Caesars Entertainment
CZR · Casinos & Gaming
$28.80
0.9%MGM Resorts
MGM · Casinos & Gaming
$28.06
4.9%The short version
- MGM Resorts is the larger business, with $17.5B of revenue in fiscal 2025 against $11.5B for Caesars Entertainment, about 1.5 times as much.
- Caesars Entertainment kept more of each dollar of sales as operating profit (16.2% operating margin, against 5.7% operating margin).
- MGM Resorts turned more of its sales into free cash flow (8.3% FCF margin, against 4.3% FCF margin).
- MGM Resorts earned a higher return on the capital invested in it (12.8%, against 9.6%).
| Latest fiscal year | CZR · FY25 | MGM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $7.2B |
| Revenue | $11.5B | $17.5B |
| Free cash flow | $497M | $1.5B |
| Net income | −$502M | $206M |
| Growth | ||
| Revenue growth | 2.1% | 1.7% |
| 5-year growth | 25.9% | 27.7% |
| Share count change | −3.3% | −10.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | 5.7% |
| Net margin | −4.4% | 1.2% |
| FCF margin | 4.3% | 8.3% |
| Return on capital | 9.6% | 12.8% |
| Return on equity | −13.1% | 7.6% |
| Balance sheet | ||
| Net debt | $11.2B | $4.4B |
| Net debt / EBITDA | 3.4x | 2.2x |
| Dividends and buybacks | $229M | $1.2B |
| Valuation & quality | ||
| P/E | — | 17.3x |
| Piotroski F-score | 6 | 6 |
FY16
CZR $893M
MGM $9.5B
FY17
CZR $1.5B
MGM $10.8B
FY18
CZR $2.1B
MGM $11.8B
FY19
CZR $2.5B
MGM $12.9B
FY20
CZR $3.6B
MGM $5.2B
FY21
CZR $9.6B
MGM $9.7B
FY22
CZR $10.8B
MGM $13.1B
FY23
CZR $11.5B
MGM $16.2B
FY24
CZR $11.2B
MGM $17.2B
FY25
CZR $11.5B
MGM $17.5B
CZR
MGM
FY16
CZR 9.9%
MGM 21.9%
FY17
CZR 6.4%
MGM 15.9%
FY18
CZR 15.1%
MGM 12.5%
FY19
CZR 16.2%
MGM 30.6%
FY20
CZR −10.6%
MGM −12.5%
FY21
CZR 15.3%
MGM 23.5%
FY22
CZR 16.1%
MGM 11.0%
FY23
CZR 21.4%
MGM 11.7%
FY24
CZR 20.5%
MGM 8.7%
FY25
CZR 16.2%
MGM 5.7%
CZR
MGM
FY16
CZR $52.2M
MGM −$729M
FY17
CZR $46.7M
MGM $342M
FY18
CZR $176M
MGM $236M
FY19
CZR $142M
MGM $1.1B
FY20
CZR −$725M
MGM −$1.8B
FY21
CZR $679M
MGM $883M
FY22
CZR $41.0M
MGM $991M
FY23
CZR $545M
MGM $1.8B
FY24
CZR −$221M
MGM $1.2B
FY25
CZR $497M
MGM $1.5B
CZR
MGM
FY16
CZR 5.5%
MGM 10.2%
FY17
CZR 3.7%
MGM 7.7%
FY18
CZR 6.2%
MGM 5.8%
FY19
CZR 6.6%
MGM 13.4%
FY20
CZR −2.7%
MGM −2.5%
FY21
CZR 6.4%
MGM 10.0%
FY22
CZR 8.2%
MGM 5.3%
FY23
CZR 12.2%
MGM 21.1%
FY24
CZR 11.3%
MGM 18.0%
FY25
CZR 9.6%
MGM 12.8%
CZR
MGM
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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.