A Business at a Glance
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MGM Resorts International
MGM
$12.6B
Mkt Cap
$45.54
+1.22%
MGM Resorts International (MGM) has a current P/E ratio of 54.8, compared to its historical median P/E of 14.1. The stock is currently considered Expensive based on its historical valuation range.
MGM Resorts International (MGM) has a 5-year average return on invested capital (ROIC) of 16.5%. This indicates strong capital allocation and a potential competitive advantage.
MGM Resorts International (MGM) has a market capitalization of $11.7B. It is classified as a large-cap stock.
MGM Resorts International (MGM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 7.11%.
Based on historical P/E analysis, MGM Resorts International (MGM) appears expensive. The current P/E of 54.8 is 288% above its historical median of 14.1. The estimated fair value CAGR (P/E method) is 3.8%.
MGM Resorts International (MGM) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
MGM Resorts International is a global gaming and entertainment holding company operating 16 domestic casino properties and, through controlling and ownership interests, two properties in Macau and a development project in Osaka, Japan, alongside consolidated and unconsolidated digital gaming ventures. The company's domestic portfolio spans the Las Vegas Strip—featuring premium properties such as Aria, Bellagio, The Cosmopolitan, MGM Grand, Mandalay Bay, and others—and regional markets including Detroit, Atlantic City, Maryland, Massachusetts, New York, and Ohio; Las Vegas Strip properties derive over half their revenue from non-gaming operations including hotels, food and beverage, and entertainment, while regional properties rely primarily on gaming revenue. MGM operates under an asset-light model, leasing most domestic real estate under triple-net lease agreements while monetizing owned assets to fund growth and shareholder returns; the company generates cash-based revenue through customer wagering and payment for non-gaming services, with operations running 24 hours daily across all properties. The company's competitive moat rests on premium property locations in desirable markets, high-quality resort facilities with luxury amenities, superior customer service, distinctive entertainment offerings, advanced digital capabilities, and personalized marketing through the MGM Rewards loyalty program; MGM China, in which the company holds approximately 56% ownership, operates two Macau casino resorts generating revenue primarily from gaming under a gaming concession, while MGM Digital—primarily comprising the consolidated LeoVegas platform—operates international online gaming including iGaming, digital slots and table games, live dealer, and sports betting, with BetMGM North America Venture representing a 50% unconsolidated affiliate focused on U.S. online sports betting and iGaming.
【Digital growth and capital deployment】 Management expects continued momentum in Las Vegas group and convention business into the second quarter, with convention room night mix increasing and record future bookings on the books. BetMGM North America Venture is expected to deliver adjusted EBITDA of $300 million to $350 million in 2026 with $50 million of expected capital expenditure and regular cash distributions to parents, while MGM Digital is anticipated to achieve approximately half the losses experienced in 2025 with 35% net revenue growth driven by legacy LeoVegas markets, Brazil expansion, and new market launches including Sweden. In Japan, the company expects 2026 funding commitments of approximately $350 million to $400 million as development progresses toward a 2030 opening, with management confident in generating high-teens returns as the sole integrated resort operator in the country. MGM China is expected to continue strong performance with focus on premium customer targeting and product innovation, while Las Vegas Strip operations are positioned to benefit from a full year of contribution from capital projects completed in 2025, including MGM Grand's room renovation, with management maintaining expectations for sustainable margins in the high 20% range.
| Metric | Target | Period |
|---|---|---|
| BetMGM North America Venture Adjusted EBITDA | $300 million–$350 million | FY2026 |
| BetMGM North America Venture CapEx | $50 million | FY2026 |
| MGM Japan Funding Commitment | $350 million–$400 million | FY2026 |
| MGM Japan Funding Commitment | $200 million–$225 million | Q2–Q4 FY2025 (after Q1 investment of $140 million) |
BetMGM North America Venture Adjusted EBITDA (FY2026): “BetMGM provided 2026 Adjusted EBITDA guidance of $300 million-$350 million and $50 million of expected CapEx”
BetMGM North America Venture CapEx (FY2026): “BetMGM provided 2026 Adjusted EBITDA guidance of $300 million-$350 million and $50 million of expected CapEx”
MGM Japan Funding Commitment (FY2026): “In Japan, we're expecting our 2026 funding commitment to be approximately $350 million-$400 million U.S. dollars.”
