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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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Market cap: $1.6B
P/E: 7.1×
Fwd P/E: 9.9×
Dividend yield: —
F-score: 8/9
Altman Z: 0.46
Beneish M: −3.04
Dividend safety: 58/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 2.09%

Capital & Financial Ratios $m

Market Cap 1,590.00

Revenue 5,221.69

Net Income 145.46

Free Cash Flow 966.13

Net Debt 6,274.25

Current Ratio 1.01

Debt/Equity (5.43)

P/E ratio 7.07

Fwd P/E 9.93

P/S ratio 0.32

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth (2.48%)

Next Y EPS Growth 38.53%

Next Y revenue growth 1.93%

Next 5Y EPS Growth 22.24%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 0.46%

10-year low 10-year high

P/S against its own 10 years 0.26%

10-year low 10-year high

EV/Sales against its own 10 years 1.40%

10-year low 10-year high

EV/FCF against its own 10 years 33.77%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	0.17	0.17
2019	0.64	0.16 0.16 0.17 0.17
2018	0.56	0.14 0.14 0.15 0.15
2017	0.36	1.32 0.09 0.09 0.09 0.09
2016	0.72	0.64 0.02 0.02 0.04

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,311	1,148	1,023	913
Receivables	92	147	127	120
Inventory	29	32	37	36
Other	—	—	—	—
	1,544	1,429	1,269	1,155

	2023	2024	2025	Q'26
Payables	12	25	26	20
ST’ Debt	—	22	—	15
Other	—	—	—	—
	1,104	1,191	1,184	1,139

Compound Annual Growth %

	10y	5y	3y
Sales	2.65%	24.47%	56.39%
Cash Flow	4.60%	0.00%	0.00%
Earnings	5.76%	0.00%	0.00%
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,367	1,252	—	—	—
’25	1,232	1,328	1,310	1,293	5,163
’24	1,112	1,160	1,175	1,191	4,638
’23	716	948	1,017	1,094	3,775
’22	475	296	242	337	1,350
’21	519	566	446	481	2,012
’20	811	176	213	528	1,728

