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Full House Resor Financials

FLL
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Full House Resor (FLL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 16 / 100
Financial Profile 16/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
25

Full House Resor has an operating margin of 1.0%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is up from 0.9% the prior year.

Growth
39

Full House Resor's revenue grew a modest 3.5% year-over-year to $302.4M. This slow but positive growth earns a score of 39/100.

Leverage
0

Full House Resor has elevated debt relative to equity (D/E of 186.62), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
9

Full House Resor's current ratio of 0.72 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.

Cash Flow
23

While Full House Resor generated $10.0M in operating cash flow, capex of $12.7M consumed most of it, leaving -$2.7M in free cash flow. This results in a low score of 23/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Full House Resor generates a -1583.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -100.4% the prior year.

Altman Z-Score Distress
0.28

Full House Resor scores 0.28, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
4/9

Full House Resor passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed
-0.25x

For every $1 of reported earnings, Full House Resor generates $-0.25 in operating cash flow ($10.0M OCF vs -$40.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.1x

Full House Resor earns $0.1 in operating income for every $1 of interest expense ($3.1M vs $42.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$302.4M
YoY+3.5%
5Y CAGR+19.2%
10Y CAGR+9.3%

Full House Resor generated $302.4M in revenue in fiscal year 2025. This represents an increase of 3.5% from the prior year.

EBITDA
$45.7M
YoY+2.0%
5Y CAGR+20.3%
10Y CAGR+13.5%

Full House Resor's EBITDA was $45.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.0% from the prior year.

Net Income
-$40.2M
YoY+1.2%

Full House Resor reported -$40.2M in net income in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EPS (Diluted)
$-1.12
YoY+3.4%

Full House Resor earned $-1.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$2.7M
YoY+93.1%

Full House Resor generated -$2.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 93.1% from the prior year.

Cash & Debt
$40.7M
YoY+1.1%
5Y CAGR+1.5%
10Y CAGR+10.8%

Full House Resor held $40.7M in cash against $473.6M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
36M
YoY+1.4%
5Y CAGR+5.9%
10Y CAGR+6.7%

Full House Resor had 36M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Margins & Returns

Gross Margin
93.3%
YoY+1.1pp

Full House Resor's gross margin was 93.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.1 percentage points from the prior year.

Operating Margin
1.0%
YoY+0.1pp
5Y CAGR-7.3pp
10Y CAGR-3.0pp

Full House Resor's operating margin was 1.0% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.

Net Margin
-13.3%
YoY+0.6pp
5Y CAGR-13.4pp
10Y CAGR-12.2pp

Full House Resor's net profit margin was -13.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.6 percentage points from the prior year.

Return on Equity
-1583.8%
YoY-1483.4pp
5Y CAGR-1584.1pp
10Y CAGR-1581.5pp

Full House Resor's ROE was -1583.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1483.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$12.7M
YoY-75.9%
5Y CAGR+36.8%
10Y CAGR+1.1%

Full House Resor invested $12.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 75.9% from the prior year.

FLL Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $75.4M-3.2% $78.0M+5.4% $73.9M-1.5% $75.1M+2.9% $73.0M-3.6% $75.7M+3.0% $73.5M+5.1% $69.9M
Cost of Revenue $5.2M-2.1% $5.3M+9.9% $4.8M-2.4% $4.9M-14.8% $5.8M-2.7% $5.9M+6.1% $5.6M+4.6% $5.4M
Gross Profit $70.2M-3.3% $72.7M+5.1% $69.1M-1.4% $70.1M+4.4% $67.2M-3.7% $69.7M+2.7% $67.9M+5.1% $64.6M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $27.1M-2.8% $27.8M-0.1% $27.9M+3.5% $26.9M-0.8% $27.2M+1.6% $26.7M+5.7% $25.3M+1.4% $24.9M
Operating Income -$976K-128.4% $3.4M+4743.2% -$74K-110.0% $738K+152.4% -$1.4M-157.5% $2.4M+5.8% $2.3M+482.0% -$606K
Interest Expense $11.0M-1.5% $11.1M+7.5% $10.4M+0.6% $10.3M-5.4% $10.9M-1.5% $11.0M+0.2% $11.0M+7.5% $10.3M
Income Tax $433K+3192.9% -$14K+85.3% -$95K-146.1% $206K+1960.0% $10K+107.9% -$126K-59.5% -$79K-119.0% $416K
Net Income -$12.4M-61.1% -$7.7M+26.1% -$10.4M-6.3% -$9.8M+20.6% -$12.3M-45.2% -$8.5M+1.8% -$8.6M+23.4% -$11.3M
EPS (Diluted) N/A $-0.21+27.6% $-0.29-7.4% $-0.27 N/A $-0.24+4.0% $-0.25+24.2% $-0.33

