Boyd Gaming Corporation (BYD) 10-Year Financial Performance & Capital Metrics

BYD • • Industrial / General

Consumer CyclicalCasinos & GamingRegional & Local CasinosUS Regional Casino Chains

AboutBoyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.Show more

Revenue $3.93B +5.1%
EBITDA $1.2B +4.0%
Net Income $578M -6.8%
EPS (Diluted) 6.19 +1.1%
Gross Margin 52.16% -3.4%
EBITDA Margin 30.65% -1.1%
Operating Margin 23.61% -2.1%
Net Margin 14.71% -11.3%
ROE 34.76% -6.5%
ROIC 13.43% +3.0%
Debt/Equity 2.49 +16.4%
Interest Coverage 5.23 -0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.6%
✓Strong 5Y profit CAGR of 29.7%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 7.9% through buybacks
✓Healthy 5Y average net margin of 11.4%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.5x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.26%

5Y3.39%

3Y5.26%

TTM6.4%

Profit (Net Income) CAGR

10Y-

5Y29.67%

3Y7.61%

TTM11.76%

EPS CAGR

10Y-

5Y35.01%

3Y15%

TTM26.21%

ROCE

10Y Avg10.15%

5Y Avg12.98%

3Y Avg16.42%

Latest16.21%

Peer Comparison

US Regional Casino Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHDNChurchill Downs Incorporated	7.5B	107.49	18.92	11.07%	13.98%	37.36%	3.01%	4.46
BYDBoyd Gaming Corporation	7B	89.56	14.47	5.13%	13.99%	40.37%	7.96%	2.49
BALYBally's Corporation	837.23M	17.03	-1.45	0.06%	-23.45%	-113.25%		159.83
PENNPENN Entertainment, Inc.	1.94B	14.58	-7.11	3.38%	-13.24%	-46.27%		3.94

