(BYD) Boyd Gaming - Overview
Sector: Consumer Cyclical | Industry: Resorts & Casinos | Exchange: NYSE (USA) | Market Cap: 6.111m USD | Total Return: 11.1% in 12m
Avg Turnover: 75.5M
EPS Trend: 83.9%
Qual. Beats: -1
Rev. Trend: 98.5%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 3.6 → Forward 10.5
Choppy
Tailwinds
No distinct edge detected
Boyd Gaming Corporation (NYSE: BYD) is a multi-jurisdictional gaming operator headquartered in Las Vegas, Nevada. The company manages a diverse portfolio across four primary segments: Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online. Its operations include physical casino properties, the Boyd Interactive digital gaming platform, and a travel agency service.
The company utilizes a regional diversification strategy to mitigate geographic economic risks, a common model in the gaming sector to capture steady cash flows from local residents rather than relying solely on destination tourism. In the broader Casinos & Gaming industry, operators are increasingly integrating digital betting platforms with traditional brick-and-mortar assets to expand their total addressable market. For a deeper look into these fundamental drivers, consider reviewing the detailed metrics on ValueRay.
- Las Vegas Locals market demographics and population growth drive core property revenue
- Digital segment expansion and FanDuel partnership boost online gaming market share
- Elevated interest rates and labor costs pressure regional casino operating margins
- Consumer discretionary spending trends in the Midwest and South impact gaming volume
- Strategic capital allocation through share repurchases and dividends influences total shareholder return
| Net Income: 1.84b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -3.20 > 1.0 |
| NWC/Revenue: -8.61% < 20% (prev -3.23%; Δ -5.38% < -1%) |
| CFO/TA 0.13 > 3% & CFO 854.6m > Net Income 1.84b |
| Net Debt (3.20b) to EBITDA (2.78b): 1.15 < 3 |
| Current Ratio: 0.60 > 1.5 & < 3 |
| Outstanding Shares: last quarter (76.8m) vs 12m ago -9.82% < -2% |
| Gross Margin: 39.47% > 18% (prev 0.52%; Δ 3.89k% > 0.5%) |
| Asset Turnover: 62.65% > 50% (prev 61.23%; Δ 1.41% > 0%) |
| Interest Coverage Ratio: 17.80 > 6 (EBITDA TTM 2.78b / Interest Expense TTM 137.7m) |
| A: -0.05 (Total Current Assets 530.0m - Total Current Liabilities 883.0m) / Total Assets 6.61b |
| B: 0.38 (Retained Earnings 2.54b / Total Assets 6.61b) |
| C: 0.37 (EBIT TTM 2.45b / Avg Total Assets 6.54b) |
| D: 0.62 (Book Value of Equity 2.54b / Total Liabilities 4.08b) |
| Altman-Z'' = 4.07 = AA |
| DSRI: 0.69 (Receivables 78.7m/110.0m, Revenue 4.10b/3.96b) |
| GMI: 1.32 (GM 39.47% / 51.96%) |
| AQI: 0.98 (AQ_t 0.38 / AQ_t-1 0.39) |
| SGI: 1.03 (Revenue 4.10b / 3.96b) |
| TATA: 0.15 (NI 1.84b - CFO 854.6m) / TA 6.61b) |
| Beneish M = -2.83 (Cap -4..+1) = A |
As of May 31, 2026, the stock is trading at USD 82.68 with a total of 902,187 shares traded.
Over the past week, the price has changed by +3.80%,
over one month by -4.18%,
over three months by -0.42% and
over the past year by +11.08%.
Boyd Gaming has received a consensus analysts rating of 3.65. Therefore, it is recommended to hold BYD.
