MGM Resorts International (MGM)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $7.5B, MGM Resorts International's free cash flow of $1.5B (fiscal 2025) would need to grow about -14% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 8 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from MGM Resorts International's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from MGM's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from MGM Resorts International's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Net income | $1.3B | $1.5B | $1.1B | $747M | $206M |
| Free cash flow | $883M | $991M | $1.8B | $1.2B | $1.5B |
| EPS (diluted) | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
| Operating margin | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
Where the revenue comes from
Revenue by segments, fiscal 2023.
Superinvestors who own MGM
From each investor's latest 13F filing (what a 13F shows). 10 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $98M | 0.03% | Q2 2026 |
| Mason Hawkins Southeastern Asset Management |
Trimmed | $56M | 2.9% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $23M | 0.03% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $19M | 0.04% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $16M | 0.14% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $10M | 0.08% | Q2 2026 |
| Andrew Redleaf Whitebox Advisors |
Trimmed | $7M | 0.19% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $4M | 0.03% | Q2 2026 |
| Mark Boyar Boyar Asset Management |
Added | $2M | 0.89% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $286,860 | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by MGM Resorts International's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 24, 2026 | Iac Inc. |
450,000 | $37.13 | $17M |
| Mar 23, 2026 | Iac Inc. |
550,000 | $37.30 | $21M |
| Feb 24, 2026 | Ro Khanna |
0 | $35.03 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $35.03 | — |
| Dec 5, 2025 | Iac Inc. |
1,098,748 | $36.30 | $40M |
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In the full deep dive
Questions
What growth does MGM Resorts International's stock price imply?
At a market value of $7.5B, MGM Resorts International would need its free cash flow to grow about -14% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 8 years its free cash flow grew 20% a year.
Are MGM Resorts International insiders buying the stock?
5 open-market insider purchases of MGM in the last 12 months, from SEC Form 4 filings.
Which superinvestors own MGM Resorts International?
10 of the superinvestors Investingly tracks hold MGM in their latest 13F, including Cliff Asness, Mason Hawkins, Ron Baron.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.