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.
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Boyd Gaming Corporation (BYD) Beneish M-score
Boyd Gaming Corporation's Beneish M-score for fiscal 2025 is −2.08; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.08 | 0.57 |
| FY2024 | −2.64 | (0.19) |
| FY2023 | −2.45 | 0.03 |
| FY2022 | −2.48 | (0.24) |
| FY2021 | −2.25 | 0.65 |
| FY2020 | −2.89 | (0.30) |
| FY2019 | −2.59 | (0.19) |
| FY2018 | −2.41 | 0.00 |
| FY2017 | −2.41 | (0.05) |
| FY2016 | −2.36 | 0.52 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.63 | — | 0.58 | |
| Gross margin index | 1.05 | — | 0.56 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | 0.13 | — | 0.61 | |
| Leverage index | 0.78 | — | −0.26 | |
| Beneish M-score | Elevated | −2.08 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PENN PENN Entertainment, Inc. compare | −3.0× |
| MTN Vail Resorts, Inc. compare | −2.8× |
| MGM MGM Resorts International compare | −2.7× |
| CZR Caesars Entertainment, Inc. compare | −2.7× |
| HGV Hilton Grand Vacations Inc. compare | −2.7× |
| RRR Red Rock Resorts, Inc. compare | −2.7× |
| VAC Marriott Vacations Worldwide Corporation compare | −2.6× |
| WYNN Wynn Resorts, Limited compare | −2.5× |
| BYD Boyd Gaming Corporation | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI