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Arphra AIPlain-English read on MGM Resorts International’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin44.4%
Operating margin5.7%
Net margin1.2%
ROE6.3%
ROA0.5%
ROIC1.9%
Liquidity & leverage
Current ratio1.23×
Quick ratio1.20×
Debt / equity17.14×
Net debt / EBITDA31.49×
Interest coverage2×
Efficiency & per-share
Asset turnover0.42×
Inventory days5
Days sales out.28
FCF / share$6.30
Book value / share$12.37
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $10.65B | $9.66B | — | — | — |
| Enterprise value | — | — | — | $40.09B | $63.76B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.33 | 3.64 | — | — | — |
| EV / FCF | — | — | — | 33.08 | 38.23 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +7.01% | +2.13% | — | — | — |
| Free cash flow yield | — | — | — | +11.38% | +17.26% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +48.03% | +49.32% | +47.08% | +45.51% | +44.42% | +44.79% | +46.03% | +46.13% |
| Operating margin | +23.54% | +10.96% | +11.70% | +8.65% | +5.71% | +8.72% | +8.63% | +8.72% |
| EBITDA margin | +35.25% | +37.94% | +14.83% | +13.87% | +9.79% | +12.59% | +13.05% | +12.61% |
| EBIT margin | +23.36% | +11.42% | +9.79% | +9.05% | +3.99% | +7.49% | +7.57% | +7.82% |
| Pre-tax margin | +15.10% | +6.88% | +9.11% | +6.48% | +2.21% | +5.82% | +5.80% | +6.04% |
| Net margin | +12.96% | +11.22% | +7.07% | +4.33% | +1.18% | +4.27% | +4.20% | +4.26% |
| Cost structure | ||||||||
| Cost of revenue / sales | +51.97% | +50.68% | +52.92% | +54.49% | +55.58% | +54.62% | +52.74% | +53.40% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +25.90% | +32.20% | +29.08% | +27.99% | +27.81% | +29.10% | +28.63% | +28.83% |
| Effective tax rate | +17.34% | +77.13% | +10.72% | +4.70% | -11.38% | +7.86% | +7.68% | +7.63% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +11.28% | +27.44% | +26.15% | +20.07% | +6.30% | +18.76% | +18.50% | +18.95% |
| Return on assets (ROA) | +3.07% | +3.22% | +2.70% | +1.77% | +0.50% | +1.70% | +1.72% | +1.71% |
| Return on capital (ROC) | +6.36% | +3.66% | +5.26% | +4.19% | +1.69% | +3.41% | +3.41% | +3.41% |
| Return on invested capital (ROIC) | +3.50% | +3.74% | +3.17% | +2.10% | +0.35% | +1.67% | +1.66% | +1.66% |
| Asset turnover | +23.67% | +28.73% | +38.15% | +40.82% | +42.39% | +39.77% | +41.05% | +40.27% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +12.96% | +11.22% | +7.07% | +4.33% | +1.18% | +4.27% | +4.20% | +4.26% |
| Asset turnover (× revenue / assets) | +23.67% | +28.73% | +38.15% | +40.82% | +42.39% | +39.77% | +41.05% | +40.27% |
| Equity multiplier (× assets / equity) | +367.66% | +851.12% | +970.09% | +1135.27% | +1262.81% | +1103.61% | +1073.05% | +1105.17% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.24 | 0.29 | 0.38 | 0.41 | 0.42 | 0.40 | 0.41 | 0.40 |
| Fixed-asset turnover | 0.37 | 0.44 | 0.55 | 0.58 | 0.60 | — | — | — |
| Inventory turnover | 52.20 | 52.77 | 60.37 | 66.83 | 78.27 | — | — | — |
| Receivables turnover | 11.29 | 14.19 | 15.10 | 12.97 | 13.06 | — | — | — |
| Payables turnover | 17.58 | 17.99 | 18.53 | 22.76 | 23.13 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 32.34 | 25.72 | 24.17 | 28.13 | 27.95 | — | — | — |
| Days inventory outstanding (DIO) | 6.99 | 6.92 | 6.05 | 5.46 | 4.66 | — | — | — |
| Days payables outstanding (DPO) | 20.77 | 20.29 | 19.70 | 16.03 | 15.78 | — | — | — |
| Cash conversion cycle | 18.57 | 12.35 | 10.52 | 17.56 | 16.83 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.09 | 1.20 | 2.36 | 3.16 | 13.27 | 3.57 | 3.66 | 3.63 |
| FCF / Net income | 0.70 | 0.68 | 1.55 | 1.62 | 8.09 | 2.11 | 2.12 | 2.14 |
| FCF margin | +9.12% | +7.63% | +10.93% | +7.03% | +9.51% | +9.00% | +8.89% | +9.12% |
