MCRI
Monarch Casino & Resort, Inc.Consumer Cyclical·Gambling, Resorts & Casinos
$120.26
$2.1B market cap
Revenue
$276.6M
Free Cash Flow
$75.2M
Rev Growth
+0.0%
FCF Margin
27.2%
P/FCF
28.4x
EV/FCF
27.0x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. The company also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. As of December 31, 2021, its Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 818 guest rooms and suites; 8 food outlets; 2 gourmet coffee and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool
2-Year Price History
$116.81+78.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 136.6 | 47.0 | 36.5 | 27.6 | 48.5 | 43.0 | -5.6 | 120.1 | 13.0 | 18.2 | 58.0% | -- | -- |
| Act | 2025-Q4 | 140.0 | 42.9 | 29.1 | 22.9 | 38.1 | 32.2 | -5.9 | 96.5 | 25.6 | 18.7 | 44.5% | -- | -- |
Valuation & Metrics
Market Stats
Price$120.26
Market Cap$2.1B
Enterprise Value$2.0B
P/S Ratio7.7x
P/FCF28.4x
EV/FCF27.0x
FCF Margin (TTM)27.2%
FCF Yield3.5%
Dividend Yield (TTM)1.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$276.6M
Net Income$50.5M
Free Cash Flow$75.2M
Revenue Growth (YoY)+0.0%
EBITDA Margin32.5%
Net Margin18.3%
FCF Margin27.2%
CapEx % of Revenue4.1%
SBC % of Revenue1.5%
ROIC51.2%
WC Change % Rev1.3%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.3M
Days to Cover1.2
Change (vs Prior)-7.3%
Need at least 2 settlement dates for chart
Employees
Headcount2,900
Revenue / Employee$95,363
Gross Profit / Employee$48,850
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
32.1%(+3.3% YoY)
223 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
19.4%(+3.7% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.4% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $188M | $78.41 | +$2.0M | −$4.7M | -0.2% | $5.69T |
| DAVENPORT & Co LLC | $79.7M | $62.71 | −$9.3M | −$24.1M | -0.2% | $17.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $52.8M | $95.60 | +$52.8M | +$52.8M | — | $4.04T |
| AMERICAN CENTURY COMPANIES INC | $48.8M | $72.35 | +$1.3M | +$6.1M | +0.7% | $193.48B |
| JPMORGAN CHASE & CO | $47.6M | $69.88 | +$1.8M | −$33.9M | -0.2% | $1.47T |
| STATE STREET CORPPassive | $46.4M | $69.98 | +$882K | −$366K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $39.1M | $78.13 | +$1.1M | +$7.8M | +2.3% | $1.61T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $36.2M | $95.60 | +$36.2M | +$36.2M | — | $1.91T |
| FULLER & THALER ASSET MANAGEMENT, INC. | $28.1M | $79.07 | −$31K | −$4.7M | -0.1% | $29.55B |
| ALLIANCEBERNSTEIN L.P. | $26.2M | $95.24 | +$24.7M | +$24.9M | -0.3% | $307.70B |
| MORGAN STANLEY | $21.4M | $72.49 | −$1.8M | −$218K | -0.3% | $1.65T |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $19.4M | $80.42 | −$592K | +$10.0M | +0.1% | $184.72B |
| FMR LLC | $17.7M | $71.16 | −$418K | +$1.4M | -0.0% | $1.89T |
| DIMENSIONAL FUND ADVISORS LPPassive | $16.1M | $68.19 | −$238K | −$271K | -0.4% | $480.92B |
| AQR CAPITAL MANAGEMENT LLC | $15.9M | $82.39 | +$8.2M | +$10.4M | -0.2% | $218.19B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $15.4M | $81.37 | +$470K | +$2.9M | +0.7% | $645.81B |
| Tributary Capital Management, LLC | $14.9M | $53.90 | −$2.4M | −$10.4M | -1.3% | $1.03B |
| WELLINGTON MANAGEMENT GROUP LLP | $14.6M | $70.95 | −$637K | −$7.7M | -0.3% | $533.98B |
| Qube Research & Technologies Ltd | $14.0M | $87.60 | −$2.4M | +$4.8M | +0.3% | $70.36B |
| RENAISSANCE TECHNOLOGIES LLC | $12.9M | $75.21 | −$2.2M | −$1.5M | +1.2% | $63.91B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.07%
