NYSE: MGM · Casinos & Gaming
MGM Resorts
MGM Resorts International, based in Las Vegas, is a global gaming and entertainment company with casino resorts on the Las Vegas Strip, regional U.S. casinos, about 56% of MGM China (MGM Macau and MGM Cotai), a 50% stake in an integrated resort under development in Osaka, Japan, and online gaming through LeoVegas and its 50%-owned BetMGM joint venture. Under an asset-light model it leases the real estate of its domestic properties under triple-net leases (rent of about $2.3 billion a year). 2025 net revenues were $17,538 million and net income just $206 million, hurt by a $256 million goodwill impairment at Empire City and weaker Las Vegas results: Las Vegas Strip Adjusted EBITDAR (non-GAAP) fell to $2,858 million while MGM China’s rose to $1,203 million. MGM has bought back stock aggressively, cutting shares from 494 million in 2020 to 258 million, and settled U.S. class actions over its 2023 cyberattack for $45 million, paid by insurers.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:32 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 27.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 5.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 12.29x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.05
Higher than 92% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 16% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 28% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 56% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 98% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$32.53close on 2026-11-04
Market cap$8.4B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 6.2x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 17.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 48.0x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.9x
Book value at FY2025 year-end
At FY2025 year-end: 6.7x
EBITDA for FY2025
At FY2025 year-end: 15.5%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.25B → $4.21B (vs. a year earlier)↓ −0.9%$4.25B → $4.21B (vs. a year earlier)
- Operating margin-2.7% → 2.8% (vs. a year earlier)↑ +5.5 pts-2.7% → 2.8% (vs. a year earlier)
- Net income−$285M → −$17M (vs. a year earlier)↑ −$17M−$285M → −$17M (vs. a year earlier)
- Diluted EPS$-1.05 → $-0.07 (vs. a year earlier)↑ $-0.07$-1.05 → $-0.07 (vs. a year earlier)
- Cash$2.55B → $2.4B (vs. previous quarter-end)↓ −5.9%$2.55B → $2.4B (vs. previous quarter-end)
- Long-term debt$6.07B → $5.67B (vs. previous quarter-end)↓ −6.6%$6.07B → $5.67B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
Q3 revenue $4.2B, down 1%. Source sentence
Consolidated revenue of $4.2 billion, a decrease of 1% compared to the prior year quarter
MGM China record market share of 17.1%. Source sentence
MGM China achieved record quarterly revenue as well as record quarterly market share of 17.1%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- MGM Resorts International
- Headquarters
- LAS VEGAS, NV
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MGM
- Industry
- Casinos & Gaming
- CIK
- 789570
Workforce (as of FY2025 year-end)
Employees
62,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 36–44 days after quarter end (Feb 5, 2026; Feb 12, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Jul 31, 2024 10-Q (+31 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Las Vegas Strip
Las Vegas resorts
Casino resorts on the Strip with hotels, entertainment and conventions.
Regional
Regional casinos
Casinos across U.S. regional markets.
MGM China
MGM Macau and MGM Cotai
Macau casino resorts via ~56%-owned MGM China.
Digital
BetMGM and LeoVegas
Online sports betting and iGaming.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Asset-light model
Domestic real estate leased under triple-net leases.
Source: Form 10-K (FY2025)
Osaka integrated resort
Developing an integrated resort through a 50%-owned joint venture.
Source: Form 10-K (FY2025)
Impairment
Recorded a $256M goodwill impairment for Empire City in 2025.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.05x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,069M ÷ $1,018M = 1.05x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$3.91B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $271M in FY2020 to $1.07B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$17.54B
As reported in the 10-K
Revenue CAGR (5 years)
+27.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,538M ÷ $5,162M) ^ (1÷5) − 1 = 27.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
5.7%▲favorable
+18.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,002M ÷ $17,538M × 100 = 5.7%
ROE (FY2025)
7.5%
6-year average: 14.5%
As reported in the 10-K
P/B (FY2025 end)
3.88x
formulafiscal year-end closing price ÷ book value per share
e.g.$36.49 ÷ $9.41 = 3.88x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
6.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($9,426M + $6,230M − $2,063M) ÷ ($1,002M + $1,018M) = 6.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +27.7% a year over 5 years (strong growth)
From $5.16B in FY2020 to $17.54B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -12.4% → 5.7%
How much operating profit is left per $100 of revenue. It moved +18.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 5.9% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 14.5% over 6 years (latest: 7.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Las Vegas Strip Resorts
- Regional Operations
- MGM China
- MGM Digital (LeoVegas) and BetMGM JV
06 · what it draws on
Key resources
- About 44,000 full-time and 18,000 part-time U.S. employees plus 16,000 internationally
- Leased Las Vegas and regional resorts
- Macau gaming concession (via MGM China)
02 · why customers buy
Value propositions
- Casino resorts it believes are the highest quality in each of its markets, plus online gaming (BetMGM).
