MGM Resorts International (MGM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+320.4%

$129.48

vs $30.80 price

Levered DCF

$66.13

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.78

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.39×	14.32×	13.88×	65.75×	18.39×	-11.8×	8.53×	28.21×
P/B	3.98×	3.52×	4.16×	2.84×	3.56×	2.39×	2.26×	2.03×
P/S	0.55×	0.62×	0.98×	1.05×	2.23×	3.17×	1.35×	1.12×
EV / EBITDA	37.12×	16.66×	18.58×	8.39×	12.2×	-40.38×	6.16×	10.68×
Gross margin	44.4%	45.5%	47.1%	49.3%	48.0%	34.8%	41.1%	41.2%
Operating margin	5.7%	8.6%	11.7%	11.0%	23.5%	-13.1%	30.5%	12.5%
Net margin	1.2%	4.3%	7.1%	11.2%	13.0%	-21.0%	15.9%	4.0%
Current ratio	1.23×	1.3×	1.57×	1.81×	1.86×	3.21×	1.26×	0.86×
Debt / equity	23.11×	10.45×	8.3×	7.04×	4.07×	3.23×	2.03×	2.32×
Interest coverage	2.39×	3.36×	4.11×	2.42×	2.85×	-0.95×	4.65×	1.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	1.6%	2.0%
Payout ratio	0.0%	0.0%	0.0%	0.3%	0.4%	-7.5%	13.2%	55.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	24.7%	30.0%	30.5%	20.7%	-15.9%	26.5%	7.2%
Return on invested capital	2.6%	3.6%	4.3%	0.8%	4.9%	-1.6%	9.9%	5.0%
Return on assets	0.5%	1.8%	2.7%	3.2%	3.1%	-2.8%	6.0%	1.5%
Free cash flow yield	17.3%	11.4%	11.1%	7.3%	4.1%	-11.3%	6.1%	1.8%
Earnings yield	2.1%	7.0%	7.2%	10.7%	5.8%	-6.6%	11.8%	3.5%
Enterprise value	$63.8B	$39.8B	$44.5B	$41.8B	$41.6B	$31.5B	$30.8B	$26.8B
Net debt / EBITDA	31.49×	12.21×	11.97×	5.64×	5.86×	-20.41×	2.67×	5.42×
Cash conversion cycle (days)	17	18	11	12	19	35	33	11