MGM Resorts
MGM NYSE· Casinos & Gaming
Last close · Oct 26, 2026
$28.54
KIRA · Stoqly’s AI analyst, in plain words
- MGM Resorts had $17.5B of revenue in fiscal 2025, up 1.7% on the year before. Over five years, revenue changed +27.7% a year on average.
- Its operating margin was 5.7%, down 2.9 pts: of every 100 in sales, about 6 is left after running the business.
- MGM Resorts made $206M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew −9.8% a year.
- Free cash flow was $1.5B in fiscal 2025, 8.3% of revenue.
- MGM Resorts returned $1.2B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 10.6%.
- MGM Resorts owes $4.4B more than it holds in cash, about 2.2 years of operating profit.
Market cap
$7.4B
P/E
17.6x
Revenue
$17.5B
Net income
$206M
Free cash flow
$1.5B
Operating margin
5.7%
MGM Resorts in 30 seconds · fiscal 2025
Are sales growing?
+1.7%
Only a little. Sales grew 1.7% last year.
Does it make a profit?
1.2%
A little. It keeps 1.2% of every sale as profit.
Does profit turn into cash?
8.3%
Partly. 8.3% of sales ends up as free cash.
Is debt under control?
2.2x
Keep an eye on it. Repaying its debt would take 2.2 years of operating profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
17.6x
One share costs 17.6 times its yearly profit per share. Typical for its sector: 17.9x.
What MGM Resorts does
MGM Resorts owns and runs casino resorts with hotels, restaurants, shows, shops and convention space, and it also runs online gaming and sports betting. At the end of 2025 it operated 16 casino properties in the United States and two in Macau, China. Its Las Vegas Strip resorts include Bellagio, Aria, MGM Grand and Mandalay Bay. It also holds a stake in a resort under development in Osaka, Japan. It reports four segments: Las Vegas Strip Resorts, Regional Operations, MGM China and MGM Digital. Over half of the Las Vegas Strip segment's revenue usually comes from non-gaming sources such as hotel rooms, food and entertainment, while most of the regional segment's revenue comes from gambling. MGM China earns most of its revenue from gambling under a gaming concession in Macau. MGM Digital is mainly the online company LeoVegas, based in Sweden and Malta. The company also owns half of BetMGM, a U.S. online betting and gaming venture. MGM owns about 56% of MGM China.
Biggest risks, in its own words
- Competition from other casinos, hotels, travel destinations and online betting and gaming companies.
- Its substantial financial commitments, including debt and lease payments.
- Not being able to collect gambling debts that customers owe it.
- Lost revenue and disruption while rooms, restaurants and meeting space are closed for renovations.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Legal name
- MGM Resorts International
- CIK
- 0000789570
MGM Resorts · MGM
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Revenue growth | 87.5% | 35.6% | 23.1% | 6.7% | 1.7% |
| Operating margin | 23.5% | 11.0% | 11.7% | 8.7% | 5.7% |
| Net income | $1.3B | $1.5B | $1.1B | $747M | $206M |
| Net margin | 13.0% | 11.2% | 7.1% | 4.3% | 1.2% |
| Diluted EPS | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
| Cash | |||||
| Cash from operations | $1.4B | $1.8B | $2.7B | $2.4B | $2.5B |
| Capital expenditure | $491M | $765M | $932M | $1.2B | $1.1B |
| Free cash flow | $883M | $991M | $1.8B | $1.2B | $1.5B |
| FCF margin | 9.1% | 7.6% | 10.9% | 7.0% | 8.3% |
| Dividends paid | $4.8M | $4.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.8B | $2.8B | $2.3B | $1.4B | $1.2B |
| Share count change | −1.4% | −15.3% | −13.2% | −13.5% | −10.6% |
| Debt and strength | |||||
| Cash and short-term investments | $4.7B | $5.9B | $2.9B | $2.4B | $2.1B |
| Debt incl. finance leases | $12.9B | $8.9B | $6.4B | $6.7B | $6.5B |
| Shareholders' equity | $6.1B | $4.8B | $3.8B | $3.0B | $2.4B |
| Net debt / EBITDA | 2.4x | 0.6x | 1.3x | 1.8x | 2.2x |
| Current ratio | 1.9x | 1.8x | 1.6x | 1.3x | 1.2x |
| Interest coverage | 2.9x | 2.4x | 4.1x | 3.4x | 2.4x |
| Returns and quality | |||||
| Return on capital | 10.0% | 5.3% | 21.1% | 18.0% | 12.8% |
| Return on equity | 20.0% | 27.0% | 26.4% | 21.9% | 7.6% |
| Piotroski F-score | 7 | 7 | 6 | 5 | 6 |
| Altman Z'' | 1.6 | 1.2 | 1.0 | 0.7 | 0.6 |
Insiders bought, 12 months
$77.1M
1 insider
Insiders sold, 12 months
$1.5M
2 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
MGM Resorts · MGM
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| MGM Resorts MGM | $7.4B | 1.7% | 5.7% | 8.3% | 12.8% | 17.6x | 6 |
| Carnival CCL | $36.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.7x | 7 |
| Disney DIS | $192.4B | 3.4% | 18.6% | 10.7% | 11.8% | 22.8x | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $28.54 a share, the company is worth $7.4B: 17.6 times its earnings of the last four quarters.
MGM Resorts grew sales faster than 0 of its 2 similar companies. Its P/E is higher than 1 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000789570). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.