Melco Resorts & Entertainment Ltd. ADR (MLCO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.08	$0.06	-25.0%	—	$1.1B	—
Q1 26	$0.09	$0.21	+133.3%	—	$1.4B	—
Q4 25	$0.07	$0.14	+100.0%	—	$1.3B	—
Q3 25	$0.09	$0.21	+133.3%	—	$1.3B	—
Q2 25	$0.04	$0.23	+475.0%	—	$1.3B	—
Q1 25	$0.04	$0.08	+100.0%	—	$1.2B	—
Q4 24	$0.06	-$0.05	-183.3%	—	$1.2B	—
Q3 24	$0.01	$0.08	+700.0%	—	$1.2B	—
Q2 24	$0.03	$0.06	+100.0%	—	$1.2B	—
Q1 24	$0.02	$0.04	+100.0%	—	$1.1B	—
Q4 23	$0.04	-$0.36	-1000.0%	—	$1.1B	—
Q3 23	$0.02	-$0.02	-200.0%	—	$1B	—
Q2 23	-$0.03	-$0.02	+33.3%	—	$947.9M	—
Q1 23	—	-$0.14	—	—	$716.5M	—
Q4 22	-$0.57	-$0.51	+10.5%	—	$337.1M	—
Q3 22	-$0.55	-$0.52	+5.5%	—	$241.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.47	—	—	$5.2B	—
FY24	—	$0.1	—	—	$4.6B	—
FY23	—	-$0.63	—	—	$3.8B	—
FY22	—	-$1.61	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.5B	$5.3B	$5.2B	$5.7B	$1.7B	$2B	$1.3B	$3.8B	$4.6B	$5.2B
YoY change	+13.7%	+16.9%	-1.81%	+10.6%	-69.9%	+16.5%	-32.9%	+179.7%	+22.9%	+11.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.5B	5.3B	5.2B	5.7B	1.7B	2B	1.3B	3.8B	4.6B	5.2B
Cost of revenue	3.1B	3.6B	3.3B	3.6B	1.6B	1.5B	1.1B	2.6B	3B	3.3B
Gross profit	1.4B	1.7B	1.9B	2.1B	142.3M	490M	246.5M	1.2B	1.7B	1.9B
Gross margin	31.1%	32.8%	35.8%	36.6%	8.24%	24.3%	18.3%	31.4%	35.9%	36.7%
Research & development	95K	31.1M	23M	57.4M	25.6M	30.7M	0	1.2M	5.4M	7.6M
Selling, general & administrative	446.6M	467.1M	505.9M	559.5M	424.4M	426.4M	423.2M	488.1M	568.7M	657.4M
Operating expenses	490.3M	586.9M	674.3M	700M	463M	483.5M	452.1M	531.8M	616.1M	702.2M
Operating income	363.1M	604.5M	613.4M	747.7M	-939.2M	-573.3M	-727.5M	109M	505.5M	651M
Operating margin	8.03%	11.4%	11.8%	13%	-54.4%	-28.5%	-53.9%	2.89%	10.9%	12.6%
Non-operating income, net	-6.5M	-31.3M	-10.3M	-41M	-174.3M	-25.3M	-7.8M	-37.4M	-33.5M	-39.6M
Pretax income	75.1M	312.2M	339.1M	402.6M	-1.5B	-953.6M	-1.1B	-401.9M	-6.3M	148.3M
Income tax	8.2M	-10K	238K	8.3M	-2.9M	2.9M	5.2M	13.4M	21.6M	2.8M
Net income	66.9M	312.2M	338.9M	394.2M	-1.5B	-956.5M	-1.1B	-415.3M	-28M	145.5M
Net margin	1.48%	5.91%	6.53%	6.87%	-84.2%	-47.5%	-81.3%	-11%	-0.6%	2.82%
EBITDA	909.4M	1.1B	1.2B	1.4B	-474.8M	5.2M	-181.6M	674M	1.1B	1.2B
EPS	0.35	0.71	0.73	0.78	-2.65	-1.7	-1.61	-0.63	0.1	0.47
Diluted EPS	0.34	0.7	0.72	0.77	-2.65	-1.7	-1.61	-0.63	0.1	0.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.4B	1.1B
Cost of revenue	632.7M	899.3M	712.4M	739.5M	742.4M	778.6M	775.4M	871.2M	801.1M	818.9M	856.4M	708.7M
Gross profit	384.5M	194.3M	400M	420.2M	432.7M	412.4M	456.9M	457M	508.4M	474.4M	510.3M	365M
Gross margin	37.8%	17.8%	36%	36.2%	36.8%	34.6%	37.1%	34.4%	38.8%	36.7%	37.3%	34%
Research & development	0	—	138K	1.9M	1.5M	1.9M	3.4M	1.8M	996K	1.4M	1M	1.4M
Selling, general & administrative	130.4M	129.4M	127M	144.4M	140.5M	156.9M	154.9M	158.5M	167M	176.9M	179.6M	227.6M
Operating expenses	139M	139.2M	135.6M	159M	152.5M	171.2M	167.6M	169.4M	178.2M	186.9M	190M	235.8M
Operating income	104.9M	-90.8M	127.6M	126.6M	144.3M	106.9M	158.9M	153.6M	191.9M	146.5M	179.3M	73.5M
Operating margin	10.3%	-8.31%	11.5%	10.9%	12.3%	8.97%	12.9%	11.6%	14.7%	11.3%	13.1%	6.84%
Non-operating income, net	-13.5M	3.5M	-2.1M	-812K	-7.1M	-23.5M	-7.8M	-14.3M	-15.8M	-1.6M	11.3M	7.6M
Pretax income	-34.8M	-212M	4.2M	6.8M	17.6M	-34.9M	32.4M	21.3M	62.9M	31.8M	78M	31.3M
Income tax	2M	14.7M	3.7M	8.1M	4.9M	5M	4.6M	11.9M	845K	-14.5M	7.1M	—
Net income	-36.8M	-226.7M	550K	-1.3M	12.7M	-39.9M	27.7M	9.4M	62.1M	46.3M	70.9M	29.5M
Net margin	-3.62%	-20.7%	0.05%	-0.11%	1.08%	-3.35%	2.25%	0.7%	4.74%	3.58%	5.19%	2.75%
EBITDA	251M	59M	269.4M	264.1M	282.5M	243.3M	290.7M	288.7M	331.7M	288.2M	322.3M	172.2M
EPS	-0.04	-0.36	0.04	0.05	0.06	-0.05	0.08	0.04	0.19	0.16	0.2	0.08
Diluted EPS	-0.04	-0.36	0.04	0.05	0.06	-0.05	0.08	0.04	0.19	0.15	0.2	0.08

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8B	14.2B	8.5B	11.6B	8.9B	4.9B	5.3B	3.9B	2.5B	3B	3B
Enterprise value	10.1B	16.6B	11.3B	14.9B	13.2B	10.2B	12.2B	10.3B	8.8B	9B	9B
Shares outstanding	505.6M	489.2M	483.7M	478.9M	477.4M	478M	456.7M	438.2M	432.1M	398M	398M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	120.1	45.5	25.1	29.4	—	—	—	—	—	20.7	20.7
P/S	1.78	2.69	1.64	2.02	5.12	2.42	3.89	1.03	0.54	0.58	0.58
P/B	2.1	4.26	2.87	3.68	4.82	5.94	-16.7	-4.63	-2.66	-3.33	-3.33
EV/EBITDA	11.1	14.5	9.54	10.8	-27.8	2K	-66.9	15.3	8.32	7.52	7.52
EV/Sales	2.24	3.13	2.18	2.61	7.64	5.09	9	2.74	1.9	1.75	1.75
Earnings yield	0.83%	2.2%	3.98%	3.41%	—	—	—	—	—	4.83%	4.83%
FCF yield	8.08%	4.55%	4.53%	3.34%	-15%	-19.5%	-23.6%	9.23%	13%	15.8%	15.8%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31.1%	32.8%	35.8%	36.6%	8.24%	24.3%	18.3%	31.4%	35.9%	36.7%	36.7%
Operating margin	8.03%	11.4%	11.8%	13%	-54.4%	-28.5%	-53.9%	2.89%	10.9%	12.6%	12.6%
Net margin	1.48%	5.91%	6.53%	6.87%	-84.2%	-47.5%	-81.3%	-11%	-0.6%	2.82%	2.82%
ROE	1.75%	9.36%	11.4%	12.5%	-79.1%	-116.7%	349%	49.4%	2.97%	-16.1%	-16.1%
ROA	0.72%	3.51%	3.72%	4.15%	-16.1%	-10.8%	-11.8%	-4.98%	-0.35%	1.91%	1.91%
ROIC	5.46%	10.6%	10.6%	11.2%	-15.2%	-9.24%	-11%	1.94%	9.41%	12.5%	12.5%
Return on tangible assets	0.97%	4.71%	4.85%	5.28%	-20.4%	-13.3%	-14.2%	-6.49%	-0.46%	2.46%	2.46%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.54	1.1	0.97	1.24	1.8	1.83	1.73	1.4	1.2	1.07	1.07
Quick ratio	1.52	1.07	0.95	1.21	1.77	1.8	1.71	1.37	1.17	1.04	1.04
Debt / equity	1.05	1.16	1.46	1.53	3.32	8.58	-27.7	-9.25	-7.93	-7.77	-7.77
Debt / assets	0.43	0.43	0.48	0.51	0.68	0.79	0.94	0.93	0.93	0.92	0.92
Net debt / EBITDA	2.31	2.05	2.35	2.44	-9.15	1K	-38	9.58	5.96	5	5
Interest coverage	1.28	2.22	2.28	2.3	-3.28	-1.72	-1.9	0.18	0.99	1.32	1.32
Effective tax rate	10.9%	0%	0.07%	2.07%	0%	0%	0%	0%	0%	1.91%	1.91%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.94	10.8	10.7	12	3.62	4.21	2.96	8.62	10.7	13	13
EPS (basic)	0.35	0.71	0.73	0.78	-2.65	-1.7	-1.61	-0.63	0.1	0.47	0.47
EPS (diluted)	0.34	0.7	0.72	0.77	-2.65	-1.7	-1.61	-0.63	0.1	0.46	0.46
Book value per share	7.56	6.82	6.15	6.56	3.85	1.72	-0.69	-1.92	-2.18	-2.27	-2.27
FCF per share	1.29	1.32	0.8	0.81	-2.78	-1.98	-2.72	0.82	0.75	1.2	1.2
Cash per share	3.78	3.08	3.23	3.02	3.68	3.46	3.97	2.99	2.65	2.57	2.57
Capex per share	0.21	0.35	0.8	0.7	0.44	0.28	0.28	0.28	0.53	0.04	0.04

