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MGM Resorts International

MGM Consumer Cyclical Resorts & Casinos

MGM Resorts International’s revenue for fiscal 2025 (year ended December 2025) was $17.5 billion, up 1.72% from fiscal 2024.

Revenue
−0.91%
EPS
+114.8%
Free cash flow
−21.6%
Total debt
−8.02%

Quarter to September 2026, against a year earlier

32.43 0.39 −1.19%
Market cap
$8.2B
P/E
11.2×
Fwd P/E
14.2×
Dividend yield
—
F-score
6/9
Altman Z
0.76
Beneish M
−2.73
Dividend safety
42/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Las Vegas Strip Resorts
  • MGM China
  • Regional Operations
  • Other, not broken out

Every year since 2011 →

Insider Decisions last twelve months

Bought, $m 128.85
Sold, $m 1.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — 1 — — — — — — 1 —
Sell — — — 1 — 1 — — — — — —
Insider Ownership 27.71%

Capital & Financial Ratios $m

Size
Market Cap 8,230.00
Revenue ttm 17,722.87
Net income ttm 919.56
Free cash flow ttm 1,926.49
Net debt Q 3,273.03
Valuation
P/E 11.24
Forward P/E 14.20
Price / sales 0.46
Forward P/S Powerpack
Price / FCF 4.24
Price / book 2.43
Financial health
Current ratio Q 1.24
Debt / equity Q 1.68
Interest coverage Q 1.16
Growth
Revenue growth Q −0.91% (below 0%: shrinking)
Operating income growth Q +205.17% (above 0%: growing)
EPS, this year −53.33% (below 0%: weak)
EPS, next year A −1.13% (below 0%: weak)
Revenue, next year A +0.01%
EPS, past 5 yrs —
EPS, next 5 yrs A −19.05% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 2.2×; over the ten years it ranged from 0.6× in 2026 to 6.2× in 2021.
P/E against its own 10 years 30.78%
10-year low 10-year high
P/S against its own 10 years 1.39%
10-year low 10-year high
P/B against its own 10 years 65.46%
10-year low 10-year high
EV/Sales against its own 10 years 0.95%
10-year low 10-year high
EV/FCF against its own 10 years 6.13%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.44 ’17
  2. 0.48 ’18 +9
  3. 0.52 ’19 +8
  4. 0.16 ’20 −70
  5. 0.01 ’21 −94
  6. 0.01 ’22 +0
  7. 0.00 ’23 −100
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,928 2,416 2,063 2,396
Receivables 1,071 1,329 1,343 1,108
Inventory 142 141 125 124
Other — — 315 —
4,911 4,364 4,332 4,189
2023 2024 2025 Q'26
Payables 462 413 422 425
ST’ Debt — — — —
Other — — 26 —
3,126 3,352 3,512 3,385

Compound Annual Growth %

10y 5y 3y
Sales 6.68% 27.71% 10.14%
Cash Flow 9.67% 0.00% 12.93%
Earnings 0.00% 0.00% (48.11%)
Book Value (8.33%) (21.87%) (14.52%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.15 Actual −0.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.64 1.60 Beat by 0.96
Q1 FY26 0.56 0.49 Miss by 0.07
Q2 FY26 0.63 0.59 Miss by 0.04
Q3 FY26 0.15 −0.11 Miss by 0.26
Q4 FY26 0.52 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.48 1.11 0.16 — —
’25 0.51 0.18 (1.05) 1.11 0.76
’24 0.67 0.60 0.61 0.52 2.40
’23 1.24 0.55 0.46 0.92 3.19
’22 (0.06) 4.20 (1.45) 0.69 3.49
’21 (0.69) 0.14 2.77 0.23 2.41
’20 1.64 (1.67) (1.08) (0.92) (2.02)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,455 4,451 4,212 — —
’25 4,277 4,405 4,250 4,605 17,538
’24 4,383 4,327 4,183 4,347 17,241
’23 3,873 3,942 3,973 4,376 16,164
’22 2,854 3,265 3,416 3,592 13,127
’21 1,648 2,268 2,708 3,057 9,680
’20 2,253 290 1,126 1,494 5,162
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 568 559 532 — —
’25 547 646 681 655 2,529
’24 549 474 667 672 2,362
’23 704 577 694 716 2,691
’22 420 512 401 423 1,756
’21 (88) 456 518 487 1,373
’20 (423) (663) (164) (243) (1,493)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 419 824 318 — —
’25 319 377 406 365 1,468
’24 378 237 333 277 1,225
’23 1,022 331 485 386 2,225
’22 322 383 182 1,271 2,158
’21 (166) 360 380 415 989
’20 (496) (730) (201) (331) (1,757)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −9.9% a year for ten years.

