Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 7.0x · ROE 88.0%. (1995–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $7.0B | $6.8B | $6.3B | $5.9B | $7.5B | $4.9B | $3.4B | $2.4B | $4.1B | $2.3B |
| Enterprise Value | $7.9B | $9.3B | $10.4B | $9.8B | $9.6B | $11.1B | $9.2B | $7.9B | $6.1B | $6.9B | $5.4B |
| P/E Ratio → | 11.14 | 3.78 | 11.72 | 10.23 | 9.29 | 16.11 | — | 21.70 | 20.78 | 21.37 | 5.56 |
| P/S Ratio | 1.36 | 1.70 | 1.72 | 1.70 | 1.67 | 2.22 | 2.24 | 1.03 | 0.91 | 1.69 | 1.06 |
| P/B Ratio | 2.40 | 2.67 | 4.28 | 3.64 | 3.74 | 4.86 | 4.33 | 2.70 | 2.09 | 3.69 | 2.49 |
| P/FCF | — | 17.93 | 12.16 | 11.74 | 8.41 | 9.23 | 42.74 | 9.99 | 8.76 | 17.50 | 20.25 |
| P/OCF | 5.70 | 7.13 | 7.08 | 6.94 | 6.09 | 7.40 | 16.86 | 6.21 | 5.50 | 9.60 | 8.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.28 | 2.64 | 2.61 | 2.69 | 3.28 | 4.22 | 2.36 | 2.33 | 2.88 | 2.44 |
| EV / EBITDA | 7.00 | 7.90 | 8.62 | 8.43 | 7.71 | 9.48 | 31.12 | 10.49 | 10.46 | 12.34 | 11.74 |
| EV / EBIT | 9.03 | 3.75 | 11.17 | 10.57 | 9.75 | 13.78 | 154.53 | 17.87 | 17.04 | 20.12 | 24.31 |
| EV / FCF | — | 24.00 | 18.66 | 18.07 | 13.52 | 13.65 | 80.61 | 23.01 | 22.42 | 29.91 | 46.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.1% | 42.1% | 52.2% | 54.0% | 56.0% | 57.5% | 52.4% | 47.8% | 47.8% | 47.4% | 46.0% |
| Operating Margin | 21.4% | 21.4% | 23.6% | 24.1% | 27.6% | 26.7% | 0.7% | 14.2% | 13.5% | 14.3% | 11.8% |
| Net Profit Margin | 45.0% | 45.0% | 14.7% | 16.6% | 18.0% | 13.8% | -6.2% | 4.7% | 4.4% | 7.9% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 88.0% | 88.0% | 34.8% | 37.2% | 40.9% | 34.8% | -11.3% | 13.1% | 10.3% | 18.6% | 58.0% |
| ROA | 28.4% | 28.4% | 9.1% | 9.9% | 10.2% | 7.3% | -2.0% | 2.5% | 2.2% | 4.0% | 9.3% |
| ROIC | 12.9% | 12.9% | 13.4% | 13.0% | 14.2% | 12.8% | 0.2% | 6.7% | 6.0% | 6.5% | 5.1% |
| ROCE | 15.4% | 15.4% | 16.2% | 15.8% | 17.2% | 15.4% | 0.2% | 8.3% | 7.4% | 8.0% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 2.49 | 2.14 | 2.45 | 2.56 | 4.30 | 3.71 | 3.47 | 2.80 | 3.46 |
| Debt / EBITDA | 2.30 | 2.30 | 3.26 | 3.22 | 3.14 | 3.37 | 16.38 | 6.27 | 6.80 | 5.48 | 7.07 |
| Net Debt / Equity | — | 0.90 | 2.29 | 1.96 | 2.27 | 2.33 | 3.84 | 3.51 | 3.26 | 2.62 | 3.25 |
| Net Debt / EBITDA | 2.00 | 2.00 | 3.00 | 2.95 | 2.92 | 3.07 | 14.62 | 5.93 | 6.37 | 5.12 | 6.65 |
| Debt / FCF | — | 6.07 | 6.49 | 6.33 | 5.11 | 4.42 | 37.87 | 13.02 | 13.66 | 12.41 | 26.46 |
| Interest Coverage | 15.78 | 15.78 | 5.24 | 5.40 | 6.48 | 4.03 | 0.26 | 1.85 | 1.76 | 1.99 | 1.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.54 | 0.90 | 0.89 | 0.82 | 0.91 | 1.24 | 0.72 | 0.85 | 0.85 | 0.84 |
| Quick Ratio | 0.52 | 0.52 | 0.87 | 0.85 | 0.78 | 0.88 | 1.20 | 0.68 | 0.81 | 0.81 | 0.79 |
| Cash Ratio | 0.36 | 0.36 | 0.51 | 0.51 | 0.48 | 0.62 | 0.99 | 0.45 | 0.53 | 0.53 | 0.53 |
| Asset Turnover | — | 0.62 | 0.61 | 0.60 | 0.56 | 0.54 | 0.33 | 0.50 | 0.46 | 0.51 | 0.47 |
| Inventory Turnover | 117.27 | 117.27 | 88.55 | 83.12 | 70.59 | 71.30 | 45.86 | 78.56 | 66.60 | 70.20 | 63.93 |
| Days Sales Outstanding | — | 9.48 | 15.07 | 13.81 | 11.46 | 9.69 | 8.96 | 6.64 | 8.36 | 6.92 | 5.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 0.8% | 0.9% | 1.0% | 0.8% | — | 0.2% | 0.8% | 1.0% | 0.3% | — |
| Payout Ratio | 3.2% | 3.2% | 10.8% | 10.3% | 7.5% | — | — | 18.4% | 21.5% | 6.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 26.5% | 8.5% | 9.8% | 10.8% | 6.2% | — | 4.6% | 4.8% | 4.7% | 18.0% |
| FCF Yield | — | 5.6% | 8.2% | 8.5% | 11.9% | 10.8% | 2.3% | 10.0% | 11.4% | 5.7% | 4.9% |
| Buyback Yield | 14.0% | 11.2% | 10.1% | 6.5% | 9.1% | 1.1% | 0.2% | 0.8% | 2.5% | 0.8% | 0.0% |
| Total Shareholder Yield | 14.9% | 12.0% | 11.1% | 7.5% | 9.9% | 1.1% | 0.4% | 1.7% | 3.5% | 1.1% | 0.0% |
| Shares Outstanding | — | $82M | $93M | $101M | $109M | $114M | $114M | $114M | $115M | $116M | $115M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BYD stock.
