Saturday 10 October 2026
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Melco Resorts & Entertainment Limited
MLCO Consumer Cyclical Resorts & Casinos
Melco Resorts & Entertainment Limited’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 11.3% from fiscal 2024. In the quarter to June 2026, revenue fell 5.72%, EPS grew 50.0%, free cash flow grew 513.6% and total debt fell 1.86%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for three.
4.23
0.06
+1.44%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
45.60 | 39.72 | 24.14 | 30.59 | 0.00 | 0.00 | 0.00 | 0.00 | 64.33 | 16.46 |
Piotroski F-Score |
7 | 7 | 4 | 8 | 3 | 5 | 2 | 7 | 6 | 8 |
P/S ratio |
1.79 | 2.61 | 1.71 | 2.02 | 5.12 | 2.42 | 4.12 | 1.07 | 0.54 | 0.58 |
Altman Z-Score |
1.67 | 2.25 | 1.53 | 1.91 | 0.40 | 0.05 | (0.23) | 0.11 | 0.28 | 0.46 |
Altman Z″-Score (non-manufacturers) |
1.75 | 0.92 | 0.65 | 1.08 | (0.50) | (0.73) | (1.26) | (1.28) | (1.15) | (1.15) |
P/FCF ratio |
6.07 | 5.91 | 2.95 | 5.67 | 0.00 | 0.00 | 0.00 | 0.00 | 4.09 | 3.12 |
Beneish M-Score |
(3.23) | (3.10) | (2.18) | (2.65) | (2.12) | (3.66) | (2.45) | (1.98) | (2.35) | (3.04) |
P/Operating CF |
15.46 | 26.43 | 16.95 | 22.17 | 16.96 | 9.32 | 10.64 | 7.75 | 3.99 | 3.68 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 58 |
P/B ratio |
2.11 | 4.14 | 2.98 | 3.68 | 4.82 | 5.94 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Tangible BV |
3.09 | 6.25 | 4.65 | 5.42 | 9.94 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
2.23 | 3.04 | 2.23 | 2.57 | 7.59 | 5.03 | 9.11 | 2.77 | 1.87 | 1.81 |
EV/EBITDA |
27.81 | 26.44 | 18.83 | 19.73 | 0.00 | 0.00 | 0.00 | 160.84 | 17.91 | 15.56 |
EV/Operating CF |
6.01 | 5.65 | 2.96 | 4.98 | (228.52) | (10.77) | (6.67) | (29.00) | 7.12 | 5.43 |
EV/FCF |
7.60 | 6.88 | 3.85 | 7.23 | (21.49) | (7.54) | (5.13) | (12.54) | 14.18 | 9.67 |
Quick Ratio |
1.47 | 1.03 | 0.90 | 1.16 | 1.69 | 1.67 | 1.60 | 1.27 | 1.09 | 0.97 |
Current Ratio |
1.54 | 1.10 | 0.97 | 1.24 | 1.80 | 1.83 | 1.73 | 1.40 | 1.20 | 1.07 |
Net Debt/EBITDA |
2.11 | 1.93 | 2.25 | 2.24 | (14.02) | 281.41 | (33.06) | 10.11 | 5.90 | 5.04 |
Debt/Assets |
42.64% | 42.98% | 47.30% | 49.07% | 66.76% | 77.76% | 92.57% | 91.90% | 91.71% | 90.77% |
Debt/Equity |
1.04 | 1.15 | 1.45 | 1.48 | 3.28 | 8.43 | (27.39) | (9.12) | (7.79) | (7.63) |
Asset Turnover |
0.46 | 0.58 | 0.58 | 0.62 | 0.19 | 0.22 | 0.15 | 0.43 | 0.57 | 0.66 |
Operating CF/Net income |
6.58 | 3.35 | 3.10 | 2.24 | 0.68 | 0.33 | 0.67 | (1.90) | 14.39 | 4.42 |
Capex/Depreciation |
(0.17) | (0.28) | (0.70) | (0.50) | (0.37) | (0.24) | (0.26) | (0.23) | (0.47) | (0.58) |
Interest Coverage |
1.62 | 2.38 | 2.32 | 2.41 | (2.76) | (1.65) | (1.97) | 0.13 | 1.00 | 1.29 |
| 4.02% | 9.69% | 10.79% | 12.20% | (50.73%) | (61.08%) | (368.14%) | 56.64% | (4.89%) | (20.07%) | |
| 1.79% | 3.81% | 3.78% | 4.01% | (13.65%) | (9.07%) | (10.23%) | (3.71%) | 0.53% | 2.37% | |
ROIC |
3.88% | 6.77% | 6.76% | 7.40% | (9.63%) | (5.94%) | (7.22%) | 0.74% | 5.78% | 7.55% |
Return on Tangible Assets |
2.72% | 5.89% | 5.95% | 6.12% | (19.22%) | (12.01%) | (13.79%) | (5.47%) | 0.79% | 3.53% |
Average Days of Receivables |
18.30 | 12.36 | 23.18 | 18.12 | 27.54 | 9.95 | 15.31 | 8.94 | 11.54 | 9.00 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
9.88% | 8.84% | 9.75% | 9.75% | 24.56% | 21.19% | 31.35% | 12.93% | 12.26% | 12.73% |
Intangible Assets out of Total Assets |
0.13 | 0.13 | 0.12 | 0.11 | 0.11 | 0.10 | 0.09 | 0.12 | 0.12 | 0.11 |
