Wynn Resorts, Limited

WYNN

Consumer CyclicalGambling, Resorts & CasinosNASDAQ

$106.85

Market Cap: $11.14B

Wynn Resorts, Limited (WYNN) Valuation Summary

Updated May 9, 2026 13:19

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$115.57 – $948.48	$252.34	+136.2%
Growth Exit 10Y	$197.67 – $1,358.68	$389.25	+264.3%
EBITDA Exit 5Y	$99.78 – $310.42	$196.27	+83.7%
EBITDA Exit 10Y	$176.51 – $501.16	$314.72	+194.5%
▸ Trading Multiples
P/E	$49.82 – $66.28	$76.93	-28.0%
EV/EBITDA	$58.44 – $146.40	$100.56	-5.9%
EV/Revenue	$7.36 – $87.20	$58.69	-45.1%
▸ PEG
PEG Fair Value	$128.49 – $128.49	$128.49	+20.3%
▸ Earnings Power Value
Earnings Power Value	$27.38 – $99.47	$55.66	-47.9%
▸ Dividend Discount
Dividend Discount	$26.98 – $51.19	$37.27	-65.1%

Valuation History

DCF Analysis

Fair Value

$252.34

Market Price

$106.85

Upside / Downside

+136.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 17.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $252.34 per share, suggesting WYNN is undervalued by 136.2% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	509	528	549	645	756	775
(−) Net Interest	944	979	1,019	1,196	1,403	1,439
(+) D&A	458	512	570	602	675	692
EBITDA	1,910	2,019	2,139	2,443	2,835	2,906

(−) Tax	0	0	0	0	0	0
(−) CapEx	619	642	668	784	920	943
(−) ΔWC	-52	7	8	37	43	44
Free Cash Flow (FCFF)	1,343	1,370	1,462	1,622	1,871	1,918

Terminal Value						42,979
WACC / Discount Rate	7.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	30,697

Enterprise Value	37,134
Projection Period	6,436	17.3%
Terminal Value	30,697	82.7%

(−) Current Net Debt	10,829

Equity Value	26,305
(/) Outstanding Shares	104

Fair Price	$252.34

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.0%	$378	$448	$547	$697	$948
6.0%	$268	$307	$357	$424	$519
7.0%	$198	$223	$252	$290	$337
8.0%	$151	$167	$186	$209	$238
9.0%	$116	$127	$140	$156	$174

Current price: $106.85. Green = undervalued, Red = overvalued.

Fair Value

$389.25

Market Price

$106.85

Upside / Downside

+264.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $389.25 per share, suggesting WYNN is undervalued by 264.3% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	509	528	549	645	756	870	979	1,078	1,162	1,225	1,256
(−) Net Interest	944	979	1,019	1,196	1,403	1,613	1,816	2,001	2,157	2,273	2,330
(+) D&A	458	512	570	602	675	727	815	924	1,053	1,179	1,209
EBITDA	1,910	2,019	2,139	2,443	2,835	3,210	3,610	4,004	4,372	4,677	4,794

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	619	642	668	784	920	1,058	1,191	1,312	1,414	1,491	1,528
(−) ΔWC	-52	7	8	37	43	44	42	39	32	24	25
Free Cash Flow (FCFF)	1,343	1,370	1,462	1,622	1,871	2,108	2,376	2,653	2,925	3,162	3,241

Terminal Value											72,642
WACC / Discount Rate	7.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	1,456	1,534	1,601	1,651	1,669	37,058

Enterprise Value	51,405
Projection Period	14,347	27.9%
Terminal Value	37,058	72.1%

(−) Current Net Debt	10,829

Equity Value	40,577
(/) Outstanding Shares	104

Fair Price	$389.25

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.0%	$602	$695	$827	$1025	$1359
6.0%	$431	$481	$544	$629	$749
7.0%	$324	$353	$389	$434	$492
8.0%	$251	$270	$292	$318	$351
9.0%	$198	$210	$225	$242	$262

Current price: $106.85. Green = undervalued, Red = overvalued.

