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Boyd Gaming Corporation (BYD) vs MGM Resorts International (MGM)

Boyd Gaming Corporation and MGM Resorts International are both Resorts & Casinos companies. MGM Resorts International is the larger, with a market value of $7.4B against $5.2B — 1.4× the size. Boyd Gaming Corporation trades at the lower P/E: 3.1× against 17.0×. MGM Resorts International grew revenue faster over the last twelve months: 3.19% against 1.75%. Boyd Gaming Corporation has the higher net margin (44.3% vs 2.36%) and the lower return on invested capital (8.77% vs 9.23%). Across the 21 metrics below, Boyd Gaming Corporation leads on 11 and MGM Resorts International on 10.

Valuation

Metric BYD MGM Resorts & Casinos median
P/E 3.07 16.95 17.15
P/S 1.27 0.41 0.53
P/B 2.09 2.15 2.09
Price to free cash flow 148.87 3.59 9.94
EV/EBITDA 7.31 4.54 8.87
EV/Sales 1.84 0.64 1.78
Earnings yield 32.56% 5.90% 1.35%
Free cash flow yield 0.67% 27.84% 7.20%

Profitability

Metric BYD MGM Resorts & Casinos median
Gross margin 49.00% 44.16% 50.85%
Operating margin 16.37% 5.73% 10.41%
Net margin 44.34% 2.36% 1.28%
Free cash flow margin 0.86% 11.34% 4.23%
Return on equity 93.36% 11.82% 5.28%
Return on assets 27.44% 1.03% 0.57%
Return on invested capital 8.77% 9.23% 5.61%

Growth

Metric BYD MGM Resorts & Casinos median
Revenue growth (TTM) 1.75% 3.19% 2.76%
EPS growth (last fiscal year) 264.46% (68.33%) 8.54%
Revenue growth, 5-year CAGR 13.44% 27.71% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD MGM Resorts & Casinos median
Debt to equity 1.05 1.80 1.94
Current ratio 0.77 1.34 0.91
Net debt to EBITDA 1.59 1.79 3.48

Dividend

Metric BYD MGM Resorts & Casinos median
Dividend yield 1.12% — 1.94%
Payout ratio 0.03 — 0.37

Size

Metric BYD MGM Resorts & Casinos median
Market cap 5.16b 7.42b 2.44b

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