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.2B	2.2B	2.4B	2.63B	3.33B	2.18B	3.37B	3.56B	3.74B	3.93B
Revenue Growth %	0.03%	-0%	0.09%	0.09%	0.27%	-0.35%	0.55%	0.06%	0.05%	0.05%
Cost of Goods Sold+	1.19B	1.19B	1.26B	1.37B	1.74B	1.04B	1.43B	1.57B	1.72B	1.88B
COGS % of Revenue	0.54%	0.54%	0.53%	0.52%	0.52%	0.48%	0.43%	0.44%	0.46%	0.48%
Gross Profit+	1.01B	1.01B	1.14B	1.26B	1.59B	1.14B	1.94B	1.99B	2.02B	2.05B
Gross Margin %	0.46%	0.46%	0.47%	0.48%	0.48%	0.52%	0.57%	0.56%	0.54%	0.52%
Gross Profit Growth %	0.05%	0%	0.12%	0.1%	0.27%	-0.28%	0.7%	0.03%	0.01%	0.02%
Operating Expenses+	737.41M	751.87M	793.1M	900.07M	1.12B	1.13B	1.04B	1.01B	1.12B	1.12B
OpEx % of Revenue	0.34%	0.34%	0.33%	0.34%	0.34%	0.52%	0.31%	0.28%	0.3%	0.29%
Selling, General & Admin	322.42M	322.26M	362.04M	390M	557.31M	452.26M	470.86M	480.58M	498.29M	538.63M
SG&A % of Revenue	0.15%	0.15%	0.15%	0.15%	0.17%	0.21%	0.14%	0.14%	0.13%	0.14%
Research & Development	0	0	0	0	0	0	31.82M	0	0	28.57M
R&D % of Revenue	-	-	-	-	-	-	0.01%	-	-	0.01%
Other Operating Expenses	414.99M	429.61M	431.06M	510.07M	560.03M	674.87M	534.55M	528.37M	618.45M	554.82M
Operating Income+	271.2M	260.41M	343.8M	355.28M	472.57M	14.26M	900.1M	981.22M	901.83M	927.78M
Operating Margin %	0.12%	0.12%	0.14%	0.14%	0.14%	0.01%	0.27%	0.28%	0.24%	0.24%
Operating Income Growth %	0.56%	-0.04%	0.32%	0.03%	0.33%	-0.97%	62.11%	0.09%	-0.08%	0.03%
EBITDA+	478.32M	456.63M	561.32M	585.26M	749.14M	295.29M	1.17B	1.24B	1.16B	1.2B
EBITDA Margin %	0.22%	0.21%	0.23%	0.22%	0.23%	0.14%	0.35%	0.35%	0.31%	0.31%
EBITDA Growth %	0.25%	-0.05%	0.23%	0.04%	0.28%	-0.61%	2.96%	0.06%	-0.07%	0.04%
D&A (Non-Cash Add-back)	207.12M	196.23M	217.52M	229.98M	276.57M	281.03M	267.79M	258.18M	256.78M	276.64M
EBIT	228.65M	220.46M	344.22M	359.22M	439.59M	59.47M	803.38M	980.05M	924.15M	929.41M
Net Interest Income+	-222.73M	-209.73M	-171.29M	-200.47M	-235.61M	-228.58M	-197.62M	-129.72M	-147.36M	-175.78M
Interest Income	1.86M	2.96M	1.82M	3.72M	1.86M	1.9M	1.82M	21.53M	23.89M	1.63M
Interest Expense	224.59M	212.69M	173.11M	204.19M	237.47M	230.48M	199.44M	151.25M	171.25M	177.41M
Other Income/Expense	-267.14M	-252.64M	-172.69M	-200.25M	-270.44M	-185.28M	-296.17M	-152.42M	-148.92M	-175.77M
Pretax Income+	40.06M	7.99M	171.11M	155.03M	202.13M	-171.01M	603.94M	828.81M	752.91M	752M
Pretax Margin %	0.02%	0%	0.07%	0.06%	0.06%	-0.08%	0.18%	0.23%	0.2%	0.19%
Income Tax+	-7.17M	-197.49M	3.12M	40.33M	44.49M	-36.31M	140.09M	189.43M	132.88M	174.05M
Effective Tax Rate %	1.18%	52.34%	1.11%	0.74%	0.78%	0.79%	0.77%	0.77%	0.82%	0.77%
Net Income+	47.23M	418M	189.39M	115.05M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Net Margin %	0.02%	0.19%	0.08%	0.04%	0.05%	-0.06%	0.14%	0.18%	0.17%	0.15%
Net Income Growth %	1.89%	7.85%	-0.55%	-0.39%	0.37%	-1.85%	4.44%	0.38%	-0.03%	-0.07%
Net Income (Continuing)	47.23M	205.47M	168M	114.7M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	50K	50K	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.42	3.63	1.64	1.00	1.38	-1.19	4.07	5.87	6.12	6.19
EPS Growth %	1.88%	7.64%	-0.55%	-0.39%	0.38%	-1.86%	4.42%	0.44%	0.04%	0.01%
EPS (Basic)	0.42	3.65	1.65	1.01	1.39	-1.19	4.07	5.87	6.12	6.19
Diluted Shares Outstanding	113.68M	115.19M	115.63M	115.07M	113.95M	113.52M	114.1M	109M	101.37M	93.35M
Basic Shares Outstanding	112.79M	114.51M	114.96M	114.4M	113.47M	113.52M	113.87M	108.89M	101.33M	93.31M
Dividend Payout Ratio	-	-	0.06%	0.21%	0.18%	-	-	0.08%	0.1%	0.11%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	257.23M	307.95M	328.66M	399.75M	399.49M	650.28M	507.8M	478.23M	529.32M	561.51M
Cash & Short-Term Investments	158.82M	193.86M	203.1M	249.42M	249.98M	519.18M	344.56M	283.47M	304.27M	316.69M
Cash Only	158.82M	193.86M	203.1M	249.42M	249.98M	519.18M	344.56M	283.47M	304.27M	316.69M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	26.67M	32.81M	45.51M	60.14M	60.46M	53.46M	89.48M	111.61M	141.4M	162.28M
Days Sales Outstanding	4.43	5.45	6.92	8.36	6.64	8.96	9.69	11.46	13.81	15.07
Inventory	15.46M	18.57M	18M	20.59M	22.1M	22.62M	20.09M	22.17M	20.69M	21.23M
Days Inventory Outstanding	4.74	5.71	5.2	5.48	4.65	7.96	5.12	5.17	4.39	4.12
Other Current Assets	19.03M	16.49M	24.18M	23.79M	20.47M	15.82M	12.57M	60.97M	62.95M	61.31M
Total Non-Current Assets+	4.09B	4.36B	4.36B	5.36B	6.25B	5.91B	5.72B	5.83B	5.74B	5.83B
Property, Plant & Equipment	2.23B	2.61B	2.54B	2.72B	3.61B	3.45B	3.28B	3.22B	3.34B	3.41B
Fixed Asset Turnover	0.99x	0.84x	0.95x	0.97x	0.92x	0.63x	1.03x	1.10x	1.12x	1.15x
Goodwill	685.31M	826.48M	888.22M	1.06B	1.08B	971.29M	971.29M	1.03B	947.34M	957.89M
Intangible Assets	890.05M	881.95M	842.95M	1.47B	1.47B	1.38B	1.37B	1.43B	1.39B	1.39B
Long-Term Investments	244.62M	-83.98M	17.8M	15.8M	-162.69M	-131.05M	-264.91M	13M	12.6M	11.8M
Other Non-Current Assets	-113.85M	49.2M	63.33M	90.48M	91.75M	100.51M	98.23M	-184.17M	55.18M	54.72M
Total Assets+	4.35B	4.67B	4.69B	5.76B	6.65B	6.56B	6.22B	6.31B	6.27B	6.39B
Asset Turnover	0.51x	0.47x	0.51x	0.46x	0.50x	0.33x	0.54x	0.56x	0.60x	0.61x
Asset Growth %	-0.03%	0.07%	0%	0.23%	0.16%	-0.01%	-0.05%	0.01%	-0.01%	0.02%
Total Current Liabilities+	355.07M	365.5M	385.47M	469.7M	556.89M	524.02M	557.04M	586.13M	596.32M	622.68M
Accounts Payable	75.8M	84.09M	106.32M	111.17M	91M	96.86M	102.03M	129.95M	124.67M	131.26M
Days Payables Outstanding	23.23	25.86	30.7	29.59	19.13	34.09	26	30.3	26.46	25.48
Short-Term Debt	29.75M	30.34M	23.98M	24.18M	26.99M	30.74M	41.67M	44.27M	44.27M	44.01M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	177.7M	182.98M	159.87M	220.25M	220.95M	216.1M	212.86M	0	230.68M	-761K
Current Ratio	0.72x	0.84x	0.85x	0.85x	0.72x	1.24x	0.91x	0.82x	0.89x	0.90x
Quick Ratio	0.68x	0.79x	0.81x	0.81x	0.68x	1.20x	0.88x	0.78x	0.85x	0.87x
Cash Conversion Cycle	-14.07	-14.7	-18.59	-15.75	-7.85	-17.17	-11.19	-13.67	-8.26	-6.29
Total Non-Current Liabilities+	3.49B	3.37B	3.2B	4.14B	4.83B	4.91B	4.13B	4.13B	3.93B	4.19B
Long-Term Debt	3.24B	3.2B	3.05B	3.96B	4.58B	4.72B	3.81B	3.76B	2.87B	3.13B
Capital Lease Obligations	0	0	0	0	840.28M	848.83M	815.97M	758.44M	711.39M	651.75M
Deferred Tax Liabilities	162.19M	83.98M	86.66M	121.26M	162.69M	131.05M	264.91M	318.61M	288.83M	346.92M
Other Non-Current Liabilities	85.83M	88.02M	64.68M	64.52M	-754.19M	-653.41M	-493.49M	-387.65M	61.27M	56.37M
Total Liabilities	3.84B	3.74B	3.59B	4.61B	5.38B	5.44B	4.69B	4.72B	4.53B	4.81B
Total Debt+	3.27B	3.23B	3.08B	3.98B	5.53B	4.84B	3.93B	3.9B	3.73B	3.93B
Net Debt	3.11B	3.04B	2.87B	3.73B	5.28B	4.32B	3.59B	3.61B	3.42B	3.61B
Debt / Equity	6.44x	3.46x	2.80x	3.47x	4.37x	4.30x	2.56x	2.45x	2.14x	2.49x
Debt / EBITDA	6.84x	7.07x	5.48x	6.80x	7.39x	16.38x	3.37x	3.14x	3.22x	3.26x
Net Debt / EBITDA	6.50x	6.65x	5.12x	6.37x	7.05x	14.62x	3.07x	2.92x	2.95x	3.00x
Interest Coverage	1.21x	1.22x	1.99x	1.74x	1.99x	0.06x	4.51x	6.49x	5.27x	5.23x
Total Equity+	508.01M	934.13M	1.1B	1.15B	1.27B	1.12B	1.54B	1.59B	1.74B	1.58B
Equity Growth %	0.16%	0.84%	0.17%	0.04%	0.1%	-0.11%	0.37%	0.03%	0.1%	-0.09%
Book Value per Share	4.47	8.11	9.49	9.96	11.10	9.90	13.49	14.59	17.20	16.94
Total Shareholders' Equity	507.96M	934.08M	1.1B	1.15B	1.27B	1.12B	1.54B	1.59B	1.74B	1.58B
Common Stock	1.12M	1.13M	1.13M	1.12M	1.11M	1.12M	1.11M	1.03M	968K	862K
Retained Earnings	-437.88M	-19.88M	164.43M	253.36M	380.94M	246.24M	710.09M	1.29B	1.74B	1.58B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-316K	-615K	-182K	-1.06M	-530K	150K	-180K	-1.38M	-1.1M	-2.4M
Minority Interest	50K	50K	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	339.85M	275.08M	422.04M	434.53M	548.99M	289.03M	1.01B	976.11M	914.52M	957.08M
Operating CF Margin %	0.15%	0.13%	0.18%	0.17%	0.17%	0.13%	0.3%	0.27%	0.24%	0.24%
Operating CF Growth %	0.05%	-0.19%	0.53%	0.03%	0.26%	-0.47%	2.5%	-0.03%	-0.06%	0.05%
Net Income	47.23M	205.47M	168M	114.7M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Depreciation & Amortization	207.12M	196.23M	217.52M	229.98M	276.57M	281.03M	267.79M	258.18M	256.78M	276.64M
Stock-Based Compensation	19.26M	15.52M	17.41M	25.38M	25.2M	9.2M	37.77M	34.07M	32.38M	29.67M
Deferred Taxes	16.31M	-199.05M	5.2M	34.47M	41.43M	-31.64M	133.86M	51.03M	-29.84M	58.15M
Other Non-Cash Items	96.85M	63.08M	7.85M	11.1M	78.34M	234.46M	170.48M	95.36M	161.7M	114.89M
Working Capital Changes	-10.92M	-6.16M	6.05M	18.9M	-30.19M	-69.32M	-63.34M	-101.9M	-126.53M	-100.22M
Change in Receivables	3.64M	-1.02M	-9.94M	-772K	-315K	1.34M	-36.03M	-16.76M	-28.81M	5.96M
Change in Inventory	-301K	884K	565K	1.7M	-2.03M	-515K	2.53M	-2.08M	1.48M	-543K
Change in Payables	13.21M	-11.61M	13.22M	18.49M	-1.05M	0	0	0	0	0
Cash from Investing+	-126.64M	-140.8M	-189.77M	-1.13B	-231.43M	-171.18M	-129.58M	-422.31M	-264.33M	-433.91M
Capital Expenditures	-131.17M	-160.36M	-190.46M	-161.54M	-207.64M	-175.03M	-199.45M	-269.15M	-373.95M	-400.4M
CapEx % of Revenue	0.06%	0.07%	0.08%	0.06%	0.06%	0.08%	0.06%	0.08%	0.1%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4.53M	612.26M	1.84M	-39.23M	-18.26M	15.05M	69.87M	14.71M	109.62M	-3.25M
Cash from Financing+	-199.72M	-99.25M	-215.34M	746.24M	-320.31M	146.7M	-1.06B	-615.85M	-637.25M	-509.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-11.29M	-24.73M	-28.95M	-7.81M	0	-48.16M	-63.61M	-62.66M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-20.56M	-17.09M	-7.21M	-5.52M	-32.13M	-7.53M	-85.17M	-29.27M	-19.48M	-14.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	208.68M	114.73M	231.57M	272.98M	341.36M	114M	810.96M	706.96M	540.57M	556.67M
FCF Margin %	0.09%	0.05%	0.1%	0.1%	0.1%	0.05%	0.24%	0.2%	0.14%	0.14%
FCF Growth %	0.2%	-0.45%	1.02%	0.18%	0.25%	-0.67%	6.11%	-0.13%	-0.24%	0.03%
FCF per Share	1.84	1.00	2.00	2.37	3.00	1.00	7.11	6.49	5.33	5.96
FCF Conversion (FCF/Net Income)	7.19x	0.66x	2.23x	3.78x	3.48x	-2.15x	2.18x	1.53x	1.47x	1.66x
Interest Paid	178.43M	197.47M	174.09M	179.15M	231.73M	214.69M	205.24M	144.02M	166.68M	173.18M
Taxes Paid	0	33.72M	5.19M	5.66M	0	0	5.72M	140.92M	164.48M	144.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.98%	57.97%	18.65%	10.26%	13.08%	-11.28%	34.84%	40.86%	37.19%	34.76%
Return on Invested Capital (ROIC)	5.52%	5.15%	6.5%	6.02%	6.2%	0.18%	12.78%	14.25%	13.05%	13.43%
Gross Margin	45.86%	46.03%	47.35%	47.79%	47.8%	52.39%	57.49%	55.98%	53.99%	52.16%
Net Margin	2.15%	19.01%	7.89%	4.38%	4.74%	-6.18%	13.76%	17.98%	16.58%	14.71%
Debt / Equity	6.44x	3.46x	2.80x	3.47x	4.37x	4.30x	2.56x	2.45x	2.14x	2.49x
Interest Coverage	1.21x	1.22x	1.99x	1.74x	1.99x	0.06x	4.51x	6.49x	5.27x	5.23x
FCF Conversion	7.19x	0.66x	2.23x	3.78x	3.48x	-2.15x	2.18x	1.53x	1.47x	1.66x
Revenue Growth	2.67%	-0.01%	9.16%	9.41%	26.63%	-34.5%	54.69%	5.51%	5.15%	5.13%

