— Know what they know.
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Not Investment Advice

MGM

NYSE · USD
MGM Resorts International
Consumer Cyclical · Gambling, Resorts & Casinos
CEO William Joseph Hornbuckle Employees 44,000 R&D / revenue 0.0%
Last price
$28.60−2.99%last session
Market cap
$7.2B
P/E (TTM)
17.1x
From 52w high
−44.6%
From 52w low
+0.6%
1-year return
−9.8%
RSI 14 · vs SMA200
17.6 · −27.4%
IS score
32.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

MGM   SPY   XLY (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97MGM 90

Score DNA

Each bar is a 0-100 score within the scored universe
39
Profitability
27
Growth
38
Value
59
Momentum
15
Risk (safety)
52
Quality
25
Balance sheet
82
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 0.8Beta 1.282 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $256,587
Form 144 notices (12m): 1, $256,587 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+51
130 new holders, 73 closed
666 filers hold 67.6% · 175 added, 238 trimmed
ETFETF holdings · 30 days
Net funds accumulating
0
475 funds adding shares
475 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
50.6%
20-day avg 62.4%, 50-day avg 60.6%
Latest 11.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$17.5B
Revenue growth YoY+1.7%
Gross margin44.4%
Operating income$1.0B
Operating margin5.7%
Net income$206.2M
Net margin1.2%
EPS (diluted)$0.76
Cash flow
Operating cash flow$2.7B
Capital expenditure$1.1B
Free cash flow$1.7B
FCF conversion (FCF / OCF)60.9%
Stock-based compensation$0
FCF less SBC$1.7B
Buybacks$1.2B
Dividends$0
Balance sheet & returns
Cash & short-term investments$2.1B
Total debt$31.2B
Net debt$29.1B
Shareholders' equity$3.3B
Goodwill & intangibles$6.3B
Debt / equity11.87
ROE (TTM)17.0%
ROIC (TTM)2.7%
Operating margin by fiscal year
24.1%FY202111.0%FY202211.7%FY20238.9%FY20245.7%FY2025
Revenue $9.7B (FY2021) to $17.5B (FY2025), a 16.0% CAGR.

Valuation

P/E (TTM)17.1x
EV / EBITDA17.3x
Price / sales0.41x
Price / FCF4.3x
FCF yield23.24%
Buyback yield17.07%
SBC / revenue0.5%
Price / book2.89x
Forward P/E FY202615.8x
Forward P/E FY202715.3x
Forward P/E FY202813.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $46.80 across 5 analysts last quarter is theirs, not ours.

MGM vs industry median

107 companies in Gambling, Resorts & Casinos
Gross margin 44.2% 46.9% Operating margin 5.7% 9.2% Net margin 2.4% 1.8% ROIC 2.7% 9.9%
MGM (TTM)Industry median Asset turnover 0.45 vs industry 0.53 · financial leverage 15.85