Implied
−9.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 9,478 10,797 11,763 12,900 5,162 9,680 13,127 16,164 17,241 17,538 17,723 +7.1% 17,540 17,702 18,129 +1.1%
Gross margin, % 41.75 42.64 26.18 41.06 33.11 48.03 49.32 47.08 45.51 44.42 43.62 +2.7 pt
EBT 1,258 961 634 2,847 (1,511) 1,462 904 1,473 1,117 281 737 (15.3%)
EBT margin, % 13.27 8.90 5.39 22.07 (29.28) 15.10 6.88 9.11 6.48 1.60 4.16 (11.7) pt
Net income 1,236 2,088 584 2,214 (1,320) 1,208 207 1,315 1,065 521 920 (9.2%)
Per share, $
Per share, $ Revenue 16.68 18.87 21.61 24.61 10.45 20.09 32.08 45.54 56.08 63.76 70.34 +16.1%
Earnings 1.94 3.41 0.82 3.90 (2.02) 2.44 3.52 3.22 2.42 0.77 2.89 (9.8%)
Cash flow 2.70 3.86 3.17 3.45 (3.02) 2.85 4.29 7.58 7.69 9.20 9.18 +14.6%
Capex (3.98) (3.26) (2.68) (1.40) (0.54) (0.80) 0.98 (1.31) (3.70) (3.86) (1.54) (0.3%)
Free cash flow (1.28) 0.60 0.48 2.05 (3.56) 2.05 5.27 6.27 3.99 5.34 7.65 n/m
Book value 17.55 20.29 19.24 24.16 22.62 22.78 12.73 12.21 11.99 11.83 13.37 (4.3%)
Shares, m 568 572 544 524 494 482 409 355 307 275 259 (7.7%)
Valuation, ×
Valuation, × P/E 15.20 9.74 30.33 8.34 0.00 18.02 9.73 14.21 14.38 47.39 11.24 16.7
P/S 1.77 1.78 1.12 1.35 3.02 2.23 1.04 1.00 0.62 0.57 0.46 1.4
P/B 1.68 1.65 1.26 1.38 1.39 1.97 2.61 3.72 2.89 3.08 2.43 2.2
EV/Sales 2.98 2.83 2.28 2.04 4.45 3.02 1.25 1.22 0.89 0.85 0.68 2.2
EV/FCF (39.04) 89.16 102.59 24.56 (13.06) 29.51 7.61 8.84 12.47 10.14 6.29 23.3
Cash, $m
Cash, $m Operating cash flow 1,534 2,206 1,723 1,810 (1,493) 1,373 1,756 2,691 2,362 2,529 2,314 +5.7%
Capex (2,259) (1,863) (1,461) (736) (264) (384) 401 (466) (1,137) (1,062) (388) (8.0%)
Free cash flow (725) 343 261 1,074 (1,757) 989 2,158 2,225 1,225 1,468 1,926 n/m
Balance, $m
Balance, $m Working capital (64) (762) (422) 816 4,094 2,974 3,639 1,785 1,012 820 804 n/m
Net debt 11,541 11,409 13,605 8,934 7,387 7,568 2,807 3,416 3,947 4,167 3,273 (10.7%)
Shareholders’ equity 9,969 11,611 10,470 12,663 11,180 10,977 5,210 4,334 3,685 3,255 3,369 (11.7%)
Returns, %
Returns, % ROA 4.12 6.75 1.50 6.39 (2.94) 3.24 3.40 2.59 1.76 0.49 1.70 (3.6) pt
ROIC 6.04 4.65 3.81 11.40 (2.16) 7.68 11.22 15.25 12.21 8.44 11.75 +2.4 pt
ROE 12.41 17.92 4.03 17.72 (8.66) 11.32 18.20 23.93 18.62 5.93 20.22 (6.5) pt
People
People Employees 69,000 68,000 72,000 70,000 52,000 69,000 64,000 63,000 63,000 62,000 — (1.2%)
Revenue/emp, $m 0.14 0.16 0.16 0.18 0.10 0.14 0.21 0.26 0.27 0.28 — +8.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

MGM Resorts International is a gaming and entertainment company headquartered in Las Vegas. Founded in 2000, it is led by Chief Executive Officer and President William J. Hornbuckle. It operates through subsidiaries and ventures that run casino resorts and online gaming businesses.

