MGM Resorts International (MGM) Key Metrics
MGM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.32B
- Enterprise value
- $37.09B
- P/E (TTM)
- 17.7 10-yr median 14.4
- Forward P/E
- 17.4
- PEG ratio
- 0.48
- Price / sales
- 0.4 10-yr median 1.2
- Price / book
- 3.9 10-yr median 2.8
- EV / EBITDA
- 18.6 10-yr median 12.0
- Dividend yield
- —
- Beta
- 1.35
MGM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMGM valuation Price multiples at each fiscal year-end price.
MGM returns How much profit the business earns on the capital it uses.
MGM per-share figures Results divided by the shares outstanding at year-end.
MGM financial health Debt, liquidity and how easily interest is covered.
MGM efficiency & capital use Working capital cycle and where the cash goes.
MGM valuation history
MGM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MGM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MGM cash returned to shareholders
MGM price vs earnings per share
MGM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.66B | $10.75B | $16.02B | $13.85B | $21.87B | $15.57B | $17.55B | $13.33B | $19.33B | $16.53B |
| Enterprise value | $63.76B | $39.94B | $44.71B | $41.93B | $41.86B | $31.49B | $30.89B | $26.94B | $30.74B | $28.07B |
| P/E ratio | 46.9 | 14.4 | 14.0 | 9.4 | 17.4 | — | 8.6 | 28.6 | 9.9 | 15.0 |
| Price / sales | 0.6 | 0.6 | 1.0 | 1.1 | 2.3 | 3.2 | 1.4 | 1.1 | 1.8 | 1.7 |
| Price / book | 4.0 | 3.6 | 4.2 | 2.9 | 3.6 | 2.4 | 2.3 | 2.0 | 2.6 | 2.7 |
| Price / free cash flow | 5.8 | 8.9 | 9.1 | 13.8 | 24.8 | — | 16.4 | 56.6 | 56.5 | — |
| Price / operating cash flow | 3.5 | 4.6 | 5.9 | 7.8 | 15.9 | — | 9.7 | 7.7 | 8.8 | 10.8 |
| EV / sales | 3.6 | 2.3 | 2.8 | 3.2 | 4.3 | 6.4 | 2.4 | 2.3 | 2.8 | 3.0 |
| EV / EBITDA | 37.1 | 16.7 | 18.7 | 8.4 | 12.3 | — | 6.2 | 10.7 | 12.0 | 10.0 |
| EV / free cash flow | 38.2 | 33.0 | 25.3 | 41.9 | 47.4 | — | 28.8 | 114.3 | 89.8 | — |
| Earnings yield | 2.1% | 6.9% | 7.1% | 10.6% | 5.7% | −6.6% | 11.7% | 3.5% | 10.1% | 6.7% |
| Free cash flow yield | 17.3% | 11.3% | 11.0% | 7.2% | 4.0% | −11.3% | 6.1% | 1.8% | 1.8% | −4.4% |
| Dividend yield | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 1.5% | 2.0% | 1.3% | 26.5% |
| Shareholder yield (dividends + buybacks) | 12.7% | 12.6% | 14.3% | 20.1% | 8.0% | 2.8% | 7.4% | 11.6% | 3.0% | 27.1% |
| Share price at fiscal year-end | $36.49 | $34.65 | $44.68 | $33.53 | $44.88 | $31.51 | $33.27 | $24.26 | $33.39 | $28.83 |
| Per share | ||||||||||
| Revenue per share | $66.21 | $55.57 | $45.07 | $31.79 | $19.86 | $9.95 | $24.45 | $21.41 | $18.66 | $16.49 |
| Earnings per share | $0.78 | $2.41 | $3.18 | $3.57 | $2.57 | −$2.09 | $3.88 | $0.85 | $3.37 | $1.92 |
| Operating cash flow per share | $10.33 | $7.62 | $7.53 | $4.28 | $2.82 | −$3.02 | $3.43 | $3.13 | $3.81 | $2.68 |
| Free cash flow per share | $6.30 | $3.91 | $4.93 | $2.43 | $1.81 | −$3.57 | $2.03 | $0.43 | $0.59 | −$1.27 |
| Cash per share | $7.79 | $7.79 | $8.16 | $14.31 | $9.65 | $10.32 | $4.42 | $2.78 | $2.59 | $2.52 |
| Book value per share | $9.17 | $9.75 | $10.63 | $11.70 | $12.46 | $13.16 | $14.64 | $11.85 | $13.09 | $10.85 |
| Tangible book value per share | −$14.46 | −$12.37 | −$8.59 | −$4.24 | −$2.11 | $1.56 | $3.44 | $1.36 | $3.27 | $0.55 |
| Dividends per share | — | $0.00 | $0.00 | $0.01 | $0.01 | $0.16 | $0.51 | $0.47 | $0.44 | $7.65 |
| Capex per share | $4.04 | $3.71 | $2.60 | $1.85 | $1.01 | $0.55 | $1.40 | $2.71 | $3.22 | $3.95 |
| Debt per share | $212.02 | $101.89 | $88.16 | $82.31 | $50.67 | $42.53 | $29.69 | $27.53 | $22.30 | $22.65 |