Earnings delivery

Next report 2026-10-28 · consensus EPS $0.10
75%
beat rate, 9 of 12 quarters
+26.0%
median EPS surprise
4
longest beat streak
+16+49+32+30-11+22+38+36-35+150-13+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
MGM MGM Resorts International $7.2B17.1x17.0%2.4%+1.7% −9.8%
WYNN Wynn Resorts, Limited $7.8B17.3x-146.9%7.5%+6.4% −34.6%
LNW Light & Wonder, Inc. $8.4B17.8x89.4%14.5%−6.4% +13.0%
CZR Caesars Entertainment, Inc. $5.9Bn/m-12.8%-2.1%+2.4% +32.5%
CHDN Churchill Downs Incorporated $5.7B14.0x34.4%24.6%+5.7% −5.5%
SGHC Super Group (SGHC) Limited $5.6B15.2x47.5%17.5%+18.9% —
DKNG DraftKings Inc. $9.4Bn/m-21.1%-4.7%+15.0% —
MTN Vail Resorts, Inc. $5.4B36.6x44.4%-77.6%−4.2% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-07-29Earnings Release; Exhibits
2026-05-14Material Agreement; Financial Obligation; Exhibits
2026-05-08Shareholder Vote
2026-04-29Earnings Release; Exhibits
2026-04-07Material Agreement; Exhibits
2026-02-05Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding251,593,000
Free float72.0%
Institutional ownership67.6%
Beta1.28
Dividend yield0.00%
Last dividend$0.00 on 2022-12-08
50 / 200-day average$38.15 / $39.42
Mid-cap Consumer Cyclical median P/E17.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where MGM sits among 19 scored companies in Gambling, Resorts & Casinos (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureMGMIndustry medianIndustry percentileSector median
P/E (TTM) 16.9x 15.8x
58th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) 0.98 0.98
50th		 0.96
Price / sales 0.4x 1.1x
17th		 1.0x
Price / book 2.9x 3.1x
44th		 2.4x
Price / tangible book —
Price / free cash flow 4.3x 13.2x
0th		 15.2x
Price / operating cash flow 2.7x 7.2x
6th		 10.2x
Enterprise value $34.5B $8.0B
94th		 $5.6B
EV / sales 1.9x 2.2x
39th		 1.4x
EV / EBITDA 17.3x 9.1x
88th		 11.4x
EV / EBIT 38.1x 12.1x
100th		 16.0x
EV / free cash flow 20.6x 22.8x
44th		 21.0x
Earnings yield 5.9% 5.8%
61st		 4.8%
FCF yield 23.2% 6.6%
100th		 5.9%
Operating cash flow yield 36.7% 12.3%
94th		 9.3%
Graham number (per share) $19.05 $13.71
60th		 $33.39

Profitability (TTM)

MeasureMGMIndustry medianIndustry percentileSector median
Gross margin 44.2% 38.6%
72nd		 34.2%
EBITDA margin 11.2% 25.2%
28th		 11.7%
Operating margin 5.7% 14.8%
22nd		 8.7%
EBIT margin 5.1% 15.2%
28th		 8.2%
Net margin 2.4% 4.5%
39th		 4.9%
NOPAT margin 5.6% 12.2%
22nd		 6.8%
FCF margin 9.4% 9.9%
44th		 6.5%
Operating cash flow margin 14.9% 13.4%
56th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 29.9% 18.5%
83rd		 17.2%
Stock comp / revenue 0.5% 0.7%
39th		 0.6%
Effective tax rate 3.0% 21.0%
6th		 22.4%

Returns on capital

MeasureMGMIndustry medianIndustry percentileSector median
ROE (on average equity) 15.5% 20.7%
38th		 12.8%
ROA 1.0% 3.1%
33rd		 4.4%
ROIC 3.3% 9.3%
28th		 9.3%
ROCE 2.5% 10.3%
28th		 9.9%
Return on tangible assets 2.2% 8.5%
28th		 7.4%
Cash ROIC (OCF / invested capital) 8.9% 13.3%
35th		 14.4%
Gross profitability (GP / assets) 19.7% 22.5%
33rd		 31.6%
ROIC, 3-yr average 3.0% 6.7%
31st		 7.4%
ROIC, 5-yr average 4.8% 7.5%
38th		 9.1%
ROE, 5-yr average 25.5% 23.6%
57th		 15.8%
Incremental ROIC -21.0% -18.7%
47th		 11.2%

