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MGM Resorts International USD

Hospitality and entertainment company operating casino resorts in Las Vegas, Macau, and emerging markets.

Sector: Consumer Cyclical

US_MGM

Price chart

29.96 USDDay 3.92%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
29.96 USD · 3.92%
Market cap
7.7 bn USD

Growth

Δ revenue y/y
-0.9%
Δ EBITDA y/y
167.2%

Multiples

P/E (LTM)
11.2x
3y avg: 21.3x
P/B (FY)
3.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
16.1x
3y avg: 16.7x
EV/EBITDA (ann.)
22.2x

Cash return

Dividend yield
—
FCF yield (LTM)
16.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+90.0%
↓ details

Liquidity

Daily turnover (US listing)
297.5 mln USD

Shares: yahoo_fundamentals_timeseries/MGM

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK4.2
y/y -0.9%
0.1
y/y —
0.3
y/y 6.0%
0.4
y/y 167.2%
0.0
y/y —
0.5-0.239.5
y/y -4.7%
3.4
y/y 26.2%
-2.3%27.3Link
2026-06-30Q2 2026 (3M)OK4.5
y/y 1.0%
0.5
y/y 24.5%
0.1
y/y -56.0%
0.6
y/y -5.7%
0.3
y/y 497.4%
0.6-0.239.8
y/y -4.4%
2.5
y/y -15.5%
47.3%27.6SEC EDGAR
2026-03-31Q1 2026 (3M)OK4.5
y/y 4.2%
0.3
y/y -21.8%
0.3
y/y 11.5%
0.6
y/y -9.1%
0.1
y/y -15.8%
0.6-0.241.4
y/y -1.2%
2.4
y/y -14.7%
20.6%29.4Link
2025-12-31Q4 2025 (3M)OK4.6
y/y 6.0%
0.3
y/y 11.5%
0.3
y/y 33.2%
0.6
y/y 20.5%
0.3
y/y 86.5%
0.7-0.341.4
y/y -2.0%
2.4
y/y -19.6%
8.1%29.5Link
2025-09-30Q3 2025 (3M)OK4.3
y/y 1.6%
-0.1
y/y -135.8%
0.3
y/y 11.7%
0.1
y/y -73.0%
-0.3
y/y -254.5%
0.7-0.341.4
y/y -3.1%
2.7
y/y -17.2%
-40.4%29.4Link
2025-06-30Q2 2025 (3M)OK4.4
y/y 1.8%
0.4
y/y -5.0%
0.2
y/y 26.0%
0.6
y/y 4.7%
0.0
y/y -73.8%
0.6-0.341.7
y/y -0.3%
3.0
y/y -7.4%
6.7%29.6Link
2025-03-31Q1 2025 (3M)OK4.3
y/y -2.4%
0.4
y/y -16.0%
0.2
y/y 20.3%
0.6
y/y -5.1%
0.1
y/y -31.7%
0.5-0.241.9
y/y -0.4%
2.9
y/y -17.5%
20.2%29.6Link
2024-12-31Q4 2024 (3M)OK4.3
y/y -0.7%
0.3
y/y -30.5%
0.2
y/y 1.9%
0.5
y/y -19.8%
0.2
y/y -49.8%
0.7-0.442.2
y/y -0.3%
3.0
y/y -20.7%
23.9%29.4Link
2024-09-30Q3 2024 (3M)OK4.2
y/y 5.3%
0.3
y/y -14.9%
0.2
y/y 15.6%
0.5
y/y -4.1%
0.2
y/y 14.6%
0.7-0.442.7
y/y 0.4%
3.2
y/y -18.5%
22.9%29.5Link
2024-06-30Q2 2024 (3M)OK4.3
y/y 9.8%
0.4
y/y 14.6%
0.2
y/y -5.7%
0.6
y/y 7.4%
0.2
y/y -6.8%
0.5-0.241.8
y/y -2.5%
3.2
y/y -27.3%
22.4%29.3Link
2024-03-31Q1 2024 (3M)OK4.4
y/y 13.2%
0.5
y/y -37.3%
0.2
y/y -3.4%
0.7
y/y -29.9%
0.2
y/y -53.4%
0.5-0.242.1
y/y -3.4%
3.5
y/y -28.6%
23.9%29.0Link
2023-12-31Q4 2023 (3M)OK4.4
y/y —
0.4
y/y —
0.2
y/y —
0.6
y/y —
0.3
y/y —
0.7-0.542.4
y/y —
3.8
y/y —
29.4%28.7Link
2023-09-30Q3 2023 (3M)OK4.0
y/y —
0.4
y/y —
0.2
y/y —
0.6
y/y —
0.2
y/y —
0.7-0.242.6
y/y —
4.0
y/y —
15.4%28.5Link
2023-06-30Q2 2023 (3M)OK3.9
y/y —
0.4
y/y —
0.2
y/y —
0.6
y/y —
0.2
y/y —
0.6-0.342.9
y/y —
4.4
y/y —
17.4%28.2Link
2023-03-31Q1 2023 (3M)OK3.9
y/y —
0.7
y/y —
0.2
y/y —
0.9
y/y —
0.5
y/y —
0.7-0.143.5
y/y —
4.8
y/y —
—27.7Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)190
Long-term debt (incl. LT leases)29 541
− Cash & equivalents2 396
Net debt27 335

