Red Rock Resorts, Inc. (RRR) 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

-86.1%

$7.15

vs $51.54 price

Levered DCF

$20.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.35

Distress zone

Rating

B-

Overall 3 / 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	19.42×	17.72×	17.54×	11.5×	15.72×	-11.76×	-247.42×	8.95×
P/B	17.53×	13.08×	18.89×	55.9×	78.65×	5.01×	3.21×	3.49×
P/S	1.82×	1.45×	1.85×	1.47×	2.89×	1.49×	0.86×	1.08×
EV / EBITDA	4.45×	8.19×	9.2×	7.72×	13.32×	12.83×	9.21×	9.17×
Gross margin	52.6%	61.6%	63.7%	64.6%	65.9%	57.6%	48.8%	52.8%
Operating margin	29.7%	29.3%	32.4%	33.7%	24.8%	7.6%	10.1%	22.1%
Net margin	9.3%	7.9%	10.2%	12.3%	14.9%	-12.7%	-0.2%	9.4%
Current ratio	0.79×	0.91×	0.81×	0.75×	1.85×	1.12×	1.02×	0.79×
Debt / equity	0.28×	16×	19.75×	68.96×	48.38×	8.3×	6.07×	5.5×
Interest coverage	2.96×	2.49×	3.09×	4.32×	3.89×	0.7×	1.2×	2.6×
Dividend yield	3.3%	4.2%	1.8%	4.8%	4.4%	0.4%	1.7%	1.5%
Payout ratio	64.2%	76.9%	33.3%	56.8%	84.3%	-4.9%	-832.6%	17.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	90.3%	71.6%	104.2%	469.3%	406.5%	-42.7%	-0.7%	30.3%
Return on invested capital	13.8%	13.4%	13.6%	16.3%	13.5%	2.5%	3.9%	9.2%
Return on assets	4.5%	3.8%	4.5%	6.1%	7.7%	-4.0%	-0.1%	3.9%
Free cash flow yield	7.9%	8.9%	-6.5%	-0.8%	11.6%	8.7%	-5.9%	-14.9%
Earnings yield	5.1%	5.5%	5.5%	8.4%	5.2%	-8.5%	-0.2%	8.7%
Enterprise value	$3.6B	$6.1B	$6.4B	$5.3B	$7.3B	$4.6B	$4.5B	$4.6B
Net debt / EBITDA	-0.11×	4.4×	4.6×	4.19×	4.76×	7.87×	5.94×	5.52×
Cash conversion cycle (days)	12	5	10	11	5	12	5	6