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 $6.0B against $5.2B — 1.2× the size. Caesars Entertainment, Inc. has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 3.1×. 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 3.14 n/m 18.52
P/S 1.30 0.52 0.54
P/B 2.13 1.70 2.13
Price to free cash flow 151.99 7.31 13.62
EV/EBITDA 7.41 5.01 9.18
EV/Sales 1.87 1.57 1.80
Earnings yield 31.90% (7.70%) 1.69%
Free cash flow yield 0.66% 13.68% 6.51%

Profitability

Metric BYD CZR Resorts & Casinos median
Gross margin 49.00% 53.21% 50.85%
Operating margin 16.37% 15.94% 10.41%
Net margin 44.34% (3.99%) 1.28%
Free cash flow margin 0.86% 7.25% 4.23%
Return on equity 93.36% (12.12%) 5.28%
Return on assets 27.44% (1.45%) 0.57%
Return on invested capital 8.77% 7.36% 5.61%

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%) —
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 1.94
Current ratio 0.77 0.85 0.91
Net debt to EBITDA 1.59 2.95 3.08

Dividend

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

Size

Metric BYD CZR Resorts & Casinos median
Market cap 5.22b 6.02b 2.43b

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