Growth

MeasureMGMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.2% 6.1%
29th		 6.0%
Revenue growth (QoQ) -0.1% 3.7%
28th		 6.6%
Revenue CAGR, 3 yr 6.2% 8.1%
35th		 3.0%
Revenue CAGR, 5 yr 22.6% 20.0%
69th		 5.9%
Gross profit CAGR, 3 yr 3.0% 3.0%
53rd		 3.3%
Operating income CAGR, 3 yr 165.5% 2.8%
100th		 2.1%
Net income growth (TTM YoY) -21.0% 25.4%
9th		 4.7%
Net income CAGR, 3 yr 4.4% 6.6%
33rd		 1.4%
EPS growth (TTM YoY) -15.5% 39.4%
9th		 7.6%
EPS CAGR, 3 yr 17.3% 14.2%
56th		 3.4%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 29.1% 44.7%
33rd		 26.3%
FCF CAGR, 3 yr 12.2% 8.6%
64th		 6.5%
Operating cash flow CAGR, 3 yr 7.8% 6.0%
62nd		 6.7%
Book value CAGR, 3 yr -6.9% -4.3%
47th		 8.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 15.5% 20.8%
20th		 12.2%

Margin history & stability

MeasureMGMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 44.7% 41.1%
65th		 34.9%
Operating margin, 3-yr average 8.0% 15.0%
29th		 8.0%
Net margin, 3-yr average 3.6% 3.6%
47th		 4.8%
FCF margin, 3-yr average 8.5% 8.6%
47th		 5.7%
Revenue stability (0-1) 0.83 0.90
18th		 0.80
Earnings stability (0-1) 0.00 0.29
6th		 0.43
Margin stability (0-1) 0.96 0.90
100th		 0.92

Liquidity (latest quarter)

MeasureMGMIndustry medianIndustry percentileSector median
Cash & short-term investments $2.5B $548.0M
94th		 $278.1M
Net cash (− = net debt) −$27.3B −$3.9B
0th		 −$1.2B
Working capital $1.1B −$14.0M
94th		 $298.0M
Current ratio 1.33 1.00
78th		 1.49
Quick ratio 1.30 0.98
78th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.77 0.59
67th		 0.31
Defensive interval (days) 201 days 305 days
28th		 290 days

Leverage & solvency (latest quarter)

MeasureMGMIndustry medianIndustry percentileSector median
Total debt $29.8B $4.4B
100th		 $1.8B
Debt / equity 11.87 3.57
81st		 1.04
Net debt / equity 10.86 2.97
81st		 0.78
Debt / assets 74.9% 55.1%
72nd		 39.7%
Debt / capital 92.2% 78.1%
81st		 51.0%
Debt / EBITDA 15.00 4.63
100th		 3.26
Net debt / EBITDA 13.72 4.27
100th		 2.42
Interest coverage (EBIT / interest) 2.2x 2.2x
53rd		 5.1x
Cash interest coverage 6.5x 2.7x
82nd		 6.0x
Debt payback (years of OCF) 11.3 yrs 6.0 yrs
81st		 3.8 yrs
Liabilities / assets 91.5% 81.5%
78th		 68.1%
IS credit model rating B — —
Implied credit spread (bps) 750 750
50th		 275

Efficiency

MeasureMGMIndustry medianIndustry percentileSector median
Asset turnover 0.44 0.57
22nd		 1.00
Fixed asset turnover 0.64 1.11
6th		 3.73
Inventory turnover 79.3 66.4
54th		 5.3
Receivables turnover 15.7 28.8
17th		 19.9
Days sales outstanding 23 days 13 days
83rd		 18 days
Days inventory outstanding 5 days 6 days
46th		 68 days
Days payables outstanding 15 days 18 days
33rd		 42 days
Cash conversion cycle (days) 13 days −4 days
89th		 44 days
Capex / revenue 5.5% 5.5%
47th		 3.1%
Capex / depreciation 0.89 0.52
82nd		 0.89
Operating expense ratio 33.2% 22.7%
78th		 24.8%

Cash flow & earnings quality

MeasureMGMIndustry medianIndustry percentileSector median
Operating cash flow / net income 6.19 2.63
100th		 1.76
FCF / net income 3.92 1.73
92nd		 1.18
FCF / operating cash flow 63.3% 66.0%
47th		 70.1%
Capex / operating cash flow 36.7% 34.0%
53rd		 29.9%
Accruals ratio -5.4% -7.0%
61st		 -5.7%
Sloan accruals ratio -1.6% -6.1%
67th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
17th		 0.75

