Melco Resorts & Entertainment LTD
MLCO Nasdaq Hotels & Motels Financials FY2016–FY2025
Last close · Oct 23, 2026
$3.73
5.8%
Revenue
Total sales reported in the income statement.
$5.2B
11.3%
vs prior year
Operating margin
Operating income as a share of revenue.
11.6%
1.2 pts
Net income
Profit after all expenses, interest and tax.
$185M
325.0%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.2%
5.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.1x
On $0.46 EPS (TTM)
What Melco Resorts & Entertainment LTD does
No business description yet.
- Legal name
- Melco Resorts & Entertainment LTD
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 13, 2026
- Accession · CIK
- 0001193125-26-105023
0001381640
Revenue and margins
Melco Resorts & Entertainment LTD had $5.2B of revenue in fiscal 2025, up 11.3% on the year before.
FY16
Revenue $4.5B
FY17
Revenue $5.3B
FY18
Revenue $5.2B
FY19
Revenue $5.7B
FY20
Revenue $1.7B
FY21
Revenue $2.0B
FY22
Revenue $1.3B
FY23
Revenue $3.8B
FY24
Revenue $4.6B
FY25
Revenue $5.2B
Q4 '15
Revenue $1.1B
Q4 '16
Revenue $1.2B
FY16
Gross —
Operating 8.0%
Net 3.9%
FCF —
FY17
Gross —
Operating 11.4%
Net 6.5%
FCF —
FY18
Gross —
Operating 11.8%
Net 6.6%
FCF —
FY19
Gross —
Operating 13.0%
Net 6.5%
FCF 14.4%
FY20
Gross —
Operating −54.4%
Net −73.1%
FCF —
FY21
Gross —
Operating −28.7%
Net −40.3%
FCF —
FY22
Gross —
Operating −55.0%
Net −68.9%
FCF —
FY23
Gross —
Operating 1.7%
Net −8.7%
FCF —
FY24
Gross —
Operating 10.4%
Net 0.9%
FCF —
FY25
Gross —
Operating 11.6%
Net 3.6%
FCF —
Gross
Operating
Net
FCF
Q4 '15
Gross —
Operating −1.7%
Net −1.2%
FCF —
Q4 '16
Gross —
Operating 9.7%
Net 3.6%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.3% a year. Loss periods are shown in red.
FY16
Net income $176M
FY17
Net income $345M
FY18
Net income $340M
FY19
Net income $373M
FY20
Net income −$1.3B
FY21
Net income −$812M
FY22
Net income −$931M
FY23
Net income −$327M
FY24
Net income $43.5M
FY25
Net income $185M
Q4 '15
Net income −$12.3M
Q4 '16
Net income $43.3M
FY16
Diluted EPS $0.35
FY17
Diluted EPS $0.69
FY18
Diluted EPS $0.67
FY19
Diluted EPS $0.77
FY20
Diluted EPS −$2.65
FY21
Diluted EPS −$1.70
FY22
Diluted EPS −$2.01
FY23
Diluted EPS −$0.75
FY24
Diluted EPS $0.10
FY25
Diluted EPS $0.46
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 6.0%
Return on equity 5.3%
Return on assets 1.9%
FY17
Return on capital 12.2%
Return on equity 11.1%
Return on assets 3.7%
FY18
Return on capital 12.8%
Return on equity 13.1%
Return on assets 3.7%
FY19
Return on capital 13.6%
Return on equity 15.8%
Return on assets 4.0%
FY20
Return on capital −14.9%
Return on equity −71.4%
Return on assets −13.7%
FY21
Return on capital −8.9%
Return on equity −120.5%
Return on assets −9.1%
FY22
Return on capital −10.2%
Return on equity —
Return on assets −10.2%
FY23
Return on capital 1.1%
Return on equity —
Return on assets −3.7%
FY24
Return on capital 8.2%
Return on equity —
Return on assets 0.5%
FY25
Return on capital 13.2%
Return on equity —
Return on assets 2.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow $828M
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $1.2B
Capital spending —
FY17
Cash from operations $1.2B
Capital spending —
FY18
Cash from operations $1.1B
Capital spending —
FY19
Cash from operations $836M
Capital spending $8.6M
FY20
Cash from operations −$861M
Capital spending —
FY21
Cash from operations −$269M
Capital spending —
FY22
Cash from operations −$619M
Capital spending —
FY23
Cash from operations $623M
Capital spending —
FY24
Cash from operations $627M
Capital spending —
FY25
Cash from operations $818M
Capital spending —
Cash from operations
Capital spending
Q4 '15
Cash from operations $148M
Capital spending —
Q4 '16
Cash from operations $253M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Melco Resorts & Entertainment LTD returned $0.1M to shareholders in fiscal 2025. The diluted share count fell 7.5%.
