MGM Resorts International
MGM · Hotels & Motels · 255.9M shares · -9%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $2.2B (gross $2.3B, SBC $74M)
Reference price $38.44 · est. market cap ~$9.8B — last insider sale, 2026-05-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Scaled, well-known casino/resort operator with strong cash and brands but modest returns and high lease-driven leverage.
Strengths
- Large free cash flow ($1.46B, 85.7th pct) and strong liquidity (cash 94.7th pct, quick ratio 88th)
- Premier Las Vegas Strip and MGM China franchise with loyalty-driven moat; ROE 8.5% (60th pct)
Risks
- Net income fell 72% with Empire City goodwill impairment; thin net margin (1.2%) and ROA (0.5%)
- High debt/equity 2.56 under triple-net leases and Las Vegas visitation down 8%
Notable findings
- RestatementWe entered into an amended and restated master lease with VICI 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 2.56)
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$37M, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -9%/yr over 4y
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
5.7%
Net margin
1.2%
Return on equity
8.5%
Return on assets
0.5%
ROIC
9.1%
Revenue growth (QoQ)
-3.3%
Net-income growth
-72.4%
Debt / equity
2.6×
Net debt / EBITDA
2.1×
Current ratio
1.2×
Free cash flow
$1.5B
EBITDA
$2.0B
Tangible book value
-$3.8B
Cash & investments
$2.1B
Stock comp / revenue
0.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | TAYLOR DANIEL J | Sell | 6.7K | $38.44 |
| 2026-05-06 | Mckinney-James Rose | Option exercise | 3.3K | — |
| 2026-05-06 | LEVIN JOSEPH | Option exercise | 6.7K | — |
| 2026-05-06 | Swartz Janet | Option exercise | 6.7K | — |
| 2026-05-06 | Winston Ben | Option exercise | 3.3K | — |
| 2026-05-06 | TAYLOR DANIEL J | Option exercise | 6.7K | — |
| 2026-03-24 | IAC Inc. | Buy | 450K | $37.13 |
| 2026-03-23 | IAC Inc. | Buy | 550K | $37.30 |
| 2026-03-09 | Meister Keith A. | Sell | 38K | $34.27 |
| 2026-03-01 | Molino Ayesha Khanna | Option exercise | 299 | — |
| 2026-03-01 | Molino Ayesha Khanna | Tax withheld | 73 | $36.86 |
| 2026-02-24 | HORNBUCKLE WILLIAM | Tax withheld | 2.1K | $35.05 |
| 2026-02-24 | Halkyard Jonathan S | Option exercise | 2.9K | — |
| 2026-02-24 | Halkyard Jonathan S | Tax withheld | 1.1K | $35.05 |
| 2026-02-24 | HORNBUCKLE WILLIAM | Option exercise | 5.7K | — |
| 2026-02-23 | HORNBUCKLE WILLIAM | Tax withheld | 1.5K | $34.25 |
| 2026-02-23 | HORNBUCKLE WILLIAM | Option exercise | 6.7K | — |
| 2026-02-23 | Halkyard Jonathan S | Tax withheld | 699 | $34.25 |
| 2026-02-23 | Halkyard Jonathan S | Option exercise | 3.2K | — |
| 2025-12-05 | IAC Inc. | Buy | 1.1M | $36.30 |
| 2025-12-01 | Fritz Gary M | Option exercise | 15K | — |
| 2025-12-01 | Fritz Gary M | Tax withheld | 6.0K | $35.44 |
| 2025-10-07 | Halkyard Jonathan S | Tax withheld | 3.5K | $33.12 |
| 2025-10-07 | SANDERS COREY IAN | Option exercise | 12K | — |
| 2025-10-07 | SANDERS COREY IAN | Tax withheld | 4.8K | $33.12 |
| 2025-10-07 | Meinert Todd | Option exercise | 1.4K | — |
| 2025-10-07 | Meinert Todd | Tax withheld | 336 | $33.12 |
| 2025-10-07 | McManus John | Option exercise | 7.3K | — |