avg per quarter
Holders (ex-self)
-0.07%
excl. this stock
Buyers (this Q)
-0.19%
121 buyers · $0.17B in
Sellers (this Q)
-0.16%
89 sellers · $0.07B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.2%
how holders react when this stock falls
On quiet Qs
-0.2%
−10% to +10% baseline
On rallies (+10%+)
-17.2%
how they react when this stock rises
Holders' portfolio flow this Q
+2.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.7%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.4%
Holder mid (any stock)
-2.7%
Holder rally (any stock)
-5.0%
Biggest decreases this quarter
DAVENPORT & Co LLC−$9.3Mα-0.2TUDOR INVESTMENT CORP ET ALexited−$6.9MPacer Advisors, Inc.exited−$4.8MQube Research & Technologies Ltd−$2.4Mα+0.3Tributary Capital Management, LLC−$2.4Mα-1.3RENAISSANCE TECHNOLOGIES LLC−$2.2Mα+1.2MORGAN STANLEY−$1.8Mα-0.3Trexquant Investment LPexited−$1.7MSEGALL BRYANT & HAMILL, LLCexited−$1.2MWELLINGTON MANAGEMENT GROUP LLP−$637Kα-0.3
New buyers this quarter
Top-5 holders · 39.0%
BlackRock, Inc.--
DAVENPORT & Co LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
AMERICAN CENTURY COMPANIES INC--
JPMORGAN CHASE & CO--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
DAVENPORT & Co LLC841KJANUS HENDERSON GROUP PLC6KJPMORGAN CHASE & CO506KLafitte Capital Management LP—AMERICAN CENTURY COMPANIES INC510KInvesco Ltd.54KMACQUARIE GROUP LTD—FIRST TRUST ADVISORS LP52KPacer Advisors, Inc.—FULLER & THALER ASSET MANAGEMENT, INC.294K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$97.00-1930.0%
Last Year (4 analysts)$107.75-1040.0%
Current Price$120.26
Analyst Ratings
3
6
Buy: 3Hold: 6Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$5.29M
10 txns · 4 insiders · 90,400 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$507K
3 txns · 1 insider · 5,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-16 | SELL | FARAHI JOHN | director, 10 percent owner, officer: CEO | 2,000 | $99.00 | $198K | $53.09M |
| 2026-03-10 | SELL | FARAHI JOHN | director, 10 percent owner, officer: CEO | 1,000 | $97.43 | $97K | $52.45M |
| 2026-02-09 | SELL | Andrews Paul | director | 6,100 | $26.62 | $162K | $1.38M |
| 2026-01-15 | SELL | LANDAU YVETTE | director | 36,600 | $65.74 | $2.41M | $0 |
| 2026-01-14 | SELL | LANDAU YVETTE | director | 9,516 | $43.61 | $415K | $1.60M |
| 2026-01-13 | SELL | LANDAU YVETTE | director | 2,684 | $44.55 | $120K | $2.05M |
| 2026-01-08 | SELL | LANDAU YVETTE | director | 9,898 | $27.63 | $273K | $1.35M |
| 2026-01-06 | SELL | LANDAU YVETTE | director | 2,302 | $21.85 | $50K | $1.28M |
| 2025-08-22 | SELL | SULLIVAN CRAIG F | director | 5,376 | $44.55 | $240K | $1.90M |
| 2025-07-24 | SELL | SULLIVAN CRAIG F | director | 724 | $44.55 | $32K | $2.14M |
| 2025-07-22 | SELL | FARAHI JOHN | director, 10 percent owner, officer: CEO | 2,000 | $105.78 | $212K | $59.25M |
| 2025-07-22 | SELL | SULLIVAN CRAIG F | director | 12,200 | $105.55 | $1.29M | $0 |
| 2025-07-21 | SELL | Koenig Edwin S. | officer: CAO | 5,000 | $61.17 | $306K | $918K |
Order Flow (FINRA, ~3w lag)
12.3%retail+2.4pp
21.2%dark-1.6pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Monarch Casino & Resort, Inc.: Minimalist Administrative Filing Indicates Operational Stability
Overall Risk
2/10
Fraud
1/10
Dilution
2/10
Insolvency
1/10
Earnings Overstated
3/10
Hidden Liabilities
2/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
4/10
Contextually Acceptable
10/10