MGM Resorts International (MGM)
Consumer Discretionary · Casinos & Gaming · US stock · S&P 500 component
$29.50
▲ +0.63 (2.18%)
Fair valueUndervalued
$39 +31.5% to fair value
$19fair band $33–$47$58
Day's range
$28.72 – $29.71
52-week range
$27.94 – $51.59
About MGM Resorts International
MGM Resorts International owns and operates casino resorts, hotels and entertainment venues, with large properties on the Las Vegas Strip such as Bellagio, MGM Grand and Mandalay Bay, as well as regional casinos across the United States. It also has a business in Macau through MGM China and takes part in online sports betting and iGaming through the BetMGM joint venture. Guests include leisure travellers, gamblers, convention attendees and entertainment audiences.
Revenue comes from gaming, hotel rooms, food and beverage, entertainment and convention business. It totals $17.8 billion over the last twelve months, with growth of 10.1% a year across three years. The operating margin is 5.7%, and the business earns a profit of 3% on the capital invested in it. The company carries net debt of 13.0 times EBITDA and pays no dividend. On the site's X-Ray Score it receives 40 out of 100.
Price chart
52-wk range $27.94 – $51.59Volume 5,373,325Daily, split-adjusted
Vitals
Market cap$7.6B
52-week range$27.94 – $51.59
Volume (last day)5,373,325
P/E (TTM)18.5
EBIT / EV yield2.8%
Free-cash-flow yield19.7%
Dividend yieldNo dividend
Revenue (TTM)$17.8B
Net income (TTM)$426M
Operating margin5.7%
Return on capital3.1%
Debt incl. leases$29.9B
Cash & securities$2.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$39middle half of models $39 – $44
Undervalued
+31.5% to fair value
Average of the 9 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $30
Undervalued < $33Fair $33 – $47Overvalued > $47
P/E multiple
$29
P/B multiple
$39
P/S multiple
$55
EV/EBITDA multiple
$14
EV/EBIT multiple · not used
$2
EV/revenue multiple
$44
10-year DCF, EBITDA exit
$44
5-year DCF, EBITDA exit
$41
10-year DCF, revenue exit
$39
5-year DCF, revenue exit
$44
Earnings power value · not used
$2
Growth the price implies
27.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
68/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield2.8%
Free-cash-flow yield19.7%
Fair value vs price1.3×
Growth
Weak
39/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)10.1%
EPS growth (3y)-39.8%
Growth consistency80%
Profitability
Weak
20/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital3.1%
Operating margin5.7%
Financial health
Weak
28/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA13.0×
Interest cover2.5×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
-2.4%
Mar '25
+1.8%
Jun '25
+1.6%
Sep '25
+6.0%
Dec '25
+4.2%
Mar '26
+1.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.5B, diluted EPS $1.11.
Compare with peers
LVS Las Vegas Sands Corp64 WYNN Wynn Resorts Ltd51Other Casinos & Gaming companies by X-Ray Score.
SWOT analysis: MGM Resorts International
Strengthsinside the company
- Revenue has grown 10.1% a year over three years (median 6.4% for sector peers).
- Free cash flow equals 19.7% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Return on invested capital is only 3.1% (median 24.9% for sector peers), so the business earns little above its cost of capital.
- Operating margin of 5.7% is thin against 15.0% for sector peers.
- Earnings per share have declined 39.8% a year over three years.
- Net debt is 13.0x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- The price is 32% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Revenue growth slowed to 1.7% last year from 10.1% a year over three years.
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MGM with peers and sector
Medians of 46 Consumer Discretionary peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): AMZN 42, TSLA 28, HD 40, MCD 53, TJX 55, BKNG 70.
