What are the investment strengths of MGM Resorts International (MGM)?

Trading at 0.56x P/S vs industry median 1.34x despite 4.1x revenue scale advantage; 17.3B revenue is 12.8x industry median Gross margin 44.6% vs industry 27.8% median; operating margin 7.9% above 7.3% median despite massive interest burden

What are the investment risks for MGM Resorts International (MGM)?

Net income of 70M on 17.3B revenue (0.4% margin) leaves zero buffer; 256M impairment charge TTM signals asset quality risk ROIC of 0.2% TTM destroys value vs any reasonable cost of capital; 11.6x leverage amplifies downside in recession

MGM Resorts International

MGM

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MGM Resorts International AI Insights

Informational only. Not investment advice.

As of 2025-12-08

Snapshot

Debt/equity of 11.6x with 31.2B total debt vs 2.7B equity creates fragile capital structure; interest expense (424M TTM) consumes 31% of EBITDA[Debt to Equity]
Tangible book value is -3.9B; goodwill of 4.9B exceeds total equity of 2.7B by 1.8x - impairment would eliminate equity[Tangible Book Value]
FCF of 1.4B TTM (8% margin) covers interest 3.2x despite net margin of only 0.4% - cash generation decoupled from earnings[Free Cash Flow]

Watch Triggers

Interest Expense: Rises above 500M TTM or EBITDA coverage falls below 3x — Current 4.1x EBITDA/interest is thin; refinancing at higher rates could trigger distress
Goodwill: Any impairment charge exceeding 500M — 4.9B goodwill is 1.8x equity; material write-down would create negative book value
Free Cash Flow TTM: Falls below 1B annually — Deleveraging thesis requires sustained FCF; drop signals liquidity stress

Bull Case

Trading at 0.56x P/S vs industry median 1.34x despite 4.1x revenue scale advantage; 17.3B revenue is 12.8x industry median

PS RatioTotal Revenue TTM

Gross margin 44.6% vs industry 27.8% median; operating margin 7.9% above 7.3% median despite massive interest burden

Gross Margin TTMOperating Margin TTM

Bear Case

Net income of 70M on 17.3B revenue (0.4% margin) leaves zero buffer; 256M impairment charge TTM signals asset quality risk

Net Margin TTMImpairment of Capital Assets

ROIC of 0.2% TTM destroys value vs any reasonable cost of capital; 11.6x leverage amplifies downside in recession

ROIC TTMDebt to Equity

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

FCF will fund deleveraging, reducing debt/equity below 8x within 3 years

1-3ymed

1.4B annual FCF provides deleveraging capacity
No dividend payout preserves all cash for debt reduction
Asset-heavy model limits incremental capex needs

FCF 1.4B TTM vs interest 424M = 3.2x coverageDividends paid per share TTM: $0Capex 1.2B TTM vs 29.4B PPE base

Valuation Context

Caveats

Public Strategies Rankings

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MGM Fundamentals

Accommodation and Food Services → Accommodation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$10.13B		—
Enterprise Value	$39.45B		—
P/E Ratio	48		—
Total Revenue - TTM	$17.54B	+1.7%	—
Earnings Per Share (diluted) - TTM	$0.76	-35.2%	—
Operating Margin - TTM	7.63%	-2.1%	—
Net Margin - TTM	1.17%	-3.2%	—
Free Cash Flow - TTM	$1.46B	+20.5%	—
Return on Common Equity - TTM	7.55%	-14.3%	—
Beta 5Y (Monthly)	unknown		—

