Full House Resorts, Inc. (FLL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13651.5%

-$100.65

vs $0.74 price

Levered DCF

-$131.68

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.08

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.33×	-3.52×	-7.46×	-17.49×	33.64×	727.78×	-15.23×	-11.88×
P/B	37.05×	3.52×	2.38×	2.59×	3.49×	1.88×	1.58×	0.65×
P/S	0.31×	0.49×	0.77×	1.58×	2.19×	0.85×	0.54×	0.24×
EV / EBITDA	12.81×	14.78×	21.24×	30.3×	13.78×	10.52×	12.88×	8.51×
Gross margin	37.5%	51.3%	54.5%	55.1%	58.5%	52.9%	42.7%	43.6%
Operating margin	1.3%	0.9%	-0.5%	7.8%	20.8%	8.3%	3.8%	4.5%
Net margin	-13.3%	-13.9%	-10.3%	-9.1%	6.5%	0.1%	-3.5%	-2.7%
Current ratio	0.72×	0.79×	1.08×	3.09×	7.24×	1.92×	1.5×	1.25×
Debt / equity	209.46×	13.03×	6.61×	4.25×	2.85×	2.28×	2.28×	1.67×
Interest coverage	0.09×	0.06×	-0.04×	0.52×	1.68×	1.07×	0.58×	0.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1583.8%	-100.4%	-32.0%	-14.8%	10.4%	0.3%	-10.4%	-7.3%
Return on invested capital	0.6%	0.4%	-0.2%	2.4%	8.2%	5.4%	3.3%	4.6%
Return on assets	-6.0%	-6.0%	-3.6%	-2.5%	2.5%	0.1%	-2.8%	-2.4%
Free cash flow yield	-2.9%	-27.2%	-68.1%	-64.5%	-1.9%	6.0%	2.7%	-18.7%
Earnings yield	-42.7%	-28.5%	-13.4%	-5.7%	3.0%	0.1%	-6.6%	-11.3%
Enterprise value	$585M	$630.1M	$664.1M	$625.8M	$626.4M	$198M	$187.5M	$118M
Net debt / EBITDA	10.75×	11.44×	15.31×	17.79×	5.12×	4.86×	6.79×	5.72×
Cash conversion cycle (days)	-7	-12	-28	-6	-1	-2	-6	-13