MGM Resorts International
MGM on NYSE. MGM Resorts International sells hotel rooms, casino games, and entertainment to travelers and gamblers. Market value $7.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $19.69 of spare cash in the past 12 months. A savings account pays about $4.
You pay 8.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 77 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$30.17 a share, 3% above its 1-year low
Over the past year the price has ranged from $29.19 to $51.59.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $9.7bn | $13.1bn | $16.2bn | $17.2bn | $17.5bn |
| Operating margin | |||||
| Operating margin | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Debt to equity | |||||
| Debt to equity | 2.13 | 1.84 | 1.69 | 2.21 | 2.67 |
| Shares outstanding | |||||
| Shares outstanding | 0.38bn | 0.34bn | 0.30bn | 0.27bn | 0.25bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt2.67× equity
- Revenue growth, five yearsStrong, 27.7% a year
- Buying back its own sharesYes, 34% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.5 billion last quarter, up 1% on a year ago.
- Profit: $292 million, up 497% on a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, down from 8 cents a year earlier.
- Spare cash over the past 12 months: $1.5 billion, up from $1.3 billion.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $3.7 billion more than cash, down from $4.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.2bn |
| December 2024 | $4.3bn |
| March 2025 | $4.3bn |
| June 2025 | $4.4bn |
| September 2025 | $4.3bn |
| December 2025 | $4.6bn |
| March 2026 | $4.5bn |
| June 2026 | $4.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $185m |
| December 2024 | $157m |
| March 2025 | $149m |
| June 2025 | $49m |
| September 2025 | -$285m |
| December 2025 | $294m |
| March 2026 | $125m |
| June 2026 | $292m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
11 long-term investors we follow own it, down from 12 last quarter. 659 funds in all.
- Davis Selected AdvisersChris Davis
- Value
- $1.1bn
- Share of fund
- 4.9%
- Corvex ManagementKeith Meister
- Value
- $256m
- Share of fund
- 7.9%
- Markel GroupTom Gayner
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Davis Selected AdvisersChris Davis | $1.1bn | 4.9% | |
| Corvex ManagementKeith Meister | $256m | 7.9% | |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $56m | 2.9% | Cut |
| Hosking PartnersJeremy Hosking | $34m | 1.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $19m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $16m | 0.1% | Cut |
| Diamond Hill Capital ManagementRic Dillon (founder) | $10m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $5m | <0.1% | Cut |
| Markel GroupTom Gayner | $4m | <0.1% | |
| Boyar Asset ManagementMark Boyar | $2m | 0.9% | Added |
| Dodge & CoxDodge & Cox investment committee | $286,860 | <0.1% | Cut |
Sold out this quarter
- Engine CapitalArnaud AjdlerSold out
Largest holders overall
- Davis Selected Advisers$1.1bn
- BlackRock$604mCut
- Vanguard Capital Management$581m
- Vanguard Portfolio Management$395m
- State Street$337m
- Invesco$257mCut
- Corvex Management$256m
- Geode Capital Management$241m
- Morgan Stanley$227mCut
- Goldman Sachs Group$150mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- PEOPLE INCORPORATED26.5%+0.4 ptsSince 23 September 2026
What they said
The information contained in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On September 23, 2026, People announced that it has withdrawn its previously submitted non-binding proposal to acquire all of the outstanding shares of…
Read the filing - Davis Selected AdvisersPassive investor9.3%−0.2 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.4%Since 31 March 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
PEOPLE INCORPORATED | 26.5%+0.4 pts | 23 September 2026 | What they saidThe information contained in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On September 23, 2026, People announced that it has withdrawn its previously submitted non-binding proposal to acquire all of the outstanding shares of… Read the filing |
Davis Selected Advisers Passive investor | 9.3%−0.2 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.4% | 31 March 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $2m.
- TAYLOR DANIEL JDirectorSold
- Date
- 22 May 2026
- Shares
- 6,675
- Price
- $38.44
- Value
- $256,587
- Meister Keith A.DirectorSold
- Date
- 9 March 2026
- Shares
- 37,500
- Price
- $34.27
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 22 May 2026 | TAYLOR DANIEL J Director | Sold | 6,675 | $38.44 | $256,587 |
| 9 March 2026 | Meister Keith A. Director | Sold | 37,500 | $34.27 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.7× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
It moved up our list overnight. The deep dive tells you if the move is real.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.