Boyd Gaming Corporation (BYD) vs Las Vegas Sands Corp. (LVS)

Boyd Gaming Corporation and Las Vegas Sands Corp. are both Resorts & Casinos companies. Las Vegas Sands Corp. is the larger, with a market value of $25.7B against $5.5B — 4.7× the size. Boyd Gaming Corporation trades at the lower P/E: 11.7× against 16.7×. Las Vegas Sands Corp. grew revenue faster over the last twelve months: 10.9% against 0.33%. Boyd Gaming Corporation has the higher net margin (12.3% vs 11.9%) and the lower return on invested capital (9.42% vs 14.3%). Both pay a dividend; Las Vegas Sands Corp. yields more (2.93% vs 1.01%). Across the 21 metrics below, Las Vegas Sands Corp. leads on 12 and Boyd Gaming Corporation on 9.

Valuation

Metric BYD LVS Resorts & Casinos median
P/E 11.67 16.70 16.84
P/S 1.38 1.92 0.57
P/B 2.31 n/m 2.02
Price to free cash flow 137.27 10.86 10.86
EV/EBITDA 7.28 8.80 8.92
EV/Sales 1.96 2.85 1.79
Earnings yield 8.57% 5.99% 2.61%
Free cash flow yield 0.73% 9.21% 7.35%

Profitability

Metric BYD LVS Resorts & Casinos median
Gross margin 49.13% 47.52% 47.52%
Operating margin 17.77% 20.93% 12.21%
Net margin 12.29% 11.85% 3.87%
Free cash flow margin 1.01% 17.69% 5.15%
Return on equity 19.64% 184.02% 19.64%
Return on assets 7.62% 7.88% 1.70%
Return on invested capital 9.42% 14.27% 6.38%

Growth

Metric BYD LVS Resorts & Casinos median
Revenue growth (TTM) 0.33% 10.93% 3.08%
EPS growth (last fiscal year) 264.46% 19.90% 3.45%
Revenue growth, 5-year CAGR 13.44% 34.66% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD LVS Resorts & Casinos median
Debt to equity 1.09 (134.30) 0.06
Current ratio 0.33 0.83 0.91
Net debt to EBITDA 1.59 2.70 4.00

Dividend

Metric BYD LVS Resorts & Casinos median
Dividend yield 1.01% 2.93% 1.98%
Payout ratio 0.12 0.49 0.49

Size

Metric BYD LVS Resorts & Casinos median
Market cap 5.45b 25.66b 3.32b

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