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 $8.5B against $5.2B — 1.6× the size. Boyd Gaming Corporation trades at the lower P/E: 3.1× against 19.4×. 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%). Both pay a dividend; Boyd Gaming Corporation yields more (0.97% vs 0.03%). Across the 22 metrics below, Boyd Gaming Corporation leads on 12 and MGM Resorts International on 10.

Valuation

Metric BYD MGM Resorts & Casinos median
P/E 3.14 19.39 18.52
P/S 1.30 0.47 0.54
P/B 2.13 2.46 2.13
Price to free cash flow 151.99 4.11 13.62
EV/EBITDA 7.41 4.95 9.18
EV/Sales 1.87 0.70 1.80
Earnings yield 31.90% 5.16% 1.69%
Free cash flow yield 0.66% 24.34% 6.51%

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%) —
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 3.08

Dividend

Metric BYD MGM Resorts & Casinos median
Dividend yield 0.97% 0.03% 1.27%
Payout ratio 0.09 0.00 0.00

Size

Metric BYD MGM Resorts & Casinos median
Market cap 5.22b 8.51b 2.43b

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