| Metric | MGM | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 40 | 51 | 51 |
| Valuation | 68 | 48 | 48 |
| Growth | 39 | 53 | 53 |
| Profitability | 20 | 52 | 52 |
| Financial health | 28 | 50 | 50 |
| Dividends | – | 52 | 52 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
MGM ranks #39 of 47 in Consumer Discretionary by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MGM
Each factor is rated by where MGM stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 6 Average · 10 Bad of 21
Growth: 1 · 0 · 2
Profitability: 0 · 0 · 4
Financial strength: 0 · 2 · 2
Valuation: 3 · 1 · 1
Cash flow: 1 · 3 · 0
Efficiency: 0 · 0 · 1
| Factor | MGM | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.1% | Good beats 68% | +6.5% | – | – |
| Revenue growth, last year | +1.7% | Bad beats 25% | +4.9% | +23.1% | ▼ Worse |
| EPS growth, 3 years a year | −39.8% | Bad beats 7% | +4.0% | – | – |
| Profitability | |||||
| Operating margin | 5.7% | Bad beats 19% | 14.9% | 11.0% | ▼ Worse |
| Net margin | 2.4% | Bad beats 10% | 11.4% | 7.1% | ▼ Worse |
| Return on invested capital | 3.1% | Bad beats 6% | 24.6% | – | – |
| Return on equity | 16.9% | Bad beats 26% | 35.3% | 24.7% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 13.0x | Bad beats 1% | 1.8x | 1.7x | ▼ Worse |
| Interest cover | 2.5x | Bad beats 3% | 25.3x | 2.8x | ≈ In line |
| Current ratio | 1.33 | Average beats 64% | 1.10 | 1.57 | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 49% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 17.9x | Average beats 63% | 21.1x | 14.4x | ▼ Worse |
| Price / book | 3.0x | Good beats 74% | 7.2x | 3.6x | ▲ Better |
| Price / sales | 0.4x | Good beats 95% | 2.1x | 1.0x | ▲ Better |
| EV / EBITDA | 17.1x | Bad beats 32% | 15.0x | 7.1x | ▼ Worse |
| Free cash flow yield | 19.7% | Good beats 97% | 4.3% | 11.0% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 8.4% | Average beats 34% | 10.8% | 8.3% | ≈ In line |
| Cash from operations / net income | 5.78 | Good beats 92% | 1.37 | 2.36 | ▲ Better |
| Free cash flow growth, 3 years a year | +13.8% | Average beats 59% | +12.1% | – | – |
| Accruals (lower is better) | −5.1% | Average beats 44% | −5.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 25 days | Bad beats 28% | 14 days | 23 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 5 Average · ● 7 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 38/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Operating income | $2.3B | $1.4B | $1.9B | $1.5B | $1.0B |
| Net income | $1.3B | $1.5B | $1.1B | $747M | $206M |
| Operating cash flow | $1.4B | $1.8B | $2.7B | $2.4B | $2.5B |
| Operating margin | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Free cash flow | $883M | $991M | $1.8B | $1.2B | $1.5B |
| Diluted EPS | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
3 bullish · 3 neutral · 10 bearish
Weekly
Strongly bearish
1 bullish · 0 neutral · 11 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 29.08 | Bullish |
| EMA 10 | 29.38 | Bullish |
| SMA 20 | 29.97 | Bearish |
| EMA 20 | 30.84 | Bearish |
| SMA 50 | 36.63 | Bearish |
| EMA 50 | 35.11 | Bearish |
| SMA 100 | 41.60 | Bearish |
| EMA 100 | 37.96 | Bearish |
| SMA 200 | 39.23 | Bearish |
| EMA 200 | 38.58 | Bearish |
Oscillators (daily)
| RSI (14) | 29.66 | Bullish |
| MACD (12, 26) | -2.24 | Bearish |
| Momentum (12) | -3.41 | Bearish |
| Stochastic %K (14) | 50.57 | Neutral |
| Williams %R (14) | -49.43 | Neutral |
| CCI (20) | -52.34 | Neutral |
Pivot points (classic, last session)
S3 27.93 | S2 28.32 | S1 28.91 | Pivot 29.31 | R1 29.90 | R2 30.29 | R3 30.88 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.00 USD
Yield on today's price
–
Frequency
None in the last year
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.0030 | |
| 0.1500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MGM
| ETF | Share of the fund |
|---|---|
| WTV WisdomTree U.S. Quality Shareholder Yi... | 0.74% |
| RPV Invesco S&P 500 Pure Value | 0.67% |
| XLY Consumer Discretionary Select Sector S... | 0.23% |
| FDIS Fidelity MSCI Consumer Discretionary I... | 0.20% |
| VCR Vanguard Consumer Discretionary | 0.19% |
| RSP Invesco S&P 500 Equal Weight | 0.18% |
| VBR Vanguard Small-Cap Value | 0.18% |
| SCHM Schwab U.S. Mid-Cap | 0.16% |
The eight funds with the largest weight in MGM among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MGM stock splits
MGM has split its stock 2 times since 2000. The latest was a 2-for-1 split on 19 May 2005.
Full MGM stock split history →MGM SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.