MGM Resorts International (MGM) 10-Year Financial Performance & Capital Metrics

MGM • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

AboutMGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. The company's casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. As of February 17, 2021, its portfolio consisted of 29 hotel and destination gaming offerings. The company also owns and operates Las Vegas Strip Resorts and Fallen Oak golf course. Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations, and small meetings. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International in June 2010. MGM Resorts International was incorporated in 1986 and is based in Las Vegas, Nevada.Show more

Revenue $17.24B +6.7%
EBITDA $2.32B -14.2%
Net Income $747M -34.6%
EPS (Diluted) 2.40 -24.8%
Gross Margin 45.51% -3.3%
EBITDA Margin 13.47% -19.6%
Operating Margin 8.65% -26.1%
Net Margin 4.33% -38.7%
ROE 18.46% -21.3%
ROIC 3.38% -20.9%
Debt/Equity 8.56 +18.3%
Interest Coverage 3.36 -18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 19.9%
✓Share count reduced 13.5% through buybacks

✗Weaknesses

✗High debt to equity ratio of 8.6x
✗Profits declining 18.3% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.51%

5Y5.97%

3Y21.22%

TTM-0.14%

Profit (Net Income) CAGR

10Y-

5Y-18.29%

3Y-15.88%

TTM-92.28%

EPS CAGR

10Y-

5Y-9.16%

3Y-0.14%

TTM-94.29%

ROCE

10Y Avg5.01%

5Y Avg3.31%

3Y Avg4.06%

Latest3.82%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.19B	9.46B	10.8B	11.76B	12.9B	4.92B	9.68B	13.13B	16.16B	17.24B
Revenue Growth %	-0.09%	0.03%	0.14%	0.09%	0.1%	-0.62%	0.97%	0.36%	0.23%	0.07%
Cost of Goods Sold+	5.63B	5.5B	6.19B	6.92B	7.6B	3.21B	5.03B	6.65B	8.55B	9.39B
COGS % of Revenue	0.61%	0.58%	0.57%	0.59%	0.59%	0.65%	0.52%	0.51%	0.53%	0.54%
Gross Profit+	3.56B	3.96B	4.6B	4.84B	5.3B	1.71B	4.65B	6.47B	7.61B	7.85B
Gross Margin %	0.39%	0.42%	0.43%	0.41%	0.41%	0.35%	0.48%	0.49%	0.47%	0.46%
Gross Profit Growth %	-0.04%	0.11%	0.16%	0.05%	0.09%	-0.68%	1.72%	0.39%	0.18%	0.03%
Operating Expenses+	2.47B	2.68B	3.03B	3.51B	1.36B	2.35B	2.37B	5.04B	5.72B	6.36B
OpEx % of Revenue	0.27%	0.28%	0.28%	0.3%	0.11%	0.48%	0.24%	0.38%	0.35%	0.37%
Selling, General & Admin	1.31B	1.38B	1.56B	1.76B	2.1B	2.49B	2.51B	4.23B	5.21B	4.83B
SG&A % of Revenue	0.14%	0.15%	0.14%	0.15%	0.16%	0.51%	0.26%	0.32%	0.32%	0.28%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-15.97M	-72.7M	-48.24M	-18.14M	-745.25M	-137.28M	-136.41M	808.51M	506.13M	1.53B
Operating Income+	-156.23M	2.08B	1.71B	1.47B	3.94B	-642.43M	2.28B	1.44B	1.89B	1.49B
Operating Margin %	-0.02%	0.22%	0.16%	0.12%	0.31%	-0.13%	0.24%	0.11%	0.12%	0.09%
Operating Income Growth %	-1.12%	14.31%	-0.18%	-0.14%	1.68%	-1.16%	4.55%	-0.37%	0.31%	-0.21%
EBITDA+	663.65M	2.93B	2.71B	2.65B	5.24B	568.12M	3.43B	4.92B	2.71B	2.32B
EBITDA Margin %	0.07%	0.31%	0.25%	0.23%	0.41%	0.12%	0.35%	0.37%	0.17%	0.13%
EBITDA Growth %	-0.69%	3.41%	-0.08%	-0.02%	0.98%	-0.89%	5.04%	0.44%	-0.45%	-0.14%
D&A (Non-Cash Add-back)	819.88M	849.53M	993.48M	1.18B	1.3B	1.21B	1.15B	3.48B	814.13M	831.1M
EBIT	-248.66M	1.95B	1.58B	1.33B	3.69B	-1.99B	2.26B	1.5B	1.58B	1.56B
