chicago project before assigning a higher multiple to the equity.
As reported in recent financial statements, Bally's ROIC has struggled to remain positive, frequently dipping into negative territory over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital in any meaningful way.
The persistent decay in ROIC suggests that the aggressive M&A strategy has not yet translated into operational efficiency. Investors should monitor whether the integration of recent acquisitions can eventually drive returns above the company's weighted average cost of capital, as current trends suggest significant value destruction.
According to quarterly data, Bally's cash conversion cycle has shown extreme volatility, swinging from a high of 5 days in 2026Q1 to a low of -23 days in 2023Q4, which highlights the difficulty the company faces in managing its liquidity amidst a complex, multi-segment operational structure.
The inconsistency in the cash conversion cycle suggests that the company's working capital management is highly sensitive to the timing of large-scale gaming projects and seasonal hospitality fluctuations. This lack of predictability complicates the assessment of the company's underlying operational efficiency compared to more stable regional casino peers.
Based on reported figures, Bally's debt-to-EBITDA ratio has reached levels as high as 159.71 in recent periods, signaling that the company's ability to service its debt obligations is severely compromised by its current earnings profile and the heavy interest burden associated with its complex capital structure.
The extreme leverage ratios indicate that the company is operating with very little margin for error, particularly in a high-interest-rate environment. The reliance on debt to fund development projects appears to be creating a structural vulnerability that could necessitate further dilutive financing if cash flow does not improve.
Analysts frequently misapply the P/S ratio to Bally's, as this metric obscures the company's inability to convert top-line revenue into meaningful operating profit, failing to account for the massive interest and depreciation expenses inherent in its capital-intensive, debt-heavy business model and ongoing Chicago development project.
Investors should prioritize FCF yield or EV/EBITDA over revenue-based multiples to better understand the company's true earning power. Relying on P/S ignores the reality that a significant portion of revenue is currently being consumed by the high fixed costs and debt service requirements of the firm's physical asset footprint.
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Quick answers to the most common questions about buying BALY stock.
Bally's Corporation's current P/E ratio is -0.9x. The historical average is 17.5x.
Bally's Corporation's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Bally's Corporation's return on equity (ROE) is -54.4%. The historical average is -16.7%.
Based on historical data, Bally's Corporation is trading at a P/E of -0.9x. Compare with industry peers and growth rates for a complete picture.
Bally's Corporation has 43.0% gross margin and 1.1% operating margin.
Bally's Corporation's Debt/EBITDA ratio is 18.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.