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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 $1.5B — 3.5× the size. Boyd Gaming Corporation trades at the lower P/E: 3.2× against 6.5×. 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 3.21 6.53 17.17
P/S 1.33 0.29 0.58
P/B 2.18 n/m 2.18
Price to free cash flow 155.46 1.57 9.54
EV/EBITDA 7.53 12.23 8.81
EV/Sales 1.90 1.49 1.73
Earnings yield 31.18% 15.31% 2.55%
Free cash flow yield 0.64% 63.50% 7.85%

Profitability

Metric BYD MLCO Resorts & Casinos median
Gross margin 49.00% 36.85% 49.00%
Operating margin 16.37% 12.21% 10.92%
Net margin 44.34% 4.50% 2.36%
Free cash flow margin 0.86% 0.00% 6.48%
Return on equity 93.36% (19.59%) 0.14%
Return on assets 27.44% 3.09% 1.03%
Return on invested capital 8.77% 8.05% 7.36%

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% 3.45%
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) 2.08
Current ratio 0.77 1.01 0.91
Net debt to EBITDA 1.59 5.04 4.00

Dividend

Metric BYD MLCO Resorts & Casinos median
Dividend yield 1.07% — 1.95%
Payout ratio 0.03 — 0.37

Size

Metric BYD MLCO Resorts & Casinos median
Market cap 5.12b 1.46b 2.78b

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