Boyd Gaming Corporation (BYD) vs Caesars Entertainment, Inc. (CZR)

Boyd Gaming Corporation and Caesars Entertainment, Inc. are both Resorts & Casinos companies. Caesars Entertainment, Inc. is the larger, with a market value of $5.9B against $5.1B — 1.2× the size. Caesars Entertainment, Inc. has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 3.2×. Caesars Entertainment, Inc. grew revenue faster over the last twelve months: 2.41% against 1.75%. Boyd Gaming Corporation has the higher net margin (44.3% vs −3.99%) and the higher return on invested capital (8.77% vs 7.36%). Across the 20 metrics below, Caesars Entertainment, Inc. leads on 11 and Boyd Gaming Corporation on 9.

Valuation

Metric BYD CZR Resorts & Casinos median
P/E 3.21 n/m 17.17
P/S 1.33 0.51 0.58
P/B 2.18 1.67 2.18
Price to free cash flow 155.46 7.17 9.54
EV/EBITDA 7.53 4.98 8.81
EV/Sales 1.90 1.56 1.73
Earnings yield 31.18% (7.86%) 2.55%
Free cash flow yield 0.64% 13.95% 7.85%

Profitability

Metric BYD CZR Resorts & Casinos median
Gross margin 49.00% 53.21% 49.00%
Operating margin 16.37% 15.94% 10.92%
Net margin 44.34% (3.99%) 2.36%
Free cash flow margin 0.86% 7.25% 6.48%
Return on equity 93.36% (12.12%) 0.14%
Return on assets 27.44% (1.45%) 1.03%
Return on invested capital 8.77% 7.36% 7.36%

Growth

Metric BYD CZR Resorts & Casinos median
Revenue growth (TTM) 1.75% 2.41% 2.76%
EPS growth (last fiscal year) 264.46% (87.60%) 3.45%
Revenue growth, 5-year CAGR 13.44% 25.92% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD CZR Resorts & Casinos median
Debt to equity 1.05 3.74 2.08
Current ratio 0.77 0.85 0.91
Net debt to EBITDA 1.59 2.95 4.00

Dividend

Metric BYD CZR Resorts & Casinos median
Dividend yield 1.07% — 1.95%
Payout ratio 0.03 — 0.37

Size

Metric BYD CZR Resorts & Casinos median
Market cap 5.12b 5.94b 2.78b

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