| 2025-10-07 | McManus John | Tax withheld | 2.9K | $33.12 |
| 2025-10-07 | HORNBUCKLE WILLIAM | Option exercise | 32K | — |
| 2025-10-07 | HORNBUCKLE WILLIAM | Tax withheld | 13K | $33.12 |
| 2025-10-07 | Halkyard Jonathan S | Option exercise | 8.9K | — |
| 2025-10-07 | Fritz Gary M | Option exercise | 12K | — |
| 2025-10-07 | Fritz Gary M | Tax withheld | 4.9K | $33.12 |
| 2025-10-04 | HORNBUCKLE WILLIAM | Tax withheld | 7.1K | $33.93 |
| 2025-10-04 | HORNBUCKLE WILLIAM | Option exercise | 18K | — |
| 2025-10-04 | McManus John | Tax withheld | 1.5K | $33.93 |
| 2025-10-04 | McManus John | Option exercise | 3.9K | — |
| 2025-10-04 | Meinert Todd | Tax withheld | 206 | $33.93 |
| 2025-10-04 | Meinert Todd | Option exercise | 843 | — |
| 2025-10-04 | SANDERS COREY IAN | Option exercise | 8.8K | — |
| 2025-10-04 | SANDERS COREY IAN | Tax withheld | 3.5K | $33.93 |
| 2025-10-03 | Fritz Gary M | Option exercise | 12K | — |
| 2025-10-03 | SANDERS COREY IAN | Option exercise | 12K | — |
| 2025-10-03 | SANDERS COREY IAN | Tax withheld | 4.8K | $33.93 |
| 2025-10-03 | SANDERS COREY IAN | Grant | 30K | — |
| 2025-10-03 | SANDERS COREY IAN | Tax withheld | 12K | $33.93 |
| 2025-10-03 | SANDERS COREY IAN | Grant | 22K | — |
| 2025-10-03 | SANDERS COREY IAN | Tax withheld | 8.8K | $33.93 |
| 2025-10-03 | Meinert Todd | Option exercise | 1.4K | — |
| 2025-10-03 | Meinert Todd | Tax withheld | 338 | $33.93 |
| 2025-10-03 | Meinert Todd | Grant | 4.6K | — |
| 2025-10-03 | Meinert Todd | Tax withheld | 1.1K | $33.93 |
| 2025-10-03 | McManus John | Option exercise | 7.4K | — |
| 2025-10-03 | McManus John | Tax withheld | 2.9K | $33.93 |
| 2025-10-03 | McManus John | Grant | 18K | — |
| 2025-10-03 | McManus John | Tax withheld | 7.2K | $33.93 |
| 2025-10-03 | McManus John | Grant | 13K | — |
| 2025-10-03 | McManus John | Tax withheld | 5.3K | $33.93 |
| 2025-10-03 | HORNBUCKLE WILLIAM | Option exercise | 33K | — |
| 2025-10-03 | HORNBUCKLE WILLIAM | Tax withheld | 13K | $33.93 |
| 2025-10-03 | HORNBUCKLE WILLIAM | Grant | 81K | — |
| 2025-10-03 | HORNBUCKLE WILLIAM | Tax withheld | 32K | $33.93 |
| 2025-10-03 | HORNBUCKLE WILLIAM | Grant | 60K | — |
| 2025-10-03 | HORNBUCKLE WILLIAM | Tax withheld | 24K | $33.93 |
| 2025-10-03 | Halkyard Jonathan S | Option exercise | 9.0K | — |
| 2025-10-03 | Halkyard Jonathan S | Tax withheld | 3.5K | $33.93 |
| 2025-10-03 | Halkyard Jonathan S | Grant | 22K | — |
| 2025-10-03 | Halkyard Jonathan S | Tax withheld | 8.7K | $33.93 |
| 2025-10-03 | Halkyard Jonathan S | Grant | 16K | — |
| 2025-10-03 | Halkyard Jonathan S | Tax withheld | 6.5K | $33.93 |
| 2025-10-03 | Fritz Gary M | Tax withheld | 4.9K | $33.93 |
| 2025-10-03 | Fritz Gary M | Grant | 30K | — |
| 2025-10-03 | Fritz Gary M | Tax withheld | 12K | $33.93 |
| 2025-10-03 | Fritz Gary M | Grant | 22K | — |
| 2025-10-03 | Fritz Gary M | Tax withheld | 9.0K | $33.93 |
| 2025-10-02 | SANDERS COREY IAN | Option exercise | 10K | — |
| 2025-10-02 | SANDERS COREY IAN | Tax withheld | 4.0K | $34.75 |
| 2025-10-02 | Meinert Todd | Option exercise | 1.2K | — |
| 2025-10-02 | Meinert Todd | Tax withheld | 282 | $34.75 |
| 2025-10-02 | McManus John | Option exercise | 6.1K | — |
