Legal and regulatory exposuremixed · 2 filings
“The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.”10-K · Feb 11, 2026 ↗
MGM Resorts International
MGM
Market read
MGM Resorts International's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 4.2% versus the comparable filing period.
- Operating margin fell 2.2 percentage points.
Company+0.1% todayVolume comparison unavailable
Market group0 of 1 activeResorts & Casinos · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- MGM's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if MGM's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 4.2% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 2.2 percentage points.
- Net income decreased 15.8% versus the comparable filing period.
- Net margin fell 0.7 percentage points.
What would clarify the read
- MGM's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements53
Verified relationships6
Evidence supporting the case
- Operating cash flow covered net income at 12.29x in the latest annual period.
Evidence challenging the case
- Operating margin changed -2.9 percentage points in the latest annual period.
- Net margin changed -3.2 percentage points in the latest annual period.
Questions before a position
- P/E is 248% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 55% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
40.716m+12.2%12m+13.1%24m+13.8%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$9.7B+87.5%$2.41-1.4%
2022-12-31$13.1B+35.6%$3.49-15.3%
2023-12-31$16.2B+23.1%$3.19-13.2%
2024-12-31$17.2B+6.7%$2.40-13.5%
2025-12-31$17.5B+1.7%$0.76-10.6%
What management says matters
Persistent and emerging business drivers
Macroeconomic conditionsmixed · 2 filings
“The amount and timing of funding is expected to change as a result of project progress, inflation, and other factors.”10-Q · Oct 29, 2025 ↗
Restructuring and cost reductionsmixed · 2 filings
“No material impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2025, 2024, and 2023.”10-K · Feb 11, 2026 ↗
Credit and interest ratesmixed · 1 filings
“Borrowings and Repayments of Long-term Debt During the six months ended June 30, 2025, we had net repayments of debt of $161 million, which primarily consisted of the repayment of MGM China’s $500 million of aggregate principal amount of 5.25% notes due 2025…”10-Q · Jul 30, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.6× · EV/sales 0.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
40.71+0.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MGM. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing shows material pressure
10-Q filed 2026-04-29 against the comparable filing from 2025-04-30.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 4.2% versus the comparable filing period.
What weakened
- Operating margin fell 2.2 percentage points.
- Net income decreased 15.8% versus the comparable filing period.
- Net margin fell 0.7 percentage points.
Filing receipts
“25 March 31, 2026 December 31, 2025 Balance Sheet (In thousands) Current assets $ 2,917,738 $ 3,086,445 Intercompany debt due from non-guarantor subsidiaries 3,053,651 3,000,104 Other long-term assets 27,493,375 27,668,633 Other current liabilities 2,074,740 2,201,703 Intercompany debt due to non-guarantor subsidiaries 2,198,733 2,198,874 Other long-term liabilities 28,588,710 28,641,498 Three Months Ended March 31, 2026 Income Statement (In thousands) Net revenues $ 2,724,066 Operating income 169,779 Intercompany interest income 72,110 Intercompany interest expense (60,469) Income before income taxes 92,863 Net income 67,099 Net income attributable to MGM Resorts International 55,457 Liqui...”
“19 Consolidated operating income decreased 22% for the three months ended March 31, 2026 compared to the prior year quarter due primarily to an increase in gaming taxes incurred primarily at MGM China, a $46 million increase in self insurance expense due to an increase in reserves, the receipt of $8 million of business interruption insurance proceeds in the current year quarter compared to $49 million in the prior year quarter related to the September 2023 cybersecurity issue, and an increase in payroll related expenses, partially offset by the increase in net revenue, discussed below.”
“Other expense, net for the three months ended March 31, 2025 was primarily comprised of a foreign currency transaction loss of $101 million primarily related to USD denominated debt held by a foreign subsidiary, partially offset by a net gain related to derivatives of $40 million, a gain related to debt and equity investments of $35 million, and interest and dividend income of $15 million.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind MGM
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
VICIVICI Properties Inc.partnerApr 29, 2026 ▾
“At closing, the master lease between the Company and VICI was amended to remove MGM Northfield Park and to reflect a $53 million reduction in annual cash rent.”
IXORIX CorporationpartnerFeb 11, 2026 ▾
“Finally, we were awarded a concession to develop an integrated casino resort in Japan in a consortium with ORIX and other local investors, subject to our receipt of a casino license to operate the same.”
Depended on by
IACFiling-linked namepartnerFeb 20, 2026 ▾
“Business OVERVIEW Who We Are IAC today is comprised of category leading businesses, including People Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 4 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MGM is currently a Leader in the organic co-movement group Resorts & Casinos. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for MGM; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.