Caesars Entertainment vs MGM Resorts
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KIRA’s take AI analyst
I put Caesars Entertainment 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 $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%).
- MGM Resorts turned more of its sales into free cash flow (8.3% FCF margin, against 4.3%).
- MGM Resorts earned a higher return on the capital invested in it (12.8%, against 9.6%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Caesars Entertainment
CZR
2/10
Revenue growthOperating margin
MGM Resorts
MGM
7/10
5-year growthNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| 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 |
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.