Carnival vs MGM Resorts
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The short version
- Carnival is the larger business, with $26.6B of revenue in fiscal 2025 against $17.5B for MGM Resorts, about 1.5 times as much.
- Carnival grew revenue faster (6.4%, against 1.7%).
- Carnival kept more of each dollar of sales as operating profit (16.8% operating margin, against 5.7%).
- Carnival turned more of its sales into free cash flow (9.8% FCF margin, against 8.3%).
- MGM Resorts earned a higher return on the capital invested in it (12.8%, against 12.1%).
- Investors pay more for each dollar of MGM Resorts’s earnings: a P/E of 17.3x against 11.4x for Carnival.
| Latest fiscal year | CCL · FY25 | MGM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $7.2B |
| Revenue | $26.6B | $17.5B |
| Free cash flow | $2.6B | $1.5B |
| Net income | $2.8B | $206M |
| Growth | ||
| Revenue growth | 6.4% | 1.7% |
| 5-year growth | 36.6% | 27.7% |
| Share count change | 0.3% | −10.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.8% | 5.7% |
| Net margin | 10.4% | 1.2% |
| FCF margin | 9.8% | 8.3% |
| Return on capital | 12.1% | 12.8% |
| Return on equity | 25.6% | 7.6% |
| Balance sheet | ||
| Net debt | $25.5B | $4.4B |
| Net debt / EBITDA | 3.5x | 2.2x |
| Dividends and buybacks | $0.0M | $1.2B |
| Valuation & quality | ||
| P/E | 11.4x | 17.3x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CCL $16.4B
MGM $9.5B
FY17
CCL $17.5B
MGM $10.8B
FY18
CCL $18.9B
MGM $11.8B
FY19
CCL $20.8B
MGM $12.9B
FY20
CCL $5.6B
MGM $5.2B
FY21
CCL $1.9B
MGM $9.7B
FY22
CCL $12.2B
MGM $13.1B
FY23
CCL $21.6B
MGM $16.2B
FY24
CCL $25.0B
MGM $17.2B
FY25
CCL $26.6B
MGM $17.5B
CCL
MGM
Operating margin
FY16
CCL 18.7%
MGM 21.9%
FY17
CCL 16.0%
MGM 15.9%
FY18
CCL 17.6%
MGM 12.5%
FY19
CCL 15.7%
MGM 30.6%
FY20
CCL −158.5%
MGM −12.5%
FY21
CCL −371.5%
MGM 23.5%
FY22
CCL −36.0%
MGM 11.0%
FY23
CCL 9.1%
MGM 11.7%
FY24
CCL 14.3%
MGM 8.7%
FY25
CCL 16.8%
MGM 5.7%
CCL
MGM
Free cash flow
FY16
CCL $2.1B
MGM −$729M
FY17
CCL $2.4B
MGM $342M
FY18
CCL $1.8B
MGM $236M
FY19
CCL $46.0M
MGM $1.1B
FY20
CCL −$9.9B
MGM −$1.8B
FY21
CCL −$7.7B
MGM $883M
FY22
CCL −$6.6B
MGM $991M
FY23
CCL $997M
MGM $1.8B
FY24
CCL $1.3B
MGM $1.2B
FY25
CCL $2.6B
MGM $1.5B
CCL
MGM
Return on capital
FY16
CCL 9.8%
MGM 10.2%
FY17
CCL 8.4%
MGM 7.7%
FY18
CCL 9.6%
MGM 5.8%
FY19
CCL 9.0%
MGM 13.4%
FY20
CCL −18.0%
MGM −2.5%
FY21
CCL −14.0%
MGM 10.0%
FY22
CCL −9.5%
MGM 5.3%
FY23
CCL 4.6%
MGM 21.1%
FY24
CCL 10.4%
MGM 18.0%
FY25
CCL 12.1%
MGM 12.8%
CCL
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.