Revenue by Segment

	2012	2013	2014	2015	2016	2017	2018	2022	2023	2024
Casino	-	-	-	-	-	-	-	2.67B	2.61B	2.58B
Casino Growth	-	-	-	-	-	-	-	-	-2.30%	-1.12%
Food and Beverage	-	-	-	-	-	-	-	275.98M	288.42M	303.52M
Food and Beverage Growth	-	-	-	-	-	-	-	-	4.51%	5.24%
Occupancy	-	-	-	-	-	-	-	189.07M	199.12M	204.61M
Occupancy Growth	-	-	-	-	-	-	-	-	5.31%	2.76%
Product and Service, Other	-	-	-	-	-	-	-	415.6M	138.54M	143.5M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-66.67%	3.58%
Management Service	-	-	-	-	-	-	-	-	76.92M	88.41M
Management Service Growth	-	-	-	-	-	-	-	-	-	14.93%
Reportable, Midwest and South	924.19M	864.25M	831.48M	852.29M	1.3B	1.28B	1.51B	-	-	-
Reportable, Midwest and South Growth	-	-6.49%	-3.79%	2.50%	52.50%	-1.42%	17.47%	-	-	-
Reportable, Las Vegas Locals	591.31M	591.45M	592.65M	610.11M	647.87M	858.92M	873.5M	-	-	-
Reportable, Las Vegas Locals Growth	-	0.02%	0.20%	2.95%	6.19%	32.58%	1.70%	-	-	-
Reportable, Downtown Las Vegas	224.18M	222.72M	224.28M	234.19M	236.38M	243.54M	248.11M	-	-	-
Reportable, Downtown Las Vegas Growth	-	-0.65%	0.70%	4.42%	0.94%	3.03%	1.88%	-	-	-
Reportable, Peninsula	56.92M	520.33M	493.85M	502.85M	-	-	-	-	-	-
Reportable, Peninsula Growth	-	814.06%	-5.09%	1.82%	-	-	-	-	-	-
Reportable	2.48B	-	-	-	-	-	-	-	-	-
Reportable Growth	-	-	-	-	-	-	-	-	-	-
All Others	4.61M	-	-	-	-	-	-	-	-	-
All Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Boyd Gaming Corporation (BYD) has a price-to-earnings (P/E) ratio of 14.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Boyd Gaming Corporation (BYD) reported $4.03B in revenue for fiscal year 2024. This represents a 73% increase from $2.33B in 2011.

Boyd Gaming Corporation (BYD) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Boyd Gaming Corporation (BYD) is profitable, generating $563.4M in net income for fiscal year 2024 (14.7% net margin).

Dividend & Returns

Yes, Boyd Gaming Corporation (BYD) pays a dividend with a yield of 0.75%. This makes it attractive for income-focused investors.

Boyd Gaming Corporation (BYD) has a return on equity (ROE) of 34.8%. This is excellent, indicating efficient use of shareholder capital.