Fair Value

$196.36

Market Price

$106.85

Upside / Downside

+83.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 17.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (79% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $196.27 per share, suggesting WYNN is undervalued by 83.7% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

EV/EBITDA Exit Multiple

11.98x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	509	528	549	645	756	775
(−) Net Interest	944	979	1,019	1,196	1,403	1,439
(+) D&A	458	512	570	602	675	692
EBITDA	1,910	2,019	2,139	2,443	2,835	2,906

(−) Tax	0	0	0	0	0	—
(−) CapEx	619	642	668	784	920	—
(−) ΔWC	-52	7	8	37	43	—
Free Cash Flow (FCF)	1,343	1,370	1,462	1,622	1,871	—

Peers' EBITDA Multiple						12.0x
Terminal Value						34,808
WACC / Discount Rate	6.96%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	24,862

Enterprise Value	31,298
Projection Period	6,436	20.6%
Terminal Value	24,862	79.4%

(−) Current Net Debt	10,829
Equity Value	20,469
(÷) Outstanding Shares	104M
Fair Price	$196	+83.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
5.0%	$135	$179	$223	$267	$310
6.0%	$126	$167	$209	$251	$293
7.0%	$117	$156	$196	$236	$276
8.0%	$108	$146	$184	$222	$260
9.0%	$100	$136	$172	$209	$245

Current price: $106.85. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$314.83

Market Price

$106.85

Upside / Downside

+194.6%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $314.72 per share, suggesting WYNN is undervalued by 194.5% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

EV/EBITDA Exit Multiple

11.98x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	509	528	549	645	756	870	979	1,078	1,162	1,225	1,256
(−) Net Interest	944	979	1,019	1,196	1,403	1,613	1,816	2,001	2,157	2,273	2,330
(+) D&A	458	512	570	602	675	727	815	924	1,053	1,179	1,209
EBITDA	1,910	2,019	2,139	2,443	2,835	3,210	3,610	4,004	4,372	4,677	4,794

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	619	642	668	784	920	1,058	1,191	1,312	1,414	1,491	—
(−) ΔWC	-52	7	8	37	43	44	42	39	32	24	—
Free Cash Flow (FCF)	1,343	1,370	1,462	1,622	1,871	2,108	2,376	2,653	2,925	3,162	—

Peers' EBITDA Multiple											12.0x
Terminal Value											57,435
WACC / Discount Rate	6.96%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	1,456	1,534	1,601	1,651	1,669	29,300

Enterprise Value	43,647
Projection Period	14,347	32.9%
Terminal Value	29,300	67.1%

(−) Current Net Debt	10,829
Equity Value	32,819
(÷) Outstanding Shares	104M
Fair Price	$315	+194.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
5.0%	$274	$331	$388	$444	$501
6.0%	$246	$298	$349	$401	$453
7.0%	$221	$268	$315	$362	$409
8.0%	$198	$240	$283	$326	$369
9.0%	$177	$216	$254	$293	$332

Current price: $106.85. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$76.93

Market Price

$106.85

Upside / Downside

-28.0%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Wynn Resorts, Limited (WYNN) has a fair value of $76.93 based on 7 comparable companies in the Gambling, Resorts & Casinos industry.

P/E Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Wynn Resorts, LimitedWYNN	11,138	34.0x	20.8x
Magna International Inc.MGA	17,595	21.1x	12.1x
SharkNinja, Inc.SN	16,009	22.9x	18.7x
Ball CorporationBALL	15,581	17.7x	18.7x
Deckers Outdoor CorporationDECK	14,255	15.9x	14.6x
Toll Brothers, Inc.TOL	12,983	10.2x	9.3x
Service Corporation InternationalSCI	10,842	20.7x	22.3x
Domino's Pizza, Inc.DPZ	10,760	18.4x	16.8x
Industry Median		18.4x	16.8x
(*) Profit after tax		327	537
Equity Value		6,027	10,012
(/) Outstanding shares		104	104
Fair Price		$58	$96

Selected Fair Value (avg of trailing + forward)

$76.93

-28.0%

Fair Value

$100.56

Market Price

$106.85

Upside / Downside

-5.9%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Wynn Resorts, Limited (WYNN) has a fair value of $100.56 based on 9 comparable companies in the Gambling, Resorts & Casinos industry.