FY16
Dividends $386M
Buybacks $803M
FY17
Dividends $821M
Buybacks $0.0M
FY18
Dividends $272M
Buybacks —
FY19
Dividends $301M
Buybacks —
FY20
Dividends $79.1M
Buybacks —
FY21
Dividends $0.0M
Buybacks —
FY22
Dividends $0.2M
Buybacks —
FY23
Dividends $0.3M
Buybacks —
FY24
Dividends $0.3M
Buybacks —
FY25
Dividends $0.1M
Buybacks —
Dividends
Buybacks
Q4 '15
Dividends $9.9M
Buybacks —
Q4 '16
Dividends $18.4M
Buybacks $0.1M
Dividends
Buybacks
FY16
Diluted shares 0.51B
FY17
Diluted shares 0.50B
FY18
Diluted shares 0.51B
FY19
Diluted shares 0.48B
FY20
Diluted shares 0.48B
FY21
Diluted shares 0.48B
FY22
Diluted shares 0.46B
FY23
Diluted shares 0.44B
FY24
Diluted shares 0.43B
FY25
Diluted shares 0.40B
Balance sheet
Cash, debt and the ratios that show how comfortably Melco Resorts & Entertainment LTD can carry it.
FY16
Cash $1.7B
Debt $3.7B
FY17
Cash $1.5B
Debt $3.6B
FY18
Cash $1.6B
Debt $4.1B
FY19
Cash $1.4B
Debt $4.7B
FY20
Cash $1.8B
Debt $6.0B
FY21
Cash $1.7B
Debt $7.0B
FY22
Cash $1.8B
Debt $8.6B
FY23
Cash $1.3B
Debt $7.7B
FY24
Cash $1.1B
Debt $7.4B
FY25
Cash $1.0B
Debt $6.9B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $1.8B | $1.3B | $1.1B | $1.0B |
| Debt incl. finance leases | $7.0B | $8.6B | $7.7B | $7.4B | $6.9B |
| Net debt / EBITDA | — | — | 11.7x | 6.4x | 5.4x |
| Debt / equity | 26.8x | — | — | — | — |
| Interest coverage | −1.6x | −2.0x | 0.1x | 1.0x | 1.3x |
| Current ratio | 1.8x | 1.7x | 1.4x | 1.2x | 1.1x |
| Quick ratio | 1.8x | 1.7x | 1.4x | 1.2x | 1.0x |
| Total assets | $8.9B | $9.3B | $8.3B | $8.0B | $7.6B |
| Total liabilities | $8.1B | $9.6B | $9.2B | $8.9B | $8.5B |
| Shareholders' equity | $245M | −$850M | −$1.3B | −$1.3B | −$1.2B |
| Net debt (− = net cash) | $5.3B | $6.8B | $6.4B | $6.2B | $5.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 7 / 8 | 3 / 8 | 7 / 8 | 3 / 8 | 4 / 8 | 2 / 8 | 6 / 8 | 7 / 8 | 7 / 8 |
| Accruals ratio | −10.5% | −8.8% | −7.8% | −5.0% | −4.3% | −6.1% | −3.4% | −10.8% | −7.1% | −8.1% |
| Altman Z'' | 1.61 | 0.83 | 0.54 | 0.97 | −0.61 | −0.81 | −1.32 | −1.33 | −1.19 | −1.19 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.5B | $5.3B | $5.2B | $5.7B | $1.7B | $2.0B | $1.3B | $3.8B | $4.6B | $5.2B |
| Operating income | $363M | $605M | $613M | $748M | −$941M | −$577M | −$743M | $65.0M | $485M | $600M |
| Interest expense | $224M | $256M | $265M | $310M | $341M | $351M | $377M | $492M | $487M | $465M |
| Pretax income | $75.1M | $312M | $339M | $403M | −$1.5B | −$954M | −$1.1B | −$402M | −$6.3M | $148M |