| Shares outstanding | 264.9M | 310.2M | 358.6M | 413.0M | 487.4M | 494.2M | 527.6M | 549.5M | 578.8M | 573.3M |
| Change in shares outstanding | −14.6% | −13.5% | −13.2% | −15.3% | −1.4% | −6.3% | −4.0% | −5.1% | +1.0% | +5.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.6% | 21.8% | 26.4% | 27.0% | 19.9% | −14.5% | 28.8% | 6.6% | 28.3% | 19.4% |
| Return on invested capital (ROIC) | 2.3% | 4.4% | 5.2% | 2.4% | 7.8% | −2.3% | 14.9% | 6.9% | 9.3% | 12.1% |
| Return on assets (ROA) | 0.5% | 1.8% | 2.6% | 3.4% | 3.2% | −2.9% | 6.4% | 1.6% | 6.8% | 4.1% |
| Return on tangible assets | 0.6% | 2.1% | 3.2% | 3.8% | 3.7% | −3.4% | 7.3% | 1.9% | 8.3% | 4.9% |
| Free cash flow margin | 9.5% | 7.0% | 10.9% | 7.6% | 9.1% | −35.9% | 8.3% | 2.0% | 3.2% | −7.7% |
| Income quality (OCF / net income) | 13.27 | 3.16 | 2.36 | 1.20 | 1.09 | — | 0.88 | 3.69 | 1.13 | 1.39 |
| Financial health | ||||||||||
| Total debt | $56.16B | $31.61B | $31.62B | $33.99B | $24.69B | $21.02B | $15.66B | $15.13B | $12.91B | $12.99B |
| Cash & short-term investments | $2.06B | $2.42B | $2.93B | $5.91B | $4.70B | $5.10B | $2.33B | $1.53B | $1.50B | $1.45B |
| Net debt | $54.09B | $29.19B | $28.69B | $28.08B | $19.99B | $15.92B | $13.33B | $13.60B | $11.41B | $11.54B |
| Debt / equity | 23.11 | 10.45 | 8.30 | 7.04 | 4.07 | 3.23 | 2.03 | 2.32 | 1.70 | 2.09 |
| Debt / assets | 1.36 | 0.75 | 0.75 | 0.74 | 0.60 | 0.58 | 0.46 | 0.50 | 0.44 | 0.46 |
| Net debt / EBITDA | 31.49 | 12.21 | 11.97 | 5.64 | 5.86 | — | 2.67 | 5.42 | 4.44 | 4.12 |
| Current ratio | 1.23 | 1.30 | 1.57 | 1.81 | 1.86 | 3.21 | 1.26 | 0.86 | 0.76 | 0.97 |
| Quick ratio | 1.20 | 1.26 | 1.53 | 1.78 | 1.84 | 3.16 | 1.22 | 0.82 | 0.72 | 0.93 |
| Interest coverage | 2.4 | 3.4 | 4.1 | 2.4 | 2.8 | -0.9 | 4.6 | 1.9 | 2.6 | 3.0 |
| Working capital | $820.3M | $1.01B | $1.78B | $3.64B | $2.97B | $4.09B | $816.3M | −$422.1M | −$761.9M | −$63.8M |
| Invested capital | $56.52B | $32.22B | $32.50B | $32.91B | $26.06B | $22.42B | $21.06B | $20.12B | $18.99B | $17.76B |
| Tangible asset value | −$2.98B | −$3.14B | −$2.52B | −$1.21B | $4.03B | $5.51B | $6.86B | $4.81B | $6.01B | $4.12B |
| Net current asset value | −$33.77B | −$34.15B | −$33.09B | −$32.17B | −$23.36B | −$19.30B | −$17.10B | −$17.11B | −$15.09B | −$15.92B |
| Graham number | $12.68 | $22.97 | $27.60 | $30.64 | $26.86 | — | $35.77 | $15.05 | $31.52 | $21.66 |
| Graham net-net per share | −$132.01 | −$112.91 | −$95.36 | −$81.49 | −$50.03 | −$39.83 | −$33.54 | −$31.92 | −$26.74 | −$28.34 |
| Capital allocation | ||||||||||
| Dividends paid | — | $0 | $957,000 | $4.0M | $4.8M | $77.6M | $271.3M | $260.6M | $252.0M | $4.39B |
| Share buybacks (net) | $1.23B | $1.36B | $2.29B | $2.78B | $1.75B | $353.7M | $1.03B | $1.28B | $327.5M | $100.0M |
| Dividend payout ratio | — | 0.0% | 0.1% | 0.3% | 0.4% | — | 13.2% | 55.8% | 12.9% | 398.2% |
| Dividends + buybacks / free cash flow | 73.6% | 112.0% | 129.7% | 277.4% | 199.2% | — | 121.6% | 655.0% | 169.3% | — |
| Capex / revenue | 6.1% | 6.7% | 5.8% | 5.8% | 5.1% | 5.5% | 5.7% | 12.6% | 17.3% | 23.9% |
| Capex / operating cash flow | 39.1% | 48.7% | 34.5% | 43.3% | 35.7% | — | 40.8% | 86.3% | 84.5% | 147.5% |
| Capex / depreciation | 1.05 | 1.38 | 1.14 | 0.20 | 0.43 | 0.22 | 0.57 | 1.26 | 1.88 | 2.66 |
| Stock-based compensation / revenue | 0.5% | 0.5% | 0.5% | 0.5% | 0.7% | 2.2% | 0.7% | 0.6% | 0.6% | 0.6% |
