Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 7.0x · ROE N/A. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $3.0B | $2.5B | $3.9B | $5.3B | $4.9B | $8.9B | $11.6B | $8.9B | $14.5B | $6.9B |
| Enterprise Value | $8.0B | $9.0B | $8.8B | $10.3B | $12.2B | $10.2B | $13.2B | $15.1B | $11.8B | $16.9B | $9.2B |
| P/E Ratio → | 11.69 | 16.82 | 57.90 | — | — | — | — | 30.99 | 25.17 | 42.09 | 38.87 |
| P/S Ratio | 0.40 | 0.59 | 0.54 | 1.03 | 3.95 | 2.42 | 5.12 | 2.03 | 1.73 | 2.74 | 1.53 |
| P/B Ratio | — | — | — | — | — | 5.94 | 4.82 | 3.70 | 3.24 | 4.34 | 1.81 |
| P/FCF | 4.29 | 6.37 | 7.71 | 10.83 | — | — | — | 30.11 | 23.08 | 22.41 | 10.64 |
| P/OCF | 2.50 | 3.71 | 4.00 | 6.24 | — | — | — | 13.91 | 8.46 | 12.47 | 5.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.75 | 1.90 | 2.74 | 9.06 | 5.09 | 7.64 | 2.62 | 2.29 | 3.20 | 2.04 |
| EV / EBITDA | 7.04 | 7.91 | 8.59 | 17.01 | — | 4277.66 | — | 10.94 | 10.08 | 15.04 | 10.34 |
| EV / EBIT | 13.40 | 14.55 | 18.35 | 37.95 | — | — | — | 21.04 | 19.42 | 29.34 | 26.04 |
| EV / FCF | — | 18.97 | 27.09 | 28.83 | — | — | — | 38.97 | 30.63 | 26.20 | 14.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 35.9% | 31.4% | 21.2% | 24.3% | 11.0% | 36.6% | 35.7% | 32.8% | 31.1% |
| Operating Margin | 11.6% | 11.6% | 10.4% | 1.7% | -55.0% | -28.7% | -54.4% | 13.0% | 12.2% | 11.5% | 8.0% |
| Net Profit Margin | 3.6% | 3.6% | 0.9% | -8.7% | -68.9% | -40.3% | -73.1% | 6.5% | 6.8% | 6.6% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -368.1% | -61.1% | -50.7% | 12.7% | 11.6% | 9.7% | 4.0% |
| ROA | 2.4% | 2.4% | 0.5% | -3.7% | -10.2% | -9.1% | -13.7% | 4.1% | 4.0% | 3.8% | 1.8% |
| ROIC | 8.6% | 8.6% | 6.6% | 0.8% | -8.7% | -7.0% | -11.1% | 9.2% | 8.2% | 7.6% | 4.0% |
| ROCE | 9.1% | 9.1% | 6.9% | 0.8% | -9.3% | -7.3% | -11.9% | 10.2% | 9.0% | 8.1% | 4.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 8.58 | 3.32 | 1.53 | 1.58 | 1.16 | 1.05 |
| Debt / EBITDA | 6.15 | 6.15 | 7.27 | 12.77 | — | 2936.49 | — | 3.50 | 3.71 | 3.43 | 4.50 |
| Net Debt / Equity | — | — | — | — | — | 6.57 | 2.36 | 1.09 | 1.06 | 0.73 | 0.60 |
| Net Debt / EBITDA | 5.26 | 5.26 | 6.15 | 10.62 | — | 2246.63 | — | 2.49 | 2.48 | 2.18 | 2.59 |
| Debt / FCF | — | 12.61 | 19.38 | 18.00 | — | — | — | 8.86 | 7.55 | 3.79 | 3.56 |
| Interest Coverage | 1.31 | 1.31 | 0.99 | 0.55 | -1.93 | -1.67 | -2.63 | 2.29 | 2.26 | 2.20 | 1.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 1.20 | 1.40 | 1.73 | 1.83 | 1.80 | 1.24 | 0.92 | 1.10 | 1.54 |
| Quick Ratio | 1.04 | 1.04 | 1.17 | 1.37 | 1.71 | 1.80 | 1.77 | 1.21 | 0.90 | 1.07 | 1.52 |
| Cash Ratio | 0.86 | 0.86 | 0.96 | 1.19 | 1.51 | 1.62 | 1.57 | 0.95 | 0.72 | 0.90 | 1.29 |
| Asset Turnover | — | 0.68 | 0.58 | 0.45 | 0.15 | 0.23 | 0.19 | 0.60 | 0.58 | 0.59 | 0.48 |
| Inventory Turnover | 88.48 | 88.48 | 91.68 | 88.05 | 40.26 | 51.45 | 41.27 | 82.76 | 81.23 | 101.54 | 95.51 |
| Days Sales Outstanding | — | 8.94 | 11.54 | 8.94 | 15.31 | 9.95 | 27.54 | 18.12 | 23.31 | 12.36 | 18.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.9% | 2.6% | 3.0% | 5.7% | 5.6% |
| Payout Ratio | 0.0% | 0.0% | 0.8% | — | — | — | — | 80.7% | 77.2% | 236.7% | 219.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 5.9% | 1.7% | — | — | — | — | 3.2% | 4.0% | 2.4% | 2.6% |
| FCF Yield | 23.3% | 15.7% | 13.0% | 9.2% | — | — | — | 3.3% | 4.3% | 4.5% | 9.4% |
| Buyback Yield | 8.1% | 5.5% | 4.5% | 4.4% | 3.6% | 1.3% | 0.5% | 0.0% | 9.6% | 0.0% | 11.6% |
| Total Shareholder Yield | 8.1% | 5.5% | 4.5% | 4.4% | 3.6% | 1.3% | 1.4% | 2.6% | 12.6% | 5.7% | 17.2% |
| Shares Outstanding | — | $401M | $433M | $438M | $464M | $478M | $477M | $481M | $505M | $499M | $508M |
High debt insolvency risk
According to current market data, MLCO trades at a P/S ratio of 0.40 and a TTM P/E of 11.91, suggesting that investors are applying a significant risk discount compared to peers like Las Vegas Sands, likely due to the company's persistent debt-heavy capital structure and Macau-centric revenue concentration.
