A Business at a Glance
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BOYD GAMING CORP
BYD
$7.1B
Mkt Cap
$87.04
+0.55%
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 $6.5B. It is classified as a mid-cap stock.
Yes, BOYD GAMING CORP (BYD) pays a dividend with a trailing twelve-month yield of 0.88%. The company also returns capital through share buybacks, with a buyback yield of 9.29%.
Based on historical P/E analysis, BOYD GAMING CORP (BYD) appears cheap. The current P/E of 3.9 is 67% below its historical median of 11.6. The estimated fair value CAGR (P/E method) is 53.9%.
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 Corporation is a multi-jurisdictional gaming company operating 27 brick-and-mortar gaming entertainment properties across Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania, and Virginia, plus a managed casino in California, generating the majority of revenues from gaming operations. The company operates through four reportable segments—Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online—with a business model focused on maximizing gaming revenues, streamlining cost structure, and targeting marketing investments to drive higher margins and shareholder returns. Boyd Gaming derives approximately 64% of revenues from gaming at its properties and through Lattner Entertainment Group Illinois, a distributed gaming operator with 973 gaming units across 177 Illinois locations, while also offering online sports wagering and casino gaming through market access agreements with third-party operators and its own Boyd Interactive platform. The company differentiates itself through "Boyd Style" customer service, geographic diversification, and a focus on building loyalty with core customers, particularly in the attractive Las Vegas locals market and through three downtown Las Vegas properties that serve a unique Hawaiian customer niche. Boyd Gaming has strengthened its balance sheet and returned substantial capital to shareholders through share repurchases and dividends, while investing in property enhancements, renovations, and growth projects including the Cadence Crossing Casino development in Las Vegas and a $750 million permanent resort development in Norfolk, Virginia.
【Steady property modernization and consumer stimulus】 Management expects customers to continue spending closer to home, supported by economic benefits from recent tax legislation, particularly in Southern Nevada given its unique demographics of tipped workers and retirees. The company anticipates incremental growth from completed and ongoing property investments, including the opening of Cadence Crossing Casino in late first quarter 2026, completion of the Suncoast hotel renovation in the third quarter, and a full year of contributions from the expanded meeting and convention center at Ameristar St. Charles. Boyd Interactive is expected to continue growing, with potential acceleration as additional states legalize iGaming, while the managed business will benefit from Sky River Casino's expansion opening in early 2026. Capital allocation remains balanced, with the company maintaining share repurchases of $150 million per quarter supplemented by quarterly dividends, while investing in property modernization and growth projects, with leverage expected to approach approximately 2.5x by year-end 2026.
| Metric | Target | Period |
|---|---|---|
| Online Segment EBITDA | $30 million–$35 million | FY2026 |
| Managed & Other Segment EBITDA | $110 million–$114 million | FY2026 |
| Online Segment EBITDAR | $30 million–$35 million | FY2026 |
| Capital Expenditures | $650 million–$700 million | FY2026 |
Online Segment EBITDA (FY2026): “we reiterate our previous guidance of $30 million-$35 million in EBITDA for the online segment this year”
Managed & Other Segment EBITDA (FY2026): “we continue to expect our managed and other business to generate $110 million-$114 million in EBITDA for the full year”
Online Segment EBITDAR (FY2026): “we project our online segment will generate EBITDAR of $30 million-$35 million in 2026”
Capital Expenditures (FY2026): “For full year 2026, we expect capital expenditures to approximate $650 million-$700 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| 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 | $1,830.83 | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 |
| Free Cash Flow | 281M | 388M | 557M | 541M | 707M | 811M |
| ROIC | 11.7% | 11.6% | 12.8% | 13.6% | 14.3% | 14.6% |
| Gross Margin | - | 40.1% | 46.0% | 46.0% | 49.6% | 70.3% |
| Debt/Equity | 1.05 | 0.85 | 2.83 | 2.27 | 2.66 | 2.53 |
| Dividends/Share | $0.77 | $0.72 | $0.68 | $0.64 | $0.60 | $0.00 |
| Operating Income | 713M | 748M | 928M | 902M | 981M | 900M |
| Operating Margin | 17.4% | 18.3% | 23.6% | 24.1% | 27.6% | 26.7% |
| ROE | 72.4% | 88.0% | 34.8% | 37.2% | 40.9% | 30.1% |
| Shares Outstanding | 75M | 82M | 93M | 101M | 109M | 114M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.1B | 2.2B | 2.2B | 2.4B | 2.6B | 3.3B | 2.2B | 3.4B | 3.6B | 3.7B | 3.9B | 4.1B | 4.1B |
| Gross Margin | 43.9% | 46.6% | 45.1% | 45.7% | 44.1% | 66.4% | 66.3% | 70.3% | 49.6% | 46.0% | 46.0% | 40.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 328M | 322M | 322M | 362M | 369M | 460M | 350M | 366M | 374M | 390M | 427M | 433M | 435M |
| EBIT | 174M | 271M | 260M | 344M | 355M | 473M | 14M | 900M | 981M | 902M | 928M | 748M | 713M |
| Op. Margin | 8.1% | 12.3% | 11.8% | 14.3% | 13.5% | 14.2% | 0.7% | 26.7% | 27.6% | 24.1% | 23.6% | 18.3% | 17.4% |
| Net Income | -53M | 47M | 420M | 189M | 115M | 158M | -135M | 464M | 639M | 620M | 578M | 1.8B | 1.8B |
| Net Margin | -2.5% | 2.1% | 19.1% | 7.9% | 4.4% | 4.7% | -6.2% | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% | 44.8% |
| Non-Recurring | 0 | 0 | 19M | 1.0M | 0 | 0 | 175M | 112M | 45M | 87M | 11M | 1.9B | 1.9B |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | 7.4% | 6.9% | 8.5% | 5.0% | 6.3% | 0.3% | 14.6% | 14.3% | 13.6% | 12.8% | 11.6% | 11.7% |
| ROE | -11.7% | 10.0% | 58.4% | 18.7% | 10.3% | 12.5% | -12.0% | 30.1% | 40.9% | 37.2% | 34.8% | 88.0% | 72.4% |
| ROA | -1.0% | 1.1% | 9.3% | 4.0% | 2.2% | 2.4% | -2.1% | 7.5% | 10.2% | 9.9% | 9.1% | 28.4% | 27.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 290M | 326M | 300M | 423M | 435M | 549M | 289M | 1.0B | 976M | 915M | 957M | 977M | 855M |
| Free Cash Flow | 152M | 195M | 140M | 232M | 273M | 341M | 114M | 811M | 707M | 541M | 557M | 388M | 281M |
| Owner Earnings | 63M | 99M | 89M | 188M | 179M | 247M | -1.2M | 705M | 684M | 625M | 651M | 642M | 493M |
| CapEx | 138M | 131M | 160M | 190M | 162M | 208M | 175M | 199M | 269M | 374M | 400M | 588M | 574M |
| Maint. CapEx | 209M | 207M | 196M | 218M | 230M | 277M | 281M | 268M | 258M | 257M | 277M | 303M | 329M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 117M | 124M | 286M | 244M |
| D&A | 209M | 207M | 196M | 218M | 230M | 277M | 281M | 268M | 258M | 257M | 277M | 303M | 329M |
| CapEx/OCF | 46.3% | 40.3% | 52.9% | 45.1% | 37.2% | 37.8% | 60.6% | 19.7% | 27.6% | 40.9% | 41.8% | 60.2% | 67.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 11M | 25M | 29M | 7.8M | 0 | 48M | 64M | 63M | 58M | 57M |
| Dividend Yield | N/A | N/A | N/A | 0.4% | 0.7% | 1.0% | 0.3% | N/A | 0.8% | 1.0% | 1.1% | 0.9% | 0.9% |
| Share Buybacks | 0 | 0 | 0 | 32M | 60M | 28M | 11M | 81M | 542M | 413M | 686M | 778M | 605M |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.7% | 0.8% | 0.2% | 1.1% | 9.7% | 6.6% | 10.2% | 11.0% | 9.3% |
| Stock-Based Comp | 18M | 19M | 16M | 17M | 25M | 25M | 9.2M | 38M | 34M | 32M | 30M | 32M | 32M |
| Debt Repayment | 83K | 14M | 42M | 3.4M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.3B | 3.1B | 3.0B | 2.9B | 5.5B | 4.6B | 3.8B | 3.2B | 3.9B | 3.6B | 4.1B | 1.8B | 2.3B |
| Cash & Equiv. | 145M | 159M | 194M | 203M | 249M | 250M | 519M | 345M | 283M | 304M | 317M | 353M | 374M |
| Long-Term Debt | 3.4B | 3.2B | 3.2B | 3.1B | 4.0B | 3.7B | 3.9B | 3.0B | 3.0B | 2.9B | 3.1B | 2.0B | 2.3B |
| Debt/Equity | 7.77 | 6.44 | 3.47 | 2.80 | 5.02 | 4.01 | 4.27 | 2.53 | 2.66 | 2.27 | 2.83 | 0.85 | 1.05 |
| Interest Coverage | 0.8 | 1.2 | 1.2 | 2.0 | 1.7 | 2.0 | 0.1 | 4.5 | 6.5 | 5.3 | 5.2 | 4.7 | 5.2 |
| Equity | 438M | 508M | 930M | 1.1B | 1.1B | 1.3B | 1.1B | 1.5B | 1.6B | 1.7B | 1.6B | 2.6B | 2.5B |
| Total Assets | 4.4B | 4.4B | 4.7B | 4.7B | 5.8B | 6.7B | 6.6B | 6.2B | 6.3B | 6.3B | 6.4B | 6.6B | 6.6B |
| Total Liabilities | 4.0B | 3.8B | 384M | 3.6B | 4.6B | 5.4B | 5.4B | 4.7B | 4.7B | 4.5B | 4.8B | 4.0B | -120M |
| Intangibles | 934M | 890M | 882M | 843M | 1.5B | 1.5B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.5B | 1.5B |
| Retained Earnings | -485M | -438M | -20M | 164M | 253M | 381M | 246M | 710M | 1.3B | 1.7B | 1.6B | 2.6B | 2.5B |
| Working Capital | -115M | -98M | -58M | -57M | -70M | -157M | 126M | -49M | -108M | -67M | -61M | -448M | -353M |
| Current Assets | 242M | 257M | 308M | 329M | 400M | 399M | 650M | 508M | 478M | 529M | 562M | 531M | 530M |
| Current Liabilities | 357M | 355M | 366M | 385M | 470M | 557M | 524M | 557M | 586M | 596M | 623M | 979M | 883M |
| Per Share Data | |||||||||||||
| EPS | -0.48 | 0.42 | 3.65 | 1.64 | 1.00 | 1.38 | -1.19 | 4.07 | 5.87 | 6.12 | 6.19 | 22.56 | 1,830.83 |
| Owner EPS | 0.57 | 0.88 | 0.77 | 1.62 | 1.56 | 2.16 | -0.01 | 6.18 | 6.28 | 6.17 | 6.97 | 7.86 | 6.59 |
| Book Value | 3.96 | 4.52 | 8.08 | 9.50 | 9.96 | 11.08 | 9.93 | 13.50 | 14.60 | 17.22 | 16.94 | 31.93 | 33.89 |
| Cash Flow/Share | 2.62 | 2.90 | 2.61 | 3.66 | 3.78 | 4.81 | 2.55 | 8.87 | 8.96 | 9.03 | 10.25 | 11.95 | 28.96 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.10 | 0.23 | 0.27 | 0.27 | 0.00 | 0.60 | 0.64 | 0.68 | 0.72 | 0.77 |
| Shares Out. | 110.5M | 112.5M | 115.1M | 115.5M | 115.0M | 114.2M | 113.2M | 114.0M | 108.9M | 101.3M | 93.4M | 81.7M | 74.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 43.7 | 5.2 | 20.3 | 19.4 | 21.1 | N/A | 15.2 | 8.8 | 10.1 | 11.6 | 3.8 | 0.0 |
| P/FCF | 8.5 | 10.6 | 15.6 | 16.6 | 8.2 | 9.8 | 40.0 | 8.7 | 7.9 | 11.6 | 12.0 | 18.2 | 23.2 |
| EV/EBIT | 17.6 | 18.6 | 19.4 | 19.0 | 16.1 | 14.0 | 522.6 | 10.5 | 8.3 | 9.5 | 10.0 | 11.2 | 12.4 |
| Price/Book | 2.9 | 4.1 | 2.3 | 3.5 | 1.9 | 2.6 | 4.1 | 4.6 | 3.5 | 3.6 | 4.2 | 2.7 | 2.6 |
| Price/Sales | 0.4 | 0.7 | 0.8 | 1.1 | 1.4 | 0.9 | 1.3 | 1.9 | 1.7 | 1.7 | 1.5 | 1.5 | 1.6 |
| FCF Yield | 11.8% | 9.4% | 6.4% | 6.0% | 12.2% | 10.3% | 2.5% | 11.5% | 12.6% | 8.6% | 8.3% | 5.5% | 4.3% |
| Market Cap | 1.3B | 2.1B | 2.2B | 3.8B | 2.2B | 3.3B | 4.6B | 7.1B | 5.6B | 6.3B | 6.7B | 7.1B | 6.5B |
| Avg. Price | 10.58 | 14.87 | 17.72 | 23.54 | 31.45 | 25.69 | 25.25 | 57.33 | 56.13 | 61.97 | 61.48 | 77.38 | 87.04 |
| Year-End Price | 11.64 | 18.34 | 18.92 | 33.32 | 19.37 | 29.14 | 40.33 | 61.98 | 51.41 | 61.79 | 71.74 | 86.60 | 87.04 |
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 16.9x 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 10.2%. At current prices, the estimated annualized return to fair value is +19.8%.
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.
Based on recent SEC filings and earnings disclosures, Management expects customers to continue spending closer to home, supported by economic benefits from recent tax legislation, particularly in Southern Nevada given its unique demographics of tipped workers and retirees. The company anticipates incremental growth from completed and ongoing property investments, including the opening of Cadence Crossing Casino in late first quarter 2026, completion of the Suncoast hotel renovation in the third quarter, and a full year of contributions from the expanded meeting and convention center at Ameristar St. Charles. Boyd Interactive is expected to continue growing, with potential acceleration as additional states legalize iGaming, while the managed business will benefit from Sky River Casino's expansion opening in early 2026. Capital allocation remains balanced, with the company maintaining share repurchases of $150 million per quarter supplemented by quarterly dividends, while investing in property modernization and growth projects, with leverage expected to approach approximately 2.5x by year-end 2026.
Based on recent SEC filings and earnings calls, BOYD GAMING CORP (BYD) has provided the following forward guidance: Online Segment EBITDA: $30 million–$35 million (FY2026); Managed & Other Segment EBITDA: $110 million–$114 million (FY2026); Online Segment EBITDAR: $30 million–$35 million (FY2026); Capital Expenditures: $650 million–$700 million (FY2026).
No recent press releases.