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 ITL
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 20.3%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 0.60x. Compare it with other names in the same basket.
Physical asset ratio
71.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.60x
Revenue per dollar of the physical asset base.
Capex / D&A
1.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€11.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €26.18.
Fixed-charge coverage
1.55x
EBITDA minus capex, divided by interest only.
FCF yield
8.5%
Latest free cash flow divided by current market cap (€17.20B).
ROIC
20.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 1.26x | €8.92 | 1.35x | €235.70M | 6.1% | — |
| 2019 | 66.5% | 0.57x | 0.57x | €13.42 | 4.39x | €1.07B | 19.1% | 0.18x |
| 2020 | 63.0% | 0.23x | 0.22x | €11.15 | 0.13x | -€1.76B | — | -0.09x |
| 2021 | 63.6% | 0.37x | 0.43x | €8.87 | 1.62x | €882.73M | 3.3% | 0.02x |
| 2022 | 65.4% | 0.44x | 0.22x | -€3.20 | 2.24x | €991.40M | -13.5% | -0.06x |
| 2023 | 69.9% | 0.55x | 1.14x | -€7.73 | 3.49x | €1.76B | 19.4% | 0.05x |
| 2024 | 70.7% | 0.58x | 1.38x | -€10.67 | 2.80x | €1.21B | 22.8% | 0.06x |
| 2025 | 71.1% | 0.60x | 1.05x | -€11.54 | 1.55x | €1.46B | 20.3% | 0.05x |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
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: 258,323,143
Revenue: €17.54B
Capex: €1.07B
D&A: €1.02B
EBITDA: €1.72B
Interest: €419.04M
Short-term debt: —
Free cash flow: €1.46B
Operating income: €1.34B
Invested capital: €6.60B
Tax rate: 0.0%