Its resorts combine casinos with hotel rooms, restaurants, bars, entertainment, retail and meeting space. Customers can visit to gamble, attend a convention or show, take a vacation, or use the properties for business travel. The company also offers online casino games and sports betting, allowing customers in licensed markets to play without visiting a resort.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Las Vegas Strip Resorts 8,442 48.13%
MGM China 4,462 25.44%
Regional Operations 3,772 21.51%
Other, not broken out 862 4.92%
Gross margin 44.42%
Operating margin 5.71%
Pre-tax margin 1.60%

Revenue by segment since 2011

MGM Resorts International vs peers in Resorts & Casinos (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LVS Las Vegas Sands Corp. $25.7B 16.7× 14.5× −3.45% (below 0%: shrinking) −21.31% (below 0%: shrinking) −34.27% (below 0%: shrinking) 45.62% 19.22% Compare
MGM MGM Resorts International $8.2B 11.2× 14.2× −0.91% (below 0%: shrinking) n/m −21.59% (below 0%: shrinking) 41.16% 2.82%
WYNN Wynn Resorts, Limited $8.2B 21.6× 17.4× −7.89% (below 0%: shrinking) −80.23% (below 0%: shrinking) −160.17% (below 0%: shrinking) 0.00% 10.55% Compare
CZR Caesars Entertainment, Inc. $6.0B — (loss-making) — (loss-making) +2.47% (above 0%: growing) n/m −71.73% (below 0%: shrinking) 52.41% 15.54% Compare
MTN Vail Resorts, Inc. $5.7B 38.2× 27.1× +2.50% (above 0%: growing) n/m +29.42% (above 0%: growing) (8.85%) (75.09%) Compare
BYD Boyd Gaming Corporation $5.5B 11.7× 10.8× −1.38% (below 0%: shrinking) −90.40% (below 0%: shrinking) +6.74% (above 0%: growing) 49.14% 19.68% Compare
RRR Red Rock Resorts, Inc. $5.0B 25.6× 23.6× +2.76% (above 0%: growing) n/m +76.20% (above 0%: growing) 48.76% 5.46% Compare
VAC Marriott Vacations Worldwide Corporation $3.7B — (loss-making) 15.3× +8.23% (above 0%: growing) n/m +127.45% (above 0%: growing) 91.51% 11.19% Compare
HGV Hilton Grand Vacations Inc. $3.3B 8.1× 12.8× +50.85% (above 0%: growing) +1,279.36% (above 0%: growing) +1,400.00% (above 0%: growing) 43.55% 25.09% Compare
Median of peers $5.6B 19.1× 15.3× +2.49% −50.77% +18.08% 47.19% 13.37%

All 17 Resorts & Casinos stocks →

From the latest earnings call

Updated

  • CEO Bill Hornbuckle said higher travel costs weighed on Las Vegas leisure customers, while group and convention business exceeded the company’s internal revenue expectations.
  • CFO Jonathan Halkyard said MGM Osaka remained on schedule for opening and that planned spending over the next two years would complete MGM’s funding commitments.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Susquehanna Oct 29, 2026 Target raised Outperform 45.00 → 50.00
CBRE Oct 21, 2026 Downgrade Hold —
Bank of America Oct 4, 2026 Resumed Hold 40.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 63.72%
Held by the ten largest 36.69%
Holder Shares Stake Change
Davis Selected Advisers 23.90m 9.50% −392.02k
Vanguard 22.16m 8.81% +9.09k
BlackRock 12.64m 5.02% −269.99k
State Street 7.05m 2.80% +56.07k
Invesco 5.37m 2.14% −1.29m
Corvex Management LP 5.35m 2.13% 0.00
Geode Capital Management 5.04m 2.01% −41.86k
Morgan Stanley 4.74m 1.89% −190.76k
Goldman Sachs 3.13m 1.24% −102.22k
Point72 Asset Management, L.P. 2.92m 1.16% −1.34m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.33m 25.91m 115.86
2024 15.82m 438.43k 110.02
2023 17.00m 37.97m 141.87
2022 16.24m 6.39m 106.47
2021 13.27m 29.12m 142.47

Ownership

Directors and executive officers, together 3.38%
IAC, Inc.(B) 25.73%
The Vanguard Group(C) 11.91%
Davis Selected Advisers(D) 10.48%
BlackRock, Inc.(E) 5.02%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MGM Resorts International (MGM) Latest News

2 Nov

Impact 3 · · StockStory

29 Oct

Impact 4 · · StockStory
Impact 4 · · hoteldive.com
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Moby
Impact 3 · · MarketBeat

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · PR Newswire

27 Oct

Impact 3 · · StockStory

26 Oct

Impact 4 · · PR Newswire

23 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

22 Oct

Impact 3 · · Barchart

21 Oct

Impact 3 · · PR Newswire
Impact 3 · · Insider Monkey
Impact 3 · · Zacks

17 Oct

Impact 4 · · Simply Wall St.

15 Oct

Impact 3 · · Trefis
Impact 3 · · Exec Edge

13 Oct

Impact 4 · · MarketBeat

8 Oct

Impact 3 · · StockStory

4 Oct

Impact 4 · · MarketBeat

2 Oct

Impact 4 · · PR Newswire

MGM metrics, ten years each

stockrow.com/MGM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com