EV/EBITDA Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Wynn Resorts, LimitedWYNN	11,138	12.5x	12.6x
Magna International Inc.MGA	17,595	6.3x	6.4x
SharkNinja, Inc.SN	16,009	14.8x	13.2x
Hyatt Hotels CorporationH	15,944	27.7x	27.8x
Ball CorporationBALL	15,581	10.2x	11.3x
Deckers Outdoor CorporationDECK	14,255	9.6x	8.8x
Toll Brothers, Inc.TOL	12,983	7.8x	8.1x
DraftKings Inc.DKNG	12,651	50.0x	44.4x
Service Corporation InternationalSCI	10,842	12.0x	12.4x
Domino's Pizza, Inc.DPZ	10,760	14.7x	13.9x
Industry Median		12.0x	12.4x
(*) EBITDA		1,760	1,744
= Enterprise Value		21,081	21,542
(-) Net Debt		10,829	10,829
Equity Value		10,252	10,713
(/) Outstanding shares		104	104
Fair Price		$98	$103

Selected Fair Value (avg of trailing + forward)

$100.56

-5.9%

Fair Value

$58.69

Market Price

$106.85

Upside / Downside

-45.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Wynn Resorts, Limited (WYNN) has a fair value of $58.69 based on 9 comparable companies in the Gambling, Resorts & Casinos industry.

EV/Revenue Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Wynn Resorts, LimitedWYNN	11,138	3.1x	3.1x
Magna International Inc.MGA	17,595	0.6x	0.6x
SharkNinja, Inc.SN	16,009	2.5x	2.2x
Hyatt Hotels CorporationH	15,944	2.8x	2.8x
Ball CorporationBALL	15,581	1.6x	1.8x
Deckers Outdoor CorporationDECK	14,255	2.5x	2.3x
Toll Brothers, Inc.TOL	12,983	1.3x	1.4x
DraftKings Inc.DKNG	12,651	2.1x	1.9x
Service Corporation InternationalSCI	10,842	3.7x	3.8x
Domino's Pizza, Inc.DPZ	10,760	3.1x	3.0x
Industry Median		2.5x	2.2x
(*) Revenue		7,138	7,070
= Enterprise Value		17,995	15,898
(-) Net Debt		10,829	10,829
Equity Value		7,167	5,069
(/) Outstanding shares		104	104
Fair Price		$69	$49

Selected Fair Value (avg of trailing + forward)

$58.69

-45.1%

PEG Fair Value

Fair Value

$128.49

Market Price

$106.85

Upside / Downside

+20.3%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 1.6% dividend yield, the company has a fair value of $128.49 based on NTM EPS (FY2026) of $5.14. The current PEG ratio is 0.66.

PEG Ratio

0.66Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 20.8 ÷ (29.8% + 1.6%) = 0.66

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	29.8%
Dividend Yield	+1.6%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$5.14
Fair Value	$128.49

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.14	—	—
FY2026E	$5.14	+63.7%	14
FY2027E	$5.52	+7.4%	12
FY2028E	$6.87	+24.4%	10

3Y Forward EPS CAGR: 29.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$-755.8M	$-6.64	—
FY2022	$-423.9M	$-3.73	—
FY2023	$730.0M	$6.32	—
FY2024	$501.1M	$4.35	-31.2%
FY2025	$327.3M	$3.14	-27.8%

4Y Historical EPS CAGR: -29.5%

Earnings Power Value

Fair Value

$55.66

Market Price

$106.85

Upside / Downside

-47.9%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.0% and normalized earnings of $1.2B, the company has a fair value of $55.66 per share. The EPV range is $27.38 – $99.47 based on WACC sensitivity (5.5% – 8.5%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,158	1,158	1,158
(/) WACC	8.5%	7.0%	5.5%
Enterprise Value	13,682	16,630	21,197
(-) Net debt	10,829	10,829	10,829
Equity Value	2,854	5,802	10,369
(/) Outstanding shares	104	104	104
Fair Price	$27.38	$55.66	$99.47

Dividend Discount Model

Fair Value

$37.27

Market Price

$106.85

Upside / Downside

-65.1%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 10.2% and projected dividend growth of 15.0%, the fair value is $37.27 per share. The DDM range is $26.98 – $51.19 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.68

Dividend Yield

1.57%

Payout Ratio

53.4%

Dividend Coverage

1.87x

FCF Payout Ratio25.2%

DPS CAGR (4Y)232.8%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.68	53.4%	+32.4%
2024	$1.27	27.9%	+68.6%
2023	$0.75	11.6%	+5803.8%
2022	$0.01	—	-6.8%
2021	$0.01	—	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.93	15.0%	0.9076	$1.75
2027	$2.22	15.0%	0.8238	$1.83
2028	$2.55	15.0%	0.7477	$1.91
2029	$2.93	15.0%	0.6787	$1.99
2030	$3.37	15.0%	0.6160	$2.08
Terminal Value	$3.45 DPS	2.5%		$27.72