Boyd Gaming Corporation (BYD) generated $464.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Boyd Gaming Corporation (BYD) 10-Year Financial Performance & Capital Metrics

BYD • • Industrial / General

Consumer CyclicalCasinos & GamingRegional & Local CasinosUS Regional Casino Chains

Revenue $3.93B +5.1%
EBITDA $1.2B +4.0%
Net Income $578M -6.8%
EPS (Diluted) 6.19 +1.1%
Gross Margin 52.16% -3.4%
EBITDA Margin 30.65% -1.1%
Operating Margin 23.61% -2.1%
Net Margin 14.71% -11.3%
ROE 34.76% -6.5%
ROIC 13.43% +3.0%
Debt/Equity 2.49 +16.4%
Interest Coverage 5.23 -0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.6%
✓Strong 5Y profit CAGR of 29.7%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 7.9% through buybacks
✓Healthy 5Y average net margin of 11.4%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.5x

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.26%

5Y3.39%

3Y5.26%

TTM6.4%

Profit (Net Income) CAGR

10Y-

5Y29.67%

3Y7.61%

TTM11.76%

EPS CAGR

10Y-

5Y35.01%

3Y15%

TTM26.21%

ROCE

10Y Avg10.15%

5Y Avg12.98%

3Y Avg16.42%

Latest16.21%

Peer Comparison

US Regional Casino Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHDNChurchill Downs Incorporated	7.5B	107.49	18.92	11.07%	13.98%	37.36%	3.01%	4.46
BYDBoyd Gaming Corporation	7B	89.56	14.47	5.13%	13.99%	40.37%	7.96%	2.49
BALYBally's Corporation	837.23M	17.03	-1.45	0.06%	-23.45%	-113.25%		159.83
PENNPENN Entertainment, Inc.	1.94B	14.58	-7.11	3.38%	-13.24%	-46.27%		3.94

