NYSE: MGM
MGM Resorts
Consumer Discretionary · Hotels & Motels
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$7.86B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $16.6B |
| FY2017, ended Dec 31, 2017 | $18.9B |
| FY2018, ended Dec 31, 2018 | $13.0B |
| FY2019, ended Dec 31, 2019 | $16.4B |
| FY2020, ended Dec 31, 2020 | $15.6B |
| FY2021, ended Dec 31, 2021 | $19.7B |
| FY2022, ended Dec 31, 2022 | $12.5B |
| FY2023, ended Dec 31, 2023 | $14.3B |
| FY2024, ended Dec 31, 2024 | $9.89B |
| FY2025, ended Dec 31, 2025 | $9.34B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.86B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.7B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.48B |
| FY2017, ended Dec 31, 2017 | $10.8B |
| FY2018, ended Dec 31, 2018 | $11.8B |
| FY2019, ended Dec 31, 2019 | $12.9B |
| FY2020, ended Dec 31, 2020 | $5.16B |
| FY2021, ended Dec 31, 2021 | $9.68B |
| FY2022, ended Dec 31, 2022 | $13.1B |
| FY2023, ended Dec 31, 2023 | $16.2B |
| FY2024, ended Dec 31, 2024 | $17.2B |
| FY2025, ended Dec 31, 2025 | $17.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.7B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.10B | −$729M |
| FY2017, ended Dec 31, 2017 | $1.95B | $342M |
| FY2018, ended Dec 31, 2018 | $467M | $236M |
| FY2019, ended Dec 31, 2019 | $2.05B | $1.07B |
| FY2020, ended Dec 31, 2020 | −$1.03B | −$1.76B |
| FY2021, ended Dec 31, 2021 | $1.25B | $883M |
| FY2022, ended Dec 31, 2022 | $1.47B | $991M |
| FY2023, ended Dec 31, 2023 | $1.14B | $1.76B |
| FY2024, ended Dec 31, 2024 | $747M | $1.21B |
| FY2025, ended Dec 31, 2025 | $206M | $1.46B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $694M | $1.40B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.40B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.45B |
| FY2017, ended Dec 31, 2017 | $1.50B |
| FY2018, ended Dec 31, 2018 | $1.53B |
| FY2019, ended Dec 31, 2019 | $2.33B |
| FY2020, ended Dec 31, 2020 | $5.10B |
| FY2021, ended Dec 31, 2021 | $4.70B |
| FY2022, ended Dec 31, 2022 | $5.91B |
| FY2023, ended Dec 31, 2023 | $2.93B |
| FY2024, ended Dec 31, 2024 | $2.42B |
| FY2025, ended Dec 31, 2025 | $2.06B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.40B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.67B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.0B |
| FY2017, ended Dec 31, 2017 | $12.9B |
| FY2018, ended Dec 31, 2018 | $15.1B |
| FY2019, ended Dec 31, 2019 | $11.2B |
| FY2020, ended Dec 31, 2020 | $12.4B |
| FY2021, ended Dec 31, 2021 | $12.8B |
| FY2022, ended Dec 31, 2022 | $8.72B |
| FY2023, ended Dec 31, 2023 | $6.34B |
| FY2024, ended Dec 31, 2024 | $6.36B |
| FY2025, ended Dec 31, 2025 | $6.23B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.67B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 55.9% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.253M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 574M |
| FY2017, ended Dec 31, 2017 | 566M |
| FY2018, ended Dec 31, 2018 | 537M |
| FY2019, ended Dec 31, 2019 | 492M |
| FY2020, ended Dec 31, 2020 | 495M |
| FY2021, ended Dec 31, 2021 | 439M |
| FY2022, ended Dec 31, 2022 | 374M |
| FY2023, ended Dec 31, 2023 | 320M |
| FY2024, ended Dec 31, 2024 | 286M |
| FY2025, ended Dec 31, 2025 | 256M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 253M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $677M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $55.5M | $1.21B |
| FY2017, ended Dec 31, 2017 | $328M | $62.5M | $388M |
| FY2018, ended Dec 31, 2018 | $1.28B | $70.2M | $0 |
| FY2019, ended Dec 31, 2019 | $1.03B | $88.8M | $1.25B |
| FY2020, ended Dec 31, 2020 | $354M | $107M | — |
| FY2021, ended Dec 31, 2021 | $1.75B | $65.2M | — |
| FY2022, ended Dec 31, 2022 | $2.78B | $71.3M | — |
| FY2023, ended Dec 31, 2023 | $2.29B | $73.6M | — |
| FY2024, ended Dec 31, 2024 | $1.36B | $80.2M | — |
| FY2025, ended Dec 31, 2025 | $1.23B | $90.5M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $774M | $96.9M | — |
Revenue (TTM)
$17.7B
+2.6% YoY
Net income (TTM)
$694M
+896% YoY
Cash
$2.40B
+12.3% YoY
Total debt
$5.67B
−8.0% YoY
Valuation
At current price- Market Cap
- $7.58B
- P/E
- 10.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.4×
- Price / Book
- 3.0×
- EV / EBITDA
- 4.6×
Growth
Trailing 12 months- Revenue (TTM)
- $17.7B
- Revenue Growth YoY
- 2.6%
- Revenue CAGR 3Y
- 10.1%
- Revenue CAGR 5Y
- 27.7%
- EPS Growth YoY
- 1,200%
- Net Income Growth YoY
- 896%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 7.0%
- Net Margin
- 3.9%
- FCF Margin
- 7.9%
- Return on Equity
- 26.8%
Earnings
Trailing 12 months- Net Income
- $694M
- EPS (diluted)
- $2.60
- EBITDA
- $2.35B
- Operating Income
- $1.25B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.40B
- Total Debt
- $5.67B
- Net Debt
- $3.27B
- Total Assets
- $39.5B
- Total Liabilities
- $36.1B
- Shareholders' Equity
- $2.50B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.31B
- Capital Expenditure
- $914M
- Free Cash Flow
- $1.40B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.35
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $17.7B.
