A Business at a Glance
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Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a business-to-business (“B2B”) and business-to-consumer (“B2C”) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia. The permanent casino resort is expected to open in late 2027. On November 9, 2025, the Company permanently closed the Sam's Town Tunica property.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 4.1B | 3.9B | 3.7B | 3.6B | 3.4B |
| Net Income | 1.8B | 1.8B | 578M | 620M | 639M | 464M |
| EPS | $22.56 | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 |
| Free Cash Flow | 388M | 388M | 557M | 541M | 707M | 811M |
| ROIC | 13.2% | 11.6% | 12.8% | 13.6% | 14.3% | 14.6% |
| Gross Margin | 40.1% | 40.1% | 46.0% | 46.0% | 49.6% | 70.3% |
| Debt/Equity | 0.85 | 0.85 | 2.83 | 2.27 | 2.66 | 2.53 |
| Dividends/Share | $0.71 | $0.72 | $0.68 | $0.64 | $0.60 | $0.00 |
| Operating Income | 748M | 748M | 928M | 902M | 981M | 900M |
| Operating Margin | 18.3% | 18.3% | 23.6% | 24.1% | 27.6% | 26.7% |
| ROE | 70.7% | 88.0% | 34.8% | 37.2% | 40.9% | 30.1% |
| Shares Outstanding | 82M | 82M | 93M | 101M | 109M | 114M |
BOYD GAMING CORP passes 7 of 9 quality checks, indicating strong fundamentals.
BOYD GAMING CORP trades at 3.9x trailing earnings, compared to its 15-year median P/E of 11.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 17.1x vs a median of 11.8x. The company's 5-year average ROIC is 13.4% with a gross margin of 50.4%. Total shareholder yield (dividends + buybacks) is 11.7%. At current prices, the estimated annualized return to fair value is +21.1%.
BOYD GAMING CORP (BYD) has a current P/E ratio of 3.9, compared to its historical median P/E of 11.6. The stock is currently considered Cheap based on its historical valuation range.
BOYD GAMING CORP (BYD) has a 5-year average return on invested capital (ROIC) of 13.4%. This indicates solid capital allocation.
BOYD GAMING CORP (BYD) has a market capitalization of $7.2B. It is classified as a mid-cap stock.
Yes, BOYD GAMING CORP (BYD) pays a dividend with a trailing twelve-month yield of 0.81%. The company also returns capital through share buybacks, with a buyback yield of 10.86%.
Based on historical P/E analysis, BOYD GAMING CORP (BYD) appears cheap. The current P/E of 3.9 is 66% below its historical median of 11.6. The estimated fair value CAGR (P/E method) is 53.3%.
BOYD GAMING CORP (BYD) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
BOYD GAMING CORP (BYD) reported annual revenue of $4.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
BOYD GAMING CORP (BYD) has a net profit margin of 45.0%. This is a strong margin indicating high profitability.
BOYD GAMING CORP (BYD) generated $388 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BOYD GAMING CORP (BYD) has a debt-to-equity ratio of 0.85. This indicates moderate leverage.
BOYD GAMING CORP (BYD) reported earnings per share (EPS) of $22.56 in its most recent fiscal year.
BOYD GAMING CORP (BYD) has a return on equity (ROE) of 88.0%. This indicates the company generates strong returns for shareholders.
BOYD GAMING CORP (BYD) has a 5-year average gross margin of 50.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for BOYD GAMING CORP (BYD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BOYD GAMING CORP (BYD) has a book value per share of $31.93, based on its most recent annual SEC filing.
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