PV of Projected Dividends$9.54

PV of Terminal Value$27.72

Fair Value per Share$37.27

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
8.2%	$47	$49	$51	$51	$51
9.2%	$40	$41	$43	$43	$43
10.2%	$34	$36	$37	$37	$37
11.2%	$30	$31	$33	$33	$33
12.2%	$27	$28	$29	$29	$29

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Wynn Resorts, Limited (WYNN) Valuation Summary

Updated May 9, 2026 13:19

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$115.57 – $948.48	$252.34	+136.2%
Growth Exit 10Y	$197.67 – $1,358.68	$389.25	+264.3%
EBITDA Exit 5Y	$99.78 – $310.42	$196.27	+83.7%
EBITDA Exit 10Y	$176.51 – $501.16	$314.72	+194.5%
▸ Trading Multiples
P/E	$49.82 – $66.28	$76.93	-28.0%
EV/EBITDA	$58.44 – $146.40	$100.56	-5.9%
EV/Revenue	$7.36 – $87.20	$58.69	-45.1%
▸ PEG
PEG Fair Value	$128.49 – $128.49	$128.49	+20.3%
▸ Earnings Power Value
Earnings Power Value	$27.38 – $99.47	$55.66	-47.9%
▸ Dividend Discount
Dividend Discount	$26.98 – $51.19	$37.27	-65.1%

Valuation History

DCF Analysis

Fair Value

$252.34

Market Price

$106.85

Upside / Downside

+136.2%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	509	528	549	645	756	775
(−) Net Interest	944	979	1,019	1,196	1,403	1,439
(+) D&A	458	512	570	602	675	692
EBITDA	1,910	2,019	2,139	2,443	2,835	2,906

(−) Tax	0	0	0	0	0	0
(−) CapEx	619	642	668	784	920	943
(−) ΔWC	-52	7	8	37	43	44
Free Cash Flow (FCFF)	1,343	1,370	1,462	1,622	1,871	1,918

Terminal Value						42,979
WACC / Discount Rate	7.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	30,697

Enterprise Value	37,134
Projection Period	6,436	17.3%
Terminal Value	30,697	82.7%

(−) Current Net Debt	10,829

Equity Value	26,305
(/) Outstanding Shares	104

Fair Price	$252.34

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.0%	$378	$448	$547	$697	$948
6.0%	$268	$307	$357	$424	$519
7.0%	$198	$223	$252	$290	$337
8.0%	$151	$167	$186	$209	$238
9.0%	$116	$127	$140	$156	$174

Current price: $106.85. Green = undervalued, Red = overvalued.

Fair Value

$389.25

Market Price

$106.85

Upside / Downside

+264.3%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	509	528	549	645	756	870	979	1,078	1,162	1,225	1,256
(−) Net Interest	944	979	1,019	1,196	1,403	1,613	1,816	2,001	2,157	2,273	2,330
(+) D&A	458	512	570	602	675	727	815	924	1,053	1,179	1,209
EBITDA	1,910	2,019	2,139	2,443	2,835	3,210	3,610	4,004	4,372	4,677	4,794

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	619	642	668	784	920	1,058	1,191	1,312	1,414	1,491	1,528
(−) ΔWC	-52	7	8	37	43	44	42	39	32	24	25
Free Cash Flow (FCFF)	1,343	1,370	1,462	1,622	1,871	2,108	2,376	2,653	2,925	3,162	3,241

Terminal Value											72,642
WACC / Discount Rate	7.0%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	1,456	1,534	1,601	1,651	1,669	37,058

Enterprise Value	51,405
Projection Period	14,347	27.9%
Terminal Value	37,058	72.1%

(−) Current Net Debt	10,829

Equity Value	40,577
(/) Outstanding Shares	104

Fair Price	$389.25

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.0%	$602	$695	$827	$1025	$1359
6.0%	$431	$481	$544	$629	$749
7.0%	$324	$353	$389	$434	$492
8.0%	$251	$270	$292	$318	$351
9.0%	$198	$210	$225	$242	$262

Current price: $106.85. Green = undervalued, Red = overvalued.

