Sunday 11 October 2026
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Boyd Gaming Corporation
BYD Consumer Cyclical Resorts & Casinos
Boyd Gaming Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 4.12% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 4.89%, free cash flow fell 235.6% and total debt fell 26.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five.
68.93
1.07
−1.53%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
5.59 | 20.90 | 20.57 | 21.54 | 0.00 | 16.11 | 9.25 | 10.46 | 11.66 | 3.75 |
Piotroski F-Score |
6 | 7 | 5 | 8 | 5 | 7 | 6 | 7 | 6 | 6 |
P/S ratio |
1.06 | 1.65 | 0.91 | 1.02 | 2.24 | 2.22 | 1.67 | 1.73 | 1.72 | 1.70 |
Altman Z-Score |
1.01 | 1.46 | 1.02 | 1.17 | 0.95 | 2.13 | 2.10 | 2.29 | 2.27 | 2.53 |
Altman Z″-Score (non-manufacturers) |
0.54 | 0.85 | 0.74 | 0.76 | 0.48 | 1.64 | 1.95 | 2.21 | 2.07 | 2.30 |
P/FCF ratio |
16.70 | 17.16 | 8.71 | 9.95 | 42.74 | 9.21 | 8.38 | 11.96 | 12.16 | 17.93 |
Beneish M-Score |
(2.36) | (2.41) | (2.41) | (2.59) | (2.89) | (2.25) | (2.48) | (2.45) | (2.64) | (2.08) |
P/Operating CF |
53.81 | 44.46 | 23.23 | 25.43 | 29.52 | 32.09 | 23.87 | 29.76 | 25.83 | 25.30 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 70 |
P/B ratio |
2.50 | 3.61 | 2.07 | 2.69 | 4.33 | 4.85 | 3.72 | 3.71 | 4.28 | 2.67 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 39.82 |
EV/Sales |
2.44 | 2.84 | 2.32 | 2.07 | 3.78 | 3.01 | 2.44 | 2.43 | 2.45 | 2.12 |
EV/EBITDA |
11.36 | 11.93 | 10.23 | 9.09 | 22.69 | 8.60 | 6.95 | 7.78 | 7.94 | 8.22 |
EV/Operating CF |
17.83 | 16.12 | 14.00 | 12.56 | 28.49 | 10.04 | 8.89 | 9.92 | 10.06 | 8.90 |
EV/FCF |
38.26 | 29.50 | 22.28 | 20.19 | 72.23 | 12.50 | 12.27 | 16.79 | 17.29 | 22.38 |
Quick Ratio |
0.67 | 0.71 | 0.71 | 0.59 | 1.12 | 0.80 | 0.69 | 0.75 | 0.78 | 0.47 |
Current Ratio |
0.84 | 0.85 | 0.85 | 0.72 | 1.24 | 0.91 | 0.82 | 0.89 | 0.90 | 0.54 |
Net Debt/EBITDA |
6.40 | 4.99 | 6.23 | 4.61 | 9.26 | 2.27 | 2.21 | 2.24 | 2.36 | 1.59 |
Debt/Assets |
69.14% | 65.64% | 69.13% | 56.63% | 59.42% | 48.71% | 48.32% | 46.48% | 49.70% | 31.11% |
Debt/Equity |
3.46 | 2.80 | 3.47 | 2.98 | 3.47 | 1.97 | 1.92 | 1.67 | 2.01 | 0.78 |
Asset Turnover |
0.49 | 0.51 | 0.50 | 0.54 | 0.33 | 0.53 | 0.57 | 0.59 | 0.62 | 0.63 |
Operating CF/Net income |
0.71 | 2.23 | 3.78 | 3.48 | (2.15) | 2.18 | 1.53 | 1.48 | 1.66 | 0.53 |
Capex/Depreciation |
(0.76) | (0.84) | (0.68) | (0.73) | (0.50) | (0.71) | (1.01) | (1.41) | (1.41) | (2.17) |
Interest Coverage |
1.22 | 1.99 | 1.74 | 1.99 | 0.06 | 4.51 | 6.49 | 5.27 | 5.23 | 4.75 |
| 58.28% | 18.65% | 10.26% | 13.08% | (11.28%) | 34.84% | 40.86% | 37.19% | 34.76% | 88.00% | |
| 9.32% | 4.05% | 2.20% | 2.54% | (2.04%) | 7.26% | 10.20% | 9.85% | 9.13% | 28.43% | |
ROIC |
4.12% | 5.45% | 4.58% | 6.20% | 0.20% | 13.35% | 14.11% | 12.95% | 13.07% | 10.89% |
Return on Tangible Assets |
16.50% | 7.63% | 4.35% | 6.27% | (5.08%) | 19.78% | 27.97% | 25.05% | 22.08% | 76.08% |
Average Days of Receivables |
5.45 | 6.92 | 8.36 | 6.64 | 8.96 | 9.69 | 11.46 | 13.81 | 15.07 | 9.48 |
Research and Development Expense of Revenue |
1.01% | 0.60% | 1.74% | 0.65% | (0.03%) | 0.94% | (0.53%) | (0.24%) | 0.73% | 0.30% |
Selling, General and Administrative Expense of Revenue |
22.51% | 23.31% | 22.86% | 21.63% | 24.86% | 18.10% | 17.85% | 17.57% | 17.54% | 17.26% |
Intangible Assets out of Total Assets |
0.37 | 0.37 | 0.44 | 0.38 | 0.36 | 0.38 | 0.39 | 0.37 | 0.37 | 0.37 |
