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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%
Market cap
$5.1B
P/E
3.0×
Fwd P/E
13.2×
Dividend yield
1.13%
F-score
6/9
Altman Z
2.53
Beneish M
−2.08
Dividend safety
70/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 26.43
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — 3 — — 2 2 1 1 — —
Insider Ownership 34.05%

Capital & Financial Ratios $m

Market Cap 5,090.00
Revenue 4,098.17
Net Income 1,811.88
Free Cash Flow 35.06
Net Debt 2,284.96
Current Ratio 0.77 (below 1: weak)
Debt/Equity 1.05
P/E ratio 3.03
Fwd P/E 13.20
P/S ratio 1.26
P/B ratio 2.07
Past 5Y EPS Growth —
This Y EPS Growth (1.84%) (below 0%: weak)
Next Y EPS Growth 6.35%
Next Y revenue growth 0.15%
Next 5Y EPS Growth 5.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 2.5×; over the ten years it ranged from 1.6× in 2020 to 4.7× in 2021.
P/E against its own 10 years 0.24%
10-year low 10-year high
P/S against its own 10 years 30.43%
10-year low 10-year high
P/B against its own 10 years 2.58%
10-year low 10-year high
EV/Sales against its own 10 years 2.33%
10-year low 10-year high
EV/FCF against its own 10 years 97.51%
10-year low 10-year high

Dividends

Payout Ratio 0.03
Annual Dividend Rate 0.78
Annual Dividend Yield 1.13%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.79
0.20
0.20
0.20
2025 0.72
0.18
0.18
0.18
0.18
2024 0.68
0.17
0.17
0.17
0.17
2023 0.64
0.16
0.16
0.16
0.16
2022 0.74
0.15
0.14
0.15
0.15
0.15
2021 Powerpack
2020 Powerpack
2019 0.27
0.06
0.07
0.07
0.07
2018 0.23
0.05
0.06
0.06
0.06
2017 0.15
0.05
0.05
0.05
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 308 321 359 329
Receivables 141 162 106 79
Inventory 21 21 20 19
Other — — — —
529 562 531 482
2023 2024 2025 Q'26
Payables 125 131 151 144
ST’ Debt 44 44 — —
Other — — — —
596 623 979 623

Compound Annual Growth %

10y 5y 3y
Sales 6.41% 13.44% 4.80%
Cash Flow 11.61% 27.57% 0.02%
Earnings 44.26% 0.00% 42.32%
Book Value 17.77% 18.33% 17.92%

Revenue $m

Mar Jun Sep Dec Year
’26 997 1,034 — — —
’25 992 1,034 1,004 1,062 4,092
’24 961 968 961 1,041 3,930
’23 964 917 903 954 3,738
’22 861 894 877 923 3,555
’21 753 894 843 880 3,370
’20 681 210 652 636 2,178
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 134 (24) — — —
’25 256 205 240 275 977
’24 251 213 231 262 957
’23 282 181 234 217 915
’22 234 223 272 248 976
’21 217 283 278 233 1,010
’20 24 (76) 177 165 289
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (21) (165) — — —
’25 45 122 94 127 303
’24 161 99 146 151 557
’23 186 106 126 122 541
’22 207 172 197 131 707
’21 181 222 236 172 811
’20 (24) (104) 148 95 114
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.37 1.75 — — —
’25 1.31 1.84 17.81 1.79 22.56
’24 1.40 1.47 1.43 1.92 6.19
’23 1.93 1.89 1.34 0.94 6.12
’22 1.45 1.33 1.46 1.63 5.86
’21 0.90 1.00 1.21 0.96 4.07
’20 (1.30) (0.96) 0.33 0.73 (1.19)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 14.22 19.19 18.98 20.12 6.44 41.12 46.10 52.42 49.34 58.94

