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BYDBoyd Gaming Corporation
$71.74$5.2B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
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BYD logo

Boyd Gaming Corporation

BYD
NYSE · Casinos & Gaming
$71.74
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$5.21B
P/E3.2x
52W High$91.41
Volume945.2K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Margin Compression and Cash Squeeze Test Deleveraging Story

Boyd Gaming has executed a rapid deleveraging, cutting debt-to-equity from 3.05 in 2025Q2 to 1.30 in 2026Q2, while rebuilding equity to $2.5B. However, the latest quarter reveals a 950 bps gross margin decline to 41.5% and a swing to negative operating cash fl...

GrowthStable
ProfitabilityStable
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

BYD price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

-81% Peers

P/E is 81% below peer median

03

Market leadership

RS 27 · Lag

Laggard (Underperforming 73% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 23
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth stalled at 0.0% YoY in 2026Q2, while gross margin compressed 950 bps to 41.5% and SG&A surged 63.8% to $226.9M, driving operating income down 17.2% YoY.

Analyst Consensus+27.7% target
Buy(38 analysts)
21 Buy17 Hold0 Sell

The Bull Case

Upside Catalysts

Strong Margins and Growth

Boyd Gaming Corporation offers high margins and growth potential through renovations and asset sales, supported by a clean balance sheet.

Diversified Entertainment Offerings

Boyd showcases a wide range of entertainment options including hotels, casinos, restaurants, and shows, enhancing its appeal to customers.

Strategic Acquisitions

The company has expanded its expertise and solutions through acquisitions like Boyd Thermal, strengthening its market position.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
BYD-16.07%
S&P 500 (^GSPC)+12.39%
1-Year Return
BYD-14.78%
S&P 500 (^GSPC)+15.77%
3-Year Return
BYD+22.33%
S&P 500 (^GSPC)+77.90%
5-Year Return
BYD+16.90%
S&P 500 (^GSPC)+69.42%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
3.2x
Forward P/E
9.9x
EV/EBITDA0th %ile
6.4x
FCF YieldCash Flow
7.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
3.2x
10.2x
0th· Low
EV/EBITDA
6.4x
8.4x
0th· Low
Price/FCF
13.4x
11.7x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$101.42+41.4%
Base (Fair)$181.00+148.0%
Bull$348.97+386.4%
$101.42 Bear$181.00 Base$348.97 Bull
Current Market Price: $71.74
Trades at a 60.4% discount to Base DCF ($181.00)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$4.09B+4.1% YoY
Net income
$1.84B+218.9% YoY
Free cash flow
$388M-30.2% YoY
Operating margin
21.4%-2.2 pts YoY
ROIC (TTM)12.9%
Avg ROIC 5Y-
ROE (TTM)88%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 23, 2026
$1.93+2.1%
vs $1.89
$1.0B-0.3%
vs $1.0B
Q2 2026
Apr 23, 2026
$1.60-6.4%
vs $1.71
$997M-0.5%
vs $1.0B
Q1 2026
Feb 5, 2026
$2.21+17.6%
vs $1.88
$1.1B+4.1%
vs $1.0B
Q4 2025
Oct 23, 2025
$1.72+6.2%
vs $1.62
$1.0B+14.8%
vs $875M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Sep 15, 2026
California State Teachers Retirement System Has $490.58 Million Stock Holdings in Boyd Gaming Corporation $BYD

California State Teachers Retirement System boosted its position in shares of Boyd Gaming Corporation (NYSE: BYD) by 8,477.2% during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,553,925 shares of the company's stock after acquiring an additional 5,489,173 shares during

PRNewsWire·Sep 11, 2026
Boyd Group Services Inc. Announces Normal Course Issuer Bid For Its Shares

WINNIPEG, MB, Sept. 11, 2026 /PRNewswire/ -- Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("BGSI", "Boyd", or "the Boyd Group") today announced that the Toronto Stock Exchange ("TSX") has approved its Notice of Intention to carry out a Normal Course Issuer Bid (the "NCIB") to purchase for cancellation, from time to time, as the Boyd Group considers advisable, its issued and outstanding common shares (the "Shares").

TechCrunch·Sep 9, 2026
‘Gambling with our lives': Anthropic researcher quits, warns against self-improving AI

An Anthropic researcher has resigned over fears that unrestrained development of self-improving AI models will end up killing us all.

Defense World·Aug 25, 2026
BlackRock Inc. Purchases New Position in Boyd Gaming Corporation $BYD

BlackRock Inc. acquired a new position in Boyd Gaming Corporation (NYSE: BYD) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,510,437 shares of the company's stock, valued at approximately $486,737,000. BlackRock Inc. owned about 7.58% of

Filtered for Boyd Gaming CorporationMore Headlines
04

Compare before deciding

Benchmark BYD against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Boyd Gaming Corporation (BYD)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
BYD logoBYDBoyd Gaming CorporationCurrent
$71.74$5.21B3.184.12%45.05%88%0.99%
CZR logoCZRCaesars Entertainment, Inc.
$29.61$6.03B-12.242.14%-3.81%-11.99%—
MGM logoMGMMGM Resorts International
$37.85$9.52B49.801.72%2.4%12.69%—
PEN logoPENPenumbra, Inc.
$319.44$12.56B70.6717.5%10.67%11.09%—
PENN logoPENNPENN Entertainment, Inc.
$15.56$2.08B-2.675.82%-12.66%-48.65%—
RRR logoRRRRed Rock Resorts, Inc.
$50.90$2.98B16.313.74%8.43%56.19%—

Compare BYD vs Peers

Boyd Gaming Corporation (BYD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CZR

Most directly comparable listed peer for BYD.

Scale Benchmark

vs MAR

Larger-name benchmark to compare BYD against a more recognizable public peer.

Peer Set

Compare Top 5

vs CZR, MGM, PEN, PENN

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

BYD SEC Filings & Documents

Boyd Gaming Corporation (BYD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 13, 2026·SEC

Material company update

Jul 23, 2026·SEC

Material company update

Jun 25, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 31, 2025·SEC

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BYD Frequently Asked Questions

Boyd Gaming Corporation (BYD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Boyd Gaming Corporation's revenue?

Boyd Gaming Corporation (BYD) reported $4.10B in revenue for fiscal year 2025. This represents a 428% increase from $775.9M in 1995.

How fast is Boyd Gaming Corporation growing?

Boyd Gaming Corporation (BYD) grew revenue by 4.1% over the past year. Growth has been modest.

Is BYD profitable?

Yes, Boyd Gaming Corporation (BYD) is profitable, generating $1.82B in net income for fiscal year 2025 (45.0% net margin).

Dividend & Returns
Does BYD pay dividends?

Yes, Boyd Gaming Corporation (BYD) pays a dividend with a yield of 0.99%. This makes it attractive for income-focused investors.

What is BYD's return on equity?

Boyd Gaming Corporation (BYD) has a return on equity (ROE) of 88.0%. This is excellent, indicating efficient use of shareholder capital.

What is Boyd Gaming Corporation's free cash flow?

Boyd Gaming Corporation (BYD) generated $35.1M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in BYD back in 1995?

Total return calculator · dividends reinvested · 31+ years of data

See returns →