Boyd Gaming (BYD)
NYSE:BYD
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Boyd Gaming
(NYSE:BYD)
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Rating:72Outperform
Price Target:
$97.00
▲(10.83% Upside)
Action:ReiteratedDate:05/01/26
Overall score reflects improving financial strength and balance-sheet de-risking, supported by solid technical trend signals. The main constraint is weaker free-cash-flow conversion and earnings volatility, while reasonable valuation and a shareholder-friendly earnings-call outlook (buybacks and clear guidance) provide additional support.
Positive Factors
De-risked balance sheet
Material deleveraging meaningfully increases financial flexibility over the medium term. With historically high leverage reduced to a TTM debt-to-equity near 0.21, Boyd can better absorb cyclical gaming downturns, fund capex and buybacks, and refinance maturities with less interest-rate sensitivity.
Negative Factors
Weakened free cash flow conversion
Free cash flow has weakened materially relative to net income, reducing internally generated funding for capex and buybacks. Persistently lower cash conversion increases reliance on the balance sheet or external financing for large projects and could constrain durable capital allocation if the trend continues.
Read all positive and negative factors
Positive Factors
Negative Factors
De-risked balance sheet
Material deleveraging meaningfully increases financial flexibility over the medium term. With historically high leverage reduced to a TTM debt-to-equity near 0.21, Boyd can better absorb cyclical gaming downturns, fund capex and buybacks, and refinance maturities with less interest-rate sensitivity.
Read all positive factors
Boyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.16B
Dividend Yield0.84%
Average Volume (3M)841.75K
Price to Earnings (P/E)14.9
Beta (1Y)0.84
Revenue Growth3.45%
EPS Growth272.47%
CountryUS
Employees16,129
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)22.81
Shares Outstanding74,330,154
10 Day Avg. Volume733,411
30 Day Avg. Volume841,751
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.67
Price to Sales (P/S)1.70
P/FCF Ratio17.93
Enterprise Value/Market Cap1.44
Enterprise Value/Revenue2.17
Enterprise Value/Gross Profit5.49
Enterprise Value/Ebitda3.19
Forecast
1Y Price Target
$94.23Price Target Upside7.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)7.17
Revenue Forecast (FY)$4.12B
Boyd Gaming Business Overview & Revenue Model
Company Description
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operate...
How the Company Makes Money
Boyd Gaming primarily generates revenue by operating casino resorts and gaming-centric entertainment properties. The company’s core revenue streams include: (1) Casino gaming revenue from slot machines, table games, and other gaming activity at it...
Boyd Gaming Key Performance Indicators (KPIs)
Boyd Gaming Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call highlighted solid company-wide results driven by a diversified portfolio, strong property-level margins (>39%), and notable segment-level growth (Midwest & South revenues +4%, EBITDAR +5%). Management reinforced growth initiatives (major Virginia resort, Paradise modernization, Cadence Crossing) and a shareholder-friendly capital return program (nearly $170M returned in Q1 and ongoing $150M quarterly buybacks). Headwinds are concentrated and identifiable—primarily softness in Las Vegas destination demand (impacting ~ $5M–$6M of EBITDAR per quarter), temporary Suncoast construction disruption (material in Q2–Q3), and a near-term ~$290M tax-credit cash payment—each described as temporary or manageable within a strong balance sheet and robust cash generation. Overall, the positives across diversified operating performance, margin strength, growth pipeline, and heavy shareholder returns outweigh the near-term, localized challenges.Positive Updates
Company Revenue and EBITDAR
Company-wide revenues approached $1.0 billion in Q1 2026 with EBITDAR of $317 million, demonstrating strong top-line scale and operating profitability.
Negative Updates
Softness in Destination Business (Las Vegas)
Continued softness in destination travel materially impacted Las Vegas results, concentrated at the Orleans (largest impact for Locals due to ~1,900 hotel rooms). Management estimates destination weakness has reduced EBITDAR by roughly $5 million to $6 million per quarter and expects the impact to persist into Q2 with gradual improvement through late-year and into next year.
Read all updates
Q1-2026 Updates
Positive
Negative
Company Revenue and EBITDAR
Company-wide revenues approached $1.0 billion in Q1 2026 with EBITDAR of $317 million, demonstrating strong top-line scale and operating profitability.
