Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 11.4x · ROE 19.2%. (1996–2025 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 | $2.3B | $1.8B | $1.5B | $1.4B | $1.5B | $1.4B | $1.2B | $907M | $708M | $823M | $455M |
| Enterprise Value | $2.2B | $1.7B | $1.5B | $1.3B | $1.5B | $1.5B | $1.3B | $1.1B | $772M | $820M | $455M |
| P/E Ratio → | 23.35 | 17.62 | 20.55 | 16.46 | 17.20 | 20.95 | 48.98 | 28.56 | 20.73 | 32.24 | 18.55 |
| P/S Ratio | 4.13 | 3.29 | 2.87 | 2.71 | 3.15 | 3.63 | 6.27 | 3.64 | 2.95 | 3.57 | 2.10 |
| P/B Ratio | 4.42 | 3.33 | 2.89 | 2.64 | 2.79 | 3.21 | 3.14 | 2.66 | 2.35 | 3.09 | 1.95 |
| P/FCF | 17.52 | 13.96 | 16.05 | 10.94 | 15.01 | 17.70 | — | — | — | — | 25.86 |
| P/OCF | 13.66 | 10.88 | 10.64 | 7.84 | 10.77 | 11.21 | 36.75 | 14.34 | 12.06 | 16.65 | 10.41 |
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 | — | 3.16 | 2.78 | 2.66 | 3.11 | 3.81 | 7.17 | 4.42 | 3.21 | 3.56 | 2.10 |
| EV / EBITDA | 11.41 | 9.01 | 10.09 | 8.47 | 9.60 | 11.74 | 40.55 | 20.25 | 13.45 | 14.70 | 8.53 |
| EV / EBIT | 15.95 | 13.11 | 15.70 | 12.11 | 13.34 | 16.75 | 86.56 | 27.86 | 18.04 | 20.17 | 11.60 |
| EV / FCF | — | 13.41 | 15.57 | 10.75 | 14.83 | 18.55 | — | — | — | — | 25.85 |
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 | 45.1% | 45.1% | 53.8% | 53.7% | 54.3% | 55.1% | 54.1% | 50.9% | 51.3% | 51.4% | 51.5% |
| Operating Margin | 25.1% | 25.1% | 17.7% | 22.0% | 23.3% | 22.7% | 8.3% | 15.9% | 17.8% | 17.6% | 17.8% |
| Net Profit Margin | 18.6% | 18.6% | 13.9% | 16.4% | 18.3% | 17.3% | 12.8% | 12.8% | 14.2% | 11.1% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.2% | 19.2% | 14.1% | 15.7% | 17.7% | 16.8% | 6.7% | 9.9% | 12.0% | 10.2% | 11.2% |
| ROA | 14.4% | 14.4% | 10.6% | 12.0% | 12.6% | 10.1% | 3.7% | 5.9% | 8.7% | 8.1% | 8.6% |
| ROIC | 21.8% | 21.8% | 14.4% | 16.3% | 16.1% | 12.8% | 2.3% | 7.1% | 10.2% | 12.3% | 12.6% |
| ROCE | 24.7% | 24.7% | 16.8% | 19.4% | 19.8% | 16.2% | 2.8% | 8.5% | 12.4% | 14.7% | 16.6% |
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 | 0.05 | 0.05 | 0.03 | 0.04 | 0.04 | 0.23 | 0.53 | 0.57 | 0.31 | 0.10 | 0.11 |
| Debt / EBITDA | 0.13 | 0.13 | 0.10 | 0.13 | 0.13 | 0.80 | 5.97 | 3.59 | 1.65 | 0.47 | 0.49 |
| Net Debt / Equity | — | -0.13 | -0.09 | -0.04 | -0.03 | 0.15 | 0.45 | 0.57 | 0.21 | -0.01 | -0.00 |
| Net Debt / EBITDA | -0.37 | -0.37 | -0.31 | -0.15 | -0.12 | 0.54 | 5.10 | 3.59 | 1.11 | -0.05 | -0.00 |
| Debt / FCF | — | -0.55 | -0.48 | -0.18 | -0.18 | 0.85 | — | — | — | — | -0.01 |
| Interest Coverage | 67.82 | 67.82 | 889.45 | 67.79 | 46.05 | 19.95 | 55.94 | — | 241.95 | 42.05 | 63.68 |
Net cash position: cash ($96M) exceeds total debt ($26M)
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 | 0.86 | 0.86 | 0.62 | 0.61 | 0.76 | 0.60 | 0.67 | 1.00 | 0.79 | 1.17 | 1.12 |
| Quick Ratio | 0.80 | 0.80 | 0.55 | 0.55 | 0.70 | 0.54 | 0.60 | 0.91 | 0.72 | 1.08 | 1.03 |
| Cash Ratio | 0.64 | 0.64 | 0.40 | 0.35 | 0.33 | 0.24 | 0.26 | 0.76 | 0.51 | 0.74 | 0.75 |
| Asset Turnover | — | 0.76 | 0.76 | 0.74 | 0.69 | 0.57 | 0.27 | 0.40 | 0.53 | 0.69 | 0.74 |
| Inventory Turnover | 32.91 | 32.91 | 25.96 | 30.51 | 28.88 | 24.82 | 10.83 | 18.16 | 31.71 | 33.64 | 33.98 |
| Days Sales Outstanding | — | 9.43 | 8.23 | 9.46 | 26.39 | 33.07 | 6.14 | 8.27 | 10.66 | 14.13 | 9.16 |
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 | 0.9% | 1.2% | 1.5% | 8.3% | — | — | — | — | — | — | — |
| Payout Ratio | 21.6% | 21.6% | 30.6% | 136.8% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 5.7% | 4.9% | 6.1% | 5.8% | 4.8% | 2.0% | 3.5% | 4.8% | 3.1% | 5.4% |
| FCF Yield | 5.7% | 7.2% | 6.2% | 9.1% | 6.7% | 5.7% | — | — | — | — | 3.9% |
| Buyback Yield | 3.2% | 4.1% | 4.0% | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 5.3% | 5.5% | 8.7% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $19M | $19M | $20M | $20M | $19M | $19M | $19M | $19M | $18M | $18M |
Regional gaming tax volatility
