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Boyd Gaming Corporation (BYD) vs Melco Resorts & Entertainment Limited (MLCO)

Boyd Gaming Corporation and Melco Resorts & Entertainment Limited are both Resorts & Casinos companies. Boyd Gaming Corporation is the larger, with a market value of $5.1B against $1.6B — 3.2× the size. Boyd Gaming Corporation trades at the lower P/E: 3.0× against 7.1×. Melco Resorts & Entertainment Limited grew revenue faster over the last twelve months: 5.99% against 1.75%. Boyd Gaming Corporation has the higher net margin (44.3% vs 4.50%) and the higher return on invested capital (8.77% vs 8.05%). Across the 20 metrics below, Boyd Gaming Corporation leads on 11 and Melco Resorts & Entertainment Limited on 9.

Valuation

Metric BYD MLCO Resorts & Casinos median
P/E 3.03 7.07 17.31
P/S 1.26 0.32 0.52
P/B 2.07 n/m 2.07
Price to free cash flow 147.08 1.70 11.14
EV/EBITDA 7.24 12.42 8.85
EV/Sales 1.83 1.52 1.78
Earnings yield 32.96% 14.15% 1.39%
Free cash flow yield 0.68% 58.71% 7.16%

Profitability

Metric BYD MLCO Resorts & Casinos median
Gross margin 49.00% 36.85% 50.85%
Operating margin 16.37% 12.21% 10.41%
Net margin 44.34% 4.50% 1.28%
Free cash flow margin 0.86% 0.00% 4.23%
Return on equity 93.36% (19.59%) 5.28%
Return on assets 27.44% 3.09% 0.57%
Return on invested capital 8.77% 8.05% 5.61%

Growth

Metric BYD MLCO Resorts & Casinos median
Revenue growth (TTM) 1.75% 5.99% 2.76%
EPS growth (last fiscal year) 264.46% 360.00% 8.54%
Revenue growth, 5-year CAGR 13.44% 24.47% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD MLCO Resorts & Casinos median
Debt to equity 1.05 (5.43) 1.94
Current ratio 0.77 1.01 0.91
Net debt to EBITDA 1.59 5.04 3.48

Dividend

Metric BYD MLCO Resorts & Casinos median
Dividend yield 1.13% — 1.94%
Payout ratio 0.03 — 0.37

Size

Metric BYD MLCO Resorts & Casinos median
Market cap 5.09b 1.59b 2.40b

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