Disney vs MGM Resorts
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The short version
- Disney is the larger business, with $94.4B of revenue in fiscal 2025 against $17.5B for MGM Resorts, about 5.4 times as much.
- Disney grew revenue faster (3.4%, against 1.7%).
- Disney kept more of each dollar of sales as operating profit (18.6% operating margin, against 5.7%).
- Disney turned more of its sales into free cash flow (10.7% FCF margin, against 8.3%).
- MGM Resorts earned a higher return on the capital invested in it (12.8%, against 11.8%).
- Investors pay more for each dollar of Disney’s earnings: a P/E of 23.2x against 17.3x for MGM Resorts.
| Latest fiscal year | DIS · FY25 | MGM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $196.1B | $7.2B |
| Revenue | $94.4B | $17.5B |
| Free cash flow | $10.1B | $1.5B |
| Net income | $12.4B | $206M |
| Growth | ||
| Revenue growth | 3.4% | 1.7% |
| 5-year growth | 7.6% | 27.7% |
| Share count change | −1.1% | −10.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.6% | 5.7% |
| Net margin | 13.1% | 1.2% |
| FCF margin | 10.7% | 8.3% |
| Return on capital | 11.8% | 12.8% |
| Return on equity | 11.8% | 7.6% |
| Balance sheet | ||
| Net debt | $36.5B | $4.4B |
| Net debt / EBITDA | 1.6x | 2.2x |
| Dividends and buybacks | $5.3B | $1.2B |
| Valuation & quality | ||
| P/E | 23.2x | 17.3x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
DIS —
MGM $9.5B
FY17
DIS $55.1B
MGM $10.8B
FY18
DIS $59.4B
MGM $11.8B
FY19
DIS $69.6B
MGM $12.9B
FY20
DIS $65.4B
MGM $5.2B
FY21
DIS $67.4B
MGM $9.7B
FY22
DIS $82.7B
MGM $13.1B
FY23
DIS $88.9B
MGM $16.2B
FY24
DIS $91.4B
MGM $17.2B
FY25
DIS $94.4B
MGM $17.5B
DIS
MGM
Operating margin
FY16
DIS —
MGM 21.9%
FY17
DIS 26.8%
MGM 15.9%
FY18
DIS 26.4%
MGM 12.5%
FY19
DIS 21.3%
MGM 30.6%
FY20
DIS 12.4%
MGM −12.5%
FY21
DIS 11.5%
MGM 23.5%
FY22
DIS 14.7%
MGM 11.0%
FY23
DIS 14.5%
MGM 11.7%
FY24
DIS 17.1%
MGM 8.7%
FY25
DIS 18.6%
MGM 5.7%
DIS
MGM
Free cash flow
FY16
DIS —
MGM −$729M
FY17
DIS $8.7B
MGM $342M
FY18
DIS $9.8B
MGM $236M
FY19
DIS $1.1B
MGM $1.1B
FY20
DIS $3.6B
MGM −$1.8B
FY21
DIS $2.0B
MGM $883M
FY22
DIS $1.1B
MGM $991M
FY23
DIS $4.9B
MGM $1.8B
FY24
DIS $8.6B
MGM $1.2B
FY25
DIS $10.1B
MGM $1.5B
DIS
MGM
Return on capital
FY16
DIS —
MGM 10.2%
FY17
DIS —
MGM 7.7%
FY18
DIS —
MGM 5.8%
FY19
DIS 11.3%
MGM 13.4%
FY20
DIS 4.8%
MGM −2.5%
FY21
DIS 5.9%
MGM 10.0%
FY22
DIS 6.1%
MGM 5.3%
FY23
DIS 6.7%
MGM 21.1%
FY24
DIS 8.4%
MGM 18.0%
FY25
DIS 11.8%
MGM 12.8%
DIS
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.