MGM Resorts InternationalMGM
NYSE•Consumer Cyclical•Resorts & Casinos
MGM Resorts International, through its subsidiaries, operates as a gaming and entertainment company in the United States, China, and internationally. It operates through four segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. The company operates casino resorts that offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities, as well as online/digital games through its online platforms. Its casino operations include slots and table games, as well as live dealer, online sports betting, and iGaming through BetMGM. The company's 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.
MGM Resorts International (MGM) reported trailing twelve months revenue of $17.72B as of March 2026, a 3.4% increase year-over-year. Quarterly revenue reached $4.45B, reflecting continued top-line momentum.
MGM Resorts International generated $182.44M in TTM net income, with quarterly EBITDA of $564.97M. The operating margin contracted from 9.0% to 6.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.8%) and net margin (2.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.5% a year ago, reflecting increased costs or interest expense.
MGM trades at a P/E of 68.8x (a premium multiple) and a P/S of 0.7x. The price-to-book ratio of 5.2x indicates a significant premium over book value.
The company generated $413.13M in free cash flow over the trailing twelve months, a 29.5% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $41.40B in total assets with $6.40B in long-term debt against $2.43B in stockholders equity for a debt-to-equity ratio of 2.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 6.7%. The business may lack pricing power or face rising costs.'
ROE averages 17.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 38.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 2.2x on average — earnings are well-supported by cash generation.
D/E ratio of 2.6 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 17.6% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation