LVS vs MGM: Las Vegas Sands and MGM Resorts International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Las Vegas Sands is the larger company, worth $23.3B, about 3.2 times MGM Resorts International.
- MGM Resorts International grew revenue faster over the last year (+1.1% vs -0.7%).
- Las Vegas Sands keeps more of each dollar of revenue as operating profit (21.5% vs 5.7%).
- On earnings, Las Vegas Sands is the cheaper stock (14.1x vs 38.6x).
- Las Vegas Sands's price assumes faster free cash flow growth: about -1% a year, against -14% for MGM Resorts International (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LVS | MGM |
|---|---|---|
| Market cap | $23.3B | $7.2B |
| Share price | $36.17 | $29.27 |
| Revenue (last fiscal year) | $13.0B | $17.5B |
| Free cash flow (last fiscal year) | $1.9B | $1.5B |
| Revenue growth, last year | -0.7% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +32.4% | +16.0% |
| Operating margin | 21.5% | 5.7% |
| Net margin | 12.6% | 2.4% |
| Return on equity | 297.2% | 16.9% |
| P/E (trailing) | 14.1x | 38.6x |
| Price / free cash flow | 13.1x | 4.33x |
| EV / EBITDA | 8.34x | 18.3x |
| FCF growth the price implies | -1.1% | -14.2% |
| Dividend yield | 3.1% | — |
| Debt / equity | 32.7x | 14.5x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 10 |
| Insider purchases, last 12 months | 2 | 5 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Las Vegas Sands
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | -$1.1B | -16.3% |
| 2022 | $4.1B | -$1.6B | -19.3% |
| 2023 | $10.4B | $2.2B | 22.3% |
| 2024 | $11.3B | $1.6B | 21.3% |
| 2025 | $13.0B | $1.9B | 21.6% |
MGM Resorts International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $883M | 23.5% |
| 2022 | $13.1B | $991M | 11.0% |
| 2023 | $16.2B | $1.8B | 11.7% |
| 2024 | $17.2B | $1.2B | 8.6% |
| 2025 | $17.5B | $1.5B | 5.7% |
Where the revenue comes from
Las Vegas Sands · by products, 2025
Casino$9.8B75%
Rooms$1.4B11%
Mall$801M6%
Food and Beverage$644M5%
Convention, Retail and Other$361M3%
MGM Resorts International · by segments, 2023
Las Vegas Strip Resorts$8.8B56%
Regional Operations$3.7B23%
MGM China$3.2B20%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LVS in InvestinglyQuestions
Which is bigger, Las Vegas Sands or MGM Resorts International?
Las Vegas Sands (LVS), at $23.3B against $7.2B.
Is LVS or MGM cheaper?
By trailing P/E, Las Vegas Sands (14.1x) is cheaper than MGM Resorts International (38.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, LVS or MGM?
MGM Resorts International: revenue grew +1.1% over the last year, against -0.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.