MGM Resorts International

MGM · Consumer Discretionary · $7.4B mkt cap · FY2025 filings · · Shallow moat ·

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Shallow moat
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The five investor questions

55

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $9.7B to $17.5B, increasing; diluted EPS 2.41 to 0.76, decreasing.

—

Not enough years of gross-margin data to score pricing power.

55

Median ROIC 12.8%, above the 12% hurdle in 60% of years.

28

Net debt/EBITDA 2.1x, interest coverage 2x.

40

Owner earnings changed -17.0%/yr over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
42% below value if growth stopped today
$1.1B
$49.13
$49.13
$28.60
42% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~10%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $7.2B (FY2008) to $17.5B (FY2025) — about 5.4% a year compounded over 17 years.

It earned 15.2% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 7.9%. Over the v3 recent window (10 measurable filed years), median ROIC was 12.8%. The Returns on Capital filter above scores it 55/100.

The balance sheet carried $6.2B of total debt in FY2025 against $206M of owner earnings — roughly 30.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 28/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2007–FY2025 · 19 fiscal years, normalized from MGM’s SEC filings

Sales, as filed$17.5B FY2025
$0$10B2007201320192025
Revenue kept after cost of goods

Not disclosed in MGM’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC 14.8% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%20%2007201320192025
Cash an owner could take out$206M FY2025
$0$2.5B2007201320192025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How MGM Resorts International makes its money

MGM Resorts International's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$17.5B100%
$1.0B6%
Income before tax$281M2%
Income tax−$240M−1%
$206M1%
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What MGM Resorts International owns — and owes

MGM Resorts International's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$41.4B100%
Cash and equivalents$2.1B5%
$6.2B15%
Stockholders’ equity$2.4B6%
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives MGM Resorts International’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity8%Tax burden73%net income ÷ pretax incomeInterest burden28%pretax ÷ operating incomeOperating margin6%operating income ÷ revenueAsset turnover0.42×revenue ÷ average assetsEquity multiplier15.33×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$206MFY2025
Income before tax$281MFY2025
Operating income$1.0BFY2025
$17.5BFY2025
Ending assets$41.4BFY2025
Beginning assets$42.2BFY2024
$2.4BFY2025
$3.0BFY2024
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set
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Flagship explainer

Where MGM Resorts International's cash went

MGM Resorts International’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$2.5B100%
Depreciation and amortization$1.0B40%
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding MGM Resorts International

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

3 holding0 exited15 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Dodge & Cox6,000 shares$286860 · 0% of eligible reported 13FTrimmed · -500 shares (−8%)
Markel / Markel-Gayner87,500 shares$4.2M · 0% of eligible reported 13FUnchanged · 0 shares (0%)
Southeastern Asset Management1,169,513 shares$55.9M · 3% of eligible reported 13FTrimmed · -493,448 shares (−30%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 18, 2026

Flagship explainer

What MGM Resorts International insiders reported

Records still being gathered — partial as of retrieval Oct 18, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.3 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Oct 18, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 18, 2026.

48 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (100 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event12,166—Exercise or conversion of derivative security (M)—204,025Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 12,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 204,025 · Paired event: 12,166 Restricted Stock Units → 12,166 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractivePayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND4,858$30.00$145,740199,167Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 4,858 shares at $30.00 · code F · owned after 199,167 ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event12,166—Exercise or conversion of derivative security (M)—12,166Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 12,166 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,166 · Paired event: 12,166 Restricted Stock Units → 12,166 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event8,921—Exercise or conversion of derivative security (M)—158,299Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 8,921 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 158,299 · Paired event: 8,921 Restricted Stock Units → 8,921 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND3,511$30.00$105,330154,788Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 3,511 shares at $30.00 · code F · owned after 154,788 ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event8,921—Exercise or conversion of derivative security (M)—8,922Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 8,921 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,922 · Paired event: 8,921 Restricted Stock Units → 8,921 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event32,441—Exercise or conversion of derivative security (M)—139,594Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 32,441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 139,594 · Paired event: 32,441 Restricted Stock Units → 32,441 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND12,766$30.00$382,980126,828Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 12,766 shares at $30.00 · code F · owned after 126,828 ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event32,441—Exercise or conversion of derivative security (M)—32,442Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 32,441 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,442 · Paired event: 32,441 Restricted Stock Units → 32,441 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event7,299—Exercise or conversion of derivative security (M)—97,090Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 7,299 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 97,090 · Paired event: 7,299 Restricted Stock Units → 7,299 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND2,873$30.00$86,19094,217Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 2,873 shares at $30.00 · code F · owned after 94,217 ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event7,299—Exercise or conversion of derivative security (M)—7,300Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 7,299 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,300 · Paired event: 7,299 Restricted Stock Units → 7,299 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event1,379—Exercise or conversion of derivative security (M)—32,993Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 1,379 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,993 · Paired event: 1,379 Restricted Stock Units → 1,379 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND336$30.00$10,08032,657Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 336 shares at $30.00 · code F · owned after 32,657 ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,379—Exercise or conversion of derivative security (M)—1,379Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,379 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,379 · Paired event: 1,379 Restricted Stock Units → 1,379 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event3,346—Exercise or conversion of derivative security (M)—34,225Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 3,346 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 34,225 · Paired event: 3,346 Restricted Stock Units → 3,346 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND1,317$30.00$39,51032,908Oct 7, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 1,317 shares at $30.00 · code F · owned after 32,908 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event3,346—Exercise or conversion of derivative security (M)—3,346Oct 7, 2026
1 filed lot
  • Table II · Restricted Stock Units: 3,346 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,346 · Paired event: 3,346 Restricted Stock Units → 3,346 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event1,879—Exercise or conversion of derivative security (M)—32,072Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 1,879 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,072 · Paired event: 1,879 Restricted Stock Units → 1,879 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND458$30.54$13,98731,614Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 458 shares at $30.54 · code F · owned after 31,614 ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,879—Exercise or conversion of derivative security (M)—3,760Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,879 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,760 · Paired event: 1,879 Restricted Stock Units → 1,879 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event4,053—Exercise or conversion of derivative security (M)—32,474Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 4,053 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,474 · Paired event: 4,053 Restricted Stock Units → 4,053 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND1,595$30.54$48,71130,879Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 1,595 shares at $30.54 · code F · owned after 30,879 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event4,053—Exercise or conversion of derivative security (M)—8,108Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 4,053 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 8,108 · Paired event: 4,053 Restricted Stock Units → 4,053 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event11,055—Exercise or conversion of derivative security (M)—94,142Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 11,055 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 94,142 · Paired event: 11,055 Restricted Stock Units → 11,055 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND4,351$30.54$132,88089,791Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 4,351 shares at $30.54 · code F · owned after 89,791 ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event11,055—Exercise or conversion of derivative security (M)—22,112Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 11,055 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 22,112 · Paired event: 11,055 Restricted Stock Units → 11,055 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event15,355—Exercise or conversion of derivative security (M)—155,421Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 15,355 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 155,421 · Paired event: 15,355 Restricted Stock Units → 15,355 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND6,043$30.54$184,553149,378Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 6,043 shares at $30.54 · code F · owned after 149,378 ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event15,355—Exercise or conversion of derivative security (M)—30,710Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 15,355 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,710 · Paired event: 15,355 Restricted Stock Units → 15,355 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event22,111—Exercise or conversion of derivative security (M)—200,688Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 22,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 200,688 · Paired event: 22,111 Restricted Stock Units → 22,111 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractivePayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND8,829$30.54$269,638191,859Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 8,829 shares at $30.54 · code F · owned after 191,859 ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event22,111—Exercise or conversion of derivative security (M)—44,222Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 22,111 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 44,222 · Paired event: 22,111 Restricted Stock Units → 22,111 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event49,135—Exercise or conversion of derivative security (M)—126,488Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 49,135 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 126,488 · Paired event: 49,135 Restricted Stock Units → 49,135 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND19,335$30.54$590,491107,153Oct 6, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 19,335 shares at $30.54 · code F · owned after 107,153 ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event49,135—Exercise or conversion of derivative security (M)—98,271Oct 6, 2026
1 filed lot
  • Table II · Restricted Stock Units: 49,135 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 98,271 · Paired event: 49,135 Restricted Stock Units → 49,135 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units6,340—Grant, award, or other acquisition (A)—6,340Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 6,340 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 6,340 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units33,560—Grant, award, or other acquisition (A)—33,560Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 33,560 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 33,560 ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units41,432—Grant, award, or other acquisition (A)—41,432Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 41,432 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 41,432 ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units51,790—Grant, award, or other acquisition (A)—51,790Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 51,790 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 51,790 ·
Fritz Gary MPresident, InteractiveGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units74,578—Grant, award, or other acquisition (A)—74,578Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 74,578 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 74,578 ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units165,728—Grant, award, or other acquisition (A)—165,728Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Units: 165,728 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 165,728 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event2,042—Exercise or conversion of derivative security (M)—29,178Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 2,042 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 29,178 · Paired event: 2,042 Restricted Stock Units → 2,042 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND757$30.48$23,07328,421Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 757 shares at $30.48 · code F · owned after 28,421 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event2,042—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 2,042 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 2,042 Restricted Stock Units → 2,042 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event1,389—Exercise or conversion of derivative security (M)—30,532Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 1,389 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,532 · Paired event: 1,389 Restricted Stock Units → 1,389 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND339$30.48$10,33330,193Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 339 shares at $30.48 · code F · owned after 30,193 ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,389—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,389 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,389 Restricted Stock Units → 1,389 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event7,351—Exercise or conversion of derivative security (M)—85,980Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 7,351 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 85,980 · Paired event: 7,351 Restricted Stock Units → 7,351 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND2,893$30.48$88,17983,087Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 2,893 shares at $30.48 · code F · owned after 83,087 ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event7,351—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 7,351 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 7,351 Restricted Stock Units → 7,351 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event8,984—Exercise or conversion of derivative security (M)—143,602Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 8,984 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 143,602 · Paired event: 8,984 Restricted Stock Units → 8,984 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND3,536$30.48$107,777140,066Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 3,536 shares at $30.48 · code F · owned after 140,066 ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event8,984—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 8,984 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 8,984 Restricted Stock Units → 8,984 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event12,251—Exercise or conversion of derivative security (M)—183,469Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 12,251 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 183,469 · Paired event: 12,251 Restricted Stock Units → 12,251 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractivePayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND4,892$30.48$149,108178,577Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 4,892 shares at $30.48 · code F · owned after 178,577 ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event12,251—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 12,251 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 12,251 Restricted Stock Units → 12,251 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event32,672—Exercise or conversion of derivative security (M)—90,210Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 32,672 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 90,210 · Paired event: 32,672 Restricted Stock Units → 32,672 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND12,857$30.48$391,88177,353Oct 3, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 12,857 shares at $30.48 · code F · owned after 77,353 ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event32,672—Exercise or conversion of derivative security (M)—0Oct 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 32,672 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 32,672 Restricted Stock Units → 32,672 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events7,339—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 1,699 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 23,284 · Paired event: 1,699 Restricted Stock Units → 1,699 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 5,640 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 28,510 · Paired event: 5,640 Performance Share Units → 5,640 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND1,788$30.48$54,498See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 414 shares at $30.48 · code F · owned after 22,870 ·
  • Table I · Common Stock $.01 Par Value ND: 1,374 shares at $30.48 · code F · owned after 27,136 ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,699—Exercise or conversion of derivative security (M)—1,699Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,699 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,699 · Paired event: 1,699 Restricted Stock Units → 1,699 Common Stock $.01 Par Value ND ·
Molino Ayesha KhannaCHIEF OPERATING OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event5,640—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 5,640 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 5,640 Performance Share Units → 5,640 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events4,990—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 1,155 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 26,524 · Paired event: 1,155 Restricted Stock Units → 1,155 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 3,835 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 30,077 · Paired event: 3,835 Performance Share Units → 3,835 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND1,216$30.48$37,064See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 282 shares at $30.48 · code F · owned after 26,242 ·
  • Table I · Common Stock $.01 Par Value ND: 934 shares at $30.48 · code F · owned after 29,143 ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event1,155—Exercise or conversion of derivative security (M)—1,156Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 1,155 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,156 · Paired event: 1,155 Restricted Stock Units → 1,155 Common Stock $.01 Par Value ND ·
Meinert ToddSVP & Chief Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event3,835—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 3,835 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 3,835 Performance Share Units → 3,835 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events21,344—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 6,116 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 71,801 · Paired event: 6,116 Restricted Stock Units → 6,116 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 15,228 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 84,622 · Paired event: 15,228 Performance Share Units → 15,228 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND8,400$30.48$256,032See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 2,407 shares at $30.48 · code F · owned after 69,394 ·
  • Table I · Common Stock $.01 Par Value ND: 5,993 shares at $30.48 · code F · owned after 78,629 ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event6,116—Exercise or conversion of derivative security (M)—6,116Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 6,116 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,116 · Paired event: 6,116 Restricted Stock Units → 6,116 Common Stock $.01 Par Value ND ·
McManus JohnCHIEF LEGAL ADMIN OFC AND SECYExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event15,228—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 15,228 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 15,228 Performance Share Units → 15,228 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events26,087—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 7,475 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 126,272 · Paired event: 7,475 Restricted Stock Units → 7,475 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 18,612 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 141,942 · Paired event: 18,612 Performance Share Units → 18,612 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND10,266$30.48$312,908See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 2,942 shares at $30.48 · code F · owned after 123,330 ·
  • Table I · Common Stock $.01 Par Value ND: 7,324 shares at $30.48 · code F · owned after 134,618 ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event7,475—Exercise or conversion of derivative security (M)—7,475Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 7,475 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,475 · Paired event: 7,475 Restricted Stock Units → 7,475 Common Stock $.01 Par Value ND ·
Halkyard Jonathan SCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event18,612—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 18,612 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 18,612 Performance Share Units → 18,612 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events35,574—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 10,193 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 160,043 · Paired event: 10,193 Restricted Stock Units → 10,193 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 25,381 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 181,353 · Paired event: 25,381 Performance Share Units → 25,381 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractivePayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND14,206$30.48$432,999See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 4,071 shares at $30.48 · code F · owned after 155,972 ·
  • Table I · Common Stock $.01 Par Value ND: 10,135 shares at $30.48 · code F · owned after 171,218 ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event10,193—Exercise or conversion of derivative security (M)—10,193Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 10,193 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,193 · Paired event: 10,193 Restricted Stock Units → 10,193 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event25,381—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 25,381 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 25,381 Performance Share Units → 25,381 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 2 paired events94,862—Exercise or conversion of derivative security (M)—See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 27,181 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 27,186 · Paired event: 27,181 Restricted Stock Units → 27,181 Common Stock $.01 Par Value ND ·
  • Table I · Common Stock $.01 Par Value ND: 67,681 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 84,171 · Paired event: 67,681 Performance Share Units → 67,681 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND37,329$30.48$1,137,788See lot detailOct 2, 2026
2 filed lots
  • Table I · Common Stock $.01 Par Value ND: 10,696 shares at $30.48 · code F · owned after 16,490 ·
  • Table I · Common Stock $.01 Par Value ND: 26,633 shares at $30.48 · code F · owned after 57,538 ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event27,181—Exercise or conversion of derivative security (M)—27,182Oct 2, 2026
1 filed lot
  • Table II · Restricted Stock Units: 27,181 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 27,182 · Paired event: 27,181 Restricted Stock Units → 27,181 Common Stock $.01 Par Value ND ·
HORNBUCKLE WILLIAMDirector, CEO AND PRESIDENTExercise or conversion of derivative security (M)Table II · Disposed · Performance Share Units · 1 paired event67,681—Exercise or conversion of derivative security (M)—0Oct 2, 2026
1 filed lot
  • Table II · Performance Share Units: 67,681 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 67,681 Performance Share Units → 67,681 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table I · Acquired · Common Stock $.01 Par Value ND · 1 paired event25,000—Exercise or conversion of derivative security (M)—159,833Oct 1, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 25,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 159,833 · Paired event: 25,000 Restricted Stock Units → 25,000 Common Stock $.01 Par Value ND ·
Fritz Gary MPresident, InteractivePayment of exercise price or tax liability (F)Table I · Disposed · Common Stock $.01 Par Value ND9,983$30.47$304,182149,850Oct 1, 2026
1 filed lot
  • Table I · Common Stock $.01 Par Value ND: 9,983 shares at $30.47 · code F · owned after 149,850 ·
Fritz Gary MPresident, InteractiveExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event25,000—Exercise or conversion of derivative security (M)—0Oct 1, 2026
1 filed lot
  • Table II · Restricted Stock Units: 25,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 25,000 Restricted Stock Units → 25,000 Common Stock $.01 Par Value ND ·
SALEM PAUL JDirectorGrant, award, or other acquisition (A)Table II · Acquired · Deferred Stock Units3,140.0966$31.05$97,500130,056.3613Sep 30, 2026
1 filed lot
  • Table II · Deferred Stock Units: 3,140.0966 shares at $31.05 · code A · owned after 130,056.3613 ·

Source-event as of . Retrieved .

Track record

How MGM Resorts International’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MGM on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MGM did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Discretionary context

#256 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #254GHC GRAHAM HOLDINGS CO44.4 out of 100, Shallow moatShallow moat
  2. #255SVV Savers Value Village, Inc.44.4 out of 100, Shallow moatShallow moat
  3. #257DBI DESIGNER BRANDS INC.44.3 out of 100, Shallow moatShallow moat
  4. #258KPEA KUN PENG INTERNATIONAL LTD.44.2 out of 100, Shallow moatShallow moat

Compare MGM with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about MGM

Does MGM Resorts International have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores MGM Resorts International (MGM) 44.3 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power not measurable from the filings, returns on capital 55, balance-sheet safety 28, capital allocation 40.
Is MGM trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $49.13 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $28.60, that is 42% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MGM's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 44.3 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.