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 $3.5B — 1.5× 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 (2.28% vs 0.97%). 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 3.14 n/m 18.52
P/S 1.30 0.69 0.54
P/B 2.13 1.74 2.13
Price to free cash flow 151.99 35.08 13.62
EV/EBITDA 7.41 n/m 9.18
EV/Sales 1.87 1.65 1.80
Earnings yield 31.90% (9.39%) 1.69%
Free cash flow yield 0.66% 2.85% 6.51%

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%) —
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) 3.08

Dividend

Metric BYD VAC Resorts & Casinos median
Dividend yield 0.97% 2.28% 1.27%
Payout ratio 0.09 0.32 0.00

Size

Metric BYD VAC Resorts & Casinos median
Market cap 5.22b 3.47b 2.43b

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