| SG&A / revenue | 27.8% | 28.0% | 30.9% | 34.0% | 25.9% | 45.0% | 16.3% | 16.9% | 16.5% | 14.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 27.8 | 25.4 | 22.5 | 24.8 | 26.7 | 71.8 | 29.2 | 19.7 | 19.1 | 20.1 |
| Days of inventory on hand | 5.0 | 5.5 | 5.7 | 6.1 | 6.7 | 10.9 | 5.1 | 5.6 | 5.9 | 6.7 |
| Days payables outstanding | 15.6 | 17.0 | 17.7 | 18.0 | 15.6 | 21.5 | 12.9 | 14.7 | 14.9 | 14.4 |
| Cash conversion cycle (days) | 17.2 | 13.9 | 10.5 | 12.9 | 17.9 | 61.2 | 21.4 | 10.6 | 10.1 | 12.4 |
| Receivables turnover | 13.13 | 14.37 | 16.20 | 14.73 | 13.66 | 5.08 | 12.52 | 18.52 | 19.15 | 18.19 |
| Payables turnover | 23.37 | 21.49 | 20.57 | 20.28 | 23.47 | 16.97 | 28.26 | 24.82 | 24.50 | 25.41 |
| Inventory turnover | 73.54 | 66.56 | 63.89 | 59.82 | 54.47 | 33.55 | 71.15 | 64.93 | 61.92 | 54.43 |
| Asset turnover | 0.42 | 0.41 | 0.37 | 0.30 | 0.25 | 0.14 | 0.40 | 0.40 | 0.38 | 0.35 |
| Average receivables | $1.34B | $1.20B | $997.9M | $891.5M | $708.8M | $967.4M | $1.03B | $635.2M | $563.9M | $519.7M |
| Average payables | $417.1M | $437.2M | $415.8M | $328.0M | $214.4M | $189.0M | $269.0M | $278.8M | $252.8M | $216.3M |
| Average inventory | $132.5M | $141.1M | $133.9M | $111.2M | $92.3M | $95.6M | $106.9M | $106.6M | $100.0M | $101.0M |
| Intangibles / total assets | 15.1% | 16.2% | 16.3% | 14.4% | 17.4% | 15.7% | 17.4% | 19.1% | 19.5% | 21.0% |
Computed from MGM's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MGM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MGM Resorts traded at 46.9 times earnings, against a 10-year median of 14.4. Based on the latest twelve months, the trailing P/E is 17.7 and the forward P/E is 17.4. MGM Resorts earned a return on equity of 7.6% and a return on invested capital of 2.3% in fiscal 2025. It ended the year with $56.2 billion of debt and $2.1 billion in cash and short-term investments, net debt of $54.1 billion. It returned $1.2 billion to shareholders: $0 in dividends and $1.2 billion in share buybacks, 74% of free cash flow. The share count fell 53.8% from 573.3M to 264.9M over 9 years.
See the MGM income statement, the MGM chart for price history, or the MGM stock overview for the latest quote and news.
MGM key metrics FAQ
What is MGM Resorts's P/E ratio?
MGM Resorts's trailing P/E ratio is 17.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.4. At the end of fiscal 2025 it was 46.9, compared with a 10-year median of 14.4.
What is MGM Resorts's EV/EBITDA?
MGM Resorts's enterprise value was 37.1 times EBITDA at the end of fiscal 2025 (enterprise value $63.8 billion, EBITDA $1.7 billion); the current EV/EBITDA is 18.6.
What is MGM Resorts's return on equity?
MGM Resorts's return on equity (ROE) was 7.6% in fiscal 2025: net income of $206.2 million on average shareholders' equity of $2.7 billion.
What is MGM Resorts's ROIC?
MGM Resorts's return on invested capital was 2.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MGM Resorts have?
MGM Resorts had total debt of $56.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 23.11 and $54.1 billion of net debt (31.49 times EBITDA).
Does MGM Resorts buy back its shares?
Yes. MGM Resorts spent $1.2 billion on net share repurchases in fiscal 2025 Shares outstanding changed −14.6% over the year, to 264.9M..
What is MGM Resorts's free cash flow yield?
MGM Resorts generated $1.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 17.3% on its market value at year-end ($9.7 billion).
What is MGM Resorts's current ratio?
MGM Resorts's current ratio was 1.23 at the end of fiscal 2025: current assets were 1.23 times current liabilities.