MGM Resorts (MGM)
Consumer Discretionary · $9.8B market cap · SEC CIK 0000789570
fundamentals score out of 100
Next reports on Oct 27, 2026, after the close, with analysts expecting $0.22 in earnings per share.
The case for MGM
- Free cash flow of 14.9% of its market value a year: a lot of cash for the price.
- Has compounded revenue at 27.7% a year over five years.
- Price/sales of 0.6× is lower than 91% of Consumer Discretionary companies.
The case against
- Priced at 23.1× earnings while earnings per share are shrinking (-10.5%).
- Return on assets of only 1.0%.
- Growth is slowing: revenue up 3.2% this year against 27.7% a year over five.
- Earnings per share fell 10.5%.
- The price trend is weak (41/100): +8.2% over a year, -17.3% over three months, 43% of the way up its 52-week range.
- Stability is weak (42/100): beta 1.32, 2.5 years of cash flow to clear its debt, a 43% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 79 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 57 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 29 |
| Momentumhow the price has behaved lately | 41 |
| Stabilityhow violently it moves, what it owes and what it pays you | 42 |
- Equity is a sliver of assets, so return on assets stands in for return on equity, and price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 23.1× |
|---|---|
| Price / book | n/m (equity a sliver of assets) |
| Price / sales | 0.6× |
| Revenue growth (YoY) | +3.2% |
| EPS growth (YoY) | -10.5% |
| Gross margin | 44% |
| Operating margin | 6% |
| Net margin | 2% |
| Return on assets | 1.0% (ROE not meaningful: equity a sliver of assets) |
| Debt / equity | n/m (equity a sliver of assets) |
| Current ratio | 1.33 |
| Dividend yield | 0.02% |
| Beta | 1.32 |
| 52-week range | $29.19 – $51.59 |
| Position in that range | 43% of the way up |
| 3-month return | -17.3% |
| 1-year return | +8.2% |
Five years of financials, as filed
Pulled from MGM Resorts's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.5B | $17.2B | $16.2B | $13.1B | $9.7B |
| Operating income | $1.0B | $1.5B | $1.9B | $1.4B | $2.3B |
| Net income | $206M | $747M | $1.1B | $1.5B | $1.3B |
| Operating cash flow | $2.5B | $2.4B | $2.7B | $1.8B | $1.4B |
| Capital expenditure | $1.1B | $1.2B | $932M | $765M | $491M |
| Total assets | $41.4B | $42.2B | $42.4B | $45.7B | $40.9B |
| Total liabilities | $38.1B | $38.5B | $38.0B | — | — |
| Shareholder equity | $2.4B | $3.0B | $3.8B | $4.8B | $6.1B |
| Cash | $2.1B | $2.4B | $2.9B | $5.9B | $4.7B |
| Long-term debt | $6.2B | $6.4B | $6.3B | $7.4B | $11.8B |
| Free cash flow | $1.5B | $1.2B | $1.8B | $991M | $883M |
| Operating margin | 5.7% | 8.6% | 11.7% | 11.0% | 23.5% |
| Net margin | 1.2% | 4.3% | 7.1% | 11.2% | 13.0% |
| Diluted shares | 277M | 310M | 359M | 413M | 487M |
Share count is down 43.1% over 4 years. Buybacks have been shrinking the pie.
What MGM Resorts says it does
MGM Resorts International is referred to as the "Company," "MGM Resorts," or the "Registrant," and together with its subsidiaries may also be referred to as "we," "us" or "our." Overview MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, as well as sports betting and online gaming operations. We believe we operate several of the finest casino properties in the world and we continually reinvest in our properties to maintain our competitive advantage. We make significant investments in our properties through newly remodeled hotel rooms, restaurants,…
Risk factors MGM lists in its 10-K
- Las Vegas Strip Resorts and Regional Operations
- the world’s premier gaming entertainment company
- Disciplined Capital Allocation to Maximize Shareholder Value
- Government Regulation and Licensing
- Cautionary Statement Concerning Forward-Looking Statements
- Information about our Executive Officers
- Risks Related to Our Substantial Financial Commitments
- Risks Related to Our Business, Industry, and Market Conditions
- Risks Related to Legal and Regulatory Matters and Changes in Public Policy
- Risks Related to Our Macau Operations
- Current and future economic, capital and credit market conditions could adversely affect our ability to service our substantial indebtedness and significant financial commitments or make planned expenditures
- Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside
- We have suspended our payment of ongoing regular dividends to our stockholders, and may not elect to resume paying dividends in the foreseeable future or at all
- Because a significant number of our major gaming resorts are concentrated on the Las Vegas Strip, we are subject to greater risks than a gaming company that is more geographically diversified