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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
MGM Resorts International's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-114.71.
The industry rank for MGM Resorts International's Net-Net Working Capital or its related term are showing as below:
FRA:MGG's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.54 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
MGM Resorts International (FRA:MGG) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
MGM Resorts International Net-Net Working Capital Related Terms
MGM Resorts International Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for MGM Resorts International's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MGM Resorts International Net-Net Working Capital Chart
FRA:MGG vs WYNN, BYD, CZR: Net-Net Working Capital Comparison
For the Resorts & Casinos subindustry, MGM Resorts International's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
MGM Resorts International Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, MGM Resorts International's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where MGM Resorts International's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of €-114.71 mean?
MGM Resorts International (FRA:MGG) has a Net-Net Working Capital of €-114.71 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on MGM Resorts International According to the industry distribution chart, MGM Resorts International ranks #999999 out of 213 companies in the Travel & Leisure industry.
Is MGM Resorts International's Net-Net Working Capital too high?
MGM Resorts International's current Net-Net Working Capital is €-114.71. Based on the distribution chart, MGM Resorts International ranks #999999 out of 213 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, MGM Resorts International has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does MGM Resorts International's Net-Net Working Capital compare to WYNN and BYD?
According to the Travel & Leisure industry distribution chart, MGM Resorts International ranks #999999 out of 213 companies for Net-Net Working Capital. This places MGM Resorts International in the lower half of its industry. The industry median Net-Net Working Capital is 6.54. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.54, based on 213 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on MGM Resorts International For the Travel & Leisure industry, the median Net-Net Working Capital is 6.54 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MGM Resorts International's current Net-Net Working Capital is €-114.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MGM Resorts International stock overvalued right now?
Based on GuruFocus' analysis, MGM Resorts International (FRA:MGG) is currently considered Fairly Valued. The stock's GF Value™ is €39.76, compared to a current price of €38.57 — trading 3% below its estimated fair value. The current Net-Net Working Capital is €-114.71. MGM Resorts International's overall GF Score™ is 82/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For MGM Resorts International (FRA:MGG), the current Net-Net Working Capital is €-114.71 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is MGM Resorts International (FRA:MGG) Overvalued in 2026?
Based on GuruFocus' analysis, MGM Resorts International stock appears to be undervalued.
The current stock price of €38.57 is trading 3% below its estimated GF Value™ of €39.76.
GuruFocus considers MGM Resorts International to be Fairly Valued.
Key valuation signals for FRA:MGG:
Net-Net Working Capital: €-114.71
GF Value™: €39.76 vs. price of €38.57 (3% below fair value)
No single metric tells the full story. See the FRA:MGG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MGM Resorts is the largest resort operator on the Las Vegas Strip with 37,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 56% of total EBITDAR in 2025. MGM also owns US regional assets, which represented a low 20s share of 2025 EBITDAR (MGM's Macao EBITDAR was 23% of the total in 2025). MGM's US sports and i-gaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a second property that opened on the Cotai Strip in early 2018. We estimate MGM will open a resort in Japan in 2030.
82GF Score
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