MGM Resorts International
$33.49
+0.25 (+0.75%) · delayed · Nov 13, 2026
Five-year price
52w $26.71 to $51.59
- Market cap
- $8.5B
- Enterprise value
- $12.6B
- P/E
- 44.1×
- 15.8× on 3y avg EPS
- EV / EBIT
- 12.6×
- FCF yield
- 17.2%
- ROIC
- 15.2%
- Debt / equity
- 2.56
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 16.9%
- ●ROE > 15% (5y avg)5y avg ROE 22.9%
- ○Stable operating marginsMargin volatility 6.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 233% (5y avg)
- ●Growing revenueRevenue CAGR 5y 27.7%
- ●Shrinking share countDiluted shares -43.9% over 5y
Value
20
- ○P/E below 15P/E 44.1
- ○EV/EBIT below 12EV/EBIT 12.6
- ●FCF yield above 6%FCF yield 17.2%
- ○Price below Graham NumberGraham Number $12.82
- ○P/B below 3P/B 3.5
Safety
20
- ○Debt / equity below 0.5D/E 2.56
- ○Debt payable in < 4 yrs of earningsNet debt $4.2B
- ○Interest coverage > 8xCoverage 2.4x
- ○Current ratio > 1.5Current ratio 1.23
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
14
- ●Adequate size (revenue > $2B)Revenue $17.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.23
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 5%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 15.8
- ○P/E × P/B ≤ 22.5Product 55.2
Valuation lab
What do you have to believe?
At $33.49, the market is pricing in about −5.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $4.2B · 253M shares · 5y revenue CAGR 27.7%
Intrinsic value
$323.33
Price
$33.49
Margin of safety
90%
What the price implies
The market is paying for −5.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9,478 | 10,797 | 11,763 | 12,900 | 5,162 | 9,680 | 13,127 | 16,164 | 17,241 | 17,538 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,078 | 1,713 | 1,469 | 3,940 | (642) | 2,279 | 1,439 | 1,891 | 1,490 | 1,002 |
| Operating margin | 21.9% | 15.9% | 12.5% | 30.5% | -12.4% | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Pre-tax income | 1,258 | 961 | 634 | 2,847 | (1,511) | 1,462 | 904 | 1,473 | 1,117 | 281 |
| Income tax | 22 | (1,127) | 50 | 632 | (192) | 253 | 697 | 158 | 52 | (240) |
| Net income | 1,100 | 1,952 | 467 | 2,049 | (1,033) | 1,254 | 1,473 | 1,142 | 747 | 206 |
| EPS (diluted) | 1.92 | 3.34 | 0.81 | 3.88 | -2.02 | 2.41 | 3.49 | 3.19 | 2.40 | 0.76 |
| Diluted shares | 573 | 579 | 550 | 528 | 494 | 487 | 413 | 359 | 310 | 277 |
Who owns it