- StrongBuy: 5
- Buy: 1
- Hold: 11
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 93.7 | 13.4% |
P/E Trailing = 3.6348
P/E Forward = 10.4822
P/S = 1.4914
P/B = 2.3643
P/EG = 3.0267
Revenue TTM = 4.10b USD
EBIT TTM = 2.45b USD
EBITDA TTM = 2.78b USD
Long Term Debt = 2.27b USD (from longTermDebt, last quarter)
Short Term Debt = 112.9m USD (from shortTermDebt, last quarter)
Debt = 3.57b USD (from shortLongTermDebtTotal, last quarter) + Leases 649.6m
Net Debt = 3.20b USD (calculated: Debt 3.57b - CCE 372.7m)
Enterprise Value = 9.31b USD (6.11b + Debt 3.57b - CCE 372.7m)
Interest Coverage Ratio = 17.80 (Ebit TTM 2.45b / Interest Expense TTM 137.7m)
EV/FCF = 33.12x (Enterprise Value 9.31b / FCF TTM 281.1m)
FCF Yield = 3.02% (FCF TTM 281.1m / Enterprise Value 9.31b)
FCF Margin = 6.86% (FCF TTM 281.1m / Revenue TTM 4.10b)
Net Margin = 44.84% (Net Income TTM 1.84b / Revenue TTM 4.10b)
Gross Margin = 39.47% ((Revenue TTM 4.10b - Cost of Revenue TTM 2.48b) / Revenue TTM)
Gross Margin QoQ = 39.82% (prev 19.30%)
Tobins Q-Ratio = 1.41 (Enterprise Value 9.31b / Total Assets 6.61b)
Interest Expense / Debt = 3.85% (Interest Expense 137.7m / Debt 3.57b)
Taxrate = 23.88% (32.7m / 137.0m)
NOPAT = 1.87b (EBIT 2.45b * (1 - 23.88%))
Current Ratio = 0.60 (Total Current Assets 530.0m / Total Current Liabilities 883.0m)
Debt / Equity = 1.41 (Debt 3.57b / totalStockholderEquity, last quarter 2.53b)
Debt / EBITDA = 1.15 (Net Debt 3.20b / EBITDA 2.78b)
Debt / FCF = 11.38 (Net Debt 3.20b / FCF TTM 281.1m)
Total Stockholder Equity = 2.30b (last 4 quarters mean from totalStockholderEquity)
RoA = 28.09% (Net Income 1.84b / Total Assets 6.61b)
RoE = 79.86% (Net Income TTM 1.84b / Total Stockholder Equity 2.30b)
RoCE = 53.60% (EBIT 2.45b / Capital Employed (Equity 2.30b + L.T.Debt 2.27b))
RoIC = 32.10% (NOPAT 1.87b / Invested Capital 5.81b)
WACC = 6.71% (E(6.11b)/V(9.68b) * Re(8.91%) + D(3.57b)/V(9.68b) * Rd(3.85%) * (1-Tc(0.24)))
Discount Rate = 8.91% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -100.00 | Cagr: -10.68%
[DCF] Terminal Value 73.10% ; FCFF base≈361.5m ; Y1≈317.0m ; Y5≈256.1m
[DCF] Fair Price = 12.28 (EV 4.11b - Net Debt 3.20b = Equity 912.9m / Shares 74.3m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 83.93 | EPS CAGR: 6.77% | SUE: -1.07 | # QB: -1
Revenue Correlation: 98.51 | Revenue CAGR: 4.58% | SUE: -0.12 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.88 | Chg30d=-3.03% | Revisions=-29% | Analysts=13
EPS next Quarter (2026-09-30): EPS=1.72 | Chg30d=-2.54% | Revisions=-29% | Analysts=13
EPS current Year (2026-12-31): EPS=7.20 | Chg30d=-2.92% | Revisions=-41% | GrowthEPS=-2.7% | GrowthRev=+1.1%
EPS next Year (2027-12-31): EPS=7.82 | Chg30d=-3.02% | Revisions=-25% | GrowthEPS=+8.6% | GrowthRev=+2.4%
[Analyst] Revisions Ratio: -41%