Share Based Compensation of Revenue |
0.71% | 0.73% | 0.97% | 0.76% | 0.42% | 1.12% | 0.96% | 0.87% | 0.75% | 0.79% |
Graham Net Nets |
(1.47) | (0.82) | (1.77) | (1.47) | (0.98) | (0.56) | (0.72) | (0.62) | (0.63) | (0.49) |
Graham Number |
25.88 | 18.82 | 15.09 | 18.67 | 0.00 | 35.18 | 43.96 | 48.61 | 48.70 | 127.82 |
Earnings Yield |
17.88% | 4.79% | 4.86% | 4.64% | (2.77%) | 6.21% | 10.81% | 9.56% | 8.57% | 26.69% |
Free Cash Flow Yield |
5.99% | 5.83% | 11.48% | 10.05% | 2.34% | 10.86% | 11.94% | 8.36% | 8.22% | 5.58% |
Revenue per Share |
19.21 | 20.88 | 22.96 | 29.31 | 19.19 | 29.59 | 32.65 | 36.90 | 42.12 | 50.08 |
Operating CF per Share |
2.62 | 3.68 | 3.80 | 4.84 | 2.55 | 8.87 | 8.96 | 9.03 | 10.26 | 11.95 |
Capex per Share |
(1.40) | (1.67) | (1.41) | (1.83) | (1.54) | (1.75) | (2.47) | (3.69) | (4.29) | (8.24) |
Free Cash Flow per Share |
1.22 | 2.01 | 2.39 | 3.01 | 1.00 | 7.12 | 6.49 | 5.34 | 5.97 | 3.71 |
Cash per Share |
1.84 | 1.98 | 2.39 | 2.38 | 4.71 | 3.14 | 2.71 | 3.04 | 3.44 | 4.39 |
Shareholders Equity per Share |
8.16 | 9.54 | 10.02 | 11.15 | 9.90 | 13.51 | 14.61 | 17.21 | 16.95 | 31.92 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
8.16 | 9.54 | 10.02 | 11.15 | 9.90 | 13.51 | 14.61 | 17.21 | 16.95 | 31.92 |
Free Cash Flow |
139.98 | 230.93 | 272.98 | 341.36 | 114.00 | 810.96 | 706.96 | 540.57 | 556.68 | 303.46 |
Working Capital |
(57.56) | (56.81) | (69.95) | (157.40) | 126.26 | (49.24) | (107.91) | (67.01) | (61.18) | (448.49) |
Capital Expenditures |
(160.36) | (191.62) | (161.54) | (207.64) | (175.03) | (199.45) | (269.15) | (373.95) | (400.40) | (673.21) |
Net Current Asset Value |
(3,428.68) | (3,260.04) | (4,210.85) | (4,985.41) | (4,784.73) | (4,177.62) | (4,242.27) | (3,999.71) | (4,248.79) | (3,436.08) |
EV/EBIT |
20.57 | 19.81 | 17.12 | 14.59 | 577.34 | 11.27 | 8.84 | 10.06 | 10.37 | 11.62 |
Capex to Sales |
0.07 | 0.08 | 0.06 | 0.06 | 0.08 | 0.06 | 0.08 | 0.10 | 0.10 | 0.16 |
Price to Operating Income |
8.97 | 11.53 | 6.69 | 7.19 | 341.59 | 8.29 | 6.04 | 7.17 | 7.30 | 9.31 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.08 | 0.09 | 0.09 | 0.11 | 0.14 | 0.12 | 0.11 | 0.10 | 0.11 | 0.11 |
Cash ROIC |
3.20% | 5.25% | 5.06% | 6.44% | 2.05% | 16.46% | 14.33% | 10.88% | 10.96% | 6.05% |
Accounts Receivable Turnover |
73.94 | 61.31 | 49.72 | 55.16 | 38.24 | 47.15 | 35.36 | 29.55 | 25.88 | 30.47 |
Accounts Payable Turnover |
14.85 | 13.28 | 12.61 | 17.18 | 11.04 | 14.40 | 13.49 | 13.51 | 14.69 | 14.62 |
Inventory Turnover |
69.76 | 69.12 | 71.07 | 81.34 | 46.38 | 67.09 | 74.07 | 80.25 | 89.70 | 99.69 |
Average Days of Payables |
25.86 | 30.70 | 29.59 | 19.13 | 34.09 | 26.00 | 30.30 | 26.46 | 25.48 | 26.74 |
Days of Inventory on Hand |
5.71 | 5.20 | 5.48 | 4.65 | 7.96 | 5.12 | 5.17 | 4.39 | 4.12 | 3.57 |
Average Receivables |
29.74 | 39.16 | 52.83 | 60.30 | 56.96 | 71.47 | 100.55 | 126.51 | 151.84 | 134.28 |
Average Payables |
79.94 | 95.20 | 108.75 | 101.09 | 93.93 | 99.45 | 115.99 | 127.31 | 127.97 | 141.28 |
Average Inventory |
17.02 | 18.29 | 19.30 | 21.35 | 22.36 | 21.35 | 21.13 | 21.43 | 20.96 | 20.71 |
Average Assets |
4,510.83 | 4,678.34 | 5,221.13 | 6,203.24 | 6,604.55 | 6,391.56 | 6,267.65 | 6,292.13 | 6,332.47 | 6,483.25 |
Average Common Equity |
721.07 | 1,015.68 | 1,121.48 | 1,205.49 | 1,194.59 | 1,331.34 | 1,564.69 | 1,667.36 | 1,662.81 | 2,094.70 |
Columns are period end dates