Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
MGM Resorts International
Physical assets are 71.1% of total assets, a heavy footprint. Capex is 1.05x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 15.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 0.60x. Compare it with other names in the same basket.
Physical asset ratio
71.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.31BpropertyPlantEquipmentInventory$124.54MinventoryTotal assets$41.37BtotalAssetsResult 71.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$17.54BtotalRevenueNet PP&E$29.31BpropertyPlantEquipmentResult 0.60x
Revenue per dollar of the physical asset base.
Capex / D&A
1.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.07BcapitalExpendituresD&A$1.02BdepreciationAndAmortizationResult 1.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.37BtotalAssetsGoodwill$4.90BgoodWillIntangibles$1.36BintangibleAssetsLiabilities$38.10BtotalLiabTangible book-$2.98BShares264,864,864commonStockSharesOutstandingResult -$11.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$29.96Latest quoteTangible book / share-$11.262025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $29.96.
Fixed-charge coverage
1.55xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.72BebitdaCapex$1.07BcapitalExpendituresInterest$419.04MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$648.69MPrincipal due is short-term debt.Result 1.55x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
23.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.67BfreeCashFlowMarket cap$7.25BMarketCapitalizationResult 23.0%
Latest free cash flow divided by current market cap ($7.25B).
ROIC
15.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.00BoperatingIncomeTax expense-$44.14MincomeTaxExpensePretax income$387.95MincomeBeforeTaxTax rate0.0%Equity$2.43BtotalStockholderEquityDebt$6.23BlongTermDebt + shortLongTermDebtCash$2.06BcashAndEquivalentsInvested capital$6.60BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 69.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.73BpropertyPlantEquipmentInventory$110.83MinventoryTotal assets$30.21BtotalAssetsResult 69.0% | 0.57xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$11.76BtotalRevenueNet PP&E$20.73BpropertyPlantEquipmentResult 0.57x | 1.26xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.49BcapitalExpendituresD&A$1.18BdepreciationAndAmortizationResult 1.26x | $8.75Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.21BtotalAssetsGoodwill$1.82BgoodWillIntangibles$3.94BintangibleAssetsLiabilities$19.64BtotalLiabTangible book$4.81BShares549,536,000commonStockSharesOutstandingResult $8.75 | 1.26xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.51BebitdaCapex$1.49BcapitalExpendituresInterest$769.51MinterestExpenseShort-term debt$43.41MshortTermDebtEBITDA − capex$1.02BPrincipal due is short-term debt.Result 1.26x | $235.70MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.72BtotalCashFromOperatingActivitiesCapex$1.49BcapitalExpendituresFree cash flow$235.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $235.70M | 6.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.47BoperatingIncomeTax expense$50.11MincomeTaxExpensePretax income$634.01MincomeBeforeTaxTax rate7.9%Equity$6.51BtotalStockholderEquityDebt$15.13BshortLongTermDebtTotalCash$1.53BcashAndEquivalentsInvested capital$20.12BResult 6.7% | 0.07xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.47BoperatingIncomeNet PP&E$20.73BpropertyPlantEquipmentResult 0.07x |
| 2019 | 67.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.68BpropertyPlantAndEquipmentNetInventory$102.89MinventoryTotal assets$33.88BtotalAssetsResult 67.2% | 0.57xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$12.90BtotalRevenueNet PP&E$22.68BpropertyPlantAndEquipmentNetResult 0.57x | 0.57xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$739.01McapitalExpendituresD&A$1.30BdepreciationAndAmortizationResult 0.57x | $13.00Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33.88BtotalAssetsGoodwill$2.08BgoodWillIntangibles$3.83BintangibleAssetsLiabilities$21.11BtotalLiabTangible book$6.86BShares527,645,000commonStockSharesOutstandingResult $13.00 | 4.39xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.00BebitdaCapex$739.01McapitalExpendituresInterest$847.93MinterestExpenseShort-term debt$122.25MshortLongTermDebtEBITDA − capex$4.26BPrincipal due is the current portion of debt.Result 4.39x | $1.07BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.81BtotalCashFromOperatingActivitiesCapex$739.01McapitalExpendituresFree cash flow$1.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.07B | 14.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.94BoperatingIncomeTax expense$632.35MincomeTaxExpensePretax income$2.85BincomeBeforeTaxTax rate22.2%Equity$7.73BtotalStockholderEquityDebt$15.66BshortLongTermDebtTotalCash$2.33BcashAndEquivalentsInvested capital$21.06BResult 14.6% | 0.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.94BoperatingIncomeNet PP&E$22.68BpropertyPlantAndEquipmentNetResult 0.17x |
