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 $5.2B against $3.9B — 1.3× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Boyd Gaming Corporation trades at 3.1×. Boyd Gaming Corporation grew revenue faster over the last twelve months: 1.75% against 1.67%. Boyd Gaming Corporation has the higher net margin (44.3% vs −6.47%) and the higher return on invested capital (8.77% vs −1.51%). Both pay a dividend; Marriott Vacations Worldwide Corporation yields more (2.88% vs 1.12%). Across the 20 metrics below, Boyd Gaming Corporation leads on 10 and Marriott Vacations Worldwide Corporation on 10.

Valuation

Metric BYD VAC Resorts & Casinos median
P/E 3.07 n/m 17.15
P/S 1.27 0.75 0.53
P/B 2.09 1.88 2.09
Price to free cash flow 148.87 37.91 9.94
EV/EBITDA 7.31 n/m 8.87
EV/Sales 1.84 1.71 1.78
Earnings yield 32.56% (8.68%) 1.35%
Free cash flow yield 0.67% 2.64% 7.20%

Profitability

Metric BYD VAC Resorts & Casinos median
Gross margin 49.00% 90.72% 50.85%
Operating margin 16.37% (3.27%) 10.41%
Net margin 44.34% (6.47%) 1.28%
Free cash flow margin 0.86% 1.98% 4.23%
Return on equity 93.36% (14.71%) 5.28%
Return on assets 27.44% (3.45%) 0.57%
Return on invested capital 8.77% (1.51%) 5.61%

Growth

Metric BYD VAC Resorts & Casinos median
Revenue growth (TTM) 1.75% 1.67% 2.76%
EPS growth (last fiscal year) 264.46% (257.58%) 8.54%
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 1.05 2.65 1.94
Current ratio 0.77 3.56 0.91
Net debt to EBITDA 1.59 (1,236.75) 3.48

Dividend

Metric BYD VAC Resorts & Casinos median
Dividend yield 1.12% 2.88% 1.94%
Payout ratio 0.03 — 0.37

Size

Metric BYD VAC Resorts & Casinos median
Market cap 5.16b 3.86b 2.44b

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