MGM Japan Funding Commitment (Q2–Q4 FY2025 (after Q1 investment of $140 million)): “In Japan, we are expecting our funding for the balance of the year to be approximately $200 million-$225 million after investing approximately $140 million in the Q1.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.7B | 17.5B | 17.2B | 16.2B | 13.1B | 9.7B |
| Net Income | 188M | 211M | 744M | 1.1B | 1.4B | 1.2B |
| EPS | $0.78 | $0.76 | $2.40 | $3.19 | $3.49 | $2.41 |
| Free Cash Flow | 1.6B | 1.5B | 1.2B | 1.8B | 991M | 883M |
| ROIC | 8.1% | 14.5% | 21.4% | 22.6% | 8.3% | 15.6% |
| Gross Margin | - | 41.3% | 44.6% | 49.1% | 70.1% | 68.7% |
| Debt/Equity | 2.74 | 2.60 | 2.16 | 1.38 | 2.04 | 1.76 |
| Dividends/Share | $0.00 | - | $0.00 | $0.00 | $0.01 | $0.01 |
| Operating Income | 918M | 1.0B | 1.5B | 1.9B | 1.4B | 2.3B |
| Operating Margin | 5.2% | 5.7% | 8.6% | 11.7% | 11.0% | 23.5% |
| ROE | 7.7% | 7.7% | 21.8% | 26.5% | 26.4% | 18.7% |
| Shares Outstanding | 256M | 278M | 310M | 359M | 413M | 488M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.1B | 9.2B | 9.5B | 10.8B | 11.8B | 12.9B | 5.2B | 9.7B | 13.1B | 16.2B | 17.2B | 17.5B | 17.7B |
| Gross Margin | 41.8% | 27.3% | 47.1% | 44.2% | 42.8% | 62.6% | 64.4% | 68.7% | 70.1% | 49.1% | 44.6% | 41.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.3B | 1.4B | 1.6B | 1.8B | 2.1B | 2.1B | 2.5B | 4.2B | 4.7B | 4.8B | 4.9B | 5.0B |
| EBIT | 1.3B | -156M | 2.1B | 1.7B | 1.5B | 3.9B | -642M | 2.3B | 1.4B | 1.9B | 1.5B | 1.0B | 918M |
| Op. Margin | 13.1% | -1.7% | 22.0% | 15.9% | 12.5% | 30.5% | -12.4% | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% | 5.2% |
| Net Income | -150M | -448M | 1.1B | 1.9B | 445M | 2.0B | -997M | 1.2B | 1.4B | 1.1B | 744M | 211M | 188M |
| Net Margin | -1.5% | -4.9% | 11.6% | 17.9% | 3.8% | 15.9% | -19.3% | 12.1% | 11.0% | 7.1% | 4.3% | 1.2% | 1.1% |
| Non-Recurring | 0 | 1.5B | 0 | 0 | 0 | 92M | 90M | 0 | 0 | 0 | 0 | 279M | 279M |
| Returns on Capital | |||||||||||||
| ROIC | 5.0% | -2.6% | 11.5% | 9.2% | 6.7% | 15.9% | -5.3% | 15.6% | 8.3% | 22.6% | 21.4% | 14.5% | 8.1% |
| ROE | -3.6% | -9.7% | 19.4% | 28.0% | 6.3% | 28.7% | -14.0% | 18.7% | 26.4% | 26.5% | 21.8% | 7.7% | 7.7% |
| ROA | -0.6% | -1.7% | 4.1% | 6.7% | 1.5% | 6.4% | -2.8% | 3.0% | 3.3% | 2.6% | 1.8% | 0.5% | 0.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 1.0B | 1.5B | 2.2B | 1.7B | 1.8B | -1.5B | 1.4B | 1.8B | 2.7B | 2.4B | 2.5B | 2.6B |
| Free Cash Flow | 259M | -462M | -729M | 342M | 236M | 1.1B | -1.8B | 883M | 991M | 1.8B | 1.2B | 1.5B | 1.6B |
| Owner Earnings | 278M | 142M | 629M | 1.2B | 474M | 417M | -2.8B | 158M | -3.2B | 1.8B | 1.5B | 1.4B | -3.7B |
| CapEx | 872M | 1.5B | 2.3B | 1.9B | 1.5B | 739M | 271M | 491M | 765M | 932M | 1.2B | 1.1B | 996M |
| Maint. CapEx | 816M | 820M | 850M | 993M | 1.2B | 1.3B | 1.2B | 1.2B | 4.9B | 814M | 831M | 1.0B | 6.1B |
| Growth CapEx | 56M | 647M | 1.4B | 871M | 309M | 0 | 0 | 0 | 0 | 118M | 319M | 51M | 0 |
| D&A | 816M | 820M | 850M | 993M | 1.2B | 1.3B | 1.2B | 1.2B | 4.9B | 814M | 831M | 1.0B | 6.1B |
| CapEx/OCF | 77.1% | 145.9% | 147.5% | 84.5% | 86.3% | 40.8% | N/A | 35.7% | 43.6% | 34.6% | 48.7% | 42.3% | 39.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 252M | 261M | 271M | 78M | 4.8M | 4.0M | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | 1.5% | 1.6% | 1.9% | 0.7% | 0.0% | 0.0% | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 328M | 1.3B | 1.0B | 354M | 1.8B | 2.8B | 2.3B | 1.4B | 1.2B | 828M |
