Bally's Corporation (BALY) vs Boyd Gaming Corporation (BYD)

Bally's Corporation and Boyd Gaming Corporation are both Resorts & Casinos companies. Boyd Gaming Corporation is the larger, with a market value of $5.2B against $709.1M — 7.4× the size. Bally's Corporation has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 3.1×. Bally's Corporation grew revenue faster over the last twelve months: 20.4% against 1.75%. Boyd Gaming Corporation has the higher net margin (44.3% vs −25.8%) and the higher return on invested capital (8.77% vs −2.18%). Across the 19 metrics below, Boyd Gaming Corporation leads on 12 and Bally's Corporation on 7.

Valuation

Metric BALY BYD Resorts & Casinos median
P/E n/m 3.14 18.52
P/S 0.29 1.30 0.54
P/B 0.39 2.13 2.13
Price to free cash flow n/m 151.99 13.62
EV/EBITDA 14.84 7.41 9.18
EV/Sales 1.65 1.87 1.80
Earnings yield (91.74%) 31.90% 1.69%
Free cash flow yield (113.94%) 0.66% 6.51%

Profitability

Metric BALY BYD Resorts & Casinos median
Gross margin 52.69% 49.00% 50.85%
Operating margin (7.30%) 16.37% 10.41%
Net margin (25.83%) 44.34% 1.28%
Free cash flow margin (32.67%) 0.86% 4.23%
Return on equity (54.34%) 93.36% 5.28%
Return on assets (8.22%) 27.44% 0.57%
Return on invested capital (2.18%) 8.77% 5.61%

Growth

Metric BALY BYD Resorts & Casinos median
Revenue growth (TTM) 20.38% 1.75% 2.76%
EPS growth (last fiscal year) (1.05%) 264.46% —
Revenue growth, 5-year CAGR 48.11% 13.44% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BALY BYD Resorts & Casinos median
Debt to equity 2.08 1.05 1.94
Current ratio 0.91 0.77 0.91
Net debt to EBITDA 19.48 1.59 3.08

Dividend

Metric BALY BYD Resorts & Casinos median
Dividend yield — 0.97% 1.27%
Payout ratio — 0.09 0.00

Size

Metric BALY BYD Resorts & Casinos median
Market cap 709.10m 5.22b 2.43b

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