Dividends & buybacks

MeasureMGMIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.5%
0th		 0.8%
Dividend per share (TTM) $0.00 $0.44
0th		 $0.40
Payout ratio (dividends / net income) 0.0% 7.7%
0th		 17.8%
Dividends / FCF 0.0% 2.3%
0th		 11.6%
Dividend growth (YoY) —
Buyback yield 10.8% 3.4%
89th		 1.6%
Shareholder yield (dividends + buybacks) 10.8% 4.5%
89th		 3.7%
Share count change (YoY) -6.5% -2.9%
24th		 -0.9%
Buybacks, last 5 years $4.8B $579.5M
94th		 $198.3M

Scores & forensic checks

MeasureMGMIndustry medianIndustry percentileSector median
IS score 33 44
39th		 50
IS profitability 39 39
50th		 38
IS growth 27 62
12th		 53
IS value 38 47
22nd		 50
IS momentum 59 69
41st		 72
IS risk (safety) 15 30
0th		 65
IS quality 52 54
44th		 63
IS balance sheet 25 25
50th		 48
IS earnings quality 82 73
89th		 77
IS cash flow 61 54
61st		 56
Piotroski F-score (0-9) 7 6
61st		 6
Altman Z-score 0.8 1.5
28th		 2.8
Beneish M-score −2.84 −2.78
35th		 −2.69
Ohlson O-score −5.81 −5.81
44th		 −6.83
IS credit score 27 30
44th		 58

Per share

MeasureMGMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.65 $0.70
61st		 $2.05
Book value per share $9.75 $6.72
56th		 $14.46
Tangible book per share −$10.44 −$9.74
44th		 $3.70
Revenue per share $68.91 $42.74
78th		 $46.29
FCF per share $6.49 $2.59
72nd		 $2.72
Operating cash flow per share $10.24 $5.64
78th		 $4.86
Cash per share $9.88 $5.09
94th		 $3.59

Size (TTM)

MeasureMGMIndustry medianIndustry percentileSector median
Market cap $7.2B $5.2B
78th		 $3.6B
Revenue $17.8B $4.1B
100th		 $3.9B
EBITDA $2.0B $780.5M
83rd		 $442.3M
Net income $426.3M $147.5M
83rd		 $178.6M
Free cash flow $1.7B $325.5M
94th		 $206.3M
Total assets $39.8B $7.5B
100th		 $4.4B
Shareholders' equity $2.5B $644.8M
89th		 $957.6M
Employees 69,000 11,700
100th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-07Hornbuckle William
Director, CEO AND PRESIDENT
 Option exercise 32,441——139,594
2026-10-07Hornbuckle William
Director, CEO AND PRESIDENT
 Tax withholding 12,766$30.00$382,980126,828
2026-10-07Hornbuckle William
Director, CEO AND PRESIDENT
 Option exercise 32,441——32,442
2026-10-07Mcmanus John
CHIEF LEGAL ADMIN OFC AND SECY
 Option exercise 7,299——97,090
2026-10-07Mcmanus John
CHIEF LEGAL ADMIN OFC AND SECY
 Tax withholding 2,873$30.00$86,19094,217
2026-10-07Mcmanus John
CHIEF LEGAL ADMIN OFC AND SECY
 Option exercise 7,299——7,300
2026-10-07Meinert Todd
SVP & Chief Accounting Officer
 Option exercise 1,379——32,993
2026-10-07Meinert Todd
SVP & Chief Accounting Officer
 Tax withholding 336$30.00$10,08032,657
2026-10-07Meinert Todd
SVP & Chief Accounting Officer
 Option exercise 1,379——1,379
2026-10-07Molino Ayesha Khanna
CHIEF OPERATING OFFICER
 Option exercise 3,346——34,225
2026-10-07Molino Ayesha Khanna
CHIEF OPERATING OFFICER
 Tax withholding 1,317$30.00$39,51032,908
2026-10-07Molino Ayesha Khanna
CHIEF OPERATING OFFICER
 Option exercise 3,346——3,346

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired21439,274—
Open-market saleDisposed16,675$256,587
Option exerciseAcquired44516,070—
Option exerciseDisposed44516,070—
Tax withholdingDisposed33177,519$5.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 6,675 shares · $256,587
FiledFilerShares proposedEst. proceeds
2026-05-22Taylor Daniel J6,675$256,587
2025-09-15John Mcmanus60,000$2.2M
2025-09-11Corvex Management Lp242,000$8.7M
2025-06-13Corvex Management Lp60,000$1.9M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-09-29Ro KhannaHouseSale$1,001 - $15,0002025-10-03
2025-08-26Ro KhannaHousePurchase$1,001 - $15,0002025-09-12
2025-03-14Susie LeeHouseSale (Full)$1,001 - $15,0002025-04-11
2025-03-13Susie LeeHouseSale (Full)$1,001 - $15,0002025-04-11
2023-01-04Thomas R. CarperSenatePurchase$1,001 - $15,0002023-02-02
2023-01-04Thomas R. CarperSenatePurchase$1,001 - $15,0002023-02-01
2023-01-04Thomas Richard CarperSenatePurchase$1,001 - $15,0002023-02-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
DAVIS SELECTED ADVISERS23,903,317$1.1B9.50%
BlackRock, Inc.12,640,448$604.3M5.02%
VANGUARD CAPITAL MANAGEMENT LLC12,157,125$581.2M4.83%
Starlite Capital INC9,330,416$451.7M3.71%
VANGUARD PORTFOLIO MANAGEMENT LLC8,266,676$395.2M3.29%
STATE STREET CORP7,047,768$337.0M2.80%
Invesco Ltd.5,372,543$256.9M2.14%
GEODE CAPITAL MANAGEMENT, LLC5,044,676$240.7M2.01%
MORGAN STANLEY4,115,862$196.8M1.64%
GOLDMAN SACHS GROUP INC3,131,196$149.7M1.24%
DIMENSIONAL FUND ADVISORS LP2,354,626$112.6M0.94%
Helikon Investments Ltd2,024,930$96.8M0.80%
BANK OF AMERICA CORP /DE/2,021,020$96.6M0.80%
TWO SIGMA INVESTMENTS, LP1,998,075$95.5M0.79%
VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.1,748,416$83.6M0.69%

Institutional ownership by quarter

2023-092026-0667.6%
% of shares held by 13F filers
2023-092026-06666
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3066667.6%13017523873
2026-03-3161566.8%9216325173
2025-12-3161272.5%7817723991
2025-09-3063573.1%8417225466
2025-06-3062878.0%9418326085
2025-03-3162874.2%80189253120
2024-12-3167978.9%106185280106
2024-09-3069280.1%77215292112
2024-06-3073679.1%9722129377
2024-03-3172880.9%9125025389
2023-12-3173884.8%14516930787
2023-09-3069091.3%8319029293

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-09-24SCHEDULE 13D/APEOPLE INCORPORATED26.5%66,822,350
2026-08-12SCHEDULE 13G/ADAVIS SELECTED ADVISERS9.3%23,903,317
2026-06-01SCHEDULE 13D/AIAC INC.26.1%66,822,350
2026-05-05SCHEDULE 13G/ADAVIS SELECTED ADVISERS9.5%24,295,338
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.01%$173.0M
VTI0.01%$173.0M
VTSAX0.01%$173.0M
VSMPX0.01%$173.0M
VOO0.01%$143.5M
VFFSX0.01%$143.5M

Share structure

Shares outstanding251,593,000
Float181,133,122
Free float72.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$9.7B$13.1B$16.2B$17.2B$17.5B
Cost of revenue$5.0B$6.7B$8.6B$9.4B$9.7B
Gross profit$4.6B$6.5B$7.6B$7.8B$7.8B
R&D$0$0$0$0$0
SG&A$2.5B$4.2B$5.2B$4.8B$4.9B
Operating income$2.3B$1.4B$1.9B$1.5B$1.0B
EBITDA$3.4B$5.0B$2.4B$2.4B$1.7B
Pretax income$1.5B$903.8M$1.5B$1.1B$388.0M
Income tax$253.4M$697.1M$157.8M$52.5M−$44.1M
Net income$1.3B$1.5B$1.1B$746.6M$206.2M
EPS, diluted$2.41$0.50$3.19$2.40$0.76
Diluted shares487.4M413.0M358.6M310.2M264.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.7B$5.9B$2.9B$2.4B$2.1B
Receivables$857.8M$925.2M$1.1B$1.3B$1.3B
Inventory$96.4M$126.1M$141.7M$140.6M$124.5M
Total current assets$6.4B$8.2B$4.9B$4.4B$4.3B
PP&E, net$25.9B$29.8B$29.5B$29.7B$29.3B
Goodwill & intangibles$7.1B$6.6B$6.9B$6.9B$6.3B
Total assets$40.9B$45.7B$42.4B$42.2B$41.4B
Accounts payable$286.2M$369.8M$461.7M$412.7M$421.5M
Total current liabilities$3.4B$4.5B$3.1B$3.4B$3.5B
Long-term debt$11.8B$7.4B$6.3B$6.4B$31.2B
Total liabilities$29.8B$40.3B$38.0B$38.5B$38.1B
Shareholders' equity$11.1B$5.4B$4.4B$3.7B$3.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.2B$1.4B$1.1B$1.1B$211.1M
Depreciation & amortization$1.2B$3.9B$814.1M$831.1M$1.0B
Stock-based compensation$65.2M$0$0$80.2M$0
Change in working capital$142.5M$113.2M$192.2M−$237.4M−$112.5M
Operating cash flow$1.4B$1.8B$2.7B$2.4B$2.7B
Capital expenditure−$490.7M−$765.1M−$931.8M−$1.2B−$1.1B
Free cash flow$882.7M$1.0B$1.8B$1.2B$1.7B
Investing cash flow$1.5B$2.1B−$722.5M−$1.3B−$1.3B
Net debt issued / repaid−$1.3B$77.9M−$2.4B$29.4M−$180.5M
Buybacks−$1.8B−$2.8B−$2.3B−$1.4B−$1.2B
Dividends paid−$4.8M−$4.0M$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin49.1%49.4%47.0%44.4%44.4%
Operating margin24.1%11.0%11.7%8.9%5.7%
Net margin13.3%11.2%7.1%4.3%1.2%
FCF margin9.3%7.6%10.9%7.0%9.3%
ROE19.9%27.0%26.4%21.8%7.6%
ROIC7.2%1.0%5.2%4.5%2.0%
ROA3.2%3.4%2.6%1.8%0.5%
Debt / equity4.077.048.3010.5423.11
Interest coverage0.8xn/m4.2x3.8x1.7x
Current ratio1.861.811.571.301.23
Revenue growth+83.3%+38.6%+23.4%+6.5%+1.7%
EPS growth+227.7%+42.7%−11.8%−25.8%−68.8%
P/E at year end16.8x8.8x13.3x13.9x46.9x
EV / EBITDA at year end23.4x14.7x15.9x15.7x37.1x
FCF yield at year end4.19%7.65%11.58%11.68%16.95%
Dividend payout0.4%0.3%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Casino$5.4B$5.7B$8.1B$8.8B$9.5B
Occupancy$1.7B$3.1B$3.5B$3.7B$3.4B
Food And Beverage———$3.1B$3.0B
Food and Beverage$1.4B$2.6B$2.9B——
Entertainment Retail And Other$1.0B$1.7B$1.6B$1.7B$1.7B
Reimbursed Costs$226.1M$45.7M$45.7M——

Revenue by region · FY2025

Las Vegas Strip Resorts$8.4B · 65%
M G M China$4.5B · 35%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $0.10 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$17.6B$17.3B – $17.8B$1.81$1.51 – $2.231015.8x
2027$17.8B$17.4B – $18.4B$1.87$1.05 – $2.281015.3x
2028$18.2B$17.6B – $19.0B$2.14$1.83 – $2.82413.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$0.56$0.59+5.5%$4.4B$4.5B+0.8%
2026-04-29$0.56$0.49−12.5%$4.4B$4.5B+2.0%
2026-02-05$0.64$1.60+150.0%$4.5B$4.6B+2.4%
2025-10-29$0.37$0.24−35.1%$4.4B$4.3B−3.8%
2025-07-30$0.58$0.79+36.2%$4.2B$4.4B+3.7%
2025-04-30$0.50$0.69+38.0%$4.3B$4.3B−0.2%
2025-02-12$0.37$0.45+21.6%$4.3B$4.3B+1.9%
2024-10-30$0.61$0.54−11.5%$4.3B$4.2B−2.9%
2024-07-31$0.66$0.86+30.3%$4.3B$4.3B+1.8%
2024-05-01$0.56$0.74+32.1%$4.2B$4.4B+3.3%
2024-02-13$0.71$1.06+49.3%$4.1B$4.4B+5.7%
2023-11-08$0.55$0.64+16.4%$3.9B$4.0B+2.7%
2023-08-02$0.54$0.59+9.3%$3.8B$3.9B+3.2%
2023-05-01$0.10$0.44+325.1%$3.6B$3.9B+7.9%
2023-02-08$-1.60$0.69+143.1%$3.4B$3.6B+7.2%
2022-11-02$0.22$-1.39−731.8%$3.2B$3.4B+5.4%
2022-08-03$0.24$0.03−87.5%$3.0B$3.3B+7.8%
2022-05-02$-0.09$0.01+111.1%$2.8B$2.9B+1.4%
2022-02-09$0.02$0.12+476.9%$2.8B$3.1B+10.3%
2021-11-03$0.01$0.03+316.7%$6.7B$2.7B−59.6%
2021-08-04$-0.36$-0.13+63.9%$2.3B$2.3B−0.5%
2021-04-28$-0.86$-0.68+20.9%$1.6B$1.6B+0.7%
2021-02-10$-0.96$-0.90+6.2%$1.6B$1.5B−4.1%
2020-10-29$-1.10$-1.08+1.8%$1.1B$1.1B+3.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.206-220.206-290.107-060.107-130.107-200.207-270.208-030.108-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$101.0M2,440,33455,767
2026-08-24$79.3M1,832,14242,741
2026-08-17$83.9M1,933,95550,641
2026-08-10$88.1M2,005,84154,222
2026-08-03$187.7M4,177,77286,636
2026-07-27$190.2M4,171,51576,336