Read all positive updates
Company Guidance
Boyd provided detailed financial and capital-allocation guidance: Boyd Interactive reiterated EBITDAR of $30–$35 million for 2026 and Managed & Other EBITDAR is expected to be $110–$114 million; full-year capital expenditures are guided to $650–$700 million (Q1 capex was $155 million) including roughly $250 million of recurring maintenance, $75 million of incremental Orleans hotel capital, $50 million of growth capital (Cadence/Paradise), and $300 million for the Virginia resort; they plan share repurchases of $150 million per quarter (Q1 repurchases were $155 million for 1.8 million shares at an average $83.94), implying >$650 million of buybacks per year and roughly $9 of shareholder value per share in 2026, with ~74.8 million shares outstanding at quarter end and approximately $700 million remaining under repurchase authorization (including a $500 million board authorization); balance-sheet metrics finished Q1 at 1.8x traditional leverage and 2.4x lease‑adjusted leverage, the next maturity is Dec. 2027 (to be refinanced), they expect to pay the remaining ~$290 million of FanDuel-related tax credits in Q2, and they estimate a ~$45–$50 million tax benefit for 2026 from accelerated depreciation.Boyd Gaming Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.10B | 4.09B | 3.93B | 3.74B | 3.56B | 3.37B |
| Gross Profit | 1.62B | 1.72B | 2.05B | 2.02B | 1.99B | 1.94B |
| EBITDA | 2.78B | 2.79B | 1.21B | 1.18B | 1.24B | 1.07B |
| Net Income | 1.84B | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M |
Balance Sheet | ||||||
| Total Assets | 6.61B | 6.85B | 6.39B | 6.27B | 6.31B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 372.72M | 353.41M | 316.69M | 304.27M | 283.47M | 344.56M |
| Total Debt | 2.92B | 3.27B | 3.93B | 3.73B | 3.90B | 3.93B |
| Total Liabilities | 4.08B | 4.25B | 4.81B | 4.53B | 4.72B | 4.69B |
| Stockholders Equity | 2.53B | 2.61B | 1.58B | 1.74B | 1.59B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 281.12M | 388.46M | 556.67M | 540.57M | 706.96M | 810.96M |
| Operating Cash Flow | 854.62M | 976.68M | 957.08M | 914.52M | 976.11M | 1.01B |
| Investing Cash Flow | 1.14B | 1.04B | -433.91M | -264.33M | -422.31M | -129.58M |
| Financing Cash Flow | -1.93B | -1.98B | -509.50M | -637.25M | -615.85M | -1.06B |
Boyd Gaming Technical Analysis
Positive
87.52
Price Trends
83.35
Positive
83.91
Positive
83.26
Positive
Market Momentum
1.11
Negative
59.23
Neutral
66.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYD, the sentiment is Positive. The current price of 87.52 is above the 20-day moving average (MA) of 84.29, above the 50-day MA of 83.35, and above the 200-day MA of 83.26, indicating a bullish trend. The MACD of 1.11 indicates Negative momentum. The RSI at 59.23 is Neutral, neither overbought nor oversold. The STOCH value of 66.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BYD.
Boyd Gaming Risk Analysis
Boyd Gaming disclosed 18 risk factors in its most recent earnings report. Boyd Gaming reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Boyd Gaming Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.16B | 14.94 | 91.63% | 0.84% | 3.45% | 272.47% | |
66 Neutral | $6.39B | 19.41 | 36.88% | 0.38% | 5.75% | -4.30% | |
63 Neutral | $5.43B | 18.10 | 85.64% | 3.22% | 3.75% | 20.20% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $5.58B | -13.75 | -13.13% | ― | 2.35% | -116.00% | |
56 Neutral | $9.78B | 18.95 | 6.96% | ― | 3.39% | -67.21% | |
54 Neutral | $10.76B | 30.96 | -90.44% | 0.80% | 0.14% | -30.95% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
82.89
14.44
21.10%
CHDN
Churchill Downs
91.70
-0.14
-0.16%
MGM
MGM Resorts
38.24
6.82
21.71%
WYNN
Wynn Resorts
103.44
20.68
24.98%
CZR
Caesars Entertainment
27.41
0.56
2.09%
RRR
Red Rock Resorts
51.68
10.65
25.94%
Boyd Gaming Corporate Events
Executive/Board Changes
Boyd Gaming Announces Retirement of Chief Administrative Officer
Neutral
Feb 24, 2026
On February 19, 2026, Boyd Gaming Corporation disclosed that Chief Administrative Officer Stephen Thompson will retire from the company, effective March 31, 2026. Thompson, who has held the CAO role since December 2023, is stepping down for person...
Dividends
Boyd Gaming Declares Quarterly Cash Dividend to Shareholders
Positive
Feb 19, 2026
On February 19, 2026, Boyd Gaming Corporation’s Board of Directors declared a cash dividend of $0.20 per share. The dividend will be paid on April 15, 2026, to shareholders of record as of March 16, 2026, underscoring the company’s ong...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.