| Income tax | $8.2M | −$0.0M | $0.2M | $8.3M | −$2.9M | $2.9M | $5.2M | $13.4M | $21.6M | $2.8M |
| Net income | $176M | $345M | $340M | $373M | −$1.3B | −$812M | −$931M | −$327M | $43.5M | $185M |
| Diluted EPS | $0.35 | $0.69 | $0.67 | $0.77 | −$2.65 | −$1.70 | −$2.01 | −$0.75 | $0.10 | $0.46 |
| Diluted shares | 0.51B | 0.50B | 0.51B | 0.48B | 0.48B | 0.48B | 0.46B | 0.44B | 0.43B | 0.40B |
| Cash flow | ||||||||||
| Cash from operations | $1.2B | $1.2B | $1.1B | $836M | −$861M | −$269M | −$619M | $623M | $627M | $818M |
| Capital expenditure | — | — | — | $8.6M | — | — | — | — | — | — |
| Free cash flow | — | — | — | $828M | — | — | — | — | — | — |
| Depreciation and amortization | $552M | $541M | $568M | $651M | $526M | $487M | $454M | $483M | $487M | $486M |
| Stock-based compensation | $18.5M | $17.3M | $25.1M | $31.8M | $54.4M | $68.0M | $71.8M | $35.5M | $27.4M | $29.3M |
| Share buybacks | $803M | $0.0M | — | — | — | — | — | — | — | — |
| Dividends paid | $386M | $821M | $272M | $301M | $79.1M | $0.0M | $0.2M | $0.3M | $0.3M | $0.1M |
| Dividends and buybacks | $1.2B | $821M | $272M | $301M | $79.1M | $0.0M | $0.2M | $0.3M | $0.3M | $0.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.7B | $1.5B | $1.6B | $1.4B | $1.8B | $1.7B | $1.8B | $1.3B | $1.1B | $1.0B |
| Total debt | $3.7B | $3.6B | $4.1B | $4.4B | $5.6B | $6.6B | $8.4B | $7.5B | $7.2B | $6.7B |
| Finance lease liabilities | — | — | — | $302M | $350M | $396M | $233M | $223M | $200M | $182M |
| Current assets | $2.3B | $1.8B | $2.1B | $1.9B | $2.0B | $1.9B | $2.1B | $1.5B | $1.4B | $1.3B |
| Current liabilities | $1.5B | $1.7B | $2.1B | $1.5B | $1.1B | $1.0B | $1.2B | $1.1B | $1.2B | $1.2B |
| Inventory | $32.6M | $35.0M | $41.1M | $44.0M | $37.3M | $29.6M | $26.4M | $29.4M | $32.5M | $36.9M |
| Property and equipment, net | $5.7B | $5.7B | $5.8B | $5.7B | $5.7B | $5.9B | $5.9B | $5.5B | $5.3B | $5.2B |
| Goodwill | $81.9M | $81.9M | $81.4M | $95.6M | $82.2M | $81.7M | $81.6M | $81.6M | $82.1M | $23.5M |
| Intangible assets | $313M | $256M | $198M | $31.6M | $58.8M | $51.5M | $43.6M | $305M | $289M | $271M |
| Total assets | $9.3B | $9.2B | $9.1B | $9.5B | $9.0B | $8.9B | $9.3B | $8.3B | $8.0B | $7.6B |
| Total liabilities | $6.0B | $5.6B | $6.1B | $6.3B | $7.2B | $8.1B | $9.6B | $9.2B | $8.9B | $8.5B |
| Shareholders' equity | $3.3B | $2.9B | $2.3B | $2.4B | $1.1B | $245M | −$850M | −$1.3B | −$1.3B | −$1.2B |
| Margins | ||||||||||