| 2020 | 63.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.92BpropertyPlantAndEquipmentNetInventory$88.32MinventoryTotal assets$36.49BtotalAssetsResult 63.0% | 0.21xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.92BtotalRevenueNet PP&E$22.92BpropertyPlantAndEquipmentNetResult 0.21x | 0.22xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$270.58McapitalExpendituresD&A$1.21BdepreciationAndAmortizationResult 0.22x | $11.15Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$36.49BtotalAssetsGoodwill$2.09BgoodWillIntangibles$3.64BintangibleAssetsLiabilities$25.25BtotalLiabTangible book$5.51BShares494,152,000commonStockSharesOutstandingResult $11.15 | -1.29xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$779.79MebitdaCapex$270.58McapitalExpendituresInterest$676.38MinterestExpenseShort-term debt$138.83MshortLongTermDebtEBITDA − capex-$1.05BPrincipal due is the current portion of debt.Result -1.29x | -$1.76BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$1.49BtotalCashFromOperatingActivitiesCapex$270.58McapitalExpendituresFree cash flow-$1.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.76B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$642.43MoperatingIncomeTax expense-$191.57MincomeTaxExpensePretax income-$1.51BincomeBeforeTaxTax rate—Equity$6.50BtotalStockholderEquityDebt$12.99BlongTermDebt + shortLongTermDebtCash$5.10BcashAndEquivalentsInvested capital$14.39BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$642.43MoperatingIncomeNet PP&E$22.92BpropertyPlantAndEquipmentNetResult -0.03x |
| 2021 | 63.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.93BpropertyPlantEquipmentInventory$96.37MinventoryTotal assets$40.90BtotalAssetsResult 63.6% | 0.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$9.68BtotalRevenueNet PP&E$25.93BpropertyPlantEquipmentResult 0.37x | 0.43xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$490.70McapitalExpendituresD&A$1.15BdepreciationAndAmortizationResult 0.43x | $8.26Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.90BtotalAssetsGoodwill$3.48BgoodWillIntangibles$3.62BintangibleAssetsLiabilities$29.77BtotalLiabTangible book$4.03BShares487,356,000commonStockSharesOutstandingResult $8.26 | 1.62xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.41BebitdaCapex$490.70McapitalExpendituresInterest$799.59MinterestExpenseShort-term debt$1.00BshortLongTermDebtEBITDA − capex$2.92BPrincipal due is the current portion of debt.Result 1.62x | $882.73MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.37BtotalCashFromOperatingActivitiesCapex$490.70McapitalExpendituresFree cash flow$882.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $882.73M | 13.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.28BoperatingIncomeTax expense$253.42MincomeTaxExpensePretax income$1.46BincomeBeforeTaxTax rate17.3%Equity$6.07BtotalStockholderEquityDebt$12.77BlongTermDebt + shortLongTermDebtCash$4.70BcashAndEquivalentsInvested capital$14.14BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.3% | 0.09xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.28BoperatingIncomeNet PP&E$25.93BpropertyPlantEquipmentResult 0.09x |
| 2022 | 65.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.75BpropertyPlantEquipmentInventory$126.07MinventoryTotal assets$45.69BtotalAssetsResult 65.4% | 0.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.13BtotalRevenueNet PP&E$29.75BpropertyPlantEquipmentResult 0.44x | 0.22xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$765.07McapitalExpendituresD&A$3.48BdepreciationAndAmortizationResult 0.22x | -$2.93Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.69BtotalAssetsGoodwill$5.03BgoodWillIntangibles$1.55BintangibleAssetsLiabilities$40.32BtotalLiabTangible book-$1.21BShares412,993,000commonStockSharesOutstandingResult -$2.93 | 2.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.98BebitdaCapex$765.07McapitalExpendituresInterest$594.95MinterestExpenseShort-term debt$1.29BshortLongTermDebtEBITDA − capex$4.22BPrincipal due is the current portion of debt.Result 2.24x | $1.00BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.77BtotalCashFromOperatingActivitiesCapex$765.07McapitalExpendituresFree cash flow$1.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.00B | 11.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.44BoperatingIncomeTax expense$697.07MincomeTaxExpensePretax income$903.80MincomeBeforeTaxTax rate40.0%Equity$4.83BtotalStockholderEquityDebt$8.72BlongTermDebt + shortLongTermDebtCash$5.91BcashAndEquivalentsInvested capital$7.64BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.3% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.44BoperatingIncomeNet PP&E$29.75BpropertyPlantEquipmentResult 0.05x |