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.2B	2.2B	2.4B	2.63B	3.33B	2.18B	3.37B	3.56B	3.74B	3.93B
Revenue Growth %	0.03%	-0%	0.09%	0.09%	0.27%	-0.35%	0.55%	0.06%	0.05%	0.05%
Cost of Goods Sold+	1.19B	1.19B	1.26B	1.37B	1.74B	1.04B	1.43B	1.57B	1.72B	1.88B
COGS % of Revenue	0.54%	0.54%	0.53%	0.52%	0.52%	0.48%	0.43%	0.44%	0.46%	0.48%
Gross Profit+	1.01B	1.01B	1.14B	1.26B	1.59B	1.14B	1.94B	1.99B	2.02B	2.05B
Gross Margin %	0.46%	0.46%	0.47%	0.48%	0.48%	0.52%	0.57%	0.56%	0.54%	0.52%
Gross Profit Growth %	0.05%	0%	0.12%	0.1%	0.27%	-0.28%	0.7%	0.03%	0.01%	0.02%
Operating Expenses+	737.41M	751.87M	793.1M	900.07M	1.12B	1.13B	1.04B	1.01B	1.12B	1.12B
OpEx % of Revenue	0.34%	0.34%	0.33%	0.34%	0.34%	0.52%	0.31%	0.28%	0.3%	0.29%
Selling, General & Admin	322.42M	322.26M	362.04M	390M	557.31M	452.26M	470.86M	480.58M	498.29M	538.63M
SG&A % of Revenue	0.15%	0.15%	0.15%	0.15%	0.17%	0.21%	0.14%	0.14%	0.13%	0.14%
Research & Development	0	0	0	0	0	0	31.82M	0	0	28.57M
R&D % of Revenue	-	-	-	-	-	-	0.01%	-	-	0.01%
Other Operating Expenses	414.99M	429.61M	431.06M	510.07M	560.03M	674.87M	534.55M	528.37M	618.45M	554.82M
Operating Income+	271.2M	260.41M	343.8M	355.28M	472.57M	14.26M	900.1M	981.22M	901.83M	927.78M
Operating Margin %	0.12%	0.12%	0.14%	0.14%	0.14%	0.01%	0.27%	0.28%	0.24%	0.24%
Operating Income Growth %	0.56%	-0.04%	0.32%	0.03%	0.33%	-0.97%	62.11%	0.09%	-0.08%	0.03%
EBITDA+	478.32M	456.63M	561.32M	585.26M	749.14M	295.29M	1.17B	1.24B	1.16B	1.2B
EBITDA Margin %	0.22%	0.21%	0.23%	0.22%	0.23%	0.14%	0.35%	0.35%	0.31%	0.31%
EBITDA Growth %	0.25%	-0.05%	0.23%	0.04%	0.28%	-0.61%	2.96%	0.06%	-0.07%	0.04%
D&A (Non-Cash Add-back)	207.12M	196.23M	217.52M	229.98M	276.57M	281.03M	267.79M	258.18M	256.78M	276.64M
EBIT	228.65M	220.46M	344.22M	359.22M	439.59M	59.47M	803.38M	980.05M	924.15M	929.41M
Net Interest Income+	-222.73M	-209.73M	-171.29M	-200.47M	-235.61M	-228.58M	-197.62M	-129.72M	-147.36M	-175.78M
Interest Income	1.86M	2.96M	1.82M	3.72M	1.86M	1.9M	1.82M	21.53M	23.89M	1.63M
Interest Expense	224.59M	212.69M	173.11M	204.19M	237.47M	230.48M	199.44M	151.25M	171.25M	177.41M
Other Income/Expense	-267.14M	-252.64M	-172.69M	-200.25M	-270.44M	-185.28M	-296.17M	-152.42M	-148.92M	-175.77M
Pretax Income+	40.06M	7.99M	171.11M	155.03M	202.13M	-171.01M	603.94M	828.81M	752.91M	752M
Pretax Margin %	0.02%	0%	0.07%	0.06%	0.06%	-0.08%	0.18%	0.23%	0.2%	0.19%
Income Tax+	-7.17M	-197.49M	3.12M	40.33M	44.49M	-36.31M	140.09M	189.43M	132.88M	174.05M
Effective Tax Rate %	1.18%	52.34%	1.11%	0.74%	0.78%	0.79%	0.77%	0.77%	0.82%	0.77%
Net Income+	47.23M	418M	189.39M	115.05M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Net Margin %	0.02%	0.19%	0.08%	0.04%	0.05%	-0.06%	0.14%	0.18%	0.17%	0.15%
Net Income Growth %	1.89%	7.85%	-0.55%	-0.39%	0.37%	-1.85%	4.44%	0.38%	-0.03%	-0.07%
Net Income (Continuing)	47.23M	205.47M	168M	114.7M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	50K	50K	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.42	3.63	1.64	1.00	1.38	-1.19	4.07	5.87	6.12	6.19
EPS Growth %	1.88%	7.64%	-0.55%	-0.39%	0.38%	-1.86%	4.42%	0.44%	0.04%	0.01%
EPS (Basic)	0.42	3.65	1.65	1.01	1.39	-1.19	4.07	5.87	6.12	6.19
Diluted Shares Outstanding	113.68M	115.19M	115.63M	115.07M	113.95M	113.52M	114.1M	109M	101.37M	93.35M
Basic Shares Outstanding	112.79M	114.51M	114.96M	114.4M	113.47M	113.52M	113.87M	108.89M	101.33M	93.31M
Dividend Payout Ratio	-	-	0.06%	0.21%	0.18%	-	-	0.08%	0.1%	0.11%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	257.23M	307.95M	328.66M	399.75M	399.49M	650.28M	507.8M	478.23M	529.32M	561.51M
Cash & Short-Term Investments	158.82M	193.86M	203.1M	249.42M	249.98M	519.18M	344.56M	283.47M	304.27M	316.69M
Cash Only	158.82M	193.86M	203.1M	249.42M	249.98M	519.18M	344.56M	283.47M	304.27M	316.69M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	26.67M	32.81M	45.51M	60.14M	60.46M	53.46M	89.48M	111.61M	141.4M	162.28M
Days Sales Outstanding	4.43	5.45	6.92	8.36	6.64	8.96	9.69	11.46	13.81	15.07
Inventory	15.46M	18.57M	18M	20.59M	22.1M	22.62M	20.09M	22.17M	20.69M	21.23M
Days Inventory Outstanding	4.74	5.71	5.2	5.48	4.65	7.96	5.12	5.17	4.39	4.12
Other Current Assets	19.03M	16.49M	24.18M	23.79M	20.47M	15.82M	12.57M	60.97M	62.95M	61.31M
Total Non-Current Assets+	4.09B	4.36B	4.36B	5.36B	6.25B	5.91B	5.72B	5.83B	5.74B	5.83B
Property, Plant & Equipment	2.23B	2.61B	2.54B	2.72B	3.61B	3.45B	3.28B	3.22B	3.34B	3.41B
Fixed Asset Turnover	0.99x	0.84x	0.95x	0.97x	0.92x	0.63x	1.03x	1.10x	1.12x	1.15x
Goodwill	685.31M	826.48M	888.22M	1.06B	1.08B	971.29M	971.29M	1.03B	947.34M	957.89M
Intangible Assets	890.05M	881.95M	842.95M	1.47B	1.47B	1.38B	1.37B	1.43B	1.39B	1.39B
Long-Term Investments	244.62M	-83.98M	17.8M	15.8M	-162.69M	-131.05M	-264.91M	13M	12.6M	11.8M
Other Non-Current Assets	-113.85M	49.2M	63.33M	90.48M	91.75M	100.51M	98.23M	-184.17M	55.18M	54.72M
Total Assets+	4.35B	4.67B	4.69B	5.76B	6.65B	6.56B	6.22B	6.31B	6.27B	6.39B
Asset Turnover	0.51x	0.47x	0.51x	0.46x	0.50x	0.33x	0.54x	0.56x	0.60x	0.61x
Asset Growth %	-0.03%	0.07%	0%	0.23%	0.16%	-0.01%	-0.05%	0.01%	-0.01%	0.02%
Total Current Liabilities+	355.07M	365.5M	385.47M	469.7M	556.89M	524.02M	557.04M	586.13M	596.32M	622.68M
Accounts Payable	75.8M	84.09M	106.32M	111.17M	91M	96.86M	102.03M	129.95M	124.67M	131.26M