| Operating margin | 8.0% | 11.4% | 11.8% | 13.0% | −54.4% | −28.7% | −55.0% | 1.7% | 10.4% | 11.6% |
| EBITDA margin | 20.3% | 21.7% | 22.8% | 24.4% | −24.0% | −4.5% | −21.4% | 14.5% | 21.0% | 21.1% |
| Net margin | 3.9% | 6.5% | 6.6% | 6.5% | −73.1% | −40.3% | −68.9% | −8.7% | 0.9% | 3.6% |
| FCF margin | — | — | — | 14.4% | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | 6.0% | 12.2% | 12.8% | 13.6% | −14.9% | −8.9% | −10.2% | 1.1% | 8.2% | 13.2% |
| Return on capital employed | 4.6% | 8.1% | 8.8% | 9.4% | −11.9% | −7.3% | −9.2% | 0.9% | 7.1% | 9.4% |
| Return on equity | 5.3% | 11.1% | 13.1% | 15.8% | −71.4% | −120.5% | — | — | — | — |
| Return on assets | 1.9% | 3.7% | 3.7% | 4.0% | −13.7% | −9.1% | −10.2% | −3.7% | 0.5% | 2.4% |
| Return on tangible equity | 6.0% | 13.5% | 16.9% | 16.1% | −131.5% | −728.2% | — | — | — | — |
| Growth | ||||||||||
| Revenue growth | — | 16.9% | −1.8% | 10.6% | −69.9% | 16.5% | −32.9% | 179.7% | 22.9% | 11.3% |
| Net income growth | — | 96.0% | −1.3% | 9.7% | −438.6% | — | — | — | — | 325.0% |
| EPS growth | — | 100.0% | −2.6% | 15.2% | −442.6% | — | — | — | — | 352.9% |
| Share count change | — | −1.9% | 1.4% | −4.8% | −0.8% | 0.1% | −3.0% | −5.5% | −1.2% | −7.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.2x | 1.8x | 2.1x | 2.3x | — | — | — | 11.7x | 6.4x | 5.4x |
| Debt / equity | 1.1x | 1.2x | 1.8x | 1.8x | 5.1x | 26.8x | — | — | — | — |
| Interest coverage | 1.6x | 2.4x | 2.3x | 2.4x | −2.8x | −1.6x | −2.0x | 0.1x | 1.0x | 1.3x |
| Current ratio | 1.5x | 1.1x | 1.0x | 1.2x | 1.8x | 1.8x | 1.7x | 1.4x | 1.2x | 1.1x |
| Quick ratio | 1.5x | 1.1x | 0.9x | 1.2x | 1.8x | 1.8x | 1.7x | 1.4x | 1.2x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | — | — | — | 0.2% | — | — | — | — | — | — |
| Stock comp / revenue | 0.4% | 0.3% | 0.5% | 0.6% | 3.1% | 3.4% | 5.3% | 0.9% | 0.6% | 0.6% |
| Payouts / FCF | — | — | — | 36.4% | — | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 3.0 | 7.0 | 3.0 | 4.0 | 2.0 | 6.0 | 7.0 | 7.0 |
| Altman Z'' | 1.6 | 0.8 | 0.5 | 1.0 | −0.6 | −0.8 | −1.3 | −1.3 | −1.2 | −1.2 |
| Accruals ratio | −10.5% | −8.8% | −7.8% | −5.0% | −4.3% | −6.1% | −3.4% | −10.8% | −7.1% | −8.1% |
Source: SEC EDGAR XBRL filings (CIK 0001381640). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Per-share figures are per US-listed share (1 ADS = 3 ordinary shares). For information only — not investment advice. Check the original filings before relying on any figure.