Boyd Gaming Corporation (BYD) vs Marriott Vacations Worldwide Corporation (VAC)

Boyd Gaming Corporation and Marriott Vacations Worldwide Corporation are both Resorts & Casinos companies. Boyd Gaming Corporation is the larger, with a market value of $5.5B against $3.7B — 1.5× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 11.7×. Marriott Vacations Worldwide Corporation grew revenue faster over the last twelve months: 4.59% against 0.33%. Boyd Gaming Corporation has the higher net margin (12.3% vs −4.75%) and the higher return on invested capital (9.42% vs −0.64%). Both pay a dividend; Marriott Vacations Worldwide Corporation yields more (2.99% vs 1.01%). Across the 20 metrics below, Marriott Vacations Worldwide Corporation leads on 11 and Boyd Gaming Corporation on 9.

Valuation

Metric BYD VAC Resorts & Casinos median
P/E 11.67 n/m 16.84
P/S 1.38 0.71 0.57
P/B 2.31 1.76 2.02
Price to free cash flow 137.27 22.34 10.86
EV/EBITDA 7.28 n/m 8.92
EV/Sales 1.96 1.63 1.79
Earnings yield 8.57% (6.74%) 2.61%
Free cash flow yield 0.73% 4.48% 7.35%

Profitability

Metric BYD VAC Resorts & Casinos median
Gross margin 49.13% 90.94% 47.52%
Operating margin 17.77% (1.35%) 12.21%
Net margin 12.29% (4.75%) 3.87%
Free cash flow margin 1.01% 3.17% 5.15%
Return on equity 19.64% (10.91%) 19.64%
Return on assets 7.62% (2.55%) 1.70%
Return on invested capital 9.42% (0.64%) 6.38%

Growth

Metric BYD VAC Resorts & Casinos median
Revenue growth (TTM) 0.33% 4.59% 3.08%
EPS growth (last fiscal year) 264.46% (257.58%) 3.45%
Revenue growth, 5-year CAGR 13.44% 11.76% 24.21%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BYD VAC Resorts & Casinos median
Debt to equity 1.09 2.55 0.06
Current ratio 0.33 3.78 0.91
Net debt to EBITDA 1.59 (1,236.75) 4.00

Dividend

Metric BYD VAC Resorts & Casinos median
Dividend yield 1.01% 2.99% 1.98%
Payout ratio 0.12 — 0.49

Size

Metric BYD VAC Resorts & Casinos median
Market cap 5.45b 3.69b 3.32b

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