Boyd Gaming (BYD)
NYSE:BYD
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Boyd Gaming
(NYSE:BYD)
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Rating:77Outperform
Price Target:
$97.00
▲(14.29% Upside)
Action:ReiteratedDate:02/21/26
The score is driven primarily by strong financial performance trends (notably resilient operating cash flow and balance-sheet improvements) and very attractive valuation (low P/E). These positives are tempered by questions around 2025 earnings quality and cash conversion, plus mixed technical momentum and earnings-call risks tied to lower 2026 online profitability, heavy capex, and rising leverage.
Positive Factors
Consistent Operating Cash Flow
Consistent OCF near $0.9–$1.0B provides durable internal financing to fund maintenance capex, growth projects, dividends and buybacks. That recurring cash generation reduces reliance on external funding and supports operational resilience across cycles.
Negative Factors
Unusually High 2025 Margins / Earnings Quality
The sharp 2025 margin jump likely reflects one-time benefits or accounting effects; if margins revert toward historical norms, earnings and cash available for returns could compress materially, creating execution risk for planned repurchases and capex funded by 2025-level profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Operating Cash Flow
Consistent OCF near $0.9–$1.0B provides durable internal financing to fund maintenance capex, growth projects, dividends and buybacks. That recurring cash generation reduces reliance on external funding and supports operational resilience across cycles.
Read all positive factors
Boyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.41B
Dividend Yield0.84%
Average Volume (3M)974.13K
Price to Earnings (P/E)3.8
Beta (1Y)0.78
Revenue Growth5.91%
EPS Growth336.91%
CountryUS
Employees16,129
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)2.21
Shares Outstanding75,492,200
10 Day Avg. Volume1,115,478
30 Day Avg. Volume974,126
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 Cap1.45
Enterprise Value/Revenue2.28
Enterprise Value/Gross Profit5.40
Enterprise Value/Ebitda3.34
Forecast
1Y Price Target
$93.22Price Target Upside9.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)7.49
Revenue Forecast (FY)$4.15B
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 generates revenue primarily through its gaming operations, which include slot machines, table games, and sports betting across its casinos. The company's revenue model is heavily reliant on the volume of gaming activity, with a signifi...
Boyd Gaming Key Performance Indicators (KPIs)
Boyd Gaming Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating performance, record revenues, solid margins (40% property-level; >50% on Las Vegas locals excluding Orleans), substantial shareholder returns ( $836M in 2025 and an 11% reduction in share count), and meaningful monetization of FanDuel proceeds (~ $1.8B) that materially strengthened the balance sheet. Management outlined a robust capital program with several growth projects (Cadence Crossing, Suncoast, Norfolk resort, Ameristar expansion) and reiterated confidence in core customer strength. Offsetting items include destination demand softness (notably at the Orleans and Downtown/LV destination traffic), weather-related and asset-closure impacts (~$4–$5M), changes to the online revenue profile translating into a sizeable reduction in online EBITDAR guidance for 2026, and an expected rise in leverage after a near-term tax payment and continued capex/repurchases. Overall, positive operational momentum, strong cash returns, and a fortified balance sheet outweigh the transitory and identifiable headwinds.Positive Updates
Record Company-Wide Revenues and Stable EBITDAR
Recorded company-wide revenues (record level) for FY2025 and delivered EBITDAR of approximately $1.4 billion for the year, consistent with the prior year and the last five years; property-level margins remained at 40%.
Negative Updates
Destination Demand Weakness (Orleans & Strip Exposure)
Softness in destination business led to a nearly $6 million decline in cash hotel revenues in Q4 (majority at the Orleans); Downtown Las Vegas saw ~10% decline in pedestrian traffic on the Fremont Street Experience, pressuring cash hotel revenues and destination-dependent spend.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Company-Wide Revenues and Stable EBITDAR
Recorded company-wide revenues (record level) for FY2025 and delivered EBITDAR of approximately $1.4 billion for the year, consistent with the prior year and the last five years; property-level margins remained at 40%.
