MGMMGM Resorts International
Hotels & Motels
- Revenue
- $17.5B
- 1.7% YoY
- Operating margin
- 5.7%
- 34% YoY
- EBITDA
- $2.0B
- 13% YoY
- Market cap
- $7.5B
- Employees
- 16,000
- $1M revenue each
- Net debt / EBITDA
- 1.6×
- $3.3B net debt
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo12× net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo49% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 100th pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 15th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$76M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B | 1.7% |
| Operating income | $2.3B | $1.4B | $1.9B | $1.5B | $1.0B | 33% |
| Net income | $1.3B | $1.5B | $1.1B | $747M | $206M | 72% |
| Operating cash flow | $1.4B | $1.8B | $2.7B | $2.4B | $2.5B | 7.1% |
| Capex | $491M | $765M | $932M | $1.2B | $1.1B | 7.1% |
| Stock-based comp | $65M | $71M | $74M | $80M | $90M | 13% |
| Buybacks | $1.8B | $2.8B | $2.3B | $1.4B | $1.2B | 9.5% |
| Dividends | $5M | $4M | $0 | $0 | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 28, 2026 | People Inc | SCHEDULE 13D/A | 26.5% | Passive |
| Sep 24, 2026 | People Inc | SCHEDULE 13D/A | 26.5% | Passive |
| Jun 1, 2026 | IAC Inc. | SCHEDULE 13D/A | 26.1% | Passive |
| Apr 7, 2026 | IAC Inc. | SCHEDULE 13D/A | 26.1% | Passive |
| Mar 25, 2026 | IAC Inc. | SCHEDULE 13D/A | 26.1% | Passive |
| Dec 9, 2025 | IAC Inc. | SCHEDULE 13D/A | 24.1% | Passive |
| Aug 26, 2022 | IAC Inc. | SC 13D/A | 16.5% | Passive |
| Feb 16, 2022 | IAC/InterActiveCorp | SC 13D/A | 13.7% | Passive |
| Jan 11, 2021 | IAC/InterActiveCorp | SC 13D/A | 12.0% | Active |
| Aug 20, 2020 | IAC/InterActiveCorp | SC 13D/A | 12.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $77M · 3
- Open-market sells, 12 mo
- $2M · 2
- Net
- $76M
Pay vs performance
No pay-versus-performance disclosure yet.