Net Interest Income+	-797.58M	-694.77M	-668.75M	-769.51M	-847.93M	-676.38M	-799.59M	-594.95M	-460.29M	-443.23M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	797.58M	694.77M	668.75M	769.51M	847.93M	676.38M	799.59M	594.95M	460.29M	443.23M
Other Income/Expense	-890.01M	-819.02M	-751.74M	-835.48M	-1.09B	-869.04M	-816.89M	-535.57M	-418.73M	-373.39M
Pretax Income+	-1.05B	1.26B	960.79M	634.01M	2.85B	-1.51B	1.46B	903.8M	1.47B	1.12B
Pretax Margin %	-0.11%	0.13%	0.09%	0.05%	0.22%	-0.31%	0.15%	0.07%	0.09%	0.06%
Income Tax+	-6.59M	22.3M	-1.13B	50.11M	632.35M	-191.57M	253.41M	697.07M	157.84M	52.46M
Effective Tax Rate %	0.43%	0.87%	2.03%	0.74%	0.72%	0.68%	0.86%	1.63%	0.78%	0.67%
Net Income+	-447.72M	1.1B	1.95B	466.77M	2.05B	-1.03B	1.25B	1.47B	1.14B	746.56M
Net Margin %	-0.05%	0.12%	0.18%	0.04%	0.16%	-0.21%	0.13%	0.11%	0.07%	0.04%
Net Income Growth %	-1.99%	3.46%	0.77%	-0.76%	3.39%	-1.5%	2.21%	0.17%	-0.22%	-0.35%
Net Income (Continuing)	-1.04B	1.24B	2.09B	583.89M	2.21B	-1.32B	1.21B	206.73M	1.31B	1.06B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.65B	3.8B	4.11B	4.06B	5.04B	4.74B	5.05B	536.94M	556.33M	696.48M
EPS (Diluted)+	-0.82	1.92	3.34	0.85	3.88	-2.67	2.41	0.50	3.19	2.40
EPS Growth %	-1.65%	3.34%	0.74%	-0.75%	3.56%	-1.69%	1.9%	-0.79%	5.38%	-0.25%
EPS (Basic)	-0.82	1.94	3.38	0.86	3.90	-2.67	2.44	0.51	3.22	2.42
Diluted Shares Outstanding	542.87M	573.32M	578.79M	549.54M	527.64M	494.15M	487.36M	412.99M	358.63M	310.23M
Basic Shares Outstanding	542.87M	568.13M	572.25M	544.25M	524.17M	494.15M	481.93M	409.2M	354.93M	307.41M
Dividend Payout Ratio	-	-	0.13%	0.56%	0.13%	-	0%	0%	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.41B	2.23B	2.38B	2.53B	4.01B	5.95B	6.42B	8.15B	4.91B	4.36B
Cash & Short-Term Investments	1.67B	1.45B	1.5B	1.53B	2.33B	5.1B	4.7B	5.91B	2.93B	2.42B
Cash Only	1.67B	1.45B	1.5B	1.53B	2.33B	5.1B	4.7B	5.91B	2.93B	2.42B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	496.55M	542.92M	584.82M	685.64M	1.37B	559.92M	857.78M	925.16M	1.07B	1.33B
Days Sales Outstanding	19.72	20.96	19.77	21.27	38.9	41.56	32.34	25.72	24.17	28.13
Inventory	104.2M	97.73M	102.29M	110.83M	102.89M	88.32M	96.37M	126.06M	141.68M	140.56M
Days Inventory Outstanding	6.76	6.49	6.03	5.85	4.94	10.05	6.99	6.92	6.05	5.46
Other Current Assets	0	0	0	0	0	0	500M	1.19B	770.5M	478.58M
Total Non-Current Assets+	22.81B	25.94B	26.78B	27.68B	29.87B	30.54B	34.48B	37.54B	37.46B	37.87B
Property, Plant & Equipment	15.37B	18.43B	19.64B	20.73B	22.68B	22.92B	25.93B	29.75B	29.48B	29.73B
Fixed Asset Turnover	0.60x	0.51x	0.55x	0.57x	0.57x	0.21x	0.37x	0.44x	0.55x	0.58x
Goodwill	1.43B	1.82B	1.81B	1.82B	2.08B	2.09B	3.48B	5.03B	5.17B	5.15B
Intangible Assets	4.16B	4.09B	3.88B	3.94B	3.83B	3.64B	3.62B	1.55B	1.72B	1.72B
Long-Term Investments	1.49B	1.22B	1.03B	732.87M	822.37M	1.45B	967.04M	173.04M	240.8M	380.63M
Other Non-Current Assets	347.59M	393.42M	430.44M	455.32M	456.79M	443.42M	490.21M	1.03B	849.87M	858.98M
Total Assets+	25.22B	28.17B	29.16B	30.21B	33.88B	36.49B	40.9B	45.69B	42.37B	42.23B
Asset Turnover	0.36x	0.34x	0.37x	0.39x	0.38x	0.13x	0.24x	0.29x	0.38x	0.41x
Asset Growth %	-0.05%	0.12%	0.04%	0.04%	0.12%	0.08%	0.12%	0.12%	-0.07%	-0%
Total Current Liabilities+	2.24B	2.29B	3.14B	2.95B	3.19B	1.86B	3.44B	4.52B	3.13B	3.35B
Accounts Payable	182.03M	250.48M	255.03M	302.58M	235.44M	142.52M	286.2M	369.82M	461.72M	412.66M