| Buyback Yield | N/A | N/A | N/A | 1.7% | 9.6% | 5.9% | 2.2% | 7.6% | 20.3% | 14.2% | 12.6% | 12.0% | 7.1% |
| Stock-Based Comp | 37M | 43M | 55M | 62M | 70M | 89M | 107M | 65M | 71M | 74M | 80M | 90M | 97M |
| Debt Repayment | 0 | 0 | 584M | 0 | 0 | 3.6B | 847M | 0 | 1.1B | 1.3B | 2.2B | 500M | 500M |
| Balance Sheet | |||||||||||||
| Net Debt | 12.2B | 12.0B | 12.0B | 11.4B | 14.8B | 9.6B | 5.7B | 6.0B | 4.0B | 2.3B | 4.1B | 4.3B | 4.4B |
| Cash & Equiv. | 1.7B | 1.7B | 1.4B | 1.5B | 1.5B | 2.3B | 5.1B | 4.7B | 5.9B | 2.9B | 2.4B | 2.1B | 2.3B |
| Long-Term Debt | 12.8B | 12.4B | 13.0B | 12.8B | 15.1B | 11.2B | 12.4B | 11.8B | 7.4B | 6.3B | 6.4B | 6.2B | 6.4B |
| Debt/Equity | 3.43 | 2.67 | 2.17 | 1.71 | 2.51 | 1.54 | 1.66 | 1.76 | 2.04 | 1.38 | 2.16 | 2.60 | 2.74 |
| Interest Coverage | 1.6 | -0.2 | 3.0 | 2.6 | 1.9 | 4.6 | -0.9 | 2.8 | 2.4 | 4.1 | 3.4 | 2.4 | 2.2 |
| Equity | 4.1B | 5.1B | 6.2B | 7.6B | 6.5B | 7.7B | 6.5B | 6.1B | 4.8B | 3.8B | 3.0B | 2.4B | 2.4B |
| Total Assets | 26.6B | 25.2B | 28.2B | 29.2B | 30.2B | 33.9B | 36.5B | 40.9B | 45.7B | 42.4B | 42.2B | 41.4B | 41.4B |
| Total Liabilities | 19.0B | 17.4B | 18.1B | 17.5B | 19.6B | 21.1B | 4.8B | 5.6B | 9.0B | 38.0B | 38.5B | 38.1B | 38.1B |
| Intangibles | 4.4B | 4.2B | 4.1B | 3.9B | 3.9B | 3.8B | 3.6B | 3.6B | 1.6B | 1.7B | 1.7B | 1.4B | 1.3B |
| Retained Earnings | -108M | -556M | 546M | 2.2B | 2.4B | 4.2B | 3.1B | 4.3B | 4.8B | 3.7B | 3.1B | 2.1B | 2.2B |
| Working Capital | -381M | 171M | -64M | -762M | -422M | 816M | 4.1B | 3.0B | 3.6B | 1.8B | 1.0B | 820M | 1.1B |
| Current Assets | 3.0B | 2.4B | 2.2B | 2.4B | 2.5B | 4.0B | 6.0B | 6.4B | 8.2B | 4.9B | 4.4B | 4.3B | 4.5B |
| Current Liabilities | 3.4B | 2.2B | 2.3B | 3.1B | 2.9B | 3.2B | 1.9B | 3.4B | 4.5B | 3.1B | 3.4B | 3.5B | 3.4B |
| Per Share Data | |||||||||||||
| EPS | -0.31 | -0.82 | 1.92 | 3.34 | 0.81 | 3.88 | -2.02 | 2.41 | 3.49 | 3.19 | 2.40 | 0.76 | 0.78 |
| Owner EPS | 0.57 | 0.26 | 1.10 | 1.99 | 0.86 | 0.79 | -5.69 | 0.32 | -7.82 | 5.03 | 4.68 | 5.12 | -14.41 |
| Book Value | 8.46 | 9.38 | 10.85 | 13.09 | 11.84 | 14.65 | 13.18 | 12.44 | 11.70 | 10.62 | 9.76 | 8.75 | 9.51 |
| Cash Flow/Share | 2.34 | 1.84 | 2.68 | 3.81 | 3.13 | 3.43 | -3.02 | 2.81 | 4.25 | 7.50 | 7.62 | 9.11 | 24.73 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.44 | 0.48 | 0.52 | 0.16 | 0.01 | 0.01 | 0.00 | 0.00 | N/A | 0.00 |
| Shares Out. | 483.5M | 546.0M | 573.1M | 578.9M | 549.9M | 527.4M | 493.7M | 488.0M | 413.0M | 358.7M | 309.9M | 277.8M | 255.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 14.1 | 9.6 | 28.5 | 8.6 | N/A | 18.3 | 9.3 | 14.1 | 14.5 | 49.6 | 58.5 |
| P/FCF | 37.3 | N/A | N/A | 54.5 | 53.9 | 16.4 | N/A | 24.4 | 13.5 | 9.2 | 8.9 | 7.2 | 7.5 |
| EV/EBIT | 16.3 | N/A | 12.3 | 16.9 | 17.3 | 7.2 | N/A | 12.0 | 8.2 | 8.8 | 8.3 | 12.4 | 17.5 |
| Price/Book | 2.4 | 2.3 | 2.5 | 2.5 | 2.0 | 2.3 | 2.5 | 3.8 | 2.8 | 4.2 | 3.6 | 4.2 | 4.8 |
| Price/Sales | 1.1 | 1.2 | 1.4 | 1.6 | 1.4 | 1.1 | 2.2 | 2.2 | 1.2 | 0.9 | 0.7 | 0.5 | 0.7 |
| FCF Yield | 2.7% | -4.0% | -4.7% | 1.8% | 1.8% | 6.1% | -11.0% | 3.8% | 7.2% | 10.9% | 11.2% | 14.3% | 13.3% |
| Market Cap | 9.6B | 11.7B | 15.6B | 18.8B | 13.3B | 17.6B | 16.0B | 23.0B | 13.7B | 16.1B | 10.8B | 10.2B | 11.7B |
