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.
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Melco Resorts & Entertainment Limited (MLCO) Beneish M-score
Melco Resorts & Entertainment Limited's Beneish M-score for fiscal 2025 is −3.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.04 | (0.69) |
| FY2024 | −2.35 | (0.37) |
| FY2023 | −1.98 | 0.48 |
| FY2022 | −2.45 | 1.21 |
| FY2021 | −3.66 | (1.54) |
| FY2020 | −2.12 | 0.53 |
| FY2019 | −2.65 | (0.47) |
| FY2018 | −2.18 | 0.92 |
| FY2017 | −3.10 | 0.13 |
| FY2016 | −3.23 | (0.39) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.09) | — | −0.41 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MLCO Melco Resorts & Entertainment Limited | −3.0× |
| PENN PENN Entertainment, Inc. compare | −3.0× |
| MTN Vail Resorts, Inc. compare | −2.8× |
| MCRI Monarch Casino & Resort, Inc. compare | −2.7× |
| HGV Hilton Grand Vacations Inc. compare | −2.7× |
| RRR Red Rock Resorts, Inc. compare | −2.7× |
| VAC Marriott Vacations Worldwide Corporation compare | −2.6× |
| BYD Boyd Gaming Corporation compare | −2.1× |
| BALY Bally's Corporation compare | −1.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI