Hilton Worldwide Holdings Inc. (HLT)
Hilton operates and franchises a worldwide network of hotels and resorts across multiple lodging brands.
HLT vs MGM: how the two businesses compare
- Bigger business: MGM, with $17.5B of yearly revenue, about 1.5× HLT's $12.0B.
- More profitable: HLT keeps 12 cents of each sales dollar as profit, against 1 cents at MGM.
- More cash from each sale: HLT turns 18 cents of each sales dollar into operating cash flow, against 14 cents at MGM.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
MGM Resorts International (MGM) is the larger business by reported revenue: $17.5B in its fiscal year ended Dec 2025, about 1.5× HLT's $12.0B (fiscal year ended Dec 2025). HLT's net margin was 12.1% and MGM's 1.2%. Both file with the SEC under the same industry code, SIC 7011 (Hotels & Motels).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Hotels & Motels
- Same classification
- December 31
- Same calendar
- Feb 11, 2026
HLT vs MGM: quick comparison
| Company fact | HLT | MGM |
|---|---|---|
| Company | Hilton Worldwide Holdings Inc. | MGM Resorts International |
| Exchange | NYSE | NYSE |
| SEC industry | Hotels & Motels | Hotels & Motels |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K · 2026-02-11 |
HLT vs MGM: audited financials
- Scale: MGM's $17.5B of revenue is about 1.5× HLT's $12.0B.
- Net margin: HLT kept 12.1% of revenue as net income versus 1.2% at MGM.
- Cash conversion: operating cash flow equalled HLT 17.7% of revenue, or 1.46× net income; MGM 14.4% of revenue, or 12.3× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | HLT | MGM |
|---|---|---|
| Revenue | $12.0B2025-01-01 to 2025-12-31 · SEC filing | $17.5B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.5B2025-01-01 to 2025-12-31 · SEC filing | $206M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.1B2025-01-01 to 2025-12-31 · SEC filing | $2.5B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $6.122025-01-01 to 2025-12-31 · SEC filing | $0.762025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 12.1%2025-01-01 to 2025-12-31 · SEC filing | 1.2%2025-01-01 to 2025-12-31 · SEC filing |
HLT: FY ending 2025-12-31 · MGM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where HLT and MGM overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 7011, Hotels & Motels.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Only HLT maps to International markets.
- Profitability: net margin of 12.1% for HLT versus 1.2% for MGM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
MGM Resorts International (MGM)
MGM Resorts operates casino hotels on the Las Vegas Strip and in regional markets plus online gaming.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves HLT
We have not yet published a company-specific driver list for HLT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
What moves MGM
- Las Vegas Strip visitation, convention business, and gaming versus non-gaming revenue mix
- Regional US casino market performance
- Online sports betting and iGaming growth through the BetMGM joint venture
- International exposure through Macau joint ventures
The investment question
You now know MGM reports about 1.5× HLT's revenue, and HLT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the hotels & motels cycle, including “Las Vegas Strip visitation, convention business, and gaming versus non-gaming revenue mix” at MGM, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 6 matched transaction rows for HLT and 2 matched transaction rows for MGM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
HLT primary filings
MGM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
HLT vs MGM FAQs
Are HLT and MGM direct competitors?
Hilton Worldwide and MGM Resorts International share the SEC industry classification “Hotels & Motels.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is HLT or MGM the bigger company by revenue?
MGM Resorts International (MGM) is the larger business by reported revenue: $17.5B in its fiscal year ended Dec 2025, about 1.5× HLT's $12.0B (fiscal year ended Dec 2025). HLT's net margin was 12.1% and MGM's 1.2%. Both file with the SEC under the same industry code, SIC 7011 (Hotels & Motels). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, HLT or MGM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this HLT vs MGM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Hilton Worldwide Holdings Inc. and MGM Resorts International tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
HLT vs MGM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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