Flutter Entertainment vs MGM Resorts
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The short version
- MGM Resorts is the larger business, with $17.5B of revenue in fiscal 2025 against $16.4B for Flutter Entertainment.
- Flutter Entertainment grew revenue faster (16.6%, against 1.7%).
- MGM Resorts kept more of each dollar of sales as operating profit (5.7% operating margin, against 0.2%).
- MGM Resorts turned more of its sales into free cash flow (8.3% FCF margin, against 6.6%).
- MGM Resorts earned a higher return on the capital invested in it (12.8%, against 0.2%).
| Latest fiscal year | FLUT · FY25 | MGM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $7.2B |
| Revenue | $16.4B | $17.5B |
| Free cash flow | $1.1B | $1.5B |
| Net income | −$310M | $206M |
| Growth | ||
| Revenue growth | 16.6% | 1.7% |
| 5-year growth | 51.9% | 27.7% |
| Share count change | −1.7% | −10.6% |
| Profitability | ||
| Gross margin | 45.2% | — |
| Operating margin | 0.2% | 5.7% |
| Net margin | −1.9% | 1.2% |
| FCF margin | 6.6% | 8.3% |
| Return on capital | 0.2% | 12.8% |
| Return on equity | −3.4% | 7.6% |
| Balance sheet | ||
| Net debt | $10.4B | $4.4B |
| Net debt / EBITDA | 6.7x | 2.2x |
| Dividends and buybacks | $1.1B | $1.2B |
| Valuation & quality | ||
| P/E | — | 17.3x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
FLUT $1.2B
MGM $9.5B
FY17
FLUT $1.3B
MGM $10.8B
FY18
FLUT $2.0B
MGM $11.8B
FY19
FLUT $2.5B
MGM $12.9B
FY20
FLUT —
MGM $5.2B
FY21
FLUT —
MGM $9.7B
FY22
FLUT $9.5B
MGM $13.1B
FY23
FLUT $11.8B
MGM $16.2B
FY24
FLUT $14.0B
MGM $17.2B
FY25
FLUT $16.4B
MGM $17.5B
FLUT
MGM
Operating margin
FY16
FLUT —
MGM 21.9%
FY17
FLUT 34.1%
MGM 15.9%
FY18
FLUT 12.8%
MGM 12.5%
FY19
FLUT 10.5%
MGM 30.6%
FY20
FLUT —
MGM −12.5%
FY21
FLUT —
MGM 23.5%
FY22
FLUT −0.9%
MGM 11.0%
FY23
FLUT −4.7%
MGM 11.7%
FY24
FLUT 6.2%
MGM 8.7%
FY25
FLUT 0.2%
MGM 5.7%
FLUT
MGM
Free cash flow
FY16
FLUT $343M
MGM −$729M
FY17
FLUT $484M
MGM $342M
FY18
FLUT $526M
MGM $236M
FY19
FLUT $643M
MGM $1.1B
FY20
FLUT —
MGM −$1.8B
FY21
FLUT —
MGM $883M
FY22
FLUT $1.0B
MGM $991M
FY23
FLUT $778M
MGM $1.8B
FY24
FLUT $1.5B
MGM $1.2B
FY25
FLUT $1.1B
MGM $1.5B
FLUT
MGM
Return on capital
FY16
FLUT —
MGM 10.2%
FY17
FLUT 9.9%
MGM 7.7%
FY18
FLUT 3.2%
MGM 5.8%
FY19
FLUT 3.0%
MGM 13.4%
FY20
FLUT —
MGM −2.5%
FY21
FLUT —
MGM 10.0%
FY22
FLUT —
MGM 5.3%
FY23
FLUT —
MGM 21.1%
FY24
FLUT 5.8%
MGM 18.0%
FY25
FLUT 0.2%
MGM 12.8%
FLUT
MGM
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.