MGM Resorts International (MGM)财务
NYSE · Consumer Cyclical · Gambling, Resorts & Casinos · 员工69,000人 · CEO William Joseph Hornbuckle
- 股价
- $29.96 +3.92%
- 市值
- $75.8亿
- 企业价值
- $346亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-02-04 EPS预期 $0.32
营收(TTM)$177亿+2.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)7.0%+1.4 百分点 对比去年同期营业利润 $12.5亿
净利润(TTM)$6.94亿+896.6% 对比去年同期税后,含营业外收益
自由现金流(TTM)$15.8亿+15.2% 对比去年同期资本支出 $9.14亿
稀释EPS(TTM)$2.63+1,543.8% 对比去年同期最近4个季度之和
净现金-$270亿+8.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $75.8亿 EV $346亿
- 营收
- $177亿 过去12个月
- 营收增速
- 0% FY2026年一致预期
- 净利润率
- 3.9% 净利润 / 营收,TTM
- P/E
- 11.3× 预期 19.1×(FY2026)
- P/S
- 0.4× 股价 / 营收,TTM
- EV / EBITDA
- 15.4× TTM
- 自由现金流
- $15.8亿 过去12个月
- 净利润
- $6.94亿 过去12个月
- 营收预期
- $176亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $44.2亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收符合预期,EPS 低于预期405.6%营收$42.1亿,预期$42.1亿(-0.1%);EPS -$0.11,预期$0.04(-405.6%)。
- 营收增长放缓:同比-0.9%Q3 '26营收$42.1亿,此前四个季度的平均值为3.2%。
- 营业利润率7.0%(TTM),较去年同期+1.4 百分点营收增长2.6%,营业利润增长28.9%。
- 税前利润的47.8%被营业外亏损吞噬税前利润$8.45亿,营业利润$12.5亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的5.2%(去年为6.8%)最近4个季度投入$9.14亿(同比-22.3%)。自由现金流$15.8亿,相当于净利润的227.1%。
- 股东回报$7.74亿 = 自由现金流的49.0%回购$7.74亿(去年为$8.37亿),股息$0,股权激励$9690万(TTM)。
- 稀释股数一年内减少7.5%Q3 '26稀释股数2.52亿,一年前为2.73亿。
- 净债务 $270亿现金 + 短期投资 $24亿,含租赁债务 $294亿;一年前净债务 $294亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $42.1亿 | $42.5亿 | -0.9% |
| 毛利率 | 41.2% | 43.4% | -2.3 百分点 |
| 营业利润 | $1.19亿 | -$1.13亿 | +205.2% |
| 营业利润率 | 2.8% | -2.7% | +5.5 百分点 |
| 净利润 | -$1710万 | -$2.85亿 | +94.0% |
| 稀释EPS | -$0.07 | -$1.05 | +93.3% |
| 经营现金流 | $5.32亿 | $6.81亿 | -21.9% |
| 资本支出 | $2.22亿 | $2.76亿 | -19.7% |
| 自由现金流 | $3.11亿 | $4.05亿 | -23.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1500万 | $1430万 | +5.2% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $42.1亿 | $42.1亿 | -0.1% |
| EPS(一致预期口径) | -$0.11 | $0.04 | -405.6% |
来自2026-10-28发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Casino | $23亿 | +0.5% | 54.7% | $96.4亿 | +6.1% | |
| Occupancy | $7.63亿 | -4.1% | 18.1% | $33.4亿 | -3.6% | |
| Food And Beverage | $7.41亿 | -1.0% | 17.6% | $31亿 | +1.6% | |
| Entertainment Retail And Other | $4.03亿 | -2.3% | 9.6% | $16.5亿 | -4.2% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Las Vegas Strip Resorts | $19.5亿 | -1.5% | 100.0% | $128亿 | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $24.9亿
- 资本支出
- -$9.14亿
- 股票回购
- -$7.74亿
- 股息
- $0
- 收购
- -$2940万
- 债务净发行
- -$5.24亿
- 股权激励费用
- $9690万
- 自由现金流
- $15.8亿
- 股东回报 / FCF
- 49.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 11.3× | 31.9× | 13.9× – 65.7× |
| EV / EBITDA | 15.4× | 18.6× | 8.4× – 37.1× |
| EV / 营收 | 2.0× | 3.2× | 2.3× – 4.3× |
| 股价 / FCF | 4.8× | 12.4× | 5.8× – 24.5× |
| 股价 / 净资产 | 3.0× | 3.6× | 2.8× – 4.2× |
| FCF收益率 | 20.8% | 10.2% | 4.1% – 17.3% |
| 投入资本回报率 | 3.4% | 3.2% | 0.8% – 4.9% |
| 净资产收益率 | 28.1% | 22.9% | 8.5% – 30.5% |
分析师
一致目标价 $42.18 (+40.8%)
区间 $26.00 – $55.00 · 评级 Buy
强烈买入0
买入19
持有17
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $176亿 | +0.1% | $1.57 | +106.7% | 19.1× | 8 |
| FY2027 | $176亿 | +0.6% | $1.55 | -1.3% | 19.3× | 9 |
| FY2028 | $180亿 | +2.2% | $1.76 | +13.3% | 17.1× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
MGM Resorts International在近期10-Q / 10-K文件中标记的全部228项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $4.25亿 | $4.21亿 | +1.0% | $4.22亿 | $4.13亿 | +2.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $10.7亿 | $9.32亿 | +15.0% | $11.2亿 | $10.7亿 | +4.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1.66亿 | $1.42亿 | +16.9% | $1.39亿 | $1.35亿 | +3.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $5710万 | $5640万 | +1.2% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $12.6亿2025-12-31 | $12.1亿 | +4.6% | $12.6亿 | $12.1亿 | +4.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $2350万 | $961万 | +144.9% | $6110万 | $6110万 | +0.1% |
| Accrual for Taxes Other than Income Taxes, Current | $3.65亿2025-12-31 | $3.83亿 | -4.7% | $3.65亿 | $3.83亿 | -4.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $61.1亿2025-12-31 | $56.4亿 | +8.3% | $61.1亿 | $56.4亿 | +8.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1.99亿 | $3.48亿 | -42.9% | $3.2亿 | -$6120万 | +623.6% |