Days Payables Outstanding	11.81	16.64	15.03	15.96	11.3	16.22	20.77	20.29	19.7	16.03
Short-Term Debt	328.44M	8.38M	158.04M	43.41M	122.25M	138.83M	1B	1.29B	60.17M	172.21M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	612.75M	-106.68M	0	539.83M	-60.17M	-172.21M
Current Ratio	1.08x	0.97x	0.76x	0.86x	1.26x	3.21x	1.86x	1.81x	1.57x	1.30x
Quick Ratio	1.03x	0.93x	0.72x	0.82x	1.22x	3.16x	1.84x	1.78x	1.53x	1.26x
Cash Conversion Cycle	14.67	10.81	10.77	11.16	32.54	35.4	18.57	12.35	10.52	17.56
Total Non-Current Liabilities+	15.21B	15.86B	14.33B	16.69B	17.92B	23.39B	26.33B	35.81B	34.87B	35.16B
Long-Term Debt	12.37B	12.98B	12.75B	15.09B	11.17B	12.38B	11.77B	7.43B	6.34B	6.36B
Capital Lease Obligations	0	0	0	0	4.28B	8.39B	11.8B	25.15B	25.13B	25.08B
Deferred Tax Liabilities	2.68B	2.55B	1.3B	1.34B	2.11B	2.15B	2.44B	2.97B	2.86B	2.81B
Other Non-Current Liabilities	157.66M	325.98M	284.42M	259.24M	363.59M	472.08M	319.91M	256.28M	542.71M	910.09M
Total Liabilities	17.44B	18.15B	17.47B	19.64B	21.11B	25.25B	29.77B	40.32B	38B	38.51B
Total Debt+	12.7B	12.99B	12.91B	15.13B	15.66B	21.02B	24.69B	33.99B	31.62B	31.85B
Net Debt	11.03B	11.54B	11.41B	13.6B	13.33B	15.92B	19.99B	28.08B	28.69B	29.44B
Debt / Equity	1.63x	1.30x	1.10x	1.43x	1.23x	1.87x	2.22x	6.33x	7.24x	8.56x
Debt / EBITDA	19.13x	4.43x	4.77x	5.72x	2.99x	36.99x	7.20x	6.91x	11.69x	13.72x
Net Debt / EBITDA	16.61x	3.94x	4.22x	5.14x	2.54x	28.02x	5.83x	5.71x	10.60x	12.68x
Interest Coverage	-0.20x	2.99x	2.56x	1.91x	4.65x	-0.95x	2.85x	2.42x	4.11x	3.36x
Total Equity+	7.77B	10.02B	11.69B	10.57B	12.77B	11.25B	11.12B	5.37B	4.37B	3.72B
Equity Growth %	0.02%	0.29%	0.17%	-0.1%	0.21%	-0.12%	-0.01%	-0.52%	-0.19%	-0.15%
Book Value per Share	14.31	17.48	20.20	19.24	24.20	22.76	22.83	13.00	12.18	11.99
Total Shareholders' Equity	5.12B	6.22B	7.58B	6.51B	7.73B	6.5B	6.07B	4.83B	3.81B	3.02B
Common Stock	5.65M	5.74M	5.66M	5.28M	5.03M	4.94M	4.54M	3.79M	3.27M	2.94M
Retained Earnings	-555.63M	545.81M	2.22B	2.42B	4.2B	3.09B	4.34B	4.79B	3.66B	3.08B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	14.02M	15.05M	-3.61M	-8.56M	-10.2M	-30.68M	-24.62M	33.5M	143.9M	-61.22M
Minority Interest	2.65B	3.8B	4.11B	4.06B	5.04B	4.74B	5.05B	536.94M	556.33M	696.48M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.01B	1.53B	2.21B	1.72B	1.81B	-1.49B	1.37B	1.77B	2.7B	2.36B
Operating CF Margin %	0.11%	0.16%	0.2%	0.15%	0.14%	-0.3%	0.14%	0.13%	0.17%	0.14%
Operating CF Growth %	-0.11%	0.53%	0.44%	-0.22%	0.05%	-1.82%	1.92%	0.29%	0.53%	-0.12%
Net Income	-1.04B	1.24B	2.09B	583.89M	2.21B	-1.32B	1.21B	1.44B	1.14B	1.06B
Depreciation & Amortization	819.88M	849.53M	993.48M	1.18B	1.3B	1.21B	1.15B	3.92B	814.13M	831.1M
Stock-Based Compensation	42.87M	55.49M	62.49M	70.18M	88.84M	106.96M	65.18M	0	0	80.22M
Deferred Taxes	-3.62M	-80.63M	-1.26B	46.72M	595.05M	18.35M	241.95M	496.19M	-117.28M	-85.12M
Other Non-Cash Items	1.43B	-788.92M	29.97M	-25.85M	-2.15B	-884.53M	-1.44B	-4.2B	665.8M	709.09M
Working Capital Changes	-246.5M	261.63M	291.69M	-130.44M	-245.66M	-624.46M	142.5M	113.16M	192.16M	-237.41M
Change in Receivables	-62.72M	-33.21M	-17.97M	-149.55M	-726.61M	960.1M	-236.18M	-211.69M	-132.29M	-157.66M
Change in Inventory	-2.65M	10.81M	-4.66M	-7.86M	6.52M	14.71M	3.11M	-26.63M	-15.52M	1.27M
