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 $24.8B against $5.2B — 4.8× the size. Boyd Gaming Corporation trades at the lower P/E: 3.1× against 14.7×. Las Vegas Sands Corp. grew revenue faster over the last twelve months: 18.1% against 1.75%. Boyd Gaming Corporation has the higher net margin (44.3% vs 12.6%) and the lower return on invested capital (8.77% vs 14.4%). Both pay a dividend; Las Vegas Sands Corp. yields more (3.03% vs 1.12%). Across the 22 metrics below, Boyd Gaming Corporation leads on 12 and Las Vegas Sands Corp. on 10.

Valuation

Metric BYD LVS Resorts & Casinos median
P/E 3.07 14.73 17.15
P/S 1.27 1.81 0.53
P/B 2.09 27.71 2.09
Price to free cash flow 148.87 9.16 9.94
EV/EBITDA 7.31 8.11 8.87
EV/Sales 1.84 2.68 1.78
Earnings yield 32.56% 6.79% 1.35%
Free cash flow yield 0.67% 10.91% 7.20%

Profitability

Metric BYD LVS Resorts & Casinos median
Gross margin 49.00% 48.52% 50.85%
Operating margin 16.37% 21.49% 10.41%
Net margin 44.34% 12.59% 1.28%
Free cash flow margin 0.86% 19.78% 4.23%
Return on equity 93.36% 108.65% 5.28%
Return on assets 27.44% 8.27% 0.57%
Return on invested capital 8.77% 14.41% 5.61%

Growth

Metric BYD LVS Resorts & Casinos median
Revenue growth (TTM) 1.75% 18.11% 2.76%
EPS growth (last fiscal year) 264.46% 19.90% 8.54%
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 1.05 17.01 1.94
Current ratio 0.77 1.00 0.91
Net debt to EBITDA 1.59 2.70 3.48

Dividend

Metric BYD LVS Resorts & Casinos median
Dividend yield 1.12% 3.03% 1.94%
Payout ratio 0.03 0.45 0.37

Size

Metric BYD LVS Resorts & Casinos median
Market cap 5.16b 24.82b 2.44b

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