Note
Net margin of 3.9% over the last 12 months.
Note
Net debt of $3.27B is 1.4× EBITDA, a manageable load.
Note
Free cash flow of $1.40B, 7.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K38Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 11, 2026 · Read the filing on EDGAR
- Revenue rose 2% to $17.5 billion, but operating income fell 33% and net income attributable to shareholders fell 72% to $206 million.
- MGM dropped its New York casino bid, writing off $256 million of Empire City goodwill plus $93 million of other charges.
- Las Vegas Strip revenue fell 4% and its segment profit fell 8%, while MGM China and MGM Digital revenue grew 11% and 19%.
- MGM's remaining Osaka funding rose to about $2.3 billion, and it agreed to sell MGM Northfield Park for $546 million.
Business momentum
Sharp deterioration
“Net income attributable to MGM Resorts International 205,862 746,558 1,142,180”
Outlook
Neutral
“We also expect to continue to repurchase shares pursuant to our share repurchase plans.”
Financial stress
Low
“As of December 31, 2025, we had cash and cash equivalents of $2.1 billion, of which MGM China held $565 million, and we had $6.3 billion in principal amount of indebtedness, including $2.5 billion related to MGM China.”
Tone against the previous report
More negative
Red flags
- Medium
Large write-down
“we recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $256 million”
Positives
MGM China revenue grew 11% on stronger casino play
“MGM China net revenues increased 11% in 2025 compared to 2024 due primarily to an increase in casino revenues, which increased due primarily to an increase in main floor table games drop.”
BetMGM expects to pay cash distributions to its owners, with MGM due half
“In October 2025, BetMGM North America Venture announced its expectations to distribute cash to its shareholders based upon its excess cash balances and minimum unrestricted cash thresholds going forward”
Northfield Park sale will bring in cash and lower annual rent
“In October 2025, we entered into an agreement to sell the operations of MGM Northfield Park for $546 million in cash, subject to customary purchase price adjustments.”
Concerns
Las Vegas Strip, the largest segment, saw lower revenue and fewer visitors
“During the year ended December 31, 2025, Las Vegas visitor volume decreased 8% compared to 2024 according to information published by the Las Vegas Convention and Visitors Authority.”
Operating profit fell sharply on write-downs, higher gaming taxes and depreciation
“Consolidated operating income decreased 33% in 2025 compared to 2024.”
Osaka funding commitment is large, and project costs may still rise
“We expect to fund the estimated remaining amount of approximately JPY356.9 billion (approximately $2.3 billion as of December 31, 2025) on a quarterly basis through 2028”
New risks since the previous report
New York casino licenses went to rivals, threatening MGM's New York and New Jersey business
“in 2025, the New York Gaming Commission issued licenses for three integrated resorts projects that will include live-dealer table games, which we expect will increase competition in the Northeast corridor”
Prediction markets are a new competitive threat to online betting
“the availability of other technology platforms, such as prediction markets, and marketing channels”
Digital business goodwill has a thin cushion against further write-downs
“One reporting unit had fair value that exceeded carrying value by 7% and for which the goodwill allocated is $341 million”
Currency swings on foreign subsidiary debt produced a large loss
“foreign currency transaction loss of $288 million primarily related to USD denominated debt held by a foreign subsidiary”
Biggest risks named
- $6.3 billion of debt plus about $6 billion of landlord debt guarantees
- $1.8 billion of fixed annual rent, regardless of property performance
- Weaker consumer spending and falling Las Vegas visitation
- Osaka construction costs, delays and uncapped completion funding guarantee
- Macau concession conditions, investment commitments and possible termination
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 38 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 11, 2026 | 38 | Sharp deterioration | 1 medium | |
| 10-K | Feb 18, 2025 | 55 | Mixed | None | |
| 10-K | Feb 23, 2024 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 24, 2023 | 37 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 25, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 26, 2021 | 27 | Sharp deterioration | 2 medium | |
| 10-K | Feb 27, 2020 | 56 | Improving | 1 medium2 minor | |
| 10-K | Feb 27, 2019 | 46 | Sharp deterioration | None | |
| 10-K | Mar 1, 2018 | 56 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR