Melco Resorts & Entertainment Ltd (MLCO)

Melco Resorts & Entertainment Limited develops, owns, and operates casino gaming and resort facilities in Macau, the Philippines, Cyprus, and internationally. It operates through City of Dreams, Studio City, Altira Macau, Mocha, City of Dreams Manila, City of Dreams Mediterranean and Other, Other Operations, and Corporate and Other segments. The company owns and operates City of Dreams, an integrated resort that has gaming tables and gaming machines; suites and villas; food and beverage outlets; retail outlets; a wet stage performance theater; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spas and salons, and banquet and meeting facilities in Cotai, Macau. It also operates Studio City, a cinematically themed integrated resort with gaming facilities, hotel, entertainment, retail, and food and beverage outlets in Cotai, Macau; and Altira Macau, an integrated resort, which offers gaming tables and gaming machines, hotel rooms, dining and casual restaurants, and recreation and leisure facilities in Taipa, Macau. In addition, the company owns and operates Mocha Clubs, which are clubs with gaming machines in Macau; City of Dreams Manila, an integrated resort in the Entertainment City complex in Manila; City of Dreams Mediterranean, an integrated resort in Limassol, Cyprus; and three satellite casinos in Nicosia, Ayia Napa, and Paphos in Cyprus. Further, it is involved in the operation of the Sri Lanka Casino and management of Nüwa Sri Lanka located in City of Dreams Sri Lanka, as well as development projects in other countries. The company was formerly known as Melco Crown Entertainment Limited and changed its name to Melco Resorts & Entertainment Limited in April 2017. The company was founded in 2003 and is based in Central, Hong Kong. Melco Resorts & Entertainment Limited is a subsidiary of Melco Leisure and Entertainment Group Limited.

Ticker
MLCO
Exchange
Nasdaq
Sector
Consumer Cyclical
Industry
Resorts & Casinos
Market cap
$1.66B
52-week range
$3.67 - $9.53

Valuation

Share price
$4.51 (close of Nov 6, 2026)
P/E (TTM)
10.45x
Price to book
-1.15x
Price to free cash flow
2.15x
Enterprise value
$8.13B
Book value per share
$-3.94

Price performance

PeriodChange
1 day-1.10%
5 days+14.47%
1 month+6.37%
3 months-18.30%
6 months-17.40%
Year to date-40.42%
1 year-46.37%
3 years-49.38%
5 years-60.68%
10 years-74.37%
All time-79.07%

Short interest

As of
Oct 15, 2026
Short % of float
4.33%
Shares short
6.03M
Days to cover
3.35
Change since prior report
-2.88%
Source
FINRA consolidated short interest

Profitability and growth

Return on invested capital
9.76%
Return on assets
2.44%
Return on capital employed
9.36%
Gross margin
24.36%
Net margin
3.58%
EBITDA margin
22.16%
Revenue growth
11.32%
Free cash flow growth
30.55%

Cash flow and balance sheet

Free cash flow yield (TTM)
46.43%
Current ratio
0.90x
Net debt to EBITDA
6.29x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$5.16B
Cost of revenue
$3.91B
Gross profit
$1.26B
EBITDA
$1.14B
Net income
$185.04M
Earnings per share
$0.46
Interest expense
$464.90M
Shares outstanding
397.99M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$5.16B$1.26B$185.04M$0.46
2024-12-31$4.64B$1.05B$43.54M$0.10
2023-12-31$3.78B$553.09M-$326.92M-$0.75
2022-12-31$1.35B--$930.53M-$2.01
2021-12-31$2.01B--$811.75M-$1.70
2020-12-31$1.73B--$1.26B-$2.65
2019-12-31$5.74B$1.31B$373.17M$0.78
2018-12-31$5.19B$1.12B$340.30M$0.68
2017-12-31$5.28B$1.07B$344.83M$0.70
2016-12-31$4.52B$809.71M$175.91M$0.35

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3124.36%3.58%-9.76%
2024-12-3122.71%0.94%-7.11%
2023-12-3114.65%-8.66%-0.74%
2022-12-31--68.93%--8.85%
2021-12-31--40.34%-99.01%-7.35%
2020-12-31--73.12%-68.74%-11.81%
2019-12-3122.79%6.50%11.87%9.29%
2018-12-3121.57%6.56%11.45%8.38%
2017-12-3120.28%6.52%9.61%8.46%
2016-12-3117.92%3.89%4.60%4.71%

Cash and debt by year

Period endCashDebt
2025-12-31$1.02B$6.75B
2024-12-31$1.15B$7.14B
2023-12-31$1.31B$7.47B
2022-12-31$1.81B$8.09B
2021-12-31$1.65B$6.56B
2020-12-31$1.76B$5.65B
2019-12-31$1.39B$4.39B
2018-12-31$1.47B$3.67B
2017-12-31$1.50B$3.51B
2016-12-31$1.70B$3.67B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$818.12M$29.27M
2024-12-31$626.66M$27.37M
2023-12-31$622.69M$35.47M
2022-12-31-$619.43M$71.81M
2021-12-31-$268.77M$67.96M
2020-12-31-$860.96M$54.39M
2019-12-31$827.51M$31.80M
2018-12-31$1.05B$25.14M
2017-12-31$1.16B$17.30M
2016-12-31$1.16B$18.49M

Dividend history

Most recent payment
Feb 28, 2020
Payment dateDividend per share
2020-02-28$0.17
2019-11-08$0.17
2019-08-02$0.17
2019-05-17$0.15
2019-03-01$0.15
2018-11-16$0.14
2018-08-03$0.14
2018-05-11$0.14

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-04Sep 2026-$0.03
2026-08-13Jun 2026$0.05
2026-04-30Mar 2026$0.13
2025-11-06Sep 2025$0.11
2025-07-31Jun 2025$0.09
2025-05-08Mar 2025-$0.01
2025-02-27Dec 2024$0.08
2024-11-05Sep 2024$0.09

Filings and sources

Company website
melco-resorts.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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