XStocksXray

Research report · 16 October 2026

MGM Resorts International (MGM)

Consumer Discretionary · Casinos & Gaming · US stock · price as of 16 Oct 2026

Key indicators

Price	$28.60
52-week range	$28.43 – $51.59
Market cap	$7.4B
P/E (trailing)	17.9×
EV / EBITDA	5.2×
Free-cash-flow yield	20.3%
Dividend yield	–
Revenue (last 12 months)	$17.8B
Revenue growth (3y a year)	10.1%
Operating margin	5.7%
Return on invested capital	3.1%
Net debt / EBITDA	13.0×

Fair value

Blended fair value$67.68 range $68 – $68

Versus priceUndervalued+137% to fair value

Peer multiples	$80.83
Fundamentals-adjusted multiple	$54.52
10-year DCF (market-scaled)	n/m
Earnings power value (floor, not blended)	n/m
Model uncertainty	Medium

X-Ray Score

40/ 100 · High confidence · ahead of 13% of sector peers

Valuation69

Growth39

Profitability20

Financial health28

Dividends–

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

MGM Resorts International owns and operates casino resorts, hotels and entertainment venues, with large properties on the Las Vegas Strip such as Bellagio, MGM Grand and Mandalay Bay, as well as regional casinos across the United States. It also has a business in Macau through MGM China and takes part in online sports betting and iGaming through the BetMGM joint venture. Guests include leisure travellers, gamblers, convention attendees and entertainment audiences.

Revenue comes from gaming, hotel rooms, food and beverage, entertainment and convention business. It totals $17.8 billion over the last twelve months, with growth of 10.1% a year across three years. The operating margin is 5.7%, and the business earns a profit of 3% on the capital invested in it. The company carries net debt of 13.0 times EBITDA and pays no dividend.

StocksXray gives MGM Resorts International an X-Ray Score of 40 out of 100 (high confidence), ahead of 13% of the S&P 500 stocks in its sector. Its strongest lens is valuation (69) and its weakest is profitability (20).

Our fair value blend is $67.68 (range $67.68 to $67.68). At $28.60 the stock trades 58% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

MGM Resorts International (MGM)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$44.87	$33.53	$44.68	$34.65	$36.49	$28.60
Market cap	$21.9B	$13.8B	$16.0B	$10.7B	$10.1B	$7.4B
P/E	18.6×	9.6×	14.0×	14.4×	48.0×	17.9×
EV / revenue	3.6×	1.3×	1.2×	0.9×	0.9×	0.7×
EV / EBITDA	10.2×	3.5×	7.4×	6.6×	7.5×	5.6×
Price / free cash flow	24.8×	14.0×	9.1×	8.9×	6.9×	4.9×
Free-cash-flow yield	4.0%	7.2%	11.0%	11.3%	14.4%	20.3%
Price / book	3.6×	2.9×	4.2×	3.6×	4.2×	2.9×
Dividend yield	0.02%	0.03%	–	–	–	–

Fundamentals checklist ● 3 Good · ● 5 Average · ● 7 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−5.1%Average

Free-cash-flow yield20.3%Good

Risk models

Altman Z score0.6×Bad

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)−39.8%Bad

Free-cash-flow growth (3y)13.8%Average

Revenue growth (3y)10.1%Good

Growth consistency80%Average

Balance sheet

Current ratio1.3×Average

Net debt / EBITDA13.0×Bad

Interest cover2.5×Bad

Valuation

Fair value vs price2.4×Good

EBIT / EV yield2.9%Bad

Profitability

Return on invested capital3.1%Bad

Operating margin5.7%Bad

XStocksXray

MGM Resorts International (MGM)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	9,680	13,127	16,164	17,241	17,538	17,761
Gross profit	–	–	–	–	–	–
Operating income	2,279	1,439	1,891	1,490	1,002	1,017
Net income	1,254	1,473	1,142	747	206	426
Diluted EPS ($)	2.41	3.49	3.19	2.40	0.76	1.60
Free cash flow	883	991	1,759	1,212	1,460	1,495
Gross margin	–	–	–	–	–	–
Operating margin	23.5%	11.0%	11.7%	8.6%	5.7%	5.7%
Net margin	13.0%	11.2%	7.1%	4.3%	1.2%	2.4%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	40,899	45,692	42,369	42,232	41,374	39,848
Cash	4,703	5,912	2,928	2,416	2,063	2,547
Total debt	12,771	8,719	6,344	6,362	6,230	6,068
Equity	6,071	4,832	3,811	3,023	2,430	2,514
Dividend per share ($)	0.01	0.01	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	4,277	4,405	4,250	4,605	4,455	4,451
Growth vs a year earlier	−2.4%	+1.8%	+1.6%	+6.0%	+4.2%	+1.0%
Net income ($M)	149	49	-285	294	125	292
Diluted EPS ($)	0.51	0.18	-1.05	–	0.48	1.11

XStocksXray

MGM Resorts International (MGM)

Peers in Casinos & Gaming

Company	X-Ray
MGM · MGM Resorts International	40
LVS · Las Vegas Sands Corp	55
WYNN · Wynn Resorts Ltd	50

Market Compass outlook for Consumer Discretionary: Neutral (53/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	−2.3%
1 month	−25.3%
3 months	−38.3%
6 months	−25.9%
1 year	−11.1%
3 years	−24.8%
5 years	−35.6%

Technical summary

DailyStrongly bearish3 bullish · 1 neutral · 12 bearish

WeeklyStrongly bearish1 bullish · 0 neutral · 11 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$37.83 / $39.38
52-week low / high	$28.43 / $51.59
Classic pivot, support and resistance	S2 27.56 · S1 28.08 · P – · R1 29.46 · R2 30.32

Recent dividends

Ex-dividend date	Amount per share
8 Dec 2022	$0.0030
8 Sep 2022	$0.0030
9 Jun 2022	$0.0030
9 Mar 2022	$0.0030
9 Dec 2021	$0.0030
9 Sep 2021	$0.0030

XStocksXray

MGM Resorts International (MGM)

Strengths

Revenue growth of 10.1% a year over three years is ahead of 68% of its sector peers.
Free-cash-flow yield of 20.3% is ahead of 99% of its sector peers.
Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.

Risks and weak spots

Altman Z score is weak against Consumer Discretionary peers (0.6×).
EPS growth (3y) is weak against Consumer Discretionary peers (−39.8%).
Net debt / EBITDA is weak against Consumer Discretionary peers (13.0×).
Interest cover is weak against Consumer Discretionary peers (2.5×).
EBIT / EV yield is weak against Consumer Discretionary peers (2.9%).
Return on invested capital is weak against Consumer Discretionary peers (3.1%).
Operating margin is weak against Consumer Discretionary peers (5.7%).
The Altman Z score of 0.6× is in the distress zone.

Latest SEC filings

Date	Form	Items
29 Jul 2026	10-Q
29 Jul 2026	8-K	2.02,9.01
14 May 2026	8-K	1.01,2.03,9.01
8 May 2026	8-K	5.07
29 Apr 2026	10-Q
29 Apr 2026	8-K	2.02,9.01
7 Apr 2026	8-K	1.01,9.01
27 Mar 2026	DEF 14A

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.