Fair Value

$196.36

Market Price

$106.85

Upside / Downside

+83.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 17.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (79% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $196.27 per share, suggesting WYNN is undervalued by 83.7% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

EV/EBITDA Exit Multiple

11.98x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	509	528	549	645	756	775
(−) Net Interest	944	979	1,019	1,196	1,403	1,439
(+) D&A	458	512	570	602	675	692
EBITDA	1,910	2,019	2,139	2,443	2,835	2,906

(−) Tax	0	0	0	0	0	—
(−) CapEx	619	642	668	784	920	—
(−) ΔWC	-52	7	8	37	43	—
Free Cash Flow (FCF)	1,343	1,370	1,462	1,622	1,871	—

Peers' EBITDA Multiple						12.0x
Terminal Value						34,808
WACC / Discount Rate	6.96%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	24,862

Enterprise Value	31,298
Projection Period	6,436	20.6%
Terminal Value	24,862	79.4%

(−) Current Net Debt	10,829
Equity Value	20,469
(÷) Outstanding Shares	104M
Fair Price	$196	+83.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
5.0%	$135	$179	$223	$267	$310
6.0%	$126	$167	$209	$251	$293
7.0%	$117	$156	$196	$236	$276
8.0%	$108	$146	$184	$222	$260
9.0%	$100	$136	$172	$209	$245

Current price: $106.85. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$314.83

Market Price

$106.85

Upside / Downside

+194.6%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wynn Resorts, Limited's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 4.4% to 5.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 19, DPO 23, DIO 8). At a 7.0% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $314.72 per share, suggesting WYNN is undervalued by 194.5% at the current price of $106.85.

FCFF Present Value Calculation

WACC

6.96%

3% – 20%

EV/EBITDA Exit Multiple

11.98x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	509	528	549	645	756	870	979	1,078	1,162	1,225	1,256
(−) Net Interest	944	979	1,019	1,196	1,403	1,613	1,816	2,001	2,157	2,273	2,330
(+) D&A	458	512	570	602	675	727	815	924	1,053	1,179	1,209
EBITDA	1,910	2,019	2,139	2,443	2,835	3,210	3,610	4,004	4,372	4,677	4,794

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	619	642	668	784	920	1,058	1,191	1,312	1,414	1,491	—
(−) ΔWC	-52	7	8	37	43	44	42	39	32	24	—
Free Cash Flow (FCF)	1,343	1,370	1,462	1,622	1,871	2,108	2,376	2,653	2,925	3,162	—

Peers' EBITDA Multiple											12.0x
Terminal Value											57,435
WACC / Discount Rate	6.96%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,299	1,238	1,236	1,281	1,382	1,456	1,534	1,601	1,651	1,669	29,300

Enterprise Value	43,647
Projection Period	14,347	32.9%
Terminal Value	29,300	67.1%

(−) Current Net Debt	10,829
Equity Value	32,819
(÷) Outstanding Shares	104M
Fair Price	$315	+194.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
5.0%	$274	$331	$388	$444	$501
6.0%	$246	$298	$349	$401	$453
7.0%	$221	$268	$315	$362	$409
8.0%	$198	$240	$283	$326	$369
9.0%	$177	$216	$254	$293	$332

Current price: $106.85. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$76.93

Market Price

$106.85

Upside / Downside

-28.0%

Verdict

Overvalued

P/E Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Wynn Resorts, LimitedWYNN	11,138	34.0x	20.8x
Magna International Inc.MGA	17,595	21.1x	12.1x
SharkNinja, Inc.SN	16,009	22.9x	18.7x
Ball CorporationBALL	15,581	17.7x	18.7x
Deckers Outdoor CorporationDECK	14,255	15.9x	14.6x
Toll Brothers, Inc.TOL	12,983	10.2x	9.3x
Service Corporation InternationalSCI	10,842	20.7x	22.3x
Domino's Pizza, Inc.DPZ	10,760	18.4x	16.8x
Industry Median		18.4x	16.8x
(*) Profit after tax		327	537
Equity Value		6,027	10,012
(/) Outstanding shares		104	104
Fair Price		$58	$96

Selected Fair Value (avg of trailing + forward)