Read all positive updates
Company Guidance
Boyd's 2026 guidance highlights segment and balance-sheet targets: online EBITDAR of $30–$35 million and managed & other EBITDAR of $110–$114 million; total 2026 capex of roughly $650–$700 million (including ~$250M recurring maintenance, ~$75M growth for Cadence/Paradise, $250–$300M for the Virginia resort, and ~$75M for hotel renovations); a share-repurchase cadence of about $150M per quarter plus a regular quarterly dividend (>$650M/year, >$8.5/share); a Q1 cash tax credit payment of ~ $340M tied to the FanDuel transaction; and an expected rise in leverage from year-end 2025 total leverage of 1.7x (lease-adjusted 2.2x) to roughly ~2.5x traditional leverage (lease-adjusted just under 3x) after the tax payment and planned investments—with near-term operational milestones including Cadence Crossing opening late March, Suncoast completion in Q3, Ameristar St. Charles benefiting from a full year of expanded meeting space, and Sky River’s floor expansion (adding ~400 slots and a 1,600-space garage) coming online in late February.Boyd Gaming Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.09B | 3.93B | 3.74B | 3.56B | 3.37B |
| Gross Profit | 1.72B | 2.05B | 2.02B | 1.99B | 1.94B |
| EBITDA | 2.79B | 1.21B | 1.18B | 1.24B | 1.07B |
| Net Income | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M |
Balance Sheet | |||||
| Total Assets | 6.85B | 6.39B | 6.27B | 6.31B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 353.41M | 316.69M | 304.27M | 283.47M | 344.56M |
| Total Debt | 3.27B | 3.93B | 3.73B | 3.90B | 3.93B |
| Total Liabilities | 4.25B | 4.81B | 4.53B | 4.72B | 4.69B |
| Stockholders Equity | 2.61B | 1.58B | 1.74B | 1.59B | 1.54B |
Cash Flow | |||||
| Free Cash Flow | 388.46M | 556.67M | 540.57M | 706.96M | 810.96M |
| Operating Cash Flow | 976.68M | 957.08M | 914.52M | 976.11M | 1.01B |
| Investing Cash Flow | 1.04B | -433.91M | -264.33M | -422.31M | -129.58M |
| Financing Cash Flow | -1.98B | -509.50M | -637.25M | -615.85M | -1.06B |
Boyd Gaming Technical Analysis
Positive
84.87
Price Trends
83.49
Positive
83.06
Positive
82.57
Positive
Market Momentum
-0.05
Negative
56.89
Neutral
75.29
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 84.87 is above the 20-day moving average (MA) of 82.11, above the 50-day MA of 83.49, and above the 200-day MA of 82.57, indicating a bullish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 56.89 is Neutral, neither overbought nor oversold. The STOCH value of 75.29 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.41B | 3.78 | 91.87% | 0.84% | 5.91% | 336.91% | |
70 Outperform | $6.17B | 19.42 | 85.64% | 3.22% | 4.69% | 15.18% | |
62 Neutral | $9.59B | 46.86 | 7.55% | ― | 0.05% | -94.07% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $6.08B | 21.23 | 36.68% | 0.38% | 7.97% | -0.14% | |
57 Neutral | $5.46B | -9.69 | -13.18% | ― | 0.87% | 31.28% | |
54 Neutral | $10.63B | 38.12 | -90.44% | 0.80% | -0.26% | -44.45% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
84.87
17.74
26.42%
CHDN
Churchill Downs
87.20
-24.77
-22.12%
MGM
MGM Resorts
37.49
5.88
18.60%
WYNN
Wynn Resorts
101.89
16.52
19.35%
CZR
Caesars Entertainment
26.82
-0.19
-0.70%
RRR
Red Rock Resorts
58.75
16.67
39.63%
Boyd Gaming Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
Boyd Gaming Expands Liquidity With New Credit Facilities
Positive
Jan 21, 2026
On January 21, 2026, Boyd Gaming Corporation entered into an amended and restated credit agreement that replaces its March 2, 2022 facility and establishes a $1.45 billion senior secured revolving credit facility and a $1.2 billion senior secured ...
Business Operations and StrategyRegulatory Filings and Compliance
Boyd Gaming to Acquire Significant Renewable Energy Tax Credits
Positive
Dec 29, 2025
In December 2025, Boyd Gaming Corporation entered into agreements to purchase up to approximately $465 million of renewable energy investment tax credits generated by developers of various renewable energy and storage projects, aiming to reduce th...
Dividends
Boyd Gaming Announces Cash Dividend of $0.18
Neutral
Dec 4, 2025
On December 4, 2025, Boyd Gaming Corporation announced a cash dividend of $0.18 per share. This dividend is scheduled to be paid on January 15, 2026, to shareholders recorded by December 15, 2025.The most recent analyst rating on (BYD) stock is a ...
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.