The forward P/E of 9.68 implies that the market remains skeptical of sustained earnings growth, pricing the stock more as a distressed asset than a growth-oriented gaming operator. This valuation gap relative to peers suggests that the market is discounting the company's ability to deleverage effectively in a high-interest rate environment.
Based on reported financial figures, MLCO's ROIC has struggled to exceed 2.6% over the last ten quarters, indicating that the company's massive investment in integrated resort infrastructure has yet to generate returns that meaningfully exceed its cost of capital, thereby hindering long-term value creation for shareholders.
The persistent low ROIC suggests that the capital-intensive nature of the 'premium mass' strategy requires significant ongoing reinvestment just to maintain market share. Investors should monitor whether future asset utilization can improve sufficiently to drive returns above the company's weighted average cost of capital.
As reported in recent quarterly filings, MLCO maintains a cash conversion cycle of approximately 10 days, a figure that has remained remarkably consistent over the last two years, suggesting that the company's operational processes for managing gaming receivables and supplier payables are well-entrenched and highly predictable.
The low CCC is typical for a cash-based gaming business where revenue is collected immediately at the table, minimizing the need for extensive working capital financing. This efficiency provides a minor buffer, though it does little to offset the broader structural pressures exerted by the company's significant debt-related interest expenses.
Based on the provided data, MLCO's interest coverage ratio has hovered near 1.27 as of 2025Q4, which, when combined with a debt-to-EBITDA ratio exceeding 24x, indicates that the company's ability to service its debt remains highly sensitive to even minor fluctuations in gaming revenue and operating margins.
The precarious nature of these leverage metrics suggests that the company lacks the financial cushion to absorb prolonged downturns in the Macau gaming market. Investors should be wary of the potential for refinancing risks, as the current interest coverage leaves little room for error in a volatile macroeconomic climate.
The P/E ratio is frequently misapplied to MLCO, as it obscures the massive impact of non-cash depreciation and high interest expenses that characterize the company's capital-intensive resort operations, leading to a distorted view of the firm's actual ability to generate free cash flow for debt reduction.
Analysts should prioritize EV/EBITDA or hold-normalized cash flow metrics to better assess the underlying operational health of the resorts. Relying on P/E ignores the significant leverage-related risks that are the primary drivers of the company's current valuation discount relative to its less-indebted industry peers.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying MLCO stock.
Melco Resorts & Entertainment Limited's current P/E ratio is 11.7x. The historical average is 32.6x.
Melco Resorts & Entertainment Limited's current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Based on historical data, Melco Resorts & Entertainment Limited is trading at a P/E of 11.7x. Compare with industry peers and growth rates for a complete picture.
Melco Resorts & Entertainment Limited's current dividend yield is 0.00% with a payout ratio of 0.0%.
Melco Resorts & Entertainment Limited has 36.7% gross margin and 11.6% operating margin. Operating margin between 10-20% is typical for established companies.
Melco Resorts & Entertainment Limited's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.