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 $5.5B against $636.9M — 8.6× the size. Bally's Corporation has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 11.7×. Bally's Corporation grew revenue faster over the last twelve months: 20.4% against 0.33%. Boyd Gaming Corporation has the higher net margin (12.3% vs −25.8%) and the higher return on invested capital (9.42% 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 11.67 16.84
P/S 0.26 1.38 0.57
P/B 0.35 2.31 2.02
Price to free cash flow n/m 137.27 10.86
EV/EBITDA 14.56 7.28 8.92
EV/Sales 1.61 1.96 1.79
Earnings yield (102.67%) 8.57% 2.61%
Free cash flow yield (127.51%) 0.73% 7.35%

Profitability

Metric BALY BYD Resorts & Casinos median
Gross margin 52.69% 49.13% 47.52%
Operating margin (7.30%) 17.77% 12.21%
Net margin (25.83%) 12.29% 3.87%
Free cash flow margin (32.67%) 1.01% 5.15%
Return on equity (54.34%) 19.64% 19.64%
Return on assets (8.22%) 7.62% 1.70%
Return on invested capital (2.18%) 9.42% 6.38%

Growth

Metric BALY BYD Resorts & Casinos median
Revenue growth (TTM) 20.38% 0.33% 3.08%
EPS growth (last fiscal year) (0.60%) 264.46% 3.45%
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 1.09 0.06
Current ratio 0.91 0.33 0.91
Net debt to EBITDA 19.48 1.59 4.00

Dividend

Metric BALY BYD Resorts & Casinos median
Dividend yield — 1.01% 1.98%
Payout ratio — 0.12 0.49

Size

Metric BALY BYD Resorts & Casinos median
Market cap 636.93m 5.45b 3.32b

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