Boyd Gaming (BYD) AI Stock Analysis

• Market Cap: $6.32B
• Dividend Yield: 0.87%
• Average Volume (3M): 869.43K
• Price to Earnings (P/E): 3.5
• Beta (1Y): 0.79
• Revenue Growth: 5.91%
• EPS Growth: 336.91%
• Country: US
• Employees: 16,129
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 1.72
• Shares Outstanding: 78,122,444
• 10 Day Avg. Volume: 669,280
• 30 Day Avg. Volume: 869,427
• PEG Ratio: 10.24
• Price to Book (P/B): 4.28
• Price to Sales (P/S): 1.72
• P/FCF Ratio: 12.16
• Enterprise Value/Market Cap: 1.46
• Enterprise Value/Revenue: 2.29
• Enterprise Value/Gross Profit: 4.44
• Enterprise Value/Ebitda: 7.62
• 1Y Price Target: $90.11
• Price Target Upside: 11.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 7.02
• Revenue Forecast (FY): $3.99B

• Rating: 71 Outperform
• Price Target: $87.00 ▲(7.57% Upside)

Boyd Gaming's overall stock score reflects strong financial performance and attractive valuation, offset by bearish technical indicators. The positive earnings call further supports the company's strategic direction, despite challenges in specific segments. Investors should consider the high leverage and recent cash flow trends when evaluating the stock.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, enhancing long-term financial stability.

Strong Shareholder Returns

Robust shareholder returns reflect strong cash flow management and commitment to enhancing shareholder value, supporting investor confidence.

Capital Investments

Strategic capital investments in property expansions are likely to drive future revenue growth and strengthen competitive positioning.

Negative Factors

High Leverage

High leverage can increase financial risk and limit flexibility, potentially impacting the company's ability to invest in growth opportunities.

Decline in Free Cash Flow

A decline in free cash flow may constrain the company's ability to fund new projects or return capital to shareholders, affecting growth prospects.

Challenges in Destination Business

Weakness in the destination business could hinder revenue growth and profitability, especially in competitive markets like Las Vegas.

Boyd Gaming Business Overview & Revenue Model

Company Description

Boyd Gaming Corporation is a leading gaming and hospitality company based in the United States, operating a diverse portfolio of casinos and entertainment facilities. Founded in 1975, Boyd Gaming primarily caters to the regional gaming market, with a focus on providing high-quality gaming experiences, hotel accommodations, and dining options. The company's properties include both large-scale resorts and smaller, community-focused casinos, which offer a variety of gaming options, including slot machines, table games, and sports betting.

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 significant portion of earnings derived from players' losses. In addition to gaming revenue, Boyd Gaming also earns income from hotel room bookings, food and beverage sales, and other entertainment offerings at its properties. The company has established partnerships with various online gaming platforms, expanding its reach in the digital gaming space, which contributes to its revenue growth. Strategic acquisitions and investments in new properties also play a crucial role in enhancing its earnings potential.

Boyd Gaming Financial Statement Overview

Summary

Boyd Gaming demonstrates solid financial performance with consistent revenue growth and strong profitability metrics. However, the high leverage and recent decline in free cash flow growth present potential risks. Overall, the company is in a stable financial position but should monitor its debt levels and cash flow trends closely.

Income Statement

Boyd Gaming has shown consistent revenue growth over the years, with a TTM revenue growth rate of 1.68%. The company maintains healthy margins, with a gross profit margin of 51.6% and a net profit margin of 13.99% in the TTM. However, there has been a slight decline in margins compared to previous years, indicating potential pressure on profitability.

Balance Sheet

The company has a high debt-to-equity ratio of 3.06 in the TTM, indicating significant leverage. While the return on equity is strong at 37.82%, the high leverage poses a risk. The equity ratio is relatively stable, suggesting a balanced asset structure.

Cash Flow

Operating cash flow remains robust, with a coverage ratio of 1.52 in the TTM. However, free cash flow has declined by 3.76% in the TTM, which could impact future investments. The free cash flow to net income ratio is moderate at 0.49, indicating reasonable cash generation relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.03B	3.93B	3.74B	3.56B	3.37B	2.18B
Gross Profit	2.08B	2.05B	2.02B	1.99B	1.94B	1.14B
EBITDA	1.21B	1.21B	1.18B	1.24B	1.07B	340.50M
Net Income	563.44M	577.95M	620.02M	639.38M	463.85M	-134.70M
Balance Sheet
Total Assets	6.56B	6.39B	6.27B	6.31B	6.22B	6.56B
Cash, Cash Equivalents and Short-Term Investments	320.11M	316.69M	304.27M	283.47M	344.56M	519.18M
Total Debt	4.26B	3.93B	3.73B	3.90B	3.93B	4.84B
Total Liabilities	5.16B	4.81B	4.53B	4.72B	4.69B	5.44B
Stockholders Equity	1.39B	1.58B	1.74B	1.59B	1.54B	1.12B
Cash Flow
Free Cash Flow	463.98M	556.67M	540.57M	706.96M	810.96M	114.00M
Operating Cash Flow	954.67M	957.08M	914.52M	976.11M	1.01B	289.03M
Investing Cash Flow	-604.27M	-433.91M	-264.33M	-422.31M	-129.58M	-171.18M
Financing Cash Flow	-308.76M	-509.50M	-637.25M	-615.85M	-1.06B	146.70M

Boyd Gaming Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 80.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYD, the sentiment is Negative. The current price of 80.88 is below the 20-day moving average (MA) of 80.99, below the 50-day MA of 81.87, and above the 200-day MA of 77.49, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 48.50 is Neutral, neither overbought nor oversold. The STOCH value of 48.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BYD.

Boyd Gaming Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHDN	73 Outperform	$7.84B	20.50	37.56%	0.39%	7.97%	-0.14%
RRR	72 Outperform	$5.95B	19.92	96.16%	3.56%	4.69%	15.18%
BYD	71 Outperform	$6.32B	3.54	87.17%	0.87%	5.91%	336.91%
WYNN	67 Neutral	$13.05B	27.68	―	0.80%	-0.26%	-44.45%
MGM	63 Neutral	$9.87B	226.43	2.25%	―	0.05%	-94.07%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CZR	51 Neutral	$4.74B	―	-6.06%	―	0.87%	31.28%

Boyd Gaming Corporate Events

Boyd Gaming Announces Cash Dividend of $0.18

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.

Boyd Gaming Reports Cybersecurity Incident

Boyd Gaming Corporation recently experienced a cybersecurity incident where an unauthorized third party accessed its internal IT system. The incident did not affect the company’s properties or business operations, and Boyd Gaming has taken steps to address the breach with the help of cybersecurity experts and law enforcement. Although some data, including employee information, was removed, the company believes there will be no material adverse effect on its financial condition. Boyd Gaming has a comprehensive cybersecurity insurance policy expected to cover associated costs.