Change in Payables	-139.07M	272.83M	422.26M	21.51M	473.17M	-1.38B	406.02M	183.84M	410.13M	-107.39M
Cash from Investing+	-795.06M	-2.28B	-1.58B	-2.08B	3.52B	2.16B	1.54B	2.11B	-722.52M	-1.28B
Capital Expenditures	-1.47B	-2.26B	-1.86B	-1.49B	-739.01M	-270.58M	-490.7M	-765.07M	-931.81M	-1.15B
CapEx % of Revenue	0.16%	0.24%	0.17%	0.13%	0.06%	0.06%	0.05%	0.06%	0.06%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	205.62M	534.35M	300.22M	-17.21M	4.22B	2.53B	4.05B	3.85B	26.57M	-18.69M
Cash from Financing+	-257.88M	519.42M	-568.78M	389.23M	-4.53B	2.1B	-2.81B	-3.02B	-5B	-1.56B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-252.01M	-260.59M	-271.29M	-77.61M	-4.79M	-4.05M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	617.63M	203.57M	-239.14M	-306.83M	984.84M	-402.67M	-502.21M	-322.97M	-329.81M	-235.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-461.74M	-728.5M	342.33M	235.7M	1.07B	-1.76B	882.73M	1B	1.77B	1.21B
FCF Margin %	-0.05%	-0.08%	0.03%	0.02%	0.08%	-0.36%	0.09%	0.08%	0.11%	0.07%
FCF Growth %	-3.66%	-0.58%	1.47%	-0.31%	3.55%	-2.65%	1.5%	0.13%	0.76%	-0.31%
FCF per Share	-0.85	-1.27	0.59	0.43	2.03	-3.57	1.81	2.43	4.93	3.91
FCF Conversion (FCF/Net Income)	-2.24x	1.39x	1.13x	3.69x	0.88x	1.45x	1.09x	1.20x	2.36x	3.16x
Interest Paid	776.54M	661.17M	658.64M	0	826.97M	639.72M	705.68M	0	0	406.26M
Taxes Paid	11.8M	68.24M	181.65M	0	28.49M	8.54M	43.02M	0	0	267M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.81%	12.38%	17.98%	4.19%	17.56%	-8.6%	11.21%	17.86%	23.46%	18.46%
Return on Invested Capital (ROIC)	-0.6%	7.73%	5.75%	4.66%	11.75%	-1.81%	5.87%	3.34%	4.27%	3.38%
Gross Margin	38.79%	41.88%	42.64%	41.18%	41.06%	34.76%	48.03%	49.32%	47.08%	45.51%
Net Margin	-4.87%	11.65%	18.08%	3.97%	15.89%	-21%	12.96%	11.22%	7.07%	4.33%
Debt / Equity	1.63x	1.30x	1.10x	1.43x	1.23x	1.87x	2.22x	6.33x	7.24x	8.56x
Interest Coverage	-0.20x	2.99x	2.56x	1.91x	4.65x	-0.95x	2.85x	2.42x	4.11x	3.36x
FCF Conversion	-2.24x	1.39x	1.13x	3.69x	0.88x	1.45x	1.09x	1.20x	2.36x	3.16x
Revenue Growth	-8.85%	2.88%	14.2%	8.94%	9.66%	-61.88%	96.87%	35.61%	23.13%	6.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	-	5.75B	6.52B	2.87B	5.36B	5.73B	8.09B	8.79B
Casino Growth	-	-	-	-	13.29%	-55.94%	86.75%	6.92%	41.05%	8.63%
Occupancy	-	-	-	2.21B	2.32B	830.38M	1.69B	3.06B	3.5B	3.68B
Occupancy Growth	-	-	-	-	4.97%	-64.25%	103.53%	80.89%	14.52%	5.16%
Food And Beverage	-	-	-	1.96B	2.15B	696.04M	-	-	-	3.08B
Food And Beverage Growth	-	-	-	-	9.51%	-67.55%	-	-	-	-
Entertainment Retail And Other	-	-	-	1.41B	1.48B	518.99M	1.01B	1.69B	1.64B	1.69B
Entertainment Retail And Other Growth	-	-	-	-	4.55%	-64.87%	94.51%	67.04%	-2.85%	3.44%
Food and Beverage	-	-	-	-	-	-	1.39B	2.6B	2.89B	-
Food and Beverage Growth	-	-	-	-	-	-	-	87.14%	11.03%	-
Reimbursed Costs	-	-	-	425.49M	436.89M	244.95M	226.08M	45.69M	45.74M	-
Reimbursed Costs Growth	-	-	-	-	2.68%	-43.93%	-7.70%	-79.79%	0.10%	-
Domestic Resorts	-	7.06B	8.32B	-	-	-	-	-	-	-
Domestic Resorts Growth	-	-	17.95%	-	-	-	-	-	-	-
M G M China	-	1.92B	1.97B	-	-	-	-	-	-	-
M G M China Growth	-	-	2.60%	-	-	-	-	-	-	-
Wholly Owned Domestic Resorts	6.5B	-	-	-	-	-	-	-	-	-
Wholly Owned Domestic Resorts Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