| 2025-10-02 | McManus John | Tax withheld | 2.4K | $34.75 |
| 2025-10-02 | HORNBUCKLE WILLIAM | Option exercise | 27K | — |
| 2025-10-02 | HORNBUCKLE WILLIAM | Tax withheld | 11K | $34.75 |
| 2025-10-02 | Halkyard Jonathan S | Option exercise | 7.5K | — |
| 2025-10-02 | Halkyard Jonathan S | Tax withheld | 2.9K | $34.75 |
| 2025-10-02 | Fritz Gary M | Option exercise | 10K | — |
| 2025-10-02 | Fritz Gary M | Tax withheld | 4.1K | $34.75 |
| 2025-09-15 | McManus John | Sell | 60K | $36.12 |
| 2025-09-11 | Fritz Gary M | Option exercise | 4.7K | — |
| 2025-09-11 | Fritz Gary M | Tax withheld | 1.9K | $35.34 |
| 2025-09-11 | Meister Keith A. | Sell | 242K | $35.42 |
| 2025-06-13 | Meister Keith A. | Sell | 60K | $32.09 |
| 2025-06-13 | Meister Keith A. | Sell | 366 | $32.50 |
| 2025-05-13 | TAYLOR DANIEL J | Sell | 5.3K | $34.93 |
| 2025-05-12 | SANDERS COREY IAN | Sell | 40K | $34.43 |
| 2025-05-07 | Langley Donna | Option exercise | 1.7K | — |
| 2025-05-02 | Winston Ben | Option exercise | 4.2K | — |
| 2025-05-02 | TAYLOR DANIEL J | Option exercise | 5.3K | — |
| 2025-05-02 | Swartz Janet | Option exercise | 5.3K | — |
| 2025-05-02 | JAMMET MARY CHRIS | Option exercise | 5.3K | — |
| 2025-03-06 | Halkyard Jonathan S | Buy | 10K | $32.17 |
| 2025-02-24 | Halkyard Jonathan S | Option exercise | 2.9K | — |
| 2025-02-24 | Halkyard Jonathan S | Tax withheld | 641 | $36.37 |
| 2025-02-24 | HORNBUCKLE WILLIAM | Option exercise | 5.7K | — |
| 2025-02-24 | HORNBUCKLE WILLIAM | Tax withheld | 1.2K | $36.37 |
| 2025-02-23 | Halkyard Jonathan S | Option exercise | 3.2K | — |
| 2025-02-23 | HORNBUCKLE WILLIAM | Tax withheld | 1.5K | $36.00 |
| 2025-02-23 | HORNBUCKLE WILLIAM | Option exercise | 6.7K | — |
| 2025-02-23 | Halkyard Jonathan S | Tax withheld | 699 | $36.00 |
| 2025-02-19 | Meinert Todd | Sell | 6.0K | $37.84 |
| 2025-02-01 | Halkyard Jonathan S | Tax withheld | 2.0K | $34.48 |
| 2025-02-01 | Halkyard Jonathan S | Option exercise | 7.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
- VICI Properties
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-05-08 | Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-04-07 | Material agreementExhibits | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2026-02-04 | ResultsExhibits | filing ↗ |
| 2026-01-16 | Exec/director changeExhibits | filing ↗ |
| 2025-10-29 | Material agreementResultsDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-13 | 0001193125-26-224106 ↗ |
| 8-K | 2026-05-08 | 2026-05-06 | 0000789570-26-000037 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0000789570-26-000034 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0000789570-26-000035 ↗ |
| 8-K | 2026-04-07 | 2026-04-03 | 0000789570-26-000029 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0000789570-26-000018 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0000789570-26-000013 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001193125-26-037093 ↗ |
| 8-K | 2026-01-16 | 2026-01-15 | 0000789570-26-000010 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0000789570-25-000074 ↗ |
| 8-K | 2025-10-29 | 2025-10-23 | 0000789570-25-000073 ↗ |
| 8-K | 2025-09-19 | 2025-09-16 | 0000789570-25-000041 ↗ |