Consumer Discretionary · Casinos & Gaming · US stock · price as of 22 Oct 2026
Key indicators
Price
$29.50
52-week range
$27.94 – $51.59
Market cap
$7.6B
P/E (trailing)
18.5×
EV / EBITDA
5.3×
Free-cash-flow yield
19.7%
Dividend yield
–
Revenue (last 12 months)
$17.8B
Revenue growth (3y a year)
10.1%
Operating margin
5.7%
Return on invested capital
3.1%
Net debt / EBITDA
13.0×
Fair value
Fair value (average of valid models)$38.78 middle half of models $39 – $44
Versus priceUndervalued+32% to fair value
P/E multiple
$28.83
P/B multiple
$39.06
P/S multiple
$54.51
EV/EBITDA multiple
$14.27
EV/revenue multiple
$44.47
10-year DCF, EBITDA exit
$43.74
5-year DCF, EBITDA exit
$41.32
10-year DCF, revenue exit
$39.12
5-year DCF, revenue exit
$43.69
Model uncertainty
High
X-Ray Score
40/ 100 · High confidence · ahead of 17% of sector peers
Valuation68
Growth39
Profitability20
Financial health28
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives MGM Resorts International an X-Ray Score of 40 out of 100 (high confidence), ahead of 17% of the S&P 500 stocks in its sector. Its strongest lens is valuation (68) and its weakest is profitability (20).
Our fair value (the average of the valid models) is $38.78 (range $39.06 to $43.74). At $29.50 the stock trades 24% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
MGM Resorts International (MGM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$44.87
$33.53
$44.68
$34.65
$36.49
$29.50
Market cap
$21.9B
$13.8B
$16.0B
$10.7B
$10.1B
$7.6B
P/E
18.6×
9.6×
14.0×
14.4×
48.0×
18.5×
EV / revenue
3.6×
1.3×
1.2×
0.9×
0.9×
0.7×
EV / EBITDA
10.2×
3.5×
7.4×
6.6×
7.5×
5.7×
Price / free cash flow
24.8×
14.0×
9.1×
8.9×
6.9×
5.1×
Free-cash-flow yield
4.0%
7.2%
11.0%
11.3%
14.4%
19.7%
Price / book
3.6×
2.9×
4.2×
3.6×
4.2×
3.0×
Dividend yield
0.02%
0.03%
–
–
–
–
Fundamentals checklist ● 3 Good · ● 5 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.1%Average
Free-cash-flow yield19.7%Good
Risk models
Altman Z score0.6×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−39.8%Bad
Free-cash-flow growth (3y)13.8%Average
Revenue growth (3y)10.1%Good
Growth consistency80%Average
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA13.0×Bad
Interest cover2.5×Bad
Valuation
Fair value vs price1.3×Good
EBIT / EV yield2.8%Bad
Profitability
Return on invested capital3.1%Bad
Operating margin5.7%Bad
XStocksXray
MGM Resorts International (MGM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
9,680
13,127
16,164
17,241
17,538
17,761
Gross profit
–
–
–
–
–
–
Operating income
2,279
1,439
1,891
1,490
1,002
1,017
Net income
1,254
1,473
1,142
747
206
426
Diluted EPS ($)
2.41
3.49
3.19
2.40
0.76
1.60
Free cash flow
883
991
1,759
1,212
1,460
1,495
Gross margin
–
–
–
–
–
–
Operating margin
23.5%
11.0%
11.7%
8.6%
5.7%
5.7%
Net margin
13.0%
11.2%
7.1%
4.3%
1.2%
2.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
40,899
45,692
42,369
42,232
41,374
39,848
Cash
4,703
5,912
2,928
2,416
2,063
2,547
Total debt
12,771
8,719
6,344
6,362
6,230
6,068
Equity
6,071
4,832
3,811
3,023
2,430
2,514
Dividend per share ($)
0.01
0.01
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
