Galaxy Entertainment Group Limited

GXYEF

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$4.29

-0.04 (-0.92%)

Market Cap

$18.79B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Galaxy Entertainment Group is a casino and resort company based in Macau, China. It owns and operates large integrated resorts — which include casinos, hotels, restaurants, and entertainment venues — mainly under the Galaxy Macau brand. Its primary customers are gamblers and tourists, mostly from mainland China and other parts of Asia.

The company makes money by taking a cut of casino table games and slot machines, along with hotel stays, food, and entertainment spending. Galaxy operates almost entirely in Macau, the only place in China where casino gambling is legal, which gives the market a natural barrier to entry. With a gross margin around 70% and strong returns on capital, the business benefits from its dominant position in one of the world's highest-revenue gambling markets. The key growth driver is expanding its resort footprint in Macau, but the main risk is heavy dependence on Chinese government policy and visitor flows from the mainland.

Winston Score History

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 4.36B (2021) → 4.38B (2025)

Score breakdown

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Quality

Gross Margin

55.9%

Premium pricing power — 55.9% gross margin

Operating Margin

23.4%

Excellent — 23.4% operating margin

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.7%

Shrinking sales (-10.7% YoY)

EPS YoY

+22.0%

Earnings growing fast (22.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

86%

Modest — 86% of profit becomes cash

FCF Margin

19.4%

Converts sales into free cash efficiently (19.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

137.15x

Comfortably covers interest (137.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

1.8x

Attractive valuation — P/E 1.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

4.74%

Healthy income — 4.74% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+99.8%

Dividend growing fast (99.8% YoY)

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