Want to find your lens? Five questions, no jargon — they tell you which of four reads fits how you already think.
Cheap and healthy — worth a proper look.
The math shows a margin of safety, and nothing is obviously deteriorating.
Price against fair value
Free cash flow — 10-year history ($B)
What the math is really telling you. Watch whether cash flow is compounding — that, more than any single year, is what a value read hangs on.
The read — lights & verdict
- GoodUndervaluedFair value ~$84 vs $29 — a margin of safety of 195%.
- GoodPrice is in line with its recordPriced for ~-6%/yr, roughly what it has delivered (13.8%/yr).
- GoodRevenue still growingUp 1.7% last year — demand isn't the problem.
- GoodCash flow compoundingFree cash flow up ~13.8%/yr — the engine is growing.
- CautionManageable net debtNet debt of $4B — about 3.0× annual free cash flow. Normal for a mature company. It also has $25B of operating-lease commitments — about 17.2× annual free cash flow — which this figure does not count as debt.
How this was built. Every figure is computed from MGM Resorts International's SEC filings — no estimates, no AI. Two-stage DCF: 9% discount rate, 5% free-cash-flow growth for 10 years, 2.5% terminal. Free cash flow is operating cash flow less capital spending. Net cash is cash and marketable securities less borrowings, commercial paper and finance leases; operating leases are disclosed but never counted as debt. We subtract net debt from the value of the business — for MGM Resorts that is about $4B, or $16 per share. Fundamentals are from the FY25 annual report and change only when a new one is filed. Price of $28.60 taken 2026-10-17 (Google Finance, manual entry, 2026-10-17) — it is not live and does not move during the day.
TickerMath is an educational tool, not investment advice — it computes one model from SEC filings and can be wrong. How we compute this →