Boyd Gaming Corporation (BYD) vs PENN Entertainment, Inc. (PENN)

Boyd Gaming Corporation and PENN Entertainment, Inc. are both Resorts & Casinos companies. Boyd Gaming Corporation is the larger, with a market value of $5.5B against $2.3B — 2.3× the size. PENN Entertainment, Inc. has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 11.7×. PENN Entertainment, Inc. grew revenue faster over the last twelve months: 6.72% against 0.33%. Boyd Gaming Corporation has the higher net margin (12.3% vs −0.12%) and the lower return on invested capital (9.42% vs 24.8%). Across the 19 metrics below, PENN Entertainment, Inc. leads on 12 and Boyd Gaming Corporation on 7.

Valuation

Metric BYD PENN Resorts & Casinos median
P/E 11.67 n/m 16.84
P/S 1.38 0.32 0.57
P/B 2.31 1.22 2.02
Price to free cash flow 137.27 9.91 10.86
EV/EBITDA 7.28 n/m 8.92
EV/Sales 1.96 1.15 1.79
Earnings yield 8.57% (0.40%) 2.61%
Free cash flow yield 0.73% 10.09% 7.35%

Profitability

Metric BYD PENN Resorts & Casinos median
Gross margin 49.13% 0.00% 47.52%
Operating margin 17.77% 4.65% 12.21%
Net margin 12.29% (0.12%) 3.87%
Free cash flow margin 1.01% 4.01% 5.15%
Return on equity 19.64% (0.47%) 19.64%
Return on assets 7.62% (0.06%) 1.70%
Return on invested capital 9.42% 24.83% 6.38%

Growth

Metric BYD PENN Resorts & Casinos median
Revenue growth (TTM) 0.33% 6.72% 3.08%
EPS growth (last fiscal year) 264.46% (184.39%) 3.45%
Revenue growth, 5-year CAGR 13.44% 14.23% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD PENN Resorts & Casinos median
Debt to equity 1.09 0.00 0.06
Current ratio 0.33 0.96 0.91
Net debt to EBITDA 1.59 (30.04) 4.00

Dividend

Metric BYD PENN Resorts & Casinos median
Dividend yield 1.01% — 1.98%
Payout ratio 0.12 — 0.49

Size

Metric BYD PENN Resorts & Casinos median
Market cap 5.45b 2.32b 3.32b

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