MGM Dividend History

25 dividends

2022

$0.0100

12/08/22$0.0025

09/08/22$0.0025

06/09/22$0.0025

03/09/22$0.0025

2021

$0.0100

12/09/21$0.0025

09/09/21$0.0025

06/09/21$0.0025

03/09/21$0.0025

2020

$0.1575

12/09/20$0.0025

09/09/20$0.0025

06/09/20$0.0025

03/09/20$0.1500

2019

$0.5200

12/09/19$0.1300

09/09/19$0.1300

06/07/19$0.1300

03/07/19$0.1300

2018

$0.4800

12/07/18$0.1200

09/07/18$0.1200

06/07/18$0.1200

03/08/18$0.1200

2017

$0.4400

12/08/17$0.1100

09/08/17$0.1100

06/07/17$0.1100

03/08/17$0.1100

2000

$0.1000

02/08/00$0.1000

MGM Stock Splits

2 stock splits

05/19/050.5:1 split

02/28/000.5:1 split

MGM SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/11/26	12/31/25	10-K	0000789570-26-000018
10/29/25	09/30/25	10-Q	0000789570-25-000074
07/30/25	06/30/25	10-Q	0000789570-25-000033
04/30/25	03/31/25	10-Q	0000789570-25-000021
02/18/25	12/31/24	Unknown	0000789570-25-000008
10/30/24	09/30/24	10-Q	0000789570-24-000029
07/31/24	06/30/24	10-Q	0000789570-24-000022
05/01/24	03/31/24	10-Q	0000789570-24-000014
02/23/24	12/31/23	10-K	0000789570-24-000005
11/08/23	09/30/23	10-Q	0000789570-23-000024
08/02/23	06/30/23	10-Q	0000789570-23-000019
05/01/23	03/31/23	10-Q	0000789570-23-000013
02/24/23	12/31/22	10-K	0000789570-23-000008
11/02/22	09/30/22	10-Q	0000789570-22-000038
08/03/22	06/30/22	10-Q	0000789570-22-000027
05/02/22	03/31/22	10-Q	0000789570-22-000017
02/25/22	12/31/21	10-K	0000789570-22-000005
11/03/21	09/30/21	10-Q	0000789570-21-000010
08/06/21	06/30/21	10-Q	0001564590-21-041935
05/03/21	03/31/21	10-Q	0001564590-21-022697
02/26/21	12/31/20	10-K	0001564590-21-009205
11/03/20	09/30/20	10-Q	0001564590-20-049792
08/03/20	06/30/20	10-Q	0001564590-20-035299
05/01/20	03/31/20	10-Q	0001564590-20-020518
02/27/20	12/31/19	10-K	0001564590-20-007393
11/05/19	09/30/19	10-Q	0001564590-19-039971
08/08/19	06/30/19	10-Q	0001564590-19-030264
05/07/19	03/31/19	10-Q	0001564590-19-016544
02/27/19	12/31/18	10-K	0001564590-19-004807
11/07/18	09/30/18	10-Q	0001564590-18-027761
08/03/18	06/30/18	10-Q	0001564590-18-019040
05/07/18	03/31/18	10-Q	0001564590-18-011065
03/01/18	12/31/17	10-K	0001564590-18-003942
11/09/17	09/30/17	10-Q	0001564590-17-023064
08/08/17	06/30/17	10-Q	0001564590-17-016268
05/09/17	03/31/17	10-Q	0001564590-17-009586
03/01/17	12/31/16	10-K	0001564590-17-003007
11/09/16	09/30/16	10-Q	0001564590-16-028455
08/08/16	06/30/16	10-Q	0001564590-16-023114
05/06/16	03/31/16	10-Q	0001564590-16-018330
02/29/16	12/31/15	10-K	0001564590-16-013639
11/06/15	09/30/15	10-Q	0001564590-15-009822
08/07/15	06/30/15	10-Q	0001564590-15-006564
05/08/15	03/31/15	10-Q	0001564590-15-003623
03/02/15	12/31/14	10-K	0001564590-15-001180
11/07/14	09/30/14	10-Q	0001564590-14-005230
08/11/14	06/30/14	10-Q	0001193125-14-303368
05/08/14	03/31/14	10-Q	0001193125-14-187861
03/03/14	12/31/13	10-K	0001193125-14-078072
11/07/13	09/30/13	10-Q	0001193125-13-431308
08/08/13	06/30/13	10-Q	0001193125-13-324598
05/08/13	03/31/13	10-Q	0001104659-13-038929
03/01/13	12/31/12	10-K	0001047469-13-001980
11/09/12	09/30/12	10-Q	0001104659-12-076116
08/09/12	06/30/12	10-Q	0001104659-12-056073
05/08/12	03/31/12	10-Q	0001104659-12-033979
02/29/12	12/31/11	10-K	0001047469-12-001824
11/07/11	09/30/11	10-Q	0001193125-11-297961
08/09/11	06/30/11	10-Q	0001193125-11-214750
05/06/11	03/31/11	10-Q	0000950123-11-046622
02/28/11	12/31/10	10-K	0000950123-11-019786
11/05/10	09/30/10	10-Q	0000950123-10-101768
08/09/10	06/30/10	10-Q	0000950123-10-074532
05/07/10	03/31/10	10-Q	0000950123-10-046015
02/26/10	12/31/09	10-K	0000950123-10-018374
11/06/09	09/30/09	10-Q	0000950123-09-059446
08/07/09	06/30/09	10-Q	0000950123-09-032203
05/11/09	03/31/09	10-Q	0000950153-09-000362
03/17/09	12/31/08	8-K	0000950153-09-000015
11/10/08	09/30/08	8-K	0000950134-08-017573
08/11/08	06/30/08	10-Q	0000950153-08-001395
05/12/08	03/30/08	Unknown	--
02/29/08	12/31/07	8-K	0000950153-07-002719
11/09/07	09/30/07	10-Q	0000950153-07-002368
08/09/07	06/30/07	10-Q	0000950153-07-001724
05/10/07	03/30/07	Unknown	--
02/28/07	12/31/06	10-K	0000950153-07-000441
11/09/06	09/30/06	10-Q	0000950153-06-002767
08/09/06	06/30/06	10-Q	0000950153-06-002109
05/10/06	03/30/06	Unknown	--
03/13/06	12/31/05	10-K	0000950153-06-000642
11/09/05	09/30/05	10-Q	0000950153-05-002853
08/09/05	06/30/05	10-Q	0000950153-05-001918
05/09/05	03/30/05	Unknown	--
03/11/05	12/31/04	10-K	0000950153-05-000488
11/09/04	09/30/04	10-Q	0000950124-04-005457
08/09/04	06/30/04	10-Q	0000950153-04-001901
05/10/04	03/30/04	Unknown	--
02/17/04	12/31/03	10-K	0000950153-04-000362
11/12/03	09/30/03	10-Q	0001104659-03-025400
08/12/03	06/30/03	10-Q	0001104659-03-017723
05/14/03	03/30/03	Unknown	--
03/26/03	12/31/02	10-K	0001047469-03-010320
11/13/02	09/30/02	10-Q	0001047469-02-002907
08/09/02	06/30/02	10-Q	0000912057-02-030672
05/03/02	03/30/02	Unknown	--
03/26/02	12/31/01	10-K405	0000912057-02-011658
11/14/01	09/30/01	10-Q	0000912057-01-539288
08/14/01	06/30/01	10-Q	0000912057-01-528193
05/14/01	03/30/01	Unknown	--
03/28/01	12/31/00	10-K405	0000912057-01-008574
11/13/00	09/30/00	10-Q	0000912057-00-049259
08/14/00	06/30/00	10-Q	0000944209-00-001352
05/10/00	03/30/00	Unknown	--