Las Vegas Sands vs MGM Resorts
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KIRA’s take AI analyst
I put Las Vegas Sands and MGM Resorts side by side, using each one’s latest annual report. Here is what stands out:
- 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 17.6x against 15.0x for Las Vegas Sands.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Las Vegas Sands
LVS
8/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
MGM Resorts
MGM
2/10
Net debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | LVS FY25 | MGM FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.4B | $7.4B |
| 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 | 15.0x | 17.6x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.