MGM ResortsMGM

MGM ResortsMGM

Revenue: is the business selling more than it used to?

$17.5B+2% YoYFY 2025

→Revenue reached $17.5B in 2025, compounding +10% a year since 2022 and the pace is picking up. The last twelve months (+3%) ran below that pace, so growth is slowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Net income: how much of that revenue becomes profit?

$206M−72% YoYFY 2025

→Net income was $206M in 2025, compounding -48% a year over three years. Trailing twelve-month profit stands at $426M.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

How fast is it growing, year by year?

+1.7%revenue growth, FY 2025

→Revenue grew +2% in 2025 against a five-year average of +31%. Earnings went the other way (-72%) even as sales grew, so margins compressed: costs rose faster than revenue. 2019's +339% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Revenue per share: is your slice growing as fast as the company?

$63.25revenue per share, FY 2025

→Revenue per share reached $63.25 in 2025, compounding +26% a year against +10% for MGM as a whole. Buybacks added roughly 15.6 points to your per-share result. Free cash flow per share stands at $5.27.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Free cash flow: what is left in real cash after everything?

$1.5B+21% YoYFY 2025

→Free cash flow was $1.5B in 2025, compounding +14% a year since 2022. The trailing twelve months stand at $1.5B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

How much of every sales dollar ends up as free cash?

→8 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 6% of revenue (stock compensation 1%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 5 points to 6% since 2022. After everything, 1 cents of each sales dollar reaches net profit. MGM doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

What does it earn on the money it uses?

→ROE of 17% sits well above ROCE of 3%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

What has the market paid for MGM over time?

26.8xP/E today

→At 26.8x earnings, the market is paying +104% more than MGM's own 9-year median of 13.2x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

What cash return does the business throw off per dollar of market value?

14.4%FCF yield today

→Every dollar of market value currently buys 14.4% of annual free cash flow, more than its 11-year median of 4.5% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Could it handle its debt if things went wrong?

→Debt of $6.1B sits against $2.5B of cash, or 2.4x shareholders' equity. Earnings cover interest only 2.5 times, which is thin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Is the company's own capital growing?

→The company's own capital shrank from $3.8B in 2023 to $2.5B (-34%). Buybacks or losses are drawing the buffer down - the distinction matters.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

How much goes back, and how much leaks out as stock comp?

→Shareholders received $1.2B in buybacks in 2025. Stock compensation issued $90M of new shares in the same year, offsetting 7% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

How fast is your ownership being diluted - or concentrated?

→The share count shrank 10.6% in 2025, averaging 12.4% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Is the dividend cheque growing?

→The dividend per share reached $0.01 in 2022, compounding -53% a year since 2017.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Can it afford the dividend?

→The dividend consumed 0% of profit and 0% of free cash flow in 2022. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Does MGM earn more on its capital than that capital costs?

→MGM earns 2.6% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 3.5% in 2022, so the trend is down, and the pace is picking up.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

MGM has issued or retired shares - did shareholders end up better off?

→MGM has shrunk its share count -51% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +352% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

MGM ResortsMGM

Are the people running it buying or selling?

→Insiders bought $77M and sold $2M on the open market, a net purchase of $76M. A further 55 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30