Mgm Resorts International (MGM) intrinsic value & 10-year financials
Mgm Resorts International (MGM) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 7.1% a year to $17.5B, with an average return on invested capital of 6.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $28.60
- Market cap
- $7.9B
- Revenue (FY2025)
- $17.5B
- Revenue growth (10-yr CAGR)
- 7.1%
- ROIC (10-yr avg)
- 6.2%
- Free cash flow (FY2025)
- $1.5B
MGM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.5B | $205.9M | $0.76 | $1.5B | 5.7% | 1.6% |
| FY2024 | $17.2B | $746.6M | $2.40 | $1.2B | 8.6% | 4.3% |
| FY2023 | $16.2B | $1.1B | $3.19 | $1.8B | 11.7% | 5.1% |
| FY2022 | $13.1B | $1.5B | $3.49 | $991.4M | 11.0% | 3.3% |
| FY2021 | $9.7B | $1.3B | $2.41 | $882.7M | 23.5% | 7.8% |
| FY2020 | $5.2B | -$1.0B | -$2.02 | -$1.8B | -12.4% | -2.5% |
| FY2019 | $12.9B | $2.0B | $3.88 | $1.1B | 30.5% | 14.7% |
| FY2018 | $11.8B | $466.8M | $0.81 | $235.7M | 12.5% | 6.8% |
| FY2017 | $10.8B | $2.0B | $3.35 | $342.3M | 15.9% | 9.3% |
| FY2016 | $9.5B | $1.1B | $1.92 | -$728.5M | 21.9% | 11.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MGM Resorts has demonstrated mature, steady growth, with revenue compounding at 7.1% annually over the past decade.
MGM Resorts has historically struggled to out-earn its cost of capital, averaging just 6.2% ROIC.
Over the decade, MGM Resorts shows that management has aggressively returned capital to shareholders by retiring 51.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MGM Resorts is modeled at -9.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-7.25 per share.