MGM Resorts International (MGM) has a price-to-earnings (P/E) ratio of 14.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MGM Resorts International (MGM) reported $17.28B in revenue for fiscal year 2024. This represents a 120% increase from $7.85B in 2011.

MGM Resorts International (MGM) grew revenue by 6.7% over the past year. This is steady growth.

Yes, MGM Resorts International (MGM) is profitable, generating $69.7M in net income for fiscal year 2024 (4.3% net margin).

Dividend & Returns

MGM Resorts International (MGM) has a return on equity (ROE) of 18.5%. This is reasonable for most industries.

MGM Resorts International (MGM) generated $1.37B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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MGM Resorts International (MGM) 10-Year Financial Performance & Capital Metrics

MGM • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

Revenue $17.24B +6.7%
EBITDA $2.32B -14.2%
Net Income $747M -34.6%
EPS (Diluted) 2.40 -24.8%
Gross Margin 45.51% -3.3%
EBITDA Margin 13.47% -19.6%
Operating Margin 8.65% -26.1%
Net Margin 4.33% -38.7%
ROE 18.46% -21.3%
ROIC 3.38% -20.9%
Debt/Equity 8.56 +18.3%
Interest Coverage 3.36 -18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 19.9%
✓Share count reduced 13.5% through buybacks

✗Weaknesses

✗High debt to equity ratio of 8.6x
✗Profits declining 18.3% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.51%

