# MGM RESORTS INTERNATIONAL (MGM) — Stock CV

MGM Resorts International is a $7.36B consumer company. Revenue grew 3.2% over the last year, it keeps 2¢ of every dollar of sales as profit, and its net debt equals ~2.8 years of free cash flow. It trades at 17.3× earnings — around the middle of its own history.

> MGM Resorts is the largest resort operator on the Las Vegas Strip with 37,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio.

## Identity

- **Ticker**: MGM
- **Sector**: Consumer Cyclical
- **Industry**: Hotels & Motels
- **Headquarters**: LAS VEGAS, NV
- **Employees**: 62 000
- **Website**: https://www.mgmresorts.com
- **Market cap**: $7.36B
- **Last price**: $29.27
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $17.8B
- **Net income**: $426M
- **Free cash flow**: $1.49B
- **Net debt**: $4.17B
- **P/E**: 17.3
- **Revenue growth (YoY)**: 3.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 87 |
| Growth | 32 |
| Profitability | 36 |
| Health | 37 |
| Quality | 77 |
| Moat | 44 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +3.2% YoY
- [x] Profitable — $426M TTM
- [ ] Profit growing — -40.7% YoY
- [x] Generates cash — $1.49B TTM
- [x] Debt under control — ~2.8y of cash flow to repay
- [x] Established company — $7.36B market cap
- [x] Not printing shares — -43.9% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — Altman Z 0.5 — distress
- [x] Pays a dividend — yield 0.02%
- [x] Valuation not extreme — P/E 17.3

## Experience (career milestones)

- **FY2021** — Positive free cash flow every year since: 5-year streak
- **FY2019** — Best year on record: $2.05B net income
- **FY2017** — Revenue crossed $10B: $10.8B for the year
- **FY2016** — First recorded profitable year: $1.10B net income
- **FY2016** — Revenue already above $1B: $9.46B in first reported year

## Strengths

- High gross margin (44.2%)

## Watch-outs

- Altman Z-Score 0.51 — elevated financial-distress risk
- Net debt would take ~18.3 years of free cash flow to repay
- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.68B | $1.25B | $883M |
| FY2022 | $13.1B | $1.47B | $991M |
| FY2023 | $16.2B | $1.14B | $1.76B |
| FY2024 | $17.2B | $747M | $1.21B |
| FY2025 | $17.5B | $206M | $1.46B |

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Source: https://stockcv.com/MGM — derived from company filings; may be delayed or incomplete. Information, not investment advice.