Latest revenue
$4.45B
as of 2026-03-31
Latest net income
$125.1M
as of 2026-03-31
Net margin
2.8%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $9.82B
- Enterprise value
- $14.61B
- P/E (trailing)
- 47.7×
- Forward P/E
- —
- P/B
- 4.04×
- Dividend yield
- 0.0%
- 52-wk high
- $40.94
- 52-wk low
- $29.18
- Beta
- —
- Shares out
- 255.9M
5-year trend
What this company does
MGM Resorts operates integrated casino-hotel resorts on the Las Vegas Strip (Bellagio, Aria, MGM Grand, Mandalay Bay), regional US properties, two Macau resorts through majority-owned MGM China, and online gaming via LeoVegas and its 50% BetMGM stake. Casino revenue drives the business at $2.4 billion of $4.5 billion in quarterly sales, with rooms, food and beverage, and entertainment filling out the rest. Operating income fell roughly 22% year-over-year as costs outpaced revenue growth, while management continues aggressive share buybacks and is developing an integrated resort in Osaka, Japan, where its stake recently diluted from 50% to 39%.
Generated from MGM's filing dated 2026-02-11
Key risks
- Massive operating lease burden: $24.9B operating lease liabilities vs only $3.3B equity, dwarfing $6.4B long-term debt under triple-net REIT leases.
- Operating income fell 22% YoY to $301M as expenses grew 7.3% (G&A +10%) outpacing 4.2% revenue growth, signaling margin compression.
- Macau/China exposure: ~56% stake in MGM China plus FX headwinds drove $69.9M translation loss this quarter, reversing prior-year $148M gain.
Generated from MGM's filing dated 2026-02-11
Profitability
Operating margin
5.7%
33.9%Net margin
1.2%
72.9%Return on equity
8.5%
65.7%Return on assets
0.5%
71.9%Leverage
Debt / equity
16.03×
23.6%Long-term debt / equity
2.56×
21.8%Debt / assets
94.1%
1.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $4.45B | +4.2% | $125.1M | -15.8% | 2.8% |
Q4 2025 2025-12-31 | $4.61B | +6.0% | $96.1M | -39.0% | 2.1% |
Q3 2025 2025-09-30 | $4.25B | +1.6% | $-87.8M | -147.5% | -2.1% |
Q2 2025 2025-06-30 | $4.40B | +1.8% | $49.0M | -73.8% | 1.1% |
Q1 2025 2025-03-31 | $4.28B | -2.4% | $148.6M | -31.7% | 3.5% |
Q4 2024 2024-12-31 | $4.35B | — | $157.4M | — | 3.6% |
Q3 2024 2024-09-30 | $4.18B | +5.3% | $184.6M | +14.6% | 4.4% |
Q2 2024 2024-06-30 | $4.33B | +9.8% | $187.1M | -6.8% | 4.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Hotels & Motels · SIC 7011
Your notes
Keep private notes on MGM — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$13.9M
Net activity
−$13.9M
Distinct insiders
2
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns MGM
Institutional value
$3.52B
Total shares held
98.9M
Distinct holders
408
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | Davis Selected Advisers | 24.3M | $899.2M | — | New |
| 2 | BlackRock, Inc. | 12.9M | $477.8M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 12.1M | $447.3M | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 8.3M | $307.1M | — | New |
| 5 | Invesco Ltd. | 6.7M | $246.5M | — | New |
| 6 | Helikon Investments Ltd | 2.9M | $106.4M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 2.4M | $88.0M | — | New |
| 8 | WELLS FARGO & COMPANY/MN | 1.8M | $65.8M | — | New |
| 9 | Bank of New York Mellon Corp | 1.6M | $57.4M | — | New |
| 10 | UBS Group AG | 1.4M | $52.5M | — | New |
| 11 | JPMORGAN CHASE & CO | 1.4M | $48.3M | — | New |
| 12 | DEUTSCHE BANK AG\ | 1.1M | $39.8M | — | New |
| 13 | VANGUARD FIDUCIARY TRUST CO | 1.1M | $39.6M | — | New |
| 14 | Allianz Asset Management GmbH | 988.6K | $36.6M | — | New |
| 15 | Connor, Clark & Lunn Investment Management Ltd. | 946.8K | $35.0M | — | New |
| 16 | Hosking Partners LLP | 733.9K | $27.2M | — | New |
| 17 | TODD ASSET MANAGEMENT LLC | 684.6K | $25.3M | — | New |
| 18 | JANE STREET GROUP, LLC | 559.0K | $20.7M | — | New |
| 19 | ENVESTNET ASSET MANAGEMENT INC | 489.6K | $18.1M | — | New |
| 20 | BNP PARIBAS FINANCIAL MARKETS | 474.5K | $17.6M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Casino margins compressed materially with casino expenses up 8.5% on 5.6% casino revenue growth—what's structurally driving the deleverage and when does it reverse?
- 2
G&A jumped $118M YoY to $1.28B while operating income fell 22% to $301M; how much is non-recurring versus permanent cost base?
- 3
With $24.9B operating lease liabilities against $3.3B equity, what's your sensitivity if Vegas RevPAR softens given rooms revenue was essentially flat?
Refreshed when MGM files a new report · last from 2026-02-11