5Y5.97%

3Y21.22%

TTM-0.14%

Profit (Net Income) CAGR

10Y-

5Y-18.29%

3Y-15.88%

TTM-92.28%

EPS CAGR

10Y-

5Y-9.16%

3Y-0.14%

TTM-94.29%

ROCE

10Y Avg5.01%

5Y Avg3.31%

3Y Avg4.06%

Latest3.82%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.19B	9.46B	10.8B	11.76B	12.9B	4.92B	9.68B	13.13B	16.16B	17.24B
Revenue Growth %	-0.09%	0.03%	0.14%	0.09%	0.1%	-0.62%	0.97%	0.36%	0.23%	0.07%
Cost of Goods Sold+	5.63B	5.5B	6.19B	6.92B	7.6B	3.21B	5.03B	6.65B	8.55B	9.39B
COGS % of Revenue	0.61%	0.58%	0.57%	0.59%	0.59%	0.65%	0.52%	0.51%	0.53%	0.54%
Gross Profit+	3.56B	3.96B	4.6B	4.84B	5.3B	1.71B	4.65B	6.47B	7.61B	7.85B
Gross Margin %	0.39%	0.42%	0.43%	0.41%	0.41%	0.35%	0.48%	0.49%	0.47%	0.46%
Gross Profit Growth %	-0.04%	0.11%	0.16%	0.05%	0.09%	-0.68%	1.72%	0.39%	0.18%	0.03%
Operating Expenses+	2.47B	2.68B	3.03B	3.51B	1.36B	2.35B	2.37B	5.04B	5.72B	6.36B
OpEx % of Revenue	0.27%	0.28%	0.28%	0.3%	0.11%	0.48%	0.24%	0.38%	0.35%	0.37%
Selling, General & Admin	1.31B	1.38B	1.56B	1.76B	2.1B	2.49B	2.51B	4.23B	5.21B	4.83B
SG&A % of Revenue	0.14%	0.15%	0.14%	0.15%	0.16%	0.51%	0.26%	0.32%	0.32%	0.28%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-15.97M	-72.7M	-48.24M	-18.14M	-745.25M	-137.28M	-136.41M	808.51M	506.13M	1.53B
Operating Income+	-156.23M	2.08B	1.71B	1.47B	3.94B	-642.43M	2.28B	1.44B	1.89B	1.49B
Operating Margin %	-0.02%	0.22%	0.16%	0.12%	0.31%	-0.13%	0.24%	0.11%	0.12%	0.09%
Operating Income Growth %	-1.12%	14.31%	-0.18%	-0.14%	1.68%	-1.16%	4.55%	-0.37%	0.31%	-0.21%
EBITDA+	663.65M	2.93B	2.71B	2.65B	5.24B	568.12M	3.43B	4.92B	2.71B	2.32B
EBITDA Margin %	0.07%	0.31%	0.25%	0.23%	0.41%	0.12%	0.35%	0.37%	0.17%	0.13%
EBITDA Growth %	-0.69%	3.41%	-0.08%	-0.02%	0.98%	-0.89%	5.04%	0.44%	-0.45%	-0.14%
D&A (Non-Cash Add-back)	819.88M	849.53M	993.48M	1.18B	1.3B	1.21B	1.15B	3.48B	814.13M	831.1M
EBIT	-248.66M	1.95B	1.58B	1.33B	3.69B	-1.99B	2.26B	1.5B	1.58B	1.56B
Net Interest Income+	-797.58M	-694.77M	-668.75M	-769.51M	-847.93M	-676.38M	-799.59M	-594.95M	-460.29M	-443.23M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	797.58M	694.77M	668.75M	769.51M	847.93M	676.38M	799.59M	594.95M	460.29M	443.23M
Other Income/Expense	-890.01M	-819.02M	-751.74M	-835.48M	-1.09B	-869.04M	-816.89M	-535.57M	-418.73M	-373.39M
Pretax Income+	-1.05B	1.26B	960.79M	634.01M	2.85B	-1.51B	1.46B	903.8M	1.47B	1.12B
Pretax Margin %	-0.11%	0.13%	0.09%	0.05%	0.22%	-0.31%	0.15%	0.07%	0.09%	0.06%
Income Tax+	-6.59M	22.3M	-1.13B	50.11M	632.35M	-191.57M	253.41M	697.07M	157.84M	52.46M
Effective Tax Rate %	0.43%	0.87%	2.03%	0.74%	0.72%	0.68%	0.86%	1.63%	0.78%	0.67%
Net Income+	-447.72M	1.1B	1.95B	466.77M	2.05B	-1.03B	1.25B	1.47B	1.14B	746.56M
Net Margin %	-0.05%	0.12%	0.18%	0.04%	0.16%	-0.21%	0.13%	0.11%	0.07%	0.04%
Net Income Growth %	-1.99%	3.46%	0.77%	-0.76%	3.39%	-1.5%	2.21%	0.17%	-0.22%	-0.35%
Net Income (Continuing)	-1.04B	1.24B	2.09B	583.89M	2.21B	-1.32B	1.21B	206.73M	1.31B	1.06B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.65B	3.8B	4.11B	4.06B	5.04B	4.74B	5.05B	536.94M	556.33M	696.48M
EPS (Diluted)+	-0.82	1.92	3.34	0.85	3.88	-2.67	2.41	0.50	3.19	2.40
EPS Growth %	-1.65%	3.34%	0.74%	-0.75%	3.56%	-1.69%	1.9%	-0.79%	5.38%	-0.25%
EPS (Basic)	-0.82	1.94	3.38	0.86	3.90	-2.67	2.44	0.51	3.22	2.42
Diluted Shares Outstanding	542.87M	573.32M	578.79M	549.54M	527.64M	494.15M	487.36M	412.99M	358.63M	310.23M
Basic Shares Outstanding	542.87M	568.13M	572.25M	544.25M	524.17M	494.15M	481.93M	409.2M	354.93M	307.41M
Dividend Payout Ratio	-	-	0.13%	0.56%	0.13%	-	0%	0%	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.41B	2.23B	2.38B	2.53B	4.01B	5.95B	6.42B	8.15B	4.91B	4.36B
Cash & Short-Term Investments	1.67B	1.45B	1.5B	1.53B	2.33B	5.1B	4.7B	5.91B	2.93B	2.42B
Cash Only	1.67B	1.45B	1.5B	1.53B	2.33B	5.1B	4.7B	5.91B	2.93B	2.42B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	496.55M	542.92M	584.82M	685.64M	1.37B	559.92M	857.78M	925.16M	1.07B	1.33B
Days Sales Outstanding	19.72	20.96	19.77	21.27	38.9	41.56	32.34	25.72	24.17	28.13
Inventory	104.2M	97.73M	102.29M	110.83M	102.89M	88.32M	96.37M	126.06M	141.68M	140.56M
Days Inventory Outstanding	6.76	6.49	6.03	5.85	4.94	10.05	6.99	6.92	6.05	5.46
