Las Vegas Sands vs MGM Resorts
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The short version
- MGM Resorts is the larger business, with $17.5B of revenue in fiscal 2025 against $13.0B for Las Vegas Sands.
- Las Vegas Sands grew revenue faster (15.2%, against 1.7%).
- Las Vegas Sands kept more of each dollar of sales as operating profit (21.7% operating margin, against 5.7%).
- Las Vegas Sands turned more of its sales into free cash flow (14.3% FCF margin, against 8.3%).
- Las Vegas Sands earned a higher return on the capital invested in it (17.5%, against 12.8%).
- Investors pay more for each dollar of MGM Resorts’s earnings: a P/E of 17.3x against 14.6x for Las Vegas Sands.
| Latest fiscal year | LVS · FY25 | MGM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.8B | $7.2B |
| Revenue | $13.0B | $17.5B |
| Free cash flow | $1.9B | $1.5B |
| Net income | $1.6B | $206M |
| Growth | ||
| Revenue growth | 15.2% | 1.7% |
| 5-year growth | 34.7% | 27.7% |
| Share count change | −6.0% | −10.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 21.7% | 5.7% |
| Net margin | 12.5% | 1.2% |
| FCF margin | 14.3% | 8.3% |
| Return on capital | 17.5% | 12.8% |
| Return on equity | 72.7% | 7.6% |
| Balance sheet | ||
| Net debt | $11.9B | $4.4B |
| Net debt / EBITDA | 2.8x | 2.2x |
| Dividends and buybacks | $3.1B | $1.2B |
| Valuation & quality | ||
| P/E | 14.6x | 17.3x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
LVS $11.3B
MGM $9.5B
FY17
LVS $12.7B
MGM $10.8B
FY18
LVS $13.7B
MGM $11.8B
FY19
LVS $12.1B
MGM $12.9B
FY20
LVS $2.9B
MGM $5.2B
FY21
LVS $4.2B
MGM $9.7B
FY22
LVS $4.1B
MGM $13.1B
FY23
LVS $10.4B
MGM $16.2B
FY24
LVS $11.3B
MGM $17.2B
FY25
LVS $13.0B
MGM $17.5B
LVS
MGM
Operating margin
FY16
LVS 22.2%
MGM 21.9%
FY17
LVS 27.2%
MGM 15.9%
FY18
LVS 27.3%
MGM 12.5%
FY19
LVS 27.8%
MGM 30.6%
FY20
LVS −47.4%
MGM −12.5%
FY21
LVS −16.3%
MGM 23.5%
FY22
LVS −19.3%
MGM 11.0%
FY23
LVS 22.3%
MGM 11.7%
FY24
LVS 21.3%
MGM 8.7%
FY25
LVS 21.7%
MGM 5.7%
LVS
MGM
Free cash flow
FY16
LVS $2.6B
MGM −$729M
FY17
LVS $3.7B
MGM $342M
FY18
LVS $3.8B
MGM $236M
FY19
LVS $2.0B
MGM $1.1B
FY20
LVS −$2.5B
MGM −$1.8B
FY21
LVS −$1.1B
MGM $883M
FY22
LVS −$1.6B
MGM $991M
FY23
LVS $2.2B
MGM $1.8B
FY24
LVS $1.6B
MGM $1.2B
FY25
LVS $1.9B
MGM $1.5B
LVS
MGM
Return on capital
FY16
LVS 14.7%
MGM 10.2%
FY17
LVS 23.3%
MGM 7.7%
FY18
LVS 23.0%
MGM 5.8%
FY19
LVS 20.5%
MGM 13.4%
FY20
LVS −7.3%
MGM −2.5%
FY21
LVS −3.6%
MGM 10.0%
FY22
LVS −4.4%
MGM 5.3%
FY23
LVS 14.2%
MGM 21.1%
FY24
LVS 16.3%
MGM 18.0%
FY25
LVS 17.5%
MGM 12.8%
LVS
MGM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.