| 2023 | 69.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.48BpropertyPlantEquipmentInventory$141.68MinventoryTotal assets$42.37BtotalAssetsResult 69.9% | 0.55xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$16.16BtotalRevenueNet PP&E$29.48BpropertyPlantEquipmentResult 0.55x | 1.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$931.81McapitalExpendituresD&A$814.13MdepreciationAndAmortizationResult 1.14x | -$7.03Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.37BtotalAssetsGoodwill$5.17BgoodWillIntangibles$1.72BintangibleAssetsLiabilities$38.00BtotalLiabTangible book-$2.52BShares358,627,000commonStockSharesOutstandingResult -$7.03 | 2.82xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.40BebitdaCapex$931.81McapitalExpendituresInterest$460.29MinterestExpenseShort-term debt$60.17MshortLongTermDebtEBITDA − capex$1.47BPrincipal due is the current portion of debt.Result 2.82x | $1.77BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.70BtotalCashFromOperatingActivitiesCapex$931.81McapitalExpendituresFree cash flow$1.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.77B | 23.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.89BoperatingIncomeTax expense$157.84MincomeTaxExpensePretax income$1.47BincomeBeforeTaxTax rate10.7%Equity$3.81BtotalStockholderEquityDebt$6.40BlongTermDebt + shortLongTermDebtCash$2.93BcashAndEquivalentsInvested capital$7.29BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.2% | 0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.89BoperatingIncomeNet PP&E$29.48BpropertyPlantEquipmentResult 0.06x |
| 2024 | 70.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.73BpropertyPlantEquipmentInventory$140.56MinventoryTotal assets$42.23BtotalAssetsResult 70.7% | 0.58xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$17.24BtotalRevenueNet PP&E$29.73BpropertyPlantEquipmentResult 0.58x | 1.38xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$831.10MdepreciationAndAmortizationResult 1.38x | -$10.12Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.23BtotalAssetsGoodwill$5.15BgoodWillIntangibles$1.72BintangibleAssetsLiabilities$38.51BtotalLiabTangible book-$3.14BShares310,232,000commonStockSharesOutstandingResult -$10.12 | 2.02xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.39BebitdaCapex$1.15BcapitalExpendituresInterest$443.23MinterestExpenseShort-term debt$172.21MshortTermDebtEBITDA − capex$1.24BPrincipal due is short-term debt.Result 2.02x | $1.21BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.36BtotalCashFromOperatingActivitiesCapex$1.15BcapitalExpendituresFree cash flow$1.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.21B | 20.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.49BoperatingIncomeTax expense$52.46MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate4.7%Equity$3.02BtotalStockholderEquityDebt$6.36BlongTermDebt + shortLongTermDebtCash$2.42BcashAndEquivalentsInvested capital$6.97BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 20.4% | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.49BoperatingIncomeNet PP&E$29.73BpropertyPlantEquipmentResult 0.05x |
| 2025 | 71.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.31BpropertyPlantEquipmentInventory$124.54MinventoryTotal assets$41.37BtotalAssetsResult 71.1% | 0.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$17.54BtotalRevenueNet PP&E$29.31BpropertyPlantEquipmentResult 0.60x | 1.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.07BcapitalExpendituresD&A$1.02BdepreciationAndAmortizationResult 1.05x | -$11.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.37BtotalAssetsGoodwill$4.90BgoodWillIntangibles$1.36BintangibleAssetsLiabilities$38.10BtotalLiabTangible book-$2.98BShares264,864,864commonStockSharesOutstandingResult -$11.26 | 1.55xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.72BebitdaCapex$1.07BcapitalExpendituresInterest$419.04MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$648.69MPrincipal due is short-term debt.Result 1.55x | $1.67BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.74BtotalCashFromOperatingActivitiesCapex$1.07BcapitalExpendituresFree cash flow$1.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.67B | 15.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.00BoperatingIncomeTax expense-$44.14MincomeTaxExpensePretax income$387.95MincomeBeforeTaxTax rate0.0%Equity$2.43BtotalStockholderEquityDebt$6.23BlongTermDebt + shortLongTermDebtCash$2.06BcashAndEquivalentsInvested capital$6.60BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.2% | 0.03xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.00BoperatingIncomeNet PP&E$29.31BpropertyPlantEquipmentResult 0.03x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $29.31B
Inventory: $124.54M
Total assets: $41.37B
Goodwill: $4.90B
Intangibles: $1.36B
Liabilities: $38.10B
Tangible book: -$2.98B
Shares: 264,864,864
Revenue: $17.54B
Capex: $1.07B
D&A: $1.02B
EBITDA: $1.72B
Interest: $419.04M
Short-term debt: $0.00
Free cash flow: $1.67B
Operating income: $1.00B
Invested capital: $6.60B
Tax rate: 0.0%