# MGM Resorts International (MGM)

> Source: Nexqual · https://nexqual.com/MGM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MGM Resorts International (MGM), nexqual.com/MGM" · informational, not investment advice.

**Price:** USD 29.5 (+2.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 28.87 · day 28.72–29.71 · 52w 27.94–51.59 · market cap $7.55B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.8B, net income $426M (2.4% margin), free cash flow $1.49B (SEC filings).
- Valuation: P/E 17.7x (avg 25.8x at the last 3 fiscal year-ends), EV/EBITDA 5.3x, net debt $3.52B.
- Earnings quality: non-operating income -$521M vs operating income $1.02B over the last four quarters; P/E excluding non-operating income ≈8.0x (estimate: non-operating income taxed at the company's 0% effective rate).
- 4 of 80 tracked superinvestors hold MGM (13F, Q2 2026): 0 new, 0 added, 3 reduced, 1 unchanged.
- Total return with dividends: 1Y -10.8% vs S&P 500 +14.9%; 5Y -38.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.1, revenue estimate $4.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.68B | $13.1B | $16.2B | $17.2B | $17.5B | $17.8B |
| Operating income | $2.28B | $1.44B | $1.89B | $1.49B | $1.00B | $1.02B |
| Net income | $1.25B | $1.47B | $1.14B | $747M | $206M | $426M |
| EPS (diluted) | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 | — |
| Free cash flow | $883M | $991M | $1.76B | $1.21B | $1.46B | $1.49B |
| 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% |
| Revenue growth | +87.5% | +35.6% | +23.1% | +6.7% | +1.7% | — |
| Cash + short-term investments | $4.70B | $5.91B | $2.93B | $2.42B | $2.06B | — |
| Total debt | $12.8B | $8.72B | $6.34B | $6.36B | $6.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.7x · P/E ex non-operating (est.) ≈8.0x · P/S 0.4x · EV/EBITDA 5.3x · EV/Sales 0.6x · P/FCF 5.1x · P/B 3.0x · FCF yield 19.80% · Earnings yield 5.64% · Buyback yield (TTM) 10.25% · Net debt $3.52B · EV $11.1B
P/E at fiscal year-ends: Dec 2025 49.1x, Dec 2024 14.4x, Dec 2023 14.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MGM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 4.91% | $1.14B | Reduced -1.6% |
| Mason Hawkins | Southeastern Asset Management | 2.92% | $55.9M | Reduced -29.7% |
| Thomas Gayner | Markel Group | 0.03% | $4.2M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $287K | Reduced -7.7% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $53 → $42 |
| 2026-10-20 | Stifel | Target lowered | Hold | $49 → $40 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $55 → $45 |
| 2026-10-19 | Morgan Stanley | Target lowered | Underweight | $43 → $29 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $48.3 → $29 |
| 2026-10-13 | Macquarie | Maintained | Outperform | $48 |
| 2026-10-12 | Citigroup | Target lowered | Neutral | $48 → $32 |
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $48 → $37 |
| 2026-10-08 | Susquehanna | Target lowered | Positive | $46 → $41 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $55 → $48 |
| 2026-09-24 | Macquarie | Maintained | Outperform | $55 |
| 2026-09-24 | Mizuho | Target lowered | Outperform | $60 → $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -10.8% | -38.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -10.8% | -9.3% |
| Volatility (annualized) | 38.5% | 36.7% |
| Max drawdown | -43.8% (Jun 2026→Oct 2026) | -47.2% (Jul 2023→Mar 2025) |

## Peers (Resorts & Casinos)
WYNN (Wynn Resorts, Limited) USD 75.13 -0.83% · CZR (Caesars Entertainment, Inc.) USD 29.07 +0.59% · MTN (Vail Resorts, Inc.) USD 148.23 +0.83% · BYD (Boyd Gaming Corporation) USD 72.27 +2.35% · RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38% · VAC (Marriott Vacations Worldwide Co) USD 112.93 -0.16%

## More
Full page: https://nexqual.com/MGM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.23 | -57.1% | $4.21B | 11 |
| Next quarter (ends 2026-12-31) | $0.44 | $0.49 | -10.8% | $4.44B | 11 |
| Current fiscal year (ends 2026-12-31) | $1.70 | $1.79 | -4.8% | $17.59B | 14 |
| Next fiscal year (ends 2027-12-31) | $1.83 | $2.21 | -17.3% | $17.77B | 14 |