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	207	—	818	818
’24	—	71	—	627	627
’23	—	—	—	—	623
’22	—	—	—	—	(619)
’21	—	—	—	—	(269)
’20	—	—	—	—	(861)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	123	—	511	492
’24	—	11	—	399	360
’23	—	—	—	(124)	492
’22	—	—	—	(129)	(761)
’21	(31)	—	—	(134)	(411)
’20	(46)	37	—	(208)	(1,097)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.20	0.06	—	—	—
’25	0.08	0.04	0.19	0.15	0.46
’24	0.03	0.05	0.06	(0.05)	0.10
’23	(0.18)	(0.05)	(0.04)	(0.36)	(0.63)
’22	(0.39)	(0.53)	(0.53)	(0.57)	(2.01)
’21	(0.49)	(0.39)	(0.49)	(0.34)	(1.70)
’20	(0.76)	(0.77)	(0.70)	(0.42)	(2.65)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	11.91	15.70	15.33	16.95	10.81	8.87	4.06	6.80	4.78	4.55	Analyst estimates 2026–2028 Powerpack
	High	20.00	29.60	32.95	26.97	25.22	23.65	12.35	14.46	9.56	10.15
People
People	Employees	20,248	19,609	21,413	23,078	19,746	17,878	16,908	20,209	16,908	22,961
	Revenue/emp, $m	0.22	0.27	0.24	0.25	0.09	0.11	0.08	0.19	0.27	0.22
Income, $m
Income, $m	Revenue	4,519	5,285	5,189	5,737	1,728	2,012	1,350	3,775	4,638	5,163
	Gross margin, %	31.10	32.77	35.76	36.59	10.97	25.87	21.22	37.42	36.14	37.50
	EBT	75	315	339	403	(1,458)	(954)	(1,092)	(402)	(6)	148
	EBT margin, %	1.66	5.97	6.54	7.02	(84.35)	(47.39)	(80.89)	(10.65)	(0.14)	2.87
	Net income	67	315	339	394	(1,455)	(956)	(1,097)	(415)	(28)	145
	Depreciation	601	567	590	672	636	596	539	563	562	564
Per share, $
Per share, $	Revenue	8.94	10.80	10.33	11.98	3.62	4.21	2.91	8.62	10.73	12.97
	Earnings	0.35	0.71	0.73	0.78	(2.65)	(1.70)	(2.01)	(0.63)	0.10	0.46
	Cash flow	2.29	2.38	2.10	1.75	(1.80)	(0.56)	(1.34)	1.42	1.45	2.06
	Capex	(0.20)	(0.32)	(0.83)	(0.71)	(0.49)	(0.30)	(0.31)	(0.30)	(0.62)	(0.82)
	Free cash flow	2.09	2.06	1.27	1.04	(2.30)	(0.86)	(1.64)	1.12	0.83	1.24
	Book value	7.56	6.82	5.92	6.56	3.85	1.72	(0.68)	(1.92)	(2.18)	(2.27)
	Shares, m	506	489	502	479	477	478	464	438	432	398
Valuation, ×
Valuation, ×	P/E	45.60	39.72	24.14	30.59	0.00	0.00	0.00	0.00	64.33	16.46
	P/S	1.79	2.61	1.71	2.02	5.12	2.42	4.12	1.07	0.54	0.58
	P/B	2.11	4.14	2.98	3.68	4.82	5.94	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/FCF	7.60	6.88	3.85	7.23	(21.49)	(7.54)	(5.13)	(12.54)	14.18	9.67
Cash, $m
Cash, $m	Operating cash flow	1,158	1,163	1,053	836	(861)	(269)	(619)	623	627	818
	Capex	(103)	(156)	(416)	(339)	(236)	(142)	(142)	(130)	(267)	(326)
	Free cash flow	1,055	1,006	638	497	(1,097)	(411)	(761)	492	360	492
Balance, $m
Balance, $m	Working capital	800	161	(69)	369	893	847	876	441	238	85
	Total debt	3,983	3,823	4,314	4,656	6,023	6,908	8,611	7,660	7,323	6,897
	Net debt	2,030	2,270	2,702	3,174	4,267	5,254	6,747	6,349	6,176	5,873
	Shareholders’ equity	3,823	3,336	2,972	3,143	1,838	820	(314)	(840)	(940)	(904)
Returns, %
Returns, %	ROA	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
	ROE	4.02	9.69	10.79	12.20	(50.73)	(61.08)	(368.14)	56.64	(4.89)	(20.07)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
RRR Red Rock Resorts, Inc.	$5.3B	17.1×	34.7×	−3.04% (below 0%: shrinking)	−29.17% (below 0%: shrinking)	−76.90% (below 0%: shrinking)	61.83%	26.65%	Compare
MTN Vail Resorts, Inc.	$5.2B	37.7×	19.3×	+2.50% (above 0%: growing)	n/m	+29.42% (above 0%: growing)	(8.85%)	(75.09%)	Compare
BYD Boyd Gaming Corporation	$5.1B	3.0×	13.2×	+0.04% (above 0%: growing)	−4.89% (below 0%: shrinking)	−235.57% (below 0%: shrinking)	50.29%	19.40%	Compare
VAC Marriott Vacations Worldwide Corporation	$3.6B	— (loss-making)	14.5×	+5.94% (above 0%: growing)	+11.62% (above 0%: growing)	+123.53% (above 0%: growing)	90.83%	12.20%	Compare
HGV Hilton Grand Vacations Inc.	$2.7B	19.4×	9.8×	+7.27% (above 0%: growing)	−42.31% (below 0%: shrinking)	+318.52% (above 0%: growing)	36.75%	6.70%	Compare
PENN PENN Entertainment, Inc.	$2.1B	— (loss-making)	17.8×	+5.24% (above 0%: growing)	n/m	+9,546.15% (above 0%: growing)	37.18%	7.09%	Compare
MCRI Monarch Casino & Resort, Inc.	$2.1B	17.9×	18.6×	+4.15% (above 0%: growing)	+23.81% (above 0%: growing)	−1.37% (below 0%: shrinking)	55.71%	27.09%	Compare
MLCO Melco Resorts & Entertainment Limited	$1.6B	7.1×	9.9×	−5.72% (below 0%: shrinking)	+50.00% (above 0%: growing)	+513.61% (above 0%: growing)	34.83%	10.20%
BALY Bally's Corporation	$705.1M	— (loss-making)	— (loss-making)	+20.49% (above 0%: growing)	n/m	−279.58% (below 0%: shrinking)	49.46%	(4.29%)	Compare
Median of peers	$3.1B	17.9×	17.8×	+4.70%	−4.89%	+14.03%	49.88%	9.65%

All 18 Resorts & Casinos stocks →