Days Payables Outstanding	23.23	25.86	30.7	29.59	19.13	34.09	26	30.3	26.46	25.48
Short-Term Debt	29.75M	30.34M	23.98M	24.18M	26.99M	30.74M	41.67M	44.27M	44.27M	44.01M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	177.7M	182.98M	159.87M	220.25M	220.95M	216.1M	212.86M	0	230.68M	-761K
Current Ratio	0.72x	0.84x	0.85x	0.85x	0.72x	1.24x	0.91x	0.82x	0.89x	0.90x
Quick Ratio	0.68x	0.79x	0.81x	0.81x	0.68x	1.20x	0.88x	0.78x	0.85x	0.87x
Cash Conversion Cycle	-14.07	-14.7	-18.59	-15.75	-7.85	-17.17	-11.19	-13.67	-8.26	-6.29
Total Non-Current Liabilities+	3.49B	3.37B	3.2B	4.14B	4.83B	4.91B	4.13B	4.13B	3.93B	4.19B
Long-Term Debt	3.24B	3.2B	3.05B	3.96B	4.58B	4.72B	3.81B	3.76B	2.87B	3.13B
Capital Lease Obligations	0	0	0	0	840.28M	848.83M	815.97M	758.44M	711.39M	651.75M
Deferred Tax Liabilities	162.19M	83.98M	86.66M	121.26M	162.69M	131.05M	264.91M	318.61M	288.83M	346.92M
Other Non-Current Liabilities	85.83M	88.02M	64.68M	64.52M	-754.19M	-653.41M	-493.49M	-387.65M	61.27M	56.37M
Total Liabilities	3.84B	3.74B	3.59B	4.61B	5.38B	5.44B	4.69B	4.72B	4.53B	4.81B
Total Debt+	3.27B	3.23B	3.08B	3.98B	5.53B	4.84B	3.93B	3.9B	3.73B	3.93B
Net Debt	3.11B	3.04B	2.87B	3.73B	5.28B	4.32B	3.59B	3.61B	3.42B	3.61B
Debt / Equity	6.44x	3.46x	2.80x	3.47x	4.37x	4.30x	2.56x	2.45x	2.14x	2.49x
Debt / EBITDA	6.84x	7.07x	5.48x	6.80x	7.39x	16.38x	3.37x	3.14x	3.22x	3.26x
Net Debt / EBITDA	6.50x	6.65x	5.12x	6.37x	7.05x	14.62x	3.07x	2.92x	2.95x	3.00x
Interest Coverage	1.21x	1.22x	1.99x	1.74x	1.99x	0.06x	4.51x	6.49x	5.27x	5.23x
Total Equity+	508.01M	934.13M	1.1B	1.15B	1.27B	1.12B	1.54B	1.59B	1.74B	1.58B
Equity Growth %	0.16%	0.84%	0.17%	0.04%	0.1%	-0.11%	0.37%	0.03%	0.1%	-0.09%
Book Value per Share	4.47	8.11	9.49	9.96	11.10	9.90	13.49	14.59	17.20	16.94
Total Shareholders' Equity	507.96M	934.08M	1.1B	1.15B	1.27B	1.12B	1.54B	1.59B	1.74B	1.58B
Common Stock	1.12M	1.13M	1.13M	1.12M	1.11M	1.12M	1.11M	1.03M	968K	862K
Retained Earnings	-437.88M	-19.88M	164.43M	253.36M	380.94M	246.24M	710.09M	1.29B	1.74B	1.58B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-316K	-615K	-182K	-1.06M	-530K	150K	-180K	-1.38M	-1.1M	-2.4M
Minority Interest	50K	50K	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	339.85M	275.08M	422.04M	434.53M	548.99M	289.03M	1.01B	976.11M	914.52M	957.08M
Operating CF Margin %	0.15%	0.13%	0.18%	0.17%	0.17%	0.13%	0.3%	0.27%	0.24%	0.24%
Operating CF Growth %	0.05%	-0.19%	0.53%	0.03%	0.26%	-0.47%	2.5%	-0.03%	-0.06%	0.05%
Net Income	47.23M	205.47M	168M	114.7M	157.64M	-134.7M	463.85M	639.38M	620.02M	577.95M
Depreciation & Amortization	207.12M	196.23M	217.52M	229.98M	276.57M	281.03M	267.79M	258.18M	256.78M	276.64M
Stock-Based Compensation	19.26M	15.52M	17.41M	25.38M	25.2M	9.2M	37.77M	34.07M	32.38M	29.67M
Deferred Taxes	16.31M	-199.05M	5.2M	34.47M	41.43M	-31.64M	133.86M	51.03M	-29.84M	58.15M
Other Non-Cash Items	96.85M	63.08M	7.85M	11.1M	78.34M	234.46M	170.48M	95.36M	161.7M	114.89M
Working Capital Changes	-10.92M	-6.16M	6.05M	18.9M	-30.19M	-69.32M	-63.34M	-101.9M	-126.53M	-100.22M
Change in Receivables	3.64M	-1.02M	-9.94M	-772K	-315K	1.34M	-36.03M	-16.76M	-28.81M	5.96M
Change in Inventory	-301K	884K	565K	1.7M	-2.03M	-515K	2.53M	-2.08M	1.48M	-543K
Change in Payables	13.21M	-11.61M	13.22M	18.49M	-1.05M	0	0	0	0	0
Cash from Investing+	-126.64M	-140.8M	-189.77M	-1.13B	-231.43M	-171.18M	-129.58M	-422.31M	-264.33M	-433.91M
Capital Expenditures	-131.17M	-160.36M	-190.46M	-161.54M	-207.64M	-175.03M	-199.45M	-269.15M	-373.95M	-400.4M
CapEx % of Revenue	0.06%	0.07%	0.08%	0.06%	0.06%	0.08%	0.06%	0.08%	0.1%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4.53M	612.26M	1.84M	-39.23M	-18.26M	15.05M	69.87M	14.71M	109.62M	-3.25M
Cash from Financing+	-199.72M	-99.25M	-215.34M	746.24M	-320.31M	146.7M	-1.06B	-615.85M	-637.25M	-509.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-11.29M	-24.73M	-28.95M	-7.81M	0	-48.16M	-63.61M	-62.66M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-20.56M	-17.09M	-7.21M	-5.52M	-32.13M	-7.53M	-85.17M	-29.27M	-19.48M	-14.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	208.68M	114.73M	231.57M	272.98M	341.36M	114M	810.96M	706.96M	540.57M	556.67M
FCF Margin %	0.09%	0.05%	0.1%	0.1%	0.1%	0.05%	0.24%	0.2%	0.14%	0.14%
FCF Growth %	0.2%	-0.45%	1.02%	0.18%	0.25%	-0.67%	6.11%	-0.13%	-0.24%	0.03%
FCF per Share	1.84	1.00	2.00	2.37	3.00	1.00	7.11	6.49	5.33	5.96
FCF Conversion (FCF/Net Income)	7.19x	0.66x	2.23x	3.78x	3.48x	-2.15x	2.18x	1.53x	1.47x	1.66x
Interest Paid	178.43M	197.47M	174.09M	179.15M	231.73M	214.69M	205.24M	144.02M	166.68M	173.18M
Taxes Paid	0	33.72M	5.19M	5.66M	0	0	5.72M	140.92M	164.48M	144.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.98%	57.97%	18.65%	10.26%	13.08%	-11.28%	34.84%	40.86%	37.19%	34.76%
Return on Invested Capital (ROIC)	5.52%	5.15%	6.5%	6.02%	6.2%	0.18%	12.78%	14.25%	13.05%	13.43%
Gross Margin	45.86%	46.03%	47.35%	47.79%	47.8%	52.39%	57.49%	55.98%	53.99%	52.16%
Net Margin	2.15%	19.01%	7.89%	4.38%	4.74%	-6.18%	13.76%	17.98%	16.58%	14.71%
Debt / Equity	6.44x	3.46x	2.80x	3.47x	4.37x	4.30x	2.56x	2.45x	2.14x	2.49x
Interest Coverage	1.21x	1.22x	1.99x	1.74x	1.99x	0.06x	4.51x	6.49x	5.27x	5.23x
FCF Conversion	7.19x	0.66x	2.23x	3.78x	3.48x	-2.15x	2.18x	1.53x	1.47x	1.66x
Revenue Growth	2.67%	-0.01%	9.16%	9.41%	26.63%	-34.5%	54.69%	5.51%	5.15%	5.13%