Net debt / LTM EBITDA: 12.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%0%100%200%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

02004006008001 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

010 00020 00030 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.36x of reported net profit; after capex, 1.54x.
year20212022202320242025
cash flow / profit1.09x1.19x2.36x3.17x12.29x
accruals, % of assets-0.3%-0.6%-3.7%-3.8%-5.6%
Last twelve months (to 2026-09-30): 3.33x of profit came back as operating cash flow.
net debt / EBITDA 14.6x · EBIT covers interest 2.4x · capex 0.6x of depreciation · dividends 0% of free cash flow · share count -13.2% a year
● Net debt / EBITDA 14.6x at the last full year.
● EBIT covers interest 2.4x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -34.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (395 − 612) × 5.50
-343
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (7 739 + 27 335) ÷ 2 174
16.1x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (16.1 + 12) ÷ 2
14.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 2 052 + 0 + 89 − 0
2 141
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-343 × 14.1 + 2 141) ÷ 7 739
-34.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • base 2025-09-30 normalized for growth: margin 3.5% << typical 14.4% -> base EBITDA 148->612 (vs normal-margin base, not the trough)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +2% vs +7% the year before — a -4.9 pp move. 3-year CAGR +10%.
revenue growth by year: 2023 +23% · 2024 +7% · 2025 +2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 18.3x · 3-year 75th pct 19.7x

EV/EBITDA3-year 75th pct

Peer comparison

Group: consumer (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
PEPSICO INCUS188.612.1x
Altria GroupUS130.613.5x
HOME DEPOT, INC.US326.915.4x
MCDONALDS CORPUS183.416.2x
MODINE MANUFACTURING COUS6.917.0x
PROCTER & GAMBLE CoUS375.517.3x
TJX COMPANIES INC /DE/US155.317.5x
Philip Morris International Inc.US324.919.4x
Walmart Inc.US984.322.1x
COCA COLA COUS404.726.4x
COSTCO WHOLESALE CORP /NEWUS448.730.5x
Monster Beverage CorpUS92.432.3x
Group median17.4x
Group average20.0x
This companyUS7.716.1x

Group median 17.4x; this company 16.1x — a 7% discount.

Group average 20.0x; against the average this company is at a 19% discount.

At the adjusted group median the market cap would be +39% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2022-12-080.003 USDEx-dividend: 0.003 USD per sharePaidYahoo Finance (ex-div)
2022-09-080.003 USDEx-dividend: 0.003 USD per sharePaidYahoo Finance (ex-div)
2022-06-090.003 USDEx-dividend: 0.003 USD per sharePaidYahoo Finance (ex-div)
2022-03-090.003 USDEx-dividend: 0.003 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.003 USDEx-dividend: 0.003 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of MGM Resorts International — from primary filings.

Frequently asked questions

What is MGM Resorts International's P/E ratio?
MGM Resorts International trades at a P/E of 11.2x (price to trailing 12-month earnings).
What is MGM Resorts International's EV/EBITDA?
MGM Resorts International trades at 16.1x EV/EBITDA.
What is MGM Resorts International's P/B ratio?
MGM Resorts International trades at a P/B of 3.2x.
What is MGM Resorts International's return on equity (ROE)?
MGM Resorts International's ROE is -2.3%.
What is MGM Resorts International's market capitalization?
MGM Resorts International's market cap is 7.7 bn USD.

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