| OCF margin | +14.19% | +13.46% | +16.70% | +13.70% | +15.60% | +15.25% | +15.39% | +15.45% |
| CapEx / Revenue | +5.07% | +5.83% | +5.76% | +6.67% | +6.10% | +6.23% | +6.10% | +6.27% |
| CapEx / D&A | 0.43 | 0.20 | 1.14 | 1.38 | 1.05 | — | — | — |
| Stock-based comp / Revenue | +0.67% | 0.00% | 0.00% | +0.47% | 0.00% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.41 | 0.50 | 3.19 | 2.40 | 0.76 | 1.75 | 2.10 | 2.76 |
| EPS · basic | 2.44 | 0.51 | 3.22 | 2.42 | 0.77 | 1.75 | 2.15 | 2.80 |
| Book value / share | 22.83 | 13.00 | 12.18 | 11.99 | 12.37 | 15.26 | 15.46 | 15.65 |
| Tangible BV / share | 8.26 | -2.93 | -7.03 | -10.12 | -11.26 | 15.26 | 15.46 | 15.65 |
| Sales / share | 19.86 | 31.79 | 45.07 | 55.57 | 66.21 | 66.97 | 68.09 | 69.66 |
| Operating CF / share | 2.82 | 4.28 | 7.53 | 7.62 | 10.33 | 10.21 | 10.48 | 10.76 |
| Free cash flow / share | 1.81 | 2.43 | 4.93 | 3.91 | 6.30 | 6.03 | 6.06 | 6.35 |
| Dividends / share | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | +0.38% | +0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +99.62% | +99.73% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +35.61% | +23.13% | +6.66% | +1.72% | +0.89% | +1.40% | +2.50% | +9.60% |
| Gross profit · YoY | — | +39.25% | +17.55% | +3.11% | -0.72% | +1.74% | +4.20% | +2.73% | +8.97% |
| Profit | |||||||||
| Operating income · YoY | — | -36.83% | +31.41% | -21.20% | -32.79% | +54.01% | +0.37% | +3.53% | -4.90% |
| EBITDA · YoY | — | +45.98% | -51.87% | -0.24% | -28.18% | +29.71% | +5.11% | -0.99% | -5.37% |
| Net income · YoY | — | +17.44% | -22.46% | -34.64% | -72.37% | +266.65% | -0.34% | +3.87% | -6.51% |
| Operating | |||||||||
| EBIT · YoY | — | -33.72% | +5.63% | -1.44% | -55.15% | +89.47% | +2.47% | +5.88% | -6.26% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -79.25% | +538.00% | -24.76% | -68.33% | +130.80% | +19.81% | +31.14% | +1.93% |
| EPS · basic · YoY | — | -79.10% | +531.37% | -24.84% | -68.18% | +127.42% | +22.97% | +29.84% | +1.96% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $24.69B | $33.99B | $31.62B | $31.85B | $56.16B | $41.27B | $41.34B | $42.91B |
| Net debt | $19.99B | $28.08B | $28.69B | $29.44B | $54.09B | $38.73B | $38.65B | $40.22B |
| Net debt / EBITDA | 5.86 | 5.64 | 11.97 | 12.31 | 31.49 | 17.38 | 16.50 | 17.35 |
| Debt / equity | 2.22 | 6.33 | 7.24 | 8.56 | 17.14 | 10.24 | 10.15 | 10.39 |
| Debt / assets | +60.37% | +74.40% | +74.62% | +75.43% | +135.73% | +92.76% | +94.57% | +93.97% |
| Equity / assets | +27.20% | +11.75% | +10.31% | +8.81% | +7.92% | +9.06% | +9.32% | +9.05% |
| Coverage | ||||||||
| EBITDA / interest expense | 4.27 | 8.37 | 5.21 | 5.40 | 4.10 | 4.76 | 5.15 | 4.77 |
| Operating income / interest | 2.85 | 2.42 | 4.11 | 3.36 | 2.39 | 3.30 | 3.41 | 3.30 |
| Interest expense | $799.59M | $594.95M | $460.29M | $443.23M | $419.04M | $468.09M | $454.4M | $486.17M |
| Liquidity | ||||||||
| Current ratio | 1.86 | 1.81 | 1.57 | 1.30 | 1.23 | — | — | — |
| Quick ratio | 1.62 | 1.51 | 1.28 | 1.12 | 0.97 | — | — | — |
| Cash ratio | 1.37 | 1.31 | 0.94 | 0.72 | 0.59 | — | — | — |
| Working capital | $2.97B | $3.64B | $1.78B | $1.01B | $820.32M | — | — | — |
| Working capital / revenue | +30.72% | +27.72% | +11.04% | +5.87% | +4.68% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 3.64x | 2.33x |
| Earnings yield | 2.1% | 7.0% |
| FCF yield | 17.3% | 11.4% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 8.5% | 24.7% |
| ROA | 0.5% | 1.8% |
| ROIC | 2.6% | 3.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 31.49 | 12.31 |
| Interest coverage | — | — |
| Current ratio | 1.23x | 1.30x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).