MGM Resorts International — Intrinsic Value & Fair Price

MGM

NYSEConsumer CyclicalGambling, Resorts & CasinosCIK 0000789570mgmresorts.comAbout MGM

Last close · Oct 16, 202628.60−0.88 (−2.99%)

Market cap$7.2B

Model value · DCF · Perpetuity growth · 5y

101.36

MGM Resorts closed at $28.60 — undervalued by 72% vs model.

63.52the model's range231.70

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

17.14 – 106.79

Wall St. target

48.00 40% below

Below model, 1y

20 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $28.60 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused63.52 – 231.70101.3672% undervalued DCF · Perpetuity growth · 10y65.32 – 218.26100.2871% undervalued DCF · EBITDA exit · 5y50.40 – 134.2688.7968% undervalued DCF · EBITDA exit · 10y56.42 – 137.9591.0769% undervalued P/E · peers12.54 – 17.5417.1467% overvalued P/E · own history15.98 – 20.4017.5963% overvalued PEG—45.2337% undervalued EV/EBITDA · peers48.41 – 62.4849.1242% undervalued EV/Revenue · peers85.11 – 166.19106.7973% undervalued Earnings power value46.02 – 74.4957.5650% undervalued Wall St. consensus target—48.0040% below Cost of capital (WACC)—7.93%—

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

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How it is valued

Valued asCyclical

Low/slowing growth (~4% recent)Decelerated from ~28% 5y CAGRThin margins (1.2% net margin)Highly cyclical earningsHigh leverage (D/E 2.6x)Strong FCF yield (20.3%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for cyclical companies

P/E

37.6×

EV / EBITDA

6.6×

FCF yield

22.0%

Dividend yield, TTM

0.00%

Beta

1.35

Cost of capital (WACC)

7.93%

On the lists: #6 Highest free cash flow yield · #1 Near 52-week lows

Full financials

Superinvestors

13F · Q2 2026

Christopher DavisDavis Selected Advisers$1.1B Mason HawkinsSoutheastern Asset Management Inc$55.9M Thomas GaynerMarkel Group Inc.$4.2M BridgewaterBridgewater Associates, LP$2.9M

All 6 holders

Analyst actions

third-party, quoted

10-13Goldman Sachs · target30.00

10-08Susquehanna · target41.00

09-24Mizuho Securities · target55.00

07-07Wells Fargo · “Equal Weight” from “Underweight”upgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-07Form 4 · MFritz Gary M · 12,166 sh@ 0.00 10-07Form 4 · FFritz Gary M · 4,858 sh@ 30.00 10-07Form 4 · MFritz Gary M · 12,166 sh@ 0.00 10-07Form 4 · MHalkyard Jonathan S · 8,921 sh@ 0.00 10-07Form 4 · MHalkyard Jonathan S · 8,921 sh@ 0.00 07-2910-QQuarterly report

58 filings · 40 insider transactions

Comparable companies

by business, not by industry label

WYNNWynn Resorts LVSLas Vegas Sands VICIVici Properties HLTHilton Worldwide MARMarriott International HSTHost Hotels & Resorts

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just MGM. No account.

About MGM Resorts

MGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its resort properties offer a comprehensive suite of amenities including gaming facilities, accommodation, convention spaces, dining options, entertainment venues, retail outlets, and more. Beyond traditional slots and table games, its casino activities also encompass online sports wagering and iGaming through its BetMGM platform. As of February 17, 2021, its extensive portfolio comprised 29 distinct hotel and gaming destinations. Notable assets include its properties on the Las Vegas Strip and the Fallen Oak golf course. The company caters to a diverse clientele, including high-stakes gamblers, vacationers, wholesale travel groups, business travelers, and organizational clients such as conventions, trade groups, and small conferences. Originally known as MGM MIRAGE, the firm rebranded to MGM Resorts International in June 2010. Established in 1986, MGM Resorts International is headquartered in Las Vegas, Nevada.

CEO: William Joseph Hornbuckle
Headquarters: Las Vegas, NV
Employees: 69,000
IPO: 1988-05-02

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.