Revenue by Segment

	2012	2013	2014	2015	2016	2017	2018	2022	2023	2024
Casino	-	-	-	-	-	-	-	2.67B	2.61B	2.58B
Casino Growth	-	-	-	-	-	-	-	-	-2.30%	-1.12%
Food and Beverage	-	-	-	-	-	-	-	275.98M	288.42M	303.52M
Food and Beverage Growth	-	-	-	-	-	-	-	-	4.51%	5.24%
Occupancy	-	-	-	-	-	-	-	189.07M	199.12M	204.61M
Occupancy Growth	-	-	-	-	-	-	-	-	5.31%	2.76%
Product and Service, Other	-	-	-	-	-	-	-	415.6M	138.54M	143.5M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-66.67%	3.58%
Management Service	-	-	-	-	-	-	-	-	76.92M	88.41M
Management Service Growth	-	-	-	-	-	-	-	-	-	14.93%
Reportable, Midwest and South	924.19M	864.25M	831.48M	852.29M	1.3B	1.28B	1.51B	-	-	-
Reportable, Midwest and South Growth	-	-6.49%	-3.79%	2.50%	52.50%	-1.42%	17.47%	-	-	-
Reportable, Las Vegas Locals	591.31M	591.45M	592.65M	610.11M	647.87M	858.92M	873.5M	-	-	-
Reportable, Las Vegas Locals Growth	-	0.02%	0.20%	2.95%	6.19%	32.58%	1.70%	-	-	-
Reportable, Downtown Las Vegas	224.18M	222.72M	224.28M	234.19M	236.38M	243.54M	248.11M	-	-	-
Reportable, Downtown Las Vegas Growth	-	-0.65%	0.70%	4.42%	0.94%	3.03%	1.88%	-	-	-
Reportable, Peninsula	56.92M	520.33M	493.85M	502.85M	-	-	-	-	-	-
Reportable, Peninsula Growth	-	814.06%	-5.09%	1.82%	-	-	-	-	-	-
Reportable	2.48B	-	-	-	-	-	-	-	-	-
Reportable Growth	-	-	-	-	-	-	-	-	-	-
All Others	4.61M	-	-	-	-	-	-	-	-	-
All Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Boyd Gaming Corporation (BYD) has a price-to-earnings (P/E) ratio of 14.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Boyd Gaming Corporation (BYD) reported $4.03B in revenue for fiscal year 2024. This represents a 73% increase from $2.33B in 2011.

Boyd Gaming Corporation (BYD) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Boyd Gaming Corporation (BYD) is profitable, generating $563.4M in net income for fiscal year 2024 (14.7% net margin).

Dividend & Returns

Yes, Boyd Gaming Corporation (BYD) pays a dividend with a yield of 0.75%. This makes it attractive for income-focused investors.

Boyd Gaming Corporation (BYD) has a return on equity (ROE) of 34.8%. This is excellent, indicating efficient use of shareholder capital.

Boyd Gaming Corporation (BYD) generated $464.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.