Share Based Compensation of Revenue |
0.41% | 0.33% | 0.48% | 0.55% | 3.15% | 3.38% | 5.32% | 0.94% | 0.59% | 0.57% |
Graham Net Nets |
(0.40) | (0.27) | (0.46) | (0.38) | (0.58) | (1.27) | (1.36) | (1.89) | (3.00) | (2.40) |
Graham Number |
7.72 | 10.44 | 9.86 | 10.80 | 0.00 | 0.00 | 5.55 | 5.21 | 0.00 | 0.00 |
Earnings Yield |
2.19% | 2.52% | 4.14% | 3.27% | (14.29%) | (16.80%) | (16.86%) | (6.83%) | 1.55% | 6.08% |
Free Cash Flow Yield |
16.48% | 16.93% | 33.94% | 17.62% | (6.90%) | (27.60%) | (43.15%) | (20.59%) | 24.46% | 32.07% |
Revenue per Share |
8.94 | 10.80 | 10.33 | 11.98 | 3.62 | 4.21 | 2.91 | 8.62 | 10.73 | 12.97 |
Operating CF per Share |
2.29 | 2.38 | 2.10 | 1.75 | (1.80) | (0.56) | (1.34) | 1.42 | 1.45 | 2.06 |
Capex per Share |
(0.20) | (0.32) | (0.83) | (0.71) | (0.49) | (0.30) | (0.31) | (0.30) | (0.62) | (0.82) |
Free Cash Flow per Share |
2.09 | 2.06 | 1.27 | 1.04 | (2.30) | (0.86) | (1.64) | 1.12 | 0.83 | 1.24 |
Cash per Share |
3.86 | 3.18 | 3.21 | 3.09 | 3.68 | 3.46 | 4.02 | 2.99 | 2.66 | 2.57 |
Shareholders Equity per Share |
7.56 | 6.82 | 5.92 | 6.56 | 3.85 | 1.72 | (0.68) | (1.92) | (2.18) | (2.27) |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
7.56 | 6.82 | 5.92 | 6.56 | 3.85 | 1.72 | (0.68) | (1.92) | (2.18) | (2.27) |
Free Cash Flow |
1,055.44 | 1,006.36 | 637.66 | 497.38 | (1,096.60) | (410.66) | (761.22) | 492.26 | 360.03 | 492.22 |
Working Capital |
800.41 | 160.78 | (69.12) | 369.21 | 892.57 | 846.86 | 876.05 | 440.67 | 238.30 | 84.89 |
Capital Expenditures |
(102.69) | (156.14) | (415.70) | (338.78) | (235.64) | (141.89) | (141.79) | (130.43) | (266.63) | (325.89) |
Net Current Asset Value |
(3,237.37) | (3,714.65) | (4,071.89) | (4,450.52) | (5,174.07) | (6,195.06) | (7,541.47) | (7,630.83) | (7,496.14) | (7,232.12) |
EV/EBIT |
27.81 | 26.44 | 18.83 | 19.73 | 0.00 | 0.00 | 0.00 | 160.84 | 17.91 | 15.56 |
Capex to Sales |
0.02 | 0.03 | 0.08 | 0.06 | 0.14 | 0.07 | 0.11 | 0.03 | 0.06 | 0.06 |
Price to Operating Income |
22.22 | 22.71 | 14.42 | 15.48 | 0.00 | 0.00 | 0.00 | 62.26 | 5.16 | 5.02 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.11 | 0.10 | 0.10 | 0.12 | 0.11 | 0.10 | 0.09 | 0.10 | 0.11 | 0.11 |
Cash ROIC |
10.82% | 11.55% | 7.17% | 5.36% | (11.40%) | (4.38%) | (7.49%) | 6.05% | 4.78% | 7.02% |
Accounts Receivable Turnover |
18.10 | 26.07 | 20.41 | 18.68 | 8.32 | 21.72 | 24.22 | 50.66 | 38.80 | 37.70 |
Accounts Payable Turnover |
188.59 | 212.27 | 162.43 | 155.18 | 98.10 | 192.80 | 167.18 | 255.67 | 162.09 | 127.29 |
Inventory Turnover |
94.82 | 105.13 | 87.63 | 85.55 | 37.87 | 44.62 | 37.98 | 84.62 | 95.73 | 93.04 |
Average Days of Payables |
2.04 | 1.65 | 2.74 | 2.20 | 2.25 | 1.47 | 2.31 | 1.82 | 3.06 | 2.93 |
Days of Inventory on Hand |
3.82 | 3.59 | 4.50 | 4.41 | 8.84 | 7.24 | 9.07 | 4.55 | 4.00 | 4.18 |
Average Receivables |
249.67 | 202.73 | 254.20 | 307.13 | 207.58 | 92.63 | 55.75 | 74.53 | 119.53 | 136.96 |
Average Payables |
16.51 | 16.74 | 20.52 | 23.44 | 15.68 | 7.74 | 6.36 | 9.24 | 18.27 | 25.35 |
Average Inventory |
32.84 | 33.79 | 38.04 | 42.53 | 40.62 | 33.43 | 28.00 | 27.92 | 30.94 | 34.69 |
Average Assets |
9,801.33 | 9,117.70 | 9,008.53 | 9,305.21 | 9,254.69 | 8,952.33 | 9,092.74 | 8,818.43 | 8,160.21 | 7,791.52 |
Average Common Equity |
4,377.64 | 3,579.52 | 3,153.95 | 3,057.76 | 2,490.65 | 1,328.98 | 252.76 | (577.21) | (890.01) | (921.80) |
Columns are period end dates