04 · how it keeps them
Customer relationships
- MGM Rewards loyalty program.
03 · how it reaches them
Channels
- 16 domestic casino properties, MGM China in Macau, and online platforms.
01 · who it serves
Customer segments
- Leisure and convention visitors, casino patrons, online bettors
09 · where money goes
Cost structure
FY2025, share of revenue ($17.54B)
- Selling, general & administrative27.8%
- Other operating costs (incl. cost of goods sold)66.5%
Operating profit left: 5.7% of revenue. Depreciation & amortization (inside the costs above): $1.02B. Capital spending: $1.07B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Las Vegas Strip Resorts
- Regional Operations
- MGM China
- Total net revenues $17,538M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Operates casino resorts that earn gaming, hotel, food and beverage and entertainment revenue, mostly in leased properties, plus online sports betting and iGaming.
01 what it draws on
Inputs & resources
- About 44,000 full-time and 18,000 part-time U.S. employees plus 16,000 internationally
- Leased Las Vegas and regional resorts
- Macau gaming concession (via MGM China)
02 what it does
Activities
- Las Vegas Strip Resorts
- Regional Operations
- MGM China
- MGM Digital (LeoVegas) and BetMGM JV
- MGM Osaka (development)
03 who it serves
Customers
- Leisure and convention visitors, casino patrons, online bettors
04 how money comes in
How it earns
- Las Vegas Strip Resorts
- Regional Operations
- MGM China
- Total net revenues $17,538M (2025)
How the business makes money
- Segment Adjusted EBITDAR 2025 (non-GAAP): Las Vegas Strip $2,858M, MGM China $1,203M, Regional $1,163M, MGM Digital −$90M.
- Triple-net lease rent of about $2.3B a year.
- Collective bargaining agreements for some Las Vegas and ~3,000 regional employees expire in 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
MGM’s growth depends on gaming licenses and state referendums, where lobbying is active.
Approvals & licenses
Gaming licenses
New jurisdictions bring onerous licensing requirements.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Political engagement
Gaming referendums
Referendums allowing retail gaming passed in Virginia and Nebraska amid active lobbying.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Las Vegas Strip Resorts
2,858 (55%)MGM China
1,203 (23%)Regional Operations
1,163 (22%)
Source: Form 10-K (FY2025) Segment Adjusted EBITDAR (non-GAAP), $ millions — not revenue; MGM Digital (−$90M) not shown. Total net revenues $17,538M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Casino and hotel customers.
Named by the company
No customer concentration.
Suppliers
Landlords (triple-net lessors), suppliers.
Named by the company
No material supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition with other hotel casinos in its markets and regional gaming markets without naming them.
