Weathered boatFull House Resorts $FLL
Grew revenue 3.5% in FY2025 to $302 million, operating margin 1.0% against a 15.8% median for hotels & motels, equity 0.4% of assets.
Last filing8-K · Item 7.01 Regulation FD Disclosure, 21 Oct 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up FULL HOUSE RESORTS INC ($FLL). Last filing: 8-K (7.01 Regulation FD Disclosure), 2026-10-21. 7 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2025-03-19.
🔖 Exposure: revenue $302.4M (FY2025), total debt $473.6M. Experience: revenue up 3.5% on the year, up 13.8% a year over 4 years; operating margin 1.0%, up from 0.9%. Soundness: equity 0.4% of assets, return on equity -1583.8%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $256.5M and $440.7M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $223.6M to $508.2M. A statistical range, not company guidance. Against peers (19 filers, $50M+ revenue, hotels & motels): operating margin 1.0% against a 15.8% median; growth 3.5% against 3.8%.
Read from its own SEC filings · nothing written, nothing inferred
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $10M · −$10M · $1M · −$3M |
| Investment book (cash · short · long) | $41M · — · — · current ratio 0.72 |
| Revenue swing · equity of assets | 21.0% · 0.4% |
Full House Resorts is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $302M |
| Revenue, on the year | 3.5% |
| Revenue, a year over the record | 13.8% |
| Operating margin | 1.0% |
| Operating margin, prior year | 0.9% |
| Net margin | −13.3% |
| Research and development | not filed separately |
| Total debt | $474M |
| Equity of assets | 0.4% |
| Return on equity | −1583.8% |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | $-1.12 |
| Book value per share | $0.07 |
| Revenue per share | $8.39 |
| Shares outstanding | 36,031,455 |
| Audited years read | 5 |
Peers: the median of 19 filers with $50M+ revenue in hotels & motels.
Classic signals · fiscal 2025Altman Z″ -0.75 distress zone 1968Piotroski F 4 of 9 middling 2000Beneish M not enough filed detail (needs receivables, cost of revenue, PP&E, depreciation, SG&A for two years)Sloan accruals -7.6% earnings backed by cash 1996DuPont ROE -186.8% = margin -13.3% × turns 0.46 × leverage 30.75
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborFull House Resorts sails as: Weathered boat
Health watch · 12 monthsquiet · none of the watched events filed
Sailing speed follows growth: 22.8% a year crosses the harbor in 30 seconds.
🌊 Visit the Bay →- free cash flow was negative: capital spending outran operating cash (-$2.7M in FY2025)
- revenue is hard to predict: its 80% range is ±26%
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 558
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from Full House Resorts's own SEC filings and test each one against the public companies in its field, here hotels & motels. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 558, Full House Resorts's odds of thriving come to 46%, against about 37% for the typical filer. It meets 4 of 6 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 44 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: High
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 41 of every 100 companies in the High band did. That is the group's history, not a forecast for this company.
| Money | It burned about 1 cents of free cash on each sales dollar after paying for its plants and equipment. Its cash would cover that burn for ten years or more. Debt after cash comes to about 143 cents for each dollar of yearly sales. | cash negative over five years |
| Swings | In its worst fifth of years, sales fell about 28% a year. | -27.6% a year |
| Filed events | No such 8-K events in the last two years. | 0 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew faster than most of its field. | 83 of 100 | Met |
| Steadiness | Growth was strong for how much it swung, so it looks dependable. | 82 of 100 | Met |
| Price premium | It keeps more of each sales dollar than most of its field. | 100 of 100 | Met |
| Margin stays above the field | Its margin has not held above the field for long. | 24 of 100 | Not yet |
| Moat half-life | Not filed. | ||
| Brand spend yield | Brand spending returns less gross profit than for the leaders in its field. | 50 of 100 | Not yet |
| Learning curve | Not filed. | ||
| Climb in the field | It has been moving up the size ranks in its field. | 78 of 100 | Met |
The actuarial view
| Credibility | With 8 years of filings, the record earns 52% of the weight. The rest stays at the middle of the field. | 0.52 |
| Severe decline, class B | About 26 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 26.1% |
| Actual vs expected | Sales are 60% higher than if it had simply kept pace with its field. | 1.60 |
Top of its field: #1 H World · #2 Full House Resorts · #3 Las Vegas Sands · #4 Choice Hotels International · #5 Red Rock Resorts
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 8-K · 2026-10-21 · 7.01 Regulation FD Disclosure
- 8-K · 2026-09-08 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-08-06
- 8-K · 2026-08-06 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-05-20 · 5.07 Submission of Matters to a Vote of Security Holders
- 10-Q · 2026-05-07
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company