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1550.6%
DateShort shareShort volumeTotal volume
2026-10-1550.6%1,013,0912,000,593
2026-10-1449.9%722,6541,449,306
2026-10-1356.9%758,7441,333,052
2026-10-1268.5%1,346,9781,965,403
2026-10-0971.6%1,792,2902,503,949
2026-10-0864.9%1,373,7492,116,268
2026-10-0773.7%1,588,3152,155,772
2026-10-0667.7%987,6271,459,583
2026-10-0566.7%1,441,7792,161,545
2026-10-0270.3%1,104,8001,570,690
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.0Jan-4.1Feb-2.6Mar+13.3Apr-1.0May-3.4Jun+2.0Jul+2.9Aug+2.6Sep+0.5Oct+4.3Nov+4.0Dec
MonthAvg returnUp yearsYears
Jan−0.0%45%20
Feb−4.1%40%20
Mar−2.6%48%21
Apr+13.3%55%20
May−1.0%60%20
Jun−3.4%35%20
Jul+2.0%65%20
Aug+2.9%65%20
Sep+2.6%55%20
Oct+0.5%40%20
Nov+4.3%55%20
Dec+4.0%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1417.6
MFI25.8
ADX60.7
Stochastic %K / %D8.8 / 9.1
Williams %R-96.0
CCI-78
TSI / signal-69.7 / -67.8
Chaikin money flow-0.39
ATR$1.03
Bollinger width39.5%
Volume vs 20-day avg0.82x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$31.64 (−9.6%)
SMA 50$37.83 (−24.4%)
SMA 200$39.38 (−27.4%)
EMA 21$31.95 (−10.5%)
EMA 50$36.17 (−20.9%)
EMA 200$38.98 (−26.6%)
Bollinger upper$37.90 (−24.5%)
Bollinger lower$25.39 (+12.6%)
Parabolic SAR$30.06 (−4.9%)
Open the live chart, 110+ indicators

About MGM Resorts International

MGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its resort properties offer a comprehensive suite of amenities including gaming facilities, accommodation, convention spaces, dining options, entertainment venues, retail outlets, and more. Beyond traditional slots and table games, its casino activities also encompass online sports wagering and iGaming through its BetMGM platform. As of February 17, 2021, its extensive portfolio comprised 29 distinct hotel and gaming destinations. Notable assets include its properties on the Las Vegas Strip and the Fallen Oak golf course. The company caters to a diverse clientele, including high-stakes gamblers, vacationers, wholesale travel groups, business travelers, and organizational clients such as conventions, trade groups, and small conferences. Originally known as MGM MIRAGE, the firm rebranded to MGM Resorts International in June 2010. Established in 1986, MGM Resorts International is headquartered in Las Vegas, Nevada.

https://www.mgmresorts.com

Key executives

NameTitlePayBorn
William Joseph HornbucklePresident, Chief Executive Officer & Director$15.3M1958
Gary FritzChief Commercial Officer & President of MGM Digital$3.5M1974
Corey Ian SandersAdvisor to President & CEO$3.5M1964
Ayesha Khanna MolinoChief Operating Officer$3.3M1980
Jonathan S. HalkyardChief Financial Officer & Treasurer$2.9M1965
John McManusChief Legal & Administrative Officer and Secretary$2.1M1967
Jeff MochalSenior Vice President of Corporate Communications——
Sarah A. RogersSenior VP of Corporate Finance & Treasurer—1981

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
William J. Hornbuckle Chief Executive Officer and President2025$2.0M$10.1M$5.0M$25.3M
Gary Fritz Chief Commercial Officer and President of MGM Digital2025$1.3M$5.6M$2.2M$9.1M
Corey Sanders Chief Operating Officer2025$1.2M$3.8M$2.2M$7.2M
Jonathan S. Halkyard Chief Financial Officer2025$1.1M$3.1M$1.7M$6.0M
John McManus Chief Legal and Administrative Officer and Secretary2025$900,000$2.3M$1.1M$4.3M

Employees

55k201852k201935k202042k202146k202245k202345k202444k2025

Dividends

Ex-dateAmountPaid
2022-12-08$0.00252022-12-15
2022-09-08$0.00252022-09-15
2022-06-09$0.00252022-06-15
2022-03-09$0.00252022-03-15
2021-12-09$0.00252021-12-15
2021-09-09$0.00252021-09-15
2021-06-09$0.00252021-06-15
2021-03-09$0.00252021-03-15

Moat model

None · Efficient Scale · 2026-06-30
Cost advantage45
Intangibles38
Switching costs27
Network effect40
Efficient scale56
Our component scores (0-100) and overall 39.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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