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.37%	3.26%	7.44%	5.86%	12.1%	6.67%	9.58%	3.27%	4.9%	0.31%	0.31%
Capex / operating cash flow	10.2%	16.1%	37.2%	31%	-29.6%	-70.1%	-26.2%	63.3%	44.8%	1.94%	1.94%
Payout ratio	576.2%	263.1%	80.1%	76.4%	-5.44%	0%	-0.02%	-0.08%	-1.23%	0.05%	0.05%
Dividend yield	4.8%	5.78%	3.19%	2.6%	0.89%	0%	0%	0.01%	0.01%	0%	0%

Yield

—

trailing twelve months

Frequency

Quarterly

Last dividend

$0.1651

ex-dividend Feb 28, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 28, 2020	$0.1651
Nov 8, 2019	$0.1651
Aug 2, 2019	$0.1651
May 17, 2019	$0.1551
Mar 1, 2019	$0.1551
Nov 16, 2018	$0.1451
Aug 3, 2018	$0.1451
May 11, 2018	$0.135

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$1.1B	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.4B	$1.1B
YoY change	+320.6%	+224.4%	+55.3%	+22.3%	+15.5%	+8.91%	+10.8%	+14.5%	+11.4%	+8.59%	+10.9%	-19.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.9B	1.5B	1.6B	1.4B	1.8B	1.7B	1.8B	1.3B	1.1B	1B
Receivables	225.4M	176.5M	242.1M	284.3M	129.6M	54.5M	56M	91.6M	144.2M	126.4M
Inventory	32.6M	35M	41.1M	44M	37.3M	29.6M	26.4M	29.4M	32.5M	36.9M
Total current assets	2.3B	1.8B	2.1B	1.9B	2B	1.9B	2.1B	1.5B	1.4B	1.3B
Property, plant & equipment	510.3M	565.4M	-408.4M	-406.6M	-482M	-285.7M	-211.7M	-2B	-2.3B	-2.4B
Goodwill & intangibles	2.4B	2.3B	2.1B	2B	1.9B	1.7B	1.6B	1.9B	1.9B	1.7B
Total assets	9.3B	8.9B	9.1B	9.5B	9B	8.9B	9.3B	8.3B	8B	7.6B
Accounts payable	17.4M	16M	25M	21.9M	9.5M	6M	6.7M	11.8M	24.8M	25.9M
Short-term debt	81.3M	84.4M	430.2M	73M	107.1M	65.5M	370.2M	55M	74M	52.3M
Total current liabilities	1.5B	1.7B	2.1B	1.5B	1.1B	1B	1.2B	1.1B	1.2B	1.2B
Long-term debt	3.9B	3.8B	3.9B	4.7B	6B	7B	8.3B	7.7B	7.4B	7B
Total liabilities	5.5B	5.6B	6.1B	6.3B	7.2B	8.1B	9.6B	9.2B	8.9B	8.5B
Shareholders' equity	3.8B	3.3B	3B	3.1B	1.8B	819.9M	-314.4M	-840M	-940M	-903.6M
Total debt	4B	3.9B	4.3B	4.8B	6.1B	7B	8.7B	7.8B	7.5B	7B
Net debt	2.3B	2.4B	2.9B	3.4B	4.3B	5.4B	6.9B	6.5B	6.3B	6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.4B	1.3B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.5B	1B	942.4M	454.3M
Receivables	95.7M	91.6M	83M	95.9M	82.9M	144.2M	124.9M	129.3M	100.6M	126.4M	139M	107.6M
Inventory	28.1M	29.4M	29.6M	31.3M	32M	32.5M	33.2M	32.9M	35.3M	36.9M	36.2M	19M
Total current assets	1.7B	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.7B	1.3B	1.2B	1B
Property, plant & equipment	5.8B	-2B	5.5B	5.4B	5.4B	-2.3B	5.4B	5.3B	5.3B	-2.4B	5.1B	2B
Goodwill & intangibles	2.1B	1.9B	1.9B	1.9B	1.9B	1.9B	1.9B	1.7B	1.7B	1.7B	1.6B	723.8M
Total assets	8.7B	8.3B	8.1B	8B	8B	8B	7.9B	7.8B	8.1B	7.6B	7.4B	6.3B
