Disney vs MGM Resorts
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KIRA’s take AI analyst
I put Disney and MGM Resorts side by side, using each one’s latest annual report. Here is what stands out:
- 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 22.8x against 17.6x for MGM Resorts.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Disney
DIS
7/10
Revenue growthOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreNet debt / EBITDA
MGM Resorts
MGM
3/10
5-year growthReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | DIS FY25 | MGM FY25 |
|---|---|---|
| Size | ||
| Market cap | $192.4B | $7.4B |
| 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 | 22.8x | 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.