| Avg. Price | 22.99 | 19.65 | 22.29 | 29.23 | 29.54 | 27.77 | 21.77 | 40.32 | 36.61 | 41.81 | 40.74 | 33.98 | 45.54 |
| Year-End Price | 19.94 | 21.37 | 27.13 | 32.22 | 23.10 | 33.31 | 31.27 | 44.21 | 32.43 | 45.05 | 34.77 | 37.68 | 45.54 |
MGM Resorts International passes 5 of 9 quality checks, suggesting mixed fundamentals.
MGM Resorts International trades at 54.8x trailing earnings, compared to its 15-year median P/E of 14.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.0x vs a median of 15.0x. The company's 5-year average ROIC is 16.5% with a gross margin of 54.8%. Total shareholder yield (buybacks) is 7.1%. At current prices, the estimated annualized return to fair value is +41.1%.
MGM Resorts International (MGM) reported annual revenue of $17.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
MGM Resorts International (MGM) has a net profit margin of 1.2%. This is a modest margin.
MGM Resorts International (MGM) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MGM Resorts International (MGM) has a debt-to-equity ratio of 2.60. This indicates higher leverage, which may increase financial risk.
MGM Resorts International (MGM) reported earnings per share (EPS) of $0.76 in its most recent fiscal year.
MGM Resorts International (MGM) has a return on equity (ROE) of 7.7%. This indicates moderate shareholder returns.
MGM Resorts International (MGM) has a 5-year average gross margin of 54.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for MGM Resorts International (MGM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MGM Resorts International (MGM) has a book value per share of $8.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in Las Vegas group and convention business into the second quarter, with convention room night mix increasing and record future bookings on the books. BetMGM North America Venture is expected to deliver adjusted EBITDA of $300 million to $350 million in 2026 with $50 million of expected capital expenditure and regular cash distributions to parents, while MGM Digital is anticipated to achieve approximately half the losses experienced in 2025 with 35% net revenue growth driven by legacy LeoVegas markets, Brazil expansion, and new market launches including Sweden. In Japan, the company expects 2026 funding commitments of approximately $350 million to $400 million as development progresses toward a 2030 opening, with management confident in generating high-teens returns as the sole integrated resort operator in the country. MGM China is expected to continue strong performance with focus on premium customer targeting and product innovation, while Las Vegas Strip operations are positioned to benefit from a full year of contribution from capital projects completed in 2025, including MGM Grand's room renovation, with management maintaining expectations for sustainable margins in the high 20% range.
Based on recent SEC filings and earnings calls, MGM Resorts International (MGM) has provided the following forward guidance: BetMGM North America Venture Adjusted EBITDA: $300 million–$350 million (FY2026); BetMGM North America Venture CapEx: $50 million (FY2026); MGM Japan Funding Commitment: $350 million–$400 million (FY2026); MGM Japan Funding Commitment: $200 million–$225 million (Q2–Q4 FY2025 (after Q1 investment of $140 million)).