Competitors named in the 10-K
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,162 | 9,680 | 13,127 | 16,164 | 17,241 | 17,538 |
| Operating income | -642 | 2,279 | 1,439 | 1,891 | 1,490 | 1,002 |
| Pretax income | -1,511 | 1,462 | 904 | 1,473 | 1,117 | 281 |
| Net income (attributable) | -1,033 | 1,254 | 1,473 | 1,142 | 747 | 206 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 87.5% | 35.6% | 23.1% | 6.7% | 1.7% |
| Operating margincalcoperating income ÷ revenue × 100 | -12.4% | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -20.0% | 13.0% | 11.2% | 7.1% | 4.3% | 1.2% |
| Balance sheet ($M) | ||||||
| Total assets | 36,495 | 40,899 | 45,692 | 42,369 | 42,232 | 41,374 |
| Total equity | 11,180 | 10,977 | 5,210 | 4,334 | 3,685 | 3,255 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 12,377 | 12,771 | 8,719 | 6,344 | 6,362 | 6,230 |
| Equity ratio | 17.8% | 14.8% | 10.6% | 9.0% | 7.2% | 5.9% |
| ROE | -15.9% | 19.9% | 27.0% | 26.4% | 21.8% | 7.5% |
| Cash flow ($M) | ||||||
| Operating CF | -1,493 | 1,373 | 1,756 | 2,691 | 2,362 | 2,529 |
| Investing CF | 2,159 | 1,544 | 2,118 | -714 | -1,283 | -1,141 |
| Financing CF | 2,103 | -2,814 | -3,024 | -5,005 | -1,564 | -1,731 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,764 | 883 | 991 | 1,759 | 1,212 | 1,460 |
| Cash and equivalents | 5,102 | 4,703 | 5,912 | 2,928 | 2,416 | 2,063 |
| Per share & other | ||||||
| EPS ($) | -2.02 | 2.41 | 3.49 | 3.19 | 2.40 | 0.76 |
| BVPS ($) | 13.16 | 13.38 | 12.75 | 11.67 | 10.27 | 9.41 |
| Dividend per share ($) | 0.16 | 0.01 | 0.01 | — | — | — |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 0.4% | 0.3% | — | — | — |
| P/E (x) | — | 18.6 | 9.6 | 14.0 | 14.4 | 48.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 40.2 | 8.3 | 3.2 | 6.7 | 6.1 | 6.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.39 | 3.35 | 2.63 | 3.83 | 3.37 | 3.88 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.21B-0.9% | $119M | −$17M | $-0.07 |
| 2026-06-30 | $4.45B+1.0% | $504M+24.5% | $292M+497.4% | $1.11 |
| 2026-03-31 | $4.45B+4.2% | $301M-21.8% | $125M-15.8% | $0.48 |
| 2025-12-31 † | $4.61B+6.0% | $325M+11.5% | $294M+86.5% | — |
| 2025-09-30 | $4.25B | −$113M | −$285M | $-1.05 |
| 2025-06-30 | $4.4B | $405M | $49M | $0.18 |
| 2025-03-31 | $4.28B | $385M | $149M | $0.51 |
| 2024-12-31 † | $4.35B | $292M | $157M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.1%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,002M × (1 − 21%) ÷ $9,766M × 100 = 8.1%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.57%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $9.43B ÷ ($9.43B + $6.23B) = 60.2%
e.g.Debt weight: $6.23B ÷ ($9.43B + $6.23B) = 39.8%
e.g.WACC: 10.7% × 60.2% + 6.7% × (1 − 21%) × 39.8% = 8.57%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.4%–10.0% and ROIC − WACC runs −1.9 to +0.7 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 8.57% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.05 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.73%
- Cost of debt
- 6.73%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 60% : 40%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.57%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.05 (price-derived adjusted beta. Raw β 1.08, R² 0.18, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.079 + 0.33 = 1.053
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.05 × 5.5% = 10.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-3.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.6% − 11.6%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+27.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.46B (operating CF − capex); enterprise value $12.57B = market cap $8.4B (latest close, 2026-11-04) + debt $6.23B − cash and short-term investments $2.06B; r = WACC of 8.6% using this page’s default assumptions (β 1.05, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$12.59B
FCF $1.46B ÷ (8.6% − -3.0%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.6% | 7.6% | 8.6% | 9.6% | 10.6% |
|---|---|---|---|---|---|
| 0% | 1.76x | 1.53x | 1.35x | 1.21x | 1.10x |
| 2% | 2.53x | 2.07x | 1.76x | 1.53x | 1.35x |
| 4% | 4.47x | 3.23x | 2.53x | 2.07x | 1.76x |
| 6% | 19.36x | 7.26x | 4.47x | 3.23x | 2.53x |
| 8% | — | — | 19.36x | 7.26x | 4.47x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 4.02x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.6%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 357%
Most profit comes from core operations.