Boyd Gaming Corporation's current P/E ratio is 11.1x. The historical average is 27.1x. This places it at the 33th percentile of its historical range.
Boyd Gaming Corporation's current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
Boyd Gaming Corporation's return on equity (ROE) is 88.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.3%.
Based on historical data, Boyd Gaming Corporation is trading at a P/E of 11.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Boyd Gaming Corporation's current dividend yield is 0.93% with a payout ratio of 3.2%.
Boyd Gaming Corporation has 42.1% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Boyd Gaming Corporation's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Volatile operating cash conversion
Metrics are mathematically derived from official filings.
Low Multiples Reflect Earnings Quality Doubts
Based on reported figures, BYD trades at a trailing P/E of 3.42 and EV/EBITDA of 6.75, which appear discounted against the 10.82 forward P/E, a gap that may reflect skepticism about non-operating gains embedded in trailing earnings.
The trailing P/E of 3.42 is far below the forward P/E of 10.82, suggesting the market is discounting inflated trailing net income rather than pricing a genuine earnings collapse. Against peers, BYD's 6.75 EV/EBITDA sits below MCRI at 9.78 and CZR at 8.98, implying a discount that is not explained by growth since revenue expanded only about 4.1% year over year. Investors should monitor whether forward earnings normalize to support the 10.82 forward multiple before treating the discount as mispricing.
Operating Margin Stability Versus Net Margin Distortion
As reported in financial statements, BYD's operating margin of 19.7% in 2026Q3 and 19.4% in 2026Q2 appear more representative of earning power than the 12.6% net margin, which still carries unexplained non-operating items.
Quarterly operating margins have clustered between roughly 14% and 28% across the window, while net margins spike to 143.4% in 2025Q3, indicating a one-time gain that distorts trailing profitability. The gross margin swing from 52.6% to 19.3% suggests cost classification changes rather than structural shifts, so operating margin is the more reliable anchor. Earnings power should be normalized to the operating line before applying any multiple.
Returns Compressed Well Below Peer Levels
According to recent SEC filings, BYD's ROIC of 2.7% in 2026Q3 and ROE of 5.1% sit far below RRR's 23.4% ROIC and 40.4% ROE, indicating a capital base earning thin returns.
ROIC has oscillated between roughly 2.0% and 4.5% over the ten quarters with no sustained upward trend, suggesting the asset-heavy property base is not compounding capital efficiently. The gap versus RRR appears driven by BYD's large PP&E base of about $3.6B against thinner after-tax operating earnings. Unless capital turnover improves, returns may remain structurally below peers.
Leverage Re-Expanding After Equity-Driven Deleveraging
Based on reported figures, BYD's debt-to-equity rose from 1.04 in 2025Q4 back to 1.34 in 2026Q3, while interest coverage of 5.8x suggests debt service remains comfortable despite the reversal.
The earlier improvement from 3.12 to 1.04 appears to have been driven by equity rebuilding rather than repayment, and total debt rising to $3.3B reverses part of that progress. Debt-to-EBITDA of 16.77 in 2026Q3 is elevated, though interest coverage near 5.8x suggests servicing capacity has not yet deteriorated. Investors should watch whether leverage continues climbing toward the 1.3 level or beyond.
Thin Liquidity Buffer Under Stress
As reported in financial statements, BYD's current ratio of 0.33 and quick ratio of 0.31 in 2026Q3 indicate current liabilities substantially exceed liquid assets, leaving limited cushion against shocks.
Current ratio has swung between 0.33 and 0.90 across the window, and cash of roughly $297M provides a narrow buffer relative to short-term obligations. Because the inventory component is minimal for a gaming operator, the quick and current ratios are nearly identical and both remain well below 1.0. Under severe demand stress, reliance on credit access or operating cash flow would become more pronounced.
Discount May Persist Without Margin Durability
Based on reported figures, the bear case centers on whether BYD's recent 19.7% operating margin reflects durable efficiency or a temporary cost reclassification, given the volatile gross margin history across the window.
If the Q3 2026 margin recovery stems from reclassification rather than operational improvement, the apparent valuation discount to peers may be justified rather than mispriced. The 2025Q4 gross margin of 19.3% against 49.1% in 2026Q3 illustrates how sensitive reported profitability is to classification choices. Investors should monitor whether operating margins hold near current levels across the next several reporting periods before concluding the discount is excessive.