FLL Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $649.8M+0.8% $644.4M-1.1% $651.5M-0.9% $657.2M-2.4% $673.3M+0.7% $668.7M-0.8% $673.9M+0.5% $670.4M
Current Assets $53.0M+32.7% $39.9M-7.8% $43.3M-2.6% $44.5M-16.7% $53.4M+10.8% $48.2M-14.7% $56.5M-1.3% $57.3M
Cash & Equivalents $40.7M+31.5% $30.9M-3.7% $32.1M+4.6% $30.7M-23.7% $40.2M+55.1% $25.9M-16.5% $31.1M+20.9% $25.7M
Inventory $2.0M+15.6% $1.7M-20.4% $2.1M+4.2% $2.1M-1.3% $2.1M-9.5% $2.3M+14.4% $2.0M+4.1% $1.9M
Accounts Receivable $3.7M+21.6% $3.0M-33.8% $4.6M-6.6% $4.9M-4.4% $5.1M-12.8% $5.8M+6.1% $5.5M+9.1% $5.0M
Goodwill $19.5M0.0% $19.5M0.0% $19.5M0.0% $19.5M0.0% $19.5M0.0% $19.5M-8.5% $21.3M0.0% $21.3M
Total Liabilities $647.3M+2.7% $630.2M0.0% $630.3M+0.7% $626.2M-1.0% $632.8M+2.6% $616.9M+0.4% $614.5M+1.9% $603.2M
Current Liabilities $73.5M+25.5% $58.6M-15.1% $69.1M+8.4% $63.7M-5.6% $67.5M+21.8% $55.4M-20.8% $70.0M+11.8% $62.6M
Long-Term Debt $473.6M+0.1% $473.1M+1.2% $467.5M-0.9% $471.7M+0.8% $468.1M+0.2% $467.4M+0.2% $466.6M+0.2% $465.9M
Total Equity $2.5M-82.1% $14.2M-33.0% $21.2M-31.6% $31.0M-23.5% $40.5M-21.8% $51.8M-12.8% $59.5M-11.6% $67.3M
Retained Earnings -$115.5M-12.0% -$103.1M-8.0% -$95.4M-12.2% -$85.1M-13.0% -$75.3M-19.5% -$63.0M-15.5% -$54.5M-18.8% -$45.9M

FLL Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $12.0M+2650.2% -$472K-106.0% $7.9M+183.1% -$9.5M-163.8% $14.8M+320.9% -$6.7M-166.3% $10.1M+330.1% -$4.4M
Capital Expenditures $1.4M-73.0% $5.1M+52.0% $3.3M+15.8% $2.9M-63.8% $8.0M-25.6% $10.7M-5.4% $11.3M-50.1% $22.6M
Free Cash Flow $10.7M+292.6% -$5.5M-222.1% $4.5M+136.7% -$12.3M-279.4% $6.9M+139.5% -$17.4M-1374.8% -$1.2M+95.6% -$27.0M
Investing Cash Flow -$1.5M+71.3% -$5.1M-449.6% -$922K+68.0% -$2.9M+63.9% -$8.0M-111.4% -$3.8M+66.6% -$11.3M+50.1% -$22.6M
Financing Cash Flow -$843K-119.4% $4.3M+178.5% -$5.5M-295.1% $2.8M+1260.7% -$244K+32.0% -$359K+15.3% -$424K+10.0% -$471K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

FLL Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 93.1%-0.1pp 93.2%-0.3pp 93.5%+0.1pp 93.4%+1.4pp 92.1%-0.1pp 92.2%-0.2pp 92.4%+0.0pp 92.3%
Operating Margin -1.3%-5.7pp 4.4%+4.5pp -0.1%-1.1pp 1.0%+2.9pp -1.9%-5.2pp 3.2%+0.1pp 3.1%+4.0pp -0.9%
Net Margin -16.4%-6.6pp -9.8%+4.2pp -14.0%-1.0pp -13.0%+3.9pp -16.9%-5.7pp -11.2%+0.6pp -11.7%+4.4pp -16.1%
Return on Equity -487.4%-433.4pp -54.0%-5.1pp -48.9%-17.4pp -31.5%-1.1pp -30.4%-14.0pp -16.4%-1.8pp -14.5%+2.2pp -16.8%
Return on Assets -1.9%-0.7pp -1.2%+0.4pp -1.6%-0.1pp -1.5%+0.3pp -1.8%-0.6pp -1.3%+0.0pp -1.3%+0.4pp -1.7%
Current Ratio 0.72+0.0 0.68+0.1 0.63-0.1 0.70-0.1 0.79-0.1 0.87+0.1 0.81-0.1 0.91
Debt-to-Equity 186.62+153.3 33.30+11.3 22.04+6.8 15.22+3.7 11.56+2.5 9.02+1.2 7.85+0.9 6.92
FCF Margin 14.1%+21.3pp -7.1%-13.2pp 6.1%+22.6pp -16.4%-25.9pp 9.4%+32.4pp -23.0%-21.4pp -1.6%+37.0pp -38.7%

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Full House Resor (FLL) reported $302.4M in total revenue for fiscal year 2025. This represents a 3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Full House Resor (FLL) revenue grew by 3.5% year-over-year, from $292.1M to $302.4M in fiscal year 2025.

No, Full House Resor (FLL) reported a net income of -$40.2M in fiscal year 2025, with a net profit margin of -13.3%.

Full House Resor (FLL) reported diluted earnings per share of $-1.12 for fiscal year 2025. This represents a 3.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Full House Resor (FLL) had EBITDA of $45.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Full House Resor (FLL) had $40.7M in cash and equivalents against $473.6M in long-term debt.

Full House Resor (FLL) had a gross margin of 93.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Full House Resor (FLL) had an operating margin of 1.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Full House Resor (FLL) had a net profit margin of -13.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Full House Resor (FLL) has a return on equity of -1583.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Full House Resor (FLL) generated -$2.7M in free cash flow during fiscal year 2025. This represents a 93.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Full House Resor (FLL) generated $10.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Full House Resor (FLL) had $649.8M in total assets as of fiscal year 2025, including both current and long-term assets.

Full House Resor (FLL) invested $12.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Full House Resor (FLL) had 36M shares outstanding as of fiscal year 2025.

Full House Resor (FLL) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Full House Resor (FLL) had a debt-to-equity ratio of 186.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Full House Resor (FLL) had a return on assets of -6.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Full House Resor (FLL) has an Altman Z-Score of 0.28, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Full House Resor (FLL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Full House Resor (FLL) has an earnings quality ratio of -0.25x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Full House Resor (FLL) has an interest coverage ratio of 0.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Full House Resor (FLL) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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