MGM Resorts International (MGM)
Working capital turnover
Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (ttm) | US$ in thousands | 17,240,550 | 17,269,550 | 17,059,590 | 16,674,420 | 16,164,250 | 15,380,910 | 14,823,800 | 14,146,480 | 13,127,490 | 12,592,160 | 11,883,630 | 10,886,700 | 9,680,140 | 8,116,790 | 6,535,170 | 4,557,019 | 5,162,089 | 6,853,689 | 9,042,149 | 11,975,580 |
Total current assets | US$ in thousands | 4,363,600 | 4,832,450 | 4,409,140 | 4,573,810 | 4,910,590 | 5,259,170 | 5,617,000 | 6,231,100 | 8,154,690 | 8,783,180 | 9,166,780 | 4,514,940 | 6,416,180 | 6,670,320 | 6,574,540 | 7,083,870 | 5,950,660 | 6,186,280 | 6,370,770 | 7,597,930 |
Total current liabilities | US$ in thousands | 3,351,680 | 3,886,760 | 3,000,170 | 3,033,990 | 3,126,070 | 2,962,070 | 2,749,400 | 2,844,430 | 4,515,890 | 5,895,500 | 5,544,580 | 3,599,600 | 3,442,260 | 3,410,460 | 2,036,370 | 1,835,390 | 1,856,580 | 2,766,780 | 2,575,130 | 2,626,250 |
Working capital turnover | 17.04 | 18.26 | 12.11 | 10.83 | 9.06 | 6.70 | 5.17 | 4.18 | 3.61 | 4.36 | 3.28 | 11.89 | 3.26 | 2.49 | 1.44 | 0.87 | 1.26 | 2.00 | 2.38 | 2.41 |
December 31, 2024 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $17,240,550K ÷ ($4,363,600K – $3,351,680K)
= 17.04
The working capital turnover ratio of MGM Resorts International has exhibited fluctuations over the observed periods between March 31, 2020, and December 31, 2024. The ratio started at 2.41 in March 2020 and experienced a gradual decline to 1.26 by December 31, 2020. Subsequently, there was an evident recovery trend, with the ratio climbing to 3.26 by December 31, 2021.
The working capital turnover ratio surged significantly to 11.89 by March 31, 2022, indicating a substantial improvement in the company's efficiency in utilizing its working capital to generate revenue. This peak was followed by some fluctuations, with the ratio stabilizing around 6.70 by September 30, 2023.
By the end of December 31, 2024, MGM Resorts International achieved a working capital turnover ratio of 17.04, signifying a substantial improvement in the efficiency of its working capital management compared to the initial periods. Overall, the company showed a noticeable improvement in its ability to generate revenue from working capital as the ratio increased consistently over the analyzed periods.
Peer comparison
Dec 31, 2024