MGMNYSEHotels & MotelsFiscal year ends December 31
MGM Resorts International
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$28.47−0.13 (-0.45%)
Close on Oct 19, 2026
- Market cap
- $7.34B
- P/E (TTM)
- 17.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
5.7%+18.2 pts over 5 years
Net margin
1.2%+21.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.7% | +10.1% | +27.7% | +6.7% | |
| Operating income | -32.8% | -11.4% | – | – | |
| Net income | -72.4% | -48.1% | – | – | |
| EPS, diluted | -68.3% | -39.8% | – | – | |
| Free cash flow | +20.5% | +13.8% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 19.4% | -14.5% | 7.5% | |
| Return on assets | 4.1% | -2.9% | 0.5% | |
| Current ratio | 0.97 | 3.21 | 1.23 | |
| Debt to equity | 2.09 | 1.90 | 2.56 | |
| Net debt to EBITDA | 3.94× | 12.81× | 2.06× | |
| Interest coverage | 3.0× | -0.9× | 2.4× | |
| Capex to revenue | 23.9% | 5.2% | 6.1% | |
| Diluted shares | 573M | 494M | 277M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MGM Resorts International generated $10.71B from operations and spent $13.82B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$10.71B
Used
$13.82B
Capital expenditure$4.41B32%Dividends$8.84M0%Share buybacks$9.41B68%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.2%
×Asset turnover0.42×
×Equity multiplier15.33×
=Return on equity, FY20257.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.2% | 0.42× | 15.33× | 7.5% |
| FY2024 | 4.3% | 0.41× | 12.38× | 21.8% |
| FY2023 | 7.1% | 0.37× | 10.19× | 26.4% |
| FY2022 | 11.2% | 0.30× | 7.94× | 27.0% |
| FY2021 | 13.0% | 0.25× | 6.15× | 19.9% |
| FY2020 | -20.0% | 0.15× | 4.94× | -14.5% |
| FY2019 | 15.9% | 0.40× | 4.50× | 28.8% |
| FY2018 | 4.0% | 0.40× | 4.21× | 6.6% |
| FY2017 | 18.1% | 0.38× | 4.16× | 28.3% |
| FY2016 | 11.6% | 0.36× | 4.71× | 19.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$205.86M
- Cash generatingOperating cash flow above zero$2.53B
- Return on assets improvedROA up on the prior year1.8% → 0.5%
- Earnings backed by cashOperating cash flow above net income$2.53B vs $205.86M
- Less leverageLong-term debt to assets fell15.1% → 15.1%
- Better liquidityCurrent ratio rose1.30 → 1.23
- No dilutionShare count did not rise310M → 277M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.41 → 0.42