Accounts payable	12.5M	11.8M	13.6M	22.5M	22.1M	24.8M	18.8M	16.9M	17.4M	25.9M	18.6M	13.6M
Short-term debt	53.9M	55M	52.7M	49.6M	87.9M	74M	76.1M	107.8M	510.9M	52.3M	397.8M	3.1M
Total current liabilities	1B	1.1B	1B	1.1B	1.1B	1.2B	1.1B	1.2B	1.6B	1.2B	1.4B	1B
Long-term debt	8B	7.7B	7.6B	7.4B	7.4B	7.4B	7.4B	7.3B	7.1B	7B	6.5B	5.1B
Total liabilities	9.4B	9.2B	8.9B	8.9B	8.9B	8.9B	8.9B	8.9B	9.1B	8.5B	8.3B	6.3B
Shareholders' equity	-658.5M	-840M	-852.8M	-845.5M	-891.2M	-940M	-946.9M	-1.1B	-953.3M	-903.6M	-894.5M	8.8M
Total debt	8.1B	7.8B	7.6B	7.5B	7.5B	7.5B	7.5B	7.5B	7.6B	7B	6.9B	5.1B
Net debt	6.6B	6.5B	6.4B	6.3B	6.4B	6.3B	6.4B	6.3B	6.1B	6B	6B	4.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	66.9M	312.2M	338.9M	394.2M	-1.5B	-956.5M	-1.1B	-415.3M	-28M	145.5M
Depreciation & amortization	552.3M	540.6M	567.9M	651.2M	618.5M	579.8M	521.9M	543.4M	541.5M	543.6M
Stock-based compensation	18.5M	17.3M	25.1M	31.8M	54.4M	68M	71.8M	35.5M	27.4M	29.3M
Change in working capital	336.3M	164.7M	73.4M	-19.7M	24.2M	80.6M	4.8M	13.6M	-45.2M	29.8M
Operating cash flow	1B	1.1B	1B	1.1B	-702.8M	-191.6M	-492.6M	195.1M	507.5M	818.1M
Capital expenditure	-106.9M	-172.5M	-386.2M	-336.3M	-208.3M	-134.3M	-129.3M	-123.6M	-227.4M	-15.9M
Investing cash flow	375.4M	-62.5M	-381.4M	-919.5M	201.7M	-134.3M	-313.7M	91.3M	-227.4M	-15.9M
Dividends paid	-385.6M	-821.3M	-271.5M	-301M	-79.1M	0	-196K	-314K	-344K	-78K
Share repurchases	-805.8M	0	-854.9M	0	-45M	-61M	-192.5M	-170.5M	-113M	-166M
Financing cash flow	-1.3B	-1B	-345.5M	94.4M	1.3B	814.6M	1.8B	-1.1B	-478.3M	-603.8M
Net change in cash	77.8M	-8.7M	310M	259M	761.5M	488.7M	976.9M	-843M	-198.3M	198.4M
Free cash flow	649.9M	646.1M	385.8M	386.2M	-1.3B	-948.2M	-1.2B	358.8M	325.5M	476.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 06	Q4 10	Q3 11	Q4 11	Q4 15	Q4 16	Q1 19	Q1 20	Q2 26
Net income	-53M	13M	—	103.8M	—	—	—	—	—
Depreciation & amortization	21.1M	84.3M	—	94.2M	—	—	—	—	—
Stock-based compensation	—	—	—	2.2M	—	—	—	—	—
Change in working capital	1.3M	-9.4M	—	-44.7M	—	—	—	—	—
Operating cash flow	-30.8M	121.1M	—	155.5M	—	—	—	—	60.9M
Capital expenditure	65.7M	-52.6M	—	-53.1M	-47.3M	-18.3M	-42.9M	-45.9M	—
Investing cash flow	88.6M	-79.1M	109.7M	-53.1M	562.6M	-4.5M	-42.9M	-45.9M	-368M
Dividends paid	—	—	—	—	-9.9M	-18.4M	—	—	-44.8M
Share repurchases	—	—	—	—	—	-86K	—	—	—
Financing cash flow	-63.7M	-131.4M	-594.7M	-1.1M	-14.5M	-107.6M	-8.1M	256.6M	320.3M
Net change in cash	-6M	-89.4M	-485M	101.3M	548.1M	-112.1M	-50.9M	210.7M	13.2M
Free cash flow	50.1M	108.1M	245.8M	68.6M	-125.6M	165M	-133.6M	-363.5M	1.9M

Melco Resorts & Entertainment Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement