Forensic Analysis · Hotels & Casinos · as of Nov 9, 2026

MGM Resorts International (MGM)

A forensic read on MGM Resorts International built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.5

Distress distance

Clean

Earnings quality

Forensic signals

7.5%

ROE

1.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

MGM Resorts International earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.5, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.5%

FY2025

Return on invested capital. Return on invested capital is 2.5% in the latest fiscal year and slipping across FY2023–FY2025 from 4.7%. After-tax operating profit was $1.7B in FY2023 and $902M in FY2025, with operating income at 11.7% of revenue in FY2023, 8.6% in FY2024 and 5.7% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $279M goodwill write-off that alone took about 0.7 points off that year's return, so about 0.7 of the 2.2-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.

$279M

FY2025

Goodwill impairments. Took $279M of goodwill writedowns across 1 year (FY2025 ($279M)) — about 135% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.

Key fundamentals

Latest Revenue$17.54B

Revenue Growth YoY+1.7%

Revenue CAGR (2yr)+4.2%

Net Margin1.2%

Free Cash Flow$1.46B

Return on Equity7.5%

Debt / Equity2.56x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.