Full House Resor Financials
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).
Heavy debt service is absorbing a nearly break-even operating business just as construction spending finally recedes.
From FY2023 to FY2025, free cash flow moved from-$126.2M to-$2.7M . That improvement came while operating cash flow fell and capital spending dropped from$148.6M to$12.7M , which points to a business exiting a build-out rather than suddenly converting profits into cash.
In FY2025, interest expense of
The balance sheet is now thinly capitalized: FY2025 equity was only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Full House Resor's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 24/100, suggesting thin profitability after operating expenses. This is up from 0.9% the prior year.
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 53/100.
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.
Full House Resor's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. However, the company holds substantial cash reserves (55% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
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 0/100, reflecting heavy capital investment rather than weak cash generation.
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.
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.
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.
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.
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
Earnings & Revenue
Full House Resor generated $302.4M in revenue in fiscal year 2025. This represents an increase of 3.5% from the prior year.
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.
Full House Resor reported -$40.2M in net income in fiscal year 2025. This represents an increase of 1.2% from the prior year.
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
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.
Full House Resor held $40.7M in cash against $473.6M in long-term debt as of fiscal year 2025.
Full House Resor had 36M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.
Margins & Returns
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.
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.
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.
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
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $74.4M-1.3% | $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 |
| Cost of Revenue | $5.0M-2.5% | $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 |
| Gross Profit | $69.4M-1.2% | $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 |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $25.1M-7.2% | $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 |
| Operating Income | $2.4M+340.8% | -$976K-128.4% | $3.4M+4743.2% | -$74K-110.0% | $738K+152.4% | -$1.4M-157.5% | $2.4M+5.8% | $2.3M |
| Interest Expense | $10.4M-5.3% | $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 |
| Income Tax | $120K-72.3% | $433K+3192.9% | -$14K+85.3% | -$95K-146.1% | $206K+1960.0% | $10K+107.9% | -$126K-59.5% | -$79K |
| Net Income | -$8.2M+34.1% | -$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 |
| EPS (Diluted) | $-0.23 | N/A | $-0.21+27.6% | $-0.29-7.4% | $-0.27 | N/A | $-0.24+4.0% | $-0.25 |
FLL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $630.5M-3.0% | $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 |
| Current Assets | $42.0M-20.8% | $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 |
| Cash & Equivalents | $31.4M-22.9% | $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 |
| Inventory | $1.9M-2.1% | $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 |
| Accounts Receivable | $3.3M-8.8% | $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 |
| Goodwill | $19.5M0.0% | $19.5M0.0% | $19.5M0.0% | $19.5M0.0% | $19.5M0.0% | $19.5M0.0% | $19.5M-8.5% | $21.3M |
| Total Liabilities | $635.9M-1.8% | $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 |
| Current Liabilities | $70.5M-4.2% | $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 |
| Long-Term Debt | $474.0M+0.1% | $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 |
| Total Equity | -$5.3M-310.8% | $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 |
| Retained Earnings | -$123.6M-7.1% | -$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 |
FLL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-131.5% | $12.0M+2650.2% | -$472K-108.6% | $5.5M+177.5% | -$7.1M-147.8% | $14.8M+320.9% | -$6.7M-166.3% | $10.1M |
| Capital Expenditures | $2.7M+99.3% | $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 |
| Free Cash Flow | -$6.5M-161.2% | $10.7M+292.6% | -$5.5M-356.6% | $2.2M+121.7% | -$10.0M-244.8% | $6.9M+139.5% | -$17.4M-1374.8% | -$1.2M |
| Investing Cash Flow | -$2.7M-87.9% | -$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 |
| Financing Cash Flow | -$2.8M-229.7% | -$843K-119.4% | $4.3M+237.8% | -$3.1M-791.9% | $455K+286.5% | -$244K+32.0% | -$359K+15.3% | -$424K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.2%+0.1pp | 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% |
| Operating Margin | 3.2%+4.5pp | -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% |
| Net Margin | -10.9%+5.5pp | -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% |
| Return on Equity | N/A | -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% |
| Return on Assets | -1.3%+0.6pp | -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% |
| Current Ratio | 0.60-0.1 | 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 |
| Debt-to-Equity | -88.59-275.2 | 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 |
| FCF Margin | -8.8%-22.9pp | 14.1%+21.3pp | -7.1%-10.0pp | 2.9%+16.2pp | -13.3%-22.7pp | 9.4%+32.4pp | -23.0%-21.4pp | -1.6% |
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
What is Full House Resor's annual revenue?
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.
How fast is Full House Resor's revenue growing?
Full House Resor (FLL) revenue grew by 3.5% year-over-year, from $292.1M to $302.4M in fiscal year 2025.
Is Full House Resor profitable?
No, Full House Resor (FLL) reported a net income of -$40.2M in fiscal year 2025, with a net profit margin of -13.3%.
What is Full House Resor's EBITDA?
Full House Resor (FLL) had EBITDA of $45.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Full House Resor have?
As of fiscal year 2025, Full House Resor (FLL) had $40.7M in cash and equivalents against $473.6M in long-term debt.
What is Full House Resor's gross margin?
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.
What is Full House Resor's operating margin?
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.
What is Full House Resor's net profit margin?
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.
What is Full House Resor's return on equity (ROE)?
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.
What is Full House Resor's free cash flow?
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.
What is Full House Resor's operating cash flow?
Full House Resor (FLL) generated $10.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Full House Resor's total assets?
Full House Resor (FLL) had $649.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Full House Resor's capital expenditures?
Full House Resor (FLL) invested $12.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Full House Resor's current ratio?
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.
What is Full House Resor's debt-to-equity ratio?
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.
What is Full House Resor's return on assets (ROA)?
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.
What is Full House Resor's Altman Z-Score?
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.
What is Full House Resor's Piotroski F-Score?
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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Full House Resor's earnings high quality?
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.
Can Full House Resor cover its interest payments?
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.
How financially healthy is Full House Resor?
Full House Resor (FLL) scores 14 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.