Analyst estimates 2026–2028

Powerpack
High 21.58 35.96 40.44 31.80 43.81 71.00 72.72 73.00 76.73 88.49
People
People Employees 19,932 19,707 23,477 1,858 14,284 15,114 15,771 16,129 16,129 16,009
Revenue/emp, $m 0.11 0.12 0.11 1.79 0.15 0.22 0.23 0.23 0.24 0.26
Income, $m
Income, $m Revenue 2,199 2,401 2,627 3,326 2,178 3,370 3,555 3,738 3,930 4,092
Gross margin, % 46.03 47.35 47.79 47.80 52.39 57.49 55.98 53.99 52.16 49.54
EBT 8 171 155 202 (171) 604 829 753 752 2,330
EBT margin, % 0.35 7.13 5.90 6.08 (7.85) 17.92 23.31 20.14 19.13 56.93
Net income 420 189 115 158 (135) 464 639 620 578 1,839
Depreciation 211 227 239 286 349 279 267 265 284 310
Per share, $
Per share, $ Revenue 19.21 20.88 22.96 29.31 19.19 29.59 32.65 36.90 42.12 50.08
Earnings 3.65 1.65 1.01 1.39 (1.19) 4.07 5.87 6.12 6.19 22.56
Cash flow 2.62 3.68 3.80 4.84 2.55 8.87 8.96 9.03 10.26 11.95
Capex (1.40) (1.67) (1.41) (1.83) (1.54) (1.75) (2.47) (3.69) (4.29) (8.24)
Free cash flow 1.22 2.01 2.39 3.01 1.00 7.12 6.49 5.34 5.97 3.71
Book value 8.16 9.54 10.02 11.15 9.90 13.51 14.61 17.21 16.95 31.92
Shares, m 115 115 114 113 114 114 109 101 93 82
Valuation, ×
Valuation, × P/E 5.59 20.90 20.57 21.54 0.00 16.11 9.25 10.46 11.66 3.75
P/S 1.06 1.65 0.91 1.02 2.24 2.22 1.67 1.73 1.72 1.70
P/B 2.50 3.61 2.07 2.69 4.33 4.85 3.72 3.71 4.28 2.67
EV/Sales 2.44 2.84 2.32 2.07 3.78 3.01 2.44 2.43 2.45 2.12
EV/FCF 38.26 29.50 22.28 20.19 72.23 12.50 12.27 16.79 17.29 22.38
Cash, $m
Cash, $m Operating cash flow 300 423 435 549 289 1,010 976 915 957 977
Capex (160) (192) (162) (208) (175) (199) (269) (374) (400) (673)
Free cash flow 140 231 273 341 114 811 707 541 557 303
Balance, $m
Balance, $m Working capital (58) (57) (70) (157) 126 (49) (108) (67) (61) (448)
Total debt 3,229 3,076 3,979 3,766 3,897 3,032 3,049 2,915 3,177 2,046
Net debt 3,019 2,849 3,706 3,495 3,362 2,674 2,754 2,608 2,855 1,687
Shareholders’ equity 934 1,097 1,146 1,265 1,124 1,539 1,591 1,744 1,582 2,608
Returns, %
Returns, % ROA 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
ROE 58.28 18.65 10.26 13.08 (11.28) 34.84 40.86 37.19 34.76 88.00
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Boyd Gaming Corporation vs peers in Resorts & Casinos (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WYNN Wynn Resorts, Limited $7.8B 17.2× 22.7× +6.86% (above 0%: growing) +114.06% (above 0%: growing) +41.56% (above 0%: growing) 40.87% 16.03% Compare
MGM MGM Resorts International $7.6B 17.4× 22.8× +1.05% (above 0%: growing) +522.22% (above 0%: growing) +118.40% (above 0%: growing) 44.47% 11.32% Compare
CZR Caesars Entertainment, Inc. $6.0B — (loss-making) — (loss-making) +2.96% (above 0%: growing) n/m +29.79% (above 0%: growing) 53.26% 17.14% Compare
RRR Red Rock Resorts, Inc. $5.3B 17.1× 34.7× −3.04% (below 0%: shrinking) −29.17% (below 0%: shrinking) −76.90% (below 0%: shrinking) 61.83% 26.65% Compare
MTN Vail Resorts, Inc. $5.2B 37.7× 19.3× +2.50% (above 0%: growing) n/m +29.42% (above 0%: growing) (8.85%) (75.09%) Compare
BYD Boyd Gaming Corporation $5.1B 3.0× 13.2× +0.04% (above 0%: growing) −4.89% (below 0%: shrinking) −235.57% (below 0%: shrinking) 50.29% 19.40%
VAC Marriott Vacations Worldwide Corporation $3.6B — (loss-making) 14.5× +5.94% (above 0%: growing) +11.62% (above 0%: growing) +123.53% (above 0%: growing) 90.83% 12.20% Compare
HGV Hilton Grand Vacations Inc. $2.7B 19.4× 9.8× +7.27% (above 0%: growing) −42.31% (below 0%: shrinking) +318.52% (above 0%: growing) 36.75% 6.70% Compare
PENN PENN Entertainment, Inc. $2.1B — (loss-making) 17.8× +5.24% (above 0%: growing) n/m +9,546.15% (above 0%: growing) 37.18% 7.09% Compare
Median of peers $5.3B 17.4× 19.3× +4.10% +11.62% +79.98% 42.67% 11.76%

All 18 Resorts & Casinos stocks →

Boyd Gaming Corporation (BYD) key facts

  • Strength: Boyd Gaming Corporation’s revenue for fiscal 2025 (year ended December 2025) was $4.1 billion, up 4.12% from fiscal 2024.
  • Boyd Gaming Corporation (BYD) is a Resorts & Casinos company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, BYD traded at $68.93, a market capitalization of $5.1 billion.
  • Boyd Gaming Corporation pays an annual dividend of $0.78 per share, a yield of 1.13%, with a payout ratio of 3.43%.
  • Return on equity was 88.0% and debt-to-equity 1.05.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.53 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Boyd Gaming Corporation (BYD) Latest News

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stockrow.com/BYD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com