- ✓
Days sales outstanding: 22 → 23 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,529M ÷ $206M = 12.29x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,002M ÷ $281M × 100 = 357%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,071M + $1,123M) ÷ 2 ÷ $17,538M × 365 = 23 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 63.7%
- Directors & officers (shares)
- 3.4%
- Everyone else (est.)
- 32.9%
- Directors & officers (voting power)
- 3.4%
- Institutional-ownership rank
- 399 of 416
- Beta (adjusted)
- 1.05
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 96% of covered companies have more
above 1 = swings more than the market
- 160.4M shares reported by 659 13F filers ÷ 251.6M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
18
Strengths & weaknessesSite analysis
Strengths
1. Diversified footprint
Las Vegas, regional U.S., Macau, online and a future Osaka resort.
Evidence: Form 10-K (FY2025)
2. Macau growth
MGM China Adjusted EBITDAR rose to $1,203M in 2025 from $867M in 2023.
Evidence: Form 10-K (FY2025)
3. Aggressive buybacks
Shares outstanding fell from 494M (2020) to 258M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Weak 2025 profit
Net income fell to $206M in 2025.
Evidence: Form 10-K (FY2025)
2. Las Vegas decline
Las Vegas Strip Adjusted EBITDAR fell from $3,190M (2023) to $2,858M (2025).
Evidence: Form 10-K (FY2025)
3. Lease obligations
About $2.3B of annual triple-net rent.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
48.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
15.5%
(Operating CF − capex) ÷ market cap
1. Macau and Japan growth
Exposure to Asian gaming growth.
- What has to hold
- Asian tourism grows.
- The other side
- Regulatory risk.
Evidence: Form 10-K (FY2025)
2. Per-share growth
Large buybacks shrink the share count.
- What has to hold
- Cash flow holds up.
- The other side
- Weak 2025 earnings.
Evidence: Form 10-K (FY2025)
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$2.06B vs. —
Interest coverage (operating income ÷ interest expense)
2.4x
$1B vs. $419M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -36.8% in FY2022 ($2.28B → $1.44B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Pandemic recovery
Revenue recovered from $5,162M (2020) to $17,538M (2025).
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
MGM settled U.S. consumer class actions over its 2023 and 2019 cybersecurity incidents for $45 million (paid by insurers; court-approved in June 2025); consumer class actions were also filed in Canada.
1 open matter · 1 settled or closed
Cybersecurity class actions (Canada)
PendingClass actionConsumers v. MGM Resorts
Consumer class actions were also filed in Canadian courts over the cybersecurity issue.
Source: Form 10-K (FY2025) — Commitments and Contingencies (Litigation)
Cybersecurity class actions (U.S.)
SettledClass actionConsumers v. MGM Resorts
$45M settlement covering the 2023 and 2019 cybersecurity incidents, paid by insurance carriers in February 2025 and approved in June 2025.
- Amounts
- $45 million
Source: Form 10-K (FY2025) — Commitments and Contingencies (Litigation)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Commitments and Contingencies (Litigation), reviewed 2026-10-29. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Travel and leisure demand
- Company disclosure (summarized from the 10-K)
- Las Vegas results depend on leisure and business travel.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Gaming regulation and Macau concession
- Company disclosure (summarized from the 10-K)
- Licensing and concession conditions in Nevada, other states and Macau.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Information security
Cyberattacks
- Company disclosure (summarized from the 10-K)
- The September 2023 cyberattack disrupted operations and led to litigation.
- Company’s stated mitigation
- In addition, we have a cybersecurity incident response plan in place that provides a documented framework for handling high and low severity security incidents and facilitates coordination across multiple parts of the business.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with other casino resorts locally and in regional markets, and online gaming operators.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5M&A & integration
Osaka development
- Company disclosure (summarized from the 10-K)
- Building the Osaka integrated resort carries execution risk.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (1)
projects, such as our proposed integrated resort in Japan and the potential for full-scale commercial gaming at Empire City, will be subject to a number of risks, including:
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 11, 2026 ↗ with the 10-K filed Feb 18, 2025 ↗.
24
What to watch going forwardSite analysis
- Las Vegas Strip trends.
- MGM China growth.
- Osaka resort construction.
- BetMGM profitability.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:32 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent MGM Resorts’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.