| Additional Paid in Capital, Common Stock | $1150万 | $113万 | +923.6% | $0 | $0 | – |
| Adjustments to Additional Paid in Capital, Other | $751万 | -$1420万 | +153.0% | -$2110万 | -$858万 | -145.8% |
| Advertising Expense | – | – | – | $3.98亿 | $3.84亿 | +3.6% |
| Amortization of Debt Issuance Costs and Discounts | $620万 | $639万 | -2.9% | $2670万 | $2720万 | -2.0% |
| Amortization of Intangible Assets | – | – | – | $1.39亿 | $1.19亿 | +16.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1490万 | $1380万 | +8.6% | $8950万 | $7970万 | +12.2% |
| Assets | $395亿 | $414亿 | -4.7% | $414亿 | $422亿 | -2.0% |
| Assets, Current | $41.9亿 | $39.3亿 | +6.5% | $43.3亿 | $43.6亿 | -0.7% |
| Cash and Cash Equivalents, at Carrying Value | $24亿 | $21.3亿 | +12.3% | $20.6亿 | $24.2亿 | -14.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $24.8亿 | $22.2亿 | +11.8% | $21.5亿 | $25亿 | -14.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.51亿 | $1.76亿 | -185.9% | -$3.53亿 | -$5.12亿 | +31.1% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Issued | 2.52亿 | 2.72亿 | -7.6% | 2.58亿 | 2.94亿 | -12.2% |
| Common Stock, Shares, Outstanding | 2.52亿 | 2.72亿 | -7.6% | 2.58亿 | 2.94亿 | -12.2% |
| Common Stock, Value, Issued | $252万 | $272万 | -7.6% | $258万 | $294万 | -12.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $5590万 | $8600万 | -35.0% | $3.14亿 | $3.22亿 | -2.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$2090万 | -$2.99亿 | +93.0% | $5.88亿 | $5.41亿 | +8.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $3510万 | -$2.13亿 | +116.5% | $9.02亿 | $8.63亿 | +4.5% |
| Costs and Expenses | $41.2亿 | $43.9亿 | -6.0% | $166亿 | $157亿 | +6.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1760万 | $1.27亿 | -113.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $342万 | -$236万 | +244.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3290万 | $1050万 | +213.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $3220万 | $3300万 | -2.4% | $3020万 | $4100万 | -26.4% |
| Debt Securities | $4.56亿 | $4.93亿 | -7.5% | $3.69亿 | $2.53亿 | +45.8% |
| Deferred Income Tax Assets, Net | $1.28亿 | $6900万 | +86.0% | $8980万 | $3960万 | +126.8% |
| Deferred Income Tax Expense (Benefit) | -$1940万 | $2510万 | -177.1% | -$2.46亿 | -$8510万 | -188.5% |
| Deferred Income Tax Liabilities, Net | $25.9亿 | $28.4亿 | -8.7% | $26.2亿 | $28.1亿 | -6.9% |
| Deferred Tax Assets, Net | $6900万2025-12-31 | $1.53亿 | -54.9% | $6900万 | $1.53亿 | -54.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $60.4亿2025-12-31 | $60.3亿 | +0.3% | $60.4亿 | $60.3亿 | +0.3% |
| Deferred Tax Assets, Valuation Allowance | $4.21亿2025-12-31 | $10.4亿 | -59.5% | $4.21亿 | $10.4亿 | -59.5% |
| Deferred Tax Liabilities, Gross | $85.7亿2025-12-31 | $88亿 | -2.6% | $85.7亿 | $88亿 | -2.6% |
| Deferred Tax Liabilities, Net | $25.3亿2025-12-31 | $27.7亿 | -8.8% | $25.3亿 | $27.7亿 | -8.8% |
| Depreciation, Depletion and Amortization, Nonproduction | $2.76亿 | $2.61亿 | +6.0% | $10.2亿 | $8.31亿 | +22.5% |
| Disposal Group, Including Discontinued Operation, Assets, Current | $0 | – | – | $3.15亿 | $0 | – |
| Disposal Group, Including Discontinued Operation, Liabilities, Current | $0 | – | – | $2560万 | $0 | – |
| Earnings Per Share, Basic | -$0.07 | -$1.05 | +93.3% | $0.77 | $2.42 | -68.2% |
| Earnings Per Share, Diluted | -$0.07 | -$1.05 | +93.3% | $0.76 | $2.40 | -68.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $594万 | $222万 | +167.5% | $441万 | -$2690万 | +116.4% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $5900万 | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | -0.9%2024-12-31 | -10.4% | +91.3% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | -19.5%2024-12-31 | -3.6% | -441.7% |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | – | – | – | 0.2%2024-12-31 | 0.1% | +100.0% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | – | – | – | $5380万 | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | – | – | – | 19.2% | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $2600万 | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 9.3% | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | -$1820万 | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | -6.5% | 0.7% | -1,028.6% |
| Effective Income Tax Rate Reconciliation, Percent | -79.1% | 5.9% | -1,440.7% | -85.5% | 4.7% | -1,919.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02