Other Current Assets	0	0	0	0	0	0	500M	1.19B	770.5M	478.58M
Total Non-Current Assets+	22.81B	25.94B	26.78B	27.68B	29.87B	30.54B	34.48B	37.54B	37.46B	37.87B
Property, Plant & Equipment	15.37B	18.43B	19.64B	20.73B	22.68B	22.92B	25.93B	29.75B	29.48B	29.73B
Fixed Asset Turnover	0.60x	0.51x	0.55x	0.57x	0.57x	0.21x	0.37x	0.44x	0.55x	0.58x
Goodwill	1.43B	1.82B	1.81B	1.82B	2.08B	2.09B	3.48B	5.03B	5.17B	5.15B
Intangible Assets	4.16B	4.09B	3.88B	3.94B	3.83B	3.64B	3.62B	1.55B	1.72B	1.72B
Long-Term Investments	1.49B	1.22B	1.03B	732.87M	822.37M	1.45B	967.04M	173.04M	240.8M	380.63M
Other Non-Current Assets	347.59M	393.42M	430.44M	455.32M	456.79M	443.42M	490.21M	1.03B	849.87M	858.98M
Total Assets+	25.22B	28.17B	29.16B	30.21B	33.88B	36.49B	40.9B	45.69B	42.37B	42.23B
Asset Turnover	0.36x	0.34x	0.37x	0.39x	0.38x	0.13x	0.24x	0.29x	0.38x	0.41x
Asset Growth %	-0.05%	0.12%	0.04%	0.04%	0.12%	0.08%	0.12%	0.12%	-0.07%	-0%
Total Current Liabilities+	2.24B	2.29B	3.14B	2.95B	3.19B	1.86B	3.44B	4.52B	3.13B	3.35B
Accounts Payable	182.03M	250.48M	255.03M	302.58M	235.44M	142.52M	286.2M	369.82M	461.72M	412.66M
Days Payables Outstanding	11.81	16.64	15.03	15.96	11.3	16.22	20.77	20.29	19.7	16.03
Short-Term Debt	328.44M	8.38M	158.04M	43.41M	122.25M	138.83M	1B	1.29B	60.17M	172.21M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	612.75M	-106.68M	0	539.83M	-60.17M	-172.21M
Current Ratio	1.08x	0.97x	0.76x	0.86x	1.26x	3.21x	1.86x	1.81x	1.57x	1.30x
Quick Ratio	1.03x	0.93x	0.72x	0.82x	1.22x	3.16x	1.84x	1.78x	1.53x	1.26x
Cash Conversion Cycle	14.67	10.81	10.77	11.16	32.54	35.4	18.57	12.35	10.52	17.56
Total Non-Current Liabilities+	15.21B	15.86B	14.33B	16.69B	17.92B	23.39B	26.33B	35.81B	34.87B	35.16B
Long-Term Debt	12.37B	12.98B	12.75B	15.09B	11.17B	12.38B	11.77B	7.43B	6.34B	6.36B
Capital Lease Obligations	0	0	0	0	4.28B	8.39B	11.8B	25.15B	25.13B	25.08B
Deferred Tax Liabilities	2.68B	2.55B	1.3B	1.34B	2.11B	2.15B	2.44B	2.97B	2.86B	2.81B
Other Non-Current Liabilities	157.66M	325.98M	284.42M	259.24M	363.59M	472.08M	319.91M	256.28M	542.71M	910.09M
Total Liabilities	17.44B	18.15B	17.47B	19.64B	21.11B	25.25B	29.77B	40.32B	38B	38.51B
Total Debt+	12.7B	12.99B	12.91B	15.13B	15.66B	21.02B	24.69B	33.99B	31.62B	31.85B
Net Debt	11.03B	11.54B	11.41B	13.6B	13.33B	15.92B	19.99B	28.08B	28.69B	29.44B
Debt / Equity	1.63x	1.30x	1.10x	1.43x	1.23x	1.87x	2.22x	6.33x	7.24x	8.56x
Debt / EBITDA	19.13x	4.43x	4.77x	5.72x	2.99x	36.99x	7.20x	6.91x	11.69x	13.72x
Net Debt / EBITDA	16.61x	3.94x	4.22x	5.14x	2.54x	28.02x	5.83x	5.71x	10.60x	12.68x
Interest Coverage	-0.20x	2.99x	2.56x	1.91x	4.65x	-0.95x	2.85x	2.42x	4.11x	3.36x
Total Equity+	7.77B	10.02B	11.69B	10.57B	12.77B	11.25B	11.12B	5.37B	4.37B	3.72B
Equity Growth %	0.02%	0.29%	0.17%	-0.1%	0.21%	-0.12%	-0.01%	-0.52%	-0.19%	-0.15%
Book Value per Share	14.31	17.48	20.20	19.24	24.20	22.76	22.83	13.00	12.18	11.99
Total Shareholders' Equity	5.12B	6.22B	7.58B	6.51B	7.73B	6.5B	6.07B	4.83B	3.81B	3.02B
Common Stock	5.65M	5.74M	5.66M	5.28M	5.03M	4.94M	4.54M	3.79M	3.27M	2.94M
Retained Earnings	-555.63M	545.81M	2.22B	2.42B	4.2B	3.09B	4.34B	4.79B	3.66B	3.08B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	14.02M	15.05M	-3.61M	-8.56M	-10.2M	-30.68M	-24.62M	33.5M	143.9M	-61.22M
Minority Interest	2.65B	3.8B	4.11B	4.06B	5.04B	4.74B	5.05B	536.94M	556.33M	696.48M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.01B	1.53B	2.21B	1.72B	1.81B	-1.49B	1.37B	1.77B	2.7B	2.36B
Operating CF Margin %	0.11%	0.16%	0.2%	0.15%	0.14%	-0.3%	0.14%	0.13%	0.17%	0.14%
Operating CF Growth %	-0.11%	0.53%	0.44%	-0.22%	0.05%	-1.82%	1.92%	0.29%	0.53%	-0.12%
Net Income	-1.04B	1.24B	2.09B	583.89M	2.21B	-1.32B	1.21B	1.44B	1.14B	1.06B
Depreciation & Amortization	819.88M	849.53M	993.48M	1.18B	1.3B	1.21B	1.15B	3.92B	814.13M	831.1M
Stock-Based Compensation	42.87M	55.49M	62.49M	70.18M	88.84M	106.96M	65.18M	0	0	80.22M
Deferred Taxes	-3.62M	-80.63M	-1.26B	46.72M	595.05M	18.35M	241.95M	496.19M	-117.28M	-85.12M
Other Non-Cash Items	1.43B	-788.92M	29.97M	-25.85M	-2.15B	-884.53M	-1.44B	-4.2B	665.8M	709.09M
Working Capital Changes	-246.5M	261.63M	291.69M	-130.44M	-245.66M	-624.46M	142.5M	113.16M	192.16M	-237.41M