According to recent market data, MCRI trades at a forward P/E of 20.25, which appears to command a quality premium over more leveraged regional peers, suggesting that investors are pricing in the company's superior balance sheet strength and the scarcity value of its Black Hawk resort assets.
The current valuation multiples imply that the market views Monarch as a defensive, high-quality operator rather than a standard cyclical gaming play. While the P/E ratio is elevated relative to distressed peers, the PEG ratio of 0.72 suggests that the market may be underestimating the earnings growth potential as the Black Hawk expansion reaches full maturity.
Based on reported financial figures, ROIC has trended upward to 6.0% in 2026Q1, indicating that the company is successfully transitioning from a capital-intensive construction phase to a period where its massive investment in the Black Hawk resort is beginning to generate meaningful returns on invested capital.
The recovery in ROIC from the 2024Q4 trough of 0.6% highlights the operational leverage inherent in the business model once major CAPEX cycles conclude. Investors should monitor whether this trend continues as the company optimizes its luxury amenity offerings and captures a larger share of the high-end Denver-metro gaming demographic.
As reported in recent quarterly filings, Monarch maintains a negative cash conversion cycle, reaching -99 days in 2026Q1, which suggests that the company's ability to collect cash upfront from gaming operations provides a structural liquidity advantage that is rarely seen in traditional consumer-facing hospitality businesses.
The exceptionally low DSO and negative CCC reflect the cash-based nature of the gaming floor, where revenue is realized immediately upon play. This efficiency allows the company to operate with minimal working capital requirements, effectively turning the gaming floor into a self-funding engine that supports the broader resort operations.
Based on the company's reported figures, the debt-to-equity ratio remains negligible at 0.02% as of 2026Q1, providing Monarch with a significant competitive advantage in a high-interest-rate environment where more debt-heavy regional gaming operators face substantial pressure on their net margins and refinancing capabilities.
This near-zero leverage profile is a critical differentiator that insulates the company from the volatility typically associated with the gaming sector. The lack of debt service obligations allows management to prioritize shareholder returns and strategic reinvestment without the constraints of restrictive covenants or interest rate sensitivity.
Market participants often misapply standard EV/EBITDA multiples to Monarch, failing to account for the significant non-cash depreciation charges stemming from the recent $400M+ Black Hawk expansion, which obscures the company's true underlying cash-generating capacity and its potential as a long-term compounder of shareholder value.
Using raw EBITDA as a proxy for performance ignores the fact that Monarch is currently in a phase where depreciation is artificially suppressing GAAP earnings. Analysts should instead focus on free cash flow yield and normalized ROIC to better understand the company's true earning power and the durability of its competitive moat.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MCRI stock.
Monarch Casino & Resort, Inc.'s current P/E ratio is 23.4x. The historical average is 22.2x. This places it at the 76th percentile of its historical range.
Monarch Casino & Resort, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.2x.
Monarch Casino & Resort, Inc.'s return on equity (ROE) is 19.2%. The historical average is 13.1%.
Based on historical data, Monarch Casino & Resort, Inc. is trading at a P/E of 23.4x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Monarch Casino & Resort, Inc.'s current dividend yield is 0.92% with a payout ratio of 21.6%.
Monarch Casino & Resort, Inc. has 45.1% gross margin and 25.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Monarch Casino & Resort, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.