$76.93

-28.0%

Fair Value

$100.56

Market Price

$106.85

Upside / Downside

-5.9%

Verdict

Overvalued

EV/EBITDA Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Wynn Resorts, LimitedWYNN	11,138	12.5x	12.6x
Magna International Inc.MGA	17,595	6.3x	6.4x
SharkNinja, Inc.SN	16,009	14.8x	13.2x
Hyatt Hotels CorporationH	15,944	27.7x	27.8x
Ball CorporationBALL	15,581	10.2x	11.3x
Deckers Outdoor CorporationDECK	14,255	9.6x	8.8x
Toll Brothers, Inc.TOL	12,983	7.8x	8.1x
DraftKings Inc.DKNG	12,651	50.0x	44.4x
Service Corporation InternationalSCI	10,842	12.0x	12.4x
Domino's Pizza, Inc.DPZ	10,760	14.7x	13.9x
Industry Median		12.0x	12.4x
(*) EBITDA		1,760	1,744
= Enterprise Value		21,081	21,542
(-) Net Debt		10,829	10,829
Equity Value		10,252	10,713
(/) Outstanding shares		104	104
Fair Price		$98	$103

Selected Fair Value (avg of trailing + forward)

$100.56

-5.9%

Fair Value

$58.69

Market Price

$106.85

Upside / Downside

-45.1%

Verdict

Overvalued

EV/Revenue Valuation — Gambling, Resorts & Casinos

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Wynn Resorts, LimitedWYNN	11,138	3.1x	3.1x
Magna International Inc.MGA	17,595	0.6x	0.6x
SharkNinja, Inc.SN	16,009	2.5x	2.2x
Hyatt Hotels CorporationH	15,944	2.8x	2.8x
Ball CorporationBALL	15,581	1.6x	1.8x
Deckers Outdoor CorporationDECK	14,255	2.5x	2.3x
Toll Brothers, Inc.TOL	12,983	1.3x	1.4x
DraftKings Inc.DKNG	12,651	2.1x	1.9x
Service Corporation InternationalSCI	10,842	3.7x	3.8x
Domino's Pizza, Inc.DPZ	10,760	3.1x	3.0x
Industry Median		2.5x	2.2x
(*) Revenue		7,138	7,070
= Enterprise Value		17,995	15,898
(-) Net Debt		10,829	10,829
Equity Value		7,167	5,069
(/) Outstanding shares		104	104
Fair Price		$69	$49

Selected Fair Value (avg of trailing + forward)

$58.69

-45.1%

PEG Fair Value

Fair Value

$128.49

Market Price

$106.85

Upside / Downside

+20.3%

Verdict

Undervalued

PEG Ratio

0.66Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 20.8 ÷ (29.8% + 1.6%) = 0.66

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	29.8%
Dividend Yield	+1.6%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$5.14
Fair Value	$128.49

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.14	—	—
FY2026E	$5.14	+63.7%	14
FY2027E	$5.52	+7.4%	12
FY2028E	$6.87	+24.4%	10

3Y Forward EPS CAGR: 29.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$-755.8M	$-6.64	—
FY2022	$-423.9M	$-3.73	—
FY2023	$730.0M	$6.32	—
FY2024	$501.1M	$4.35	-31.2%
FY2025	$327.3M	$3.14	-27.8%

4Y Historical EPS CAGR: -29.5%

Earnings Power Value

Fair Value

$55.66

Market Price

$106.85

Upside / Downside

-47.9%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,158	1,158	1,158
(/) WACC	8.5%	7.0%	5.5%
Enterprise Value	13,682	16,630	21,197
(-) Net debt	10,829	10,829	10,829
Equity Value	2,854	5,802	10,369
(/) Outstanding shares	104	104	104
Fair Price	$27.38	$55.66	$99.47

Dividend Discount Model

Fair Value

$37.27

Market Price

$106.85

Upside / Downside

-65.1%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.68

Dividend Yield

1.57%

Payout Ratio

53.4%

Dividend Coverage

1.87x

FCF Payout Ratio25.2%

DPS CAGR (4Y)232.8%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.68	53.4%	+32.4%
2024	$1.27	27.9%	+68.6%
2023	$0.75	11.6%	+5803.8%
2022	$0.01	—	-6.8%
2021	$0.01	—	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.93	15.0%	0.9076	$1.75
2027	$2.22	15.0%	0.8238	$1.83
2028	$2.55	15.0%	0.7477	$1.91
2029	$2.93	15.0%	0.6787	$1.99
2030	$3.37	15.0%	0.6160	$2.08
Terminal Value	$3.45 DPS	2.5%		$27.72

PV of Projected Dividends$9.54

PV of Terminal Value$27.72

Fair Value per Share$37.27

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
8.2%	$47	$49	$51	$51	$51
9.2%	$40	$41	$43	$43	$43
10.2%	$34	$36	$37	$37	$37
11.2%	$30	$31	$33	$33	$33
12.2%	$27	$28	$29	$29	$29