Change in Receivables	-62.72M	-33.21M	-17.97M	-149.55M	-726.61M	960.1M	-236.18M	-211.69M	-132.29M	-157.66M
Change in Inventory	-2.65M	10.81M	-4.66M	-7.86M	6.52M	14.71M	3.11M	-26.63M	-15.52M	1.27M
Change in Payables	-139.07M	272.83M	422.26M	21.51M	473.17M	-1.38B	406.02M	183.84M	410.13M	-107.39M
Cash from Investing+	-795.06M	-2.28B	-1.58B	-2.08B	3.52B	2.16B	1.54B	2.11B	-722.52M	-1.28B
Capital Expenditures	-1.47B	-2.26B	-1.86B	-1.49B	-739.01M	-270.58M	-490.7M	-765.07M	-931.81M	-1.15B
CapEx % of Revenue	0.16%	0.24%	0.17%	0.13%	0.06%	0.06%	0.05%	0.06%	0.06%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	205.62M	534.35M	300.22M	-17.21M	4.22B	2.53B	4.05B	3.85B	26.57M	-18.69M
Cash from Financing+	-257.88M	519.42M	-568.78M	389.23M	-4.53B	2.1B	-2.81B	-3.02B	-5B	-1.56B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-252.01M	-260.59M	-271.29M	-77.61M	-4.79M	-4.05M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	617.63M	203.57M	-239.14M	-306.83M	984.84M	-402.67M	-502.21M	-322.97M	-329.81M	-235.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-461.74M	-728.5M	342.33M	235.7M	1.07B	-1.76B	882.73M	1B	1.77B	1.21B
FCF Margin %	-0.05%	-0.08%	0.03%	0.02%	0.08%	-0.36%	0.09%	0.08%	0.11%	0.07%
FCF Growth %	-3.66%	-0.58%	1.47%	-0.31%	3.55%	-2.65%	1.5%	0.13%	0.76%	-0.31%
FCF per Share	-0.85	-1.27	0.59	0.43	2.03	-3.57	1.81	2.43	4.93	3.91
FCF Conversion (FCF/Net Income)	-2.24x	1.39x	1.13x	3.69x	0.88x	1.45x	1.09x	1.20x	2.36x	3.16x
Interest Paid	776.54M	661.17M	658.64M	0	826.97M	639.72M	705.68M	0	0	406.26M
Taxes Paid	11.8M	68.24M	181.65M	0	28.49M	8.54M	43.02M	0	0	267M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.81%	12.38%	17.98%	4.19%	17.56%	-8.6%	11.21%	17.86%	23.46%	18.46%
Return on Invested Capital (ROIC)	-0.6%	7.73%	5.75%	4.66%	11.75%	-1.81%	5.87%	3.34%	4.27%	3.38%
Gross Margin	38.79%	41.88%	42.64%	41.18%	41.06%	34.76%	48.03%	49.32%	47.08%	45.51%
Net Margin	-4.87%	11.65%	18.08%	3.97%	15.89%	-21%	12.96%	11.22%	7.07%	4.33%
Debt / Equity	1.63x	1.30x	1.10x	1.43x	1.23x	1.87x	2.22x	6.33x	7.24x	8.56x
Interest Coverage	-0.20x	2.99x	2.56x	1.91x	4.65x	-0.95x	2.85x	2.42x	4.11x	3.36x
FCF Conversion	-2.24x	1.39x	1.13x	3.69x	0.88x	1.45x	1.09x	1.20x	2.36x	3.16x
Revenue Growth	-8.85%	2.88%	14.2%	8.94%	9.66%	-61.88%	96.87%	35.61%	23.13%	6.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Casino	-	-	-	5.75B	6.52B	2.87B	5.36B	5.73B	8.09B	8.79B
Casino Growth	-	-	-	-	13.29%	-55.94%	86.75%	6.92%	41.05%	8.63%
Occupancy	-	-	-	2.21B	2.32B	830.38M	1.69B	3.06B	3.5B	3.68B
Occupancy Growth	-	-	-	-	4.97%	-64.25%	103.53%	80.89%	14.52%	5.16%
Food And Beverage	-	-	-	1.96B	2.15B	696.04M	-	-	-	3.08B
Food And Beverage Growth	-	-	-	-	9.51%	-67.55%	-	-	-	-
Entertainment Retail And Other	-	-	-	1.41B	1.48B	518.99M	1.01B	1.69B	1.64B	1.69B
Entertainment Retail And Other Growth	-	-	-	-	4.55%	-64.87%	94.51%	67.04%	-2.85%	3.44%
Food and Beverage	-	-	-	-	-	-	1.39B	2.6B	2.89B	-
Food and Beverage Growth	-	-	-	-	-	-	-	87.14%	11.03%	-
Reimbursed Costs	-	-	-	425.49M	436.89M	244.95M	226.08M	45.69M	45.74M	-
Reimbursed Costs Growth	-	-	-	-	2.68%	-43.93%	-7.70%	-79.79%	0.10%	-
Domestic Resorts	-	7.06B	8.32B	-	-	-	-	-	-	-
Domestic Resorts Growth	-	-	17.95%	-	-	-	-	-	-	-
M G M China	-	1.92B	1.97B	-	-	-	-	-	-	-
M G M China Growth	-	-	2.60%	-	-	-	-	-	-	-
Wholly Owned Domestic Resorts	6.5B	-	-	-	-	-	-	-	-	-
Wholly Owned Domestic Resorts Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

MGM Resorts International (MGM) has a price-to-earnings (P/E) ratio of 14.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MGM Resorts International (MGM) reported $17.28B in revenue for fiscal year 2024. This represents a 120% increase from $7.85B in 2011.

MGM Resorts International (MGM) grew revenue by 6.7% over the past year. This is steady growth.

Yes, MGM Resorts International (MGM) is profitable, generating $69.7M in net income for fiscal year 2024 (4.3% net margin).

Dividend & Returns

MGM Resorts International (MGM) has a return on equity (ROE) of 18.5%. This is reasonable for most industries.

MGM Resorts International (MGM) generated $1.37B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.