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Boyd Gaming
(NYSE:BYD)
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Rating:76Outperform
Price Target:
$98.00
▲(11.97% Upside)
Action:Upgraded
Date:06/26/26
The score is driven primarily by improving financials but tempered by weaker recent free-cash-flow conversion and earnings volatility. Valuation is a major positive due to the very low P/E, and technicals are constructive with the stock trending above key moving averages. The latest earnings call supports the outlook via strong margins and sizable buybacks, partially offset by near-term Vegas softness, elevated capex, and a sizable upcoming tax-related cash outflow.
Positive Factors
High Property-Level Margins
Sustained property-level margins above 39% indicate strong operating leverage and disciplined cost management across properties. High margins support durable cash generation, provide buffer through demand cycles, and fund reinvestment and shareholder returns without immediate reliance on external financing.
Negative Factors
Weakened Free Cash Flow Conversion
A notable decline in free cash flow and FCF being only ~one-third of net income signals that earnings are not fully translating to cash. That reduces internal funding for capex and buybacks, heightens reliance on liquidity buffers, and is a multi-month structural concern until conversion improves.
Read all positive and negative factors
Positive Factors
Negative Factors
High Property-Level Margins
Sustained property-level margins above 39% indicate strong operating leverage and disciplined cost management across properties. High margins support durable cash generation, provide buffer through demand cycles, and fund reinvestment and shareholder returns without immediate reliance on external financing.
Read all positive factors
Boyd Gaming Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where revenue is coming from across states and regional markets, revealing geographic concentration, exposure to local economies or regulatory shifts, and potential areas for expansion or risk if a key market softens.
Shows where revenue is coming from across states and regional markets, revealing geographic concentration, exposure to local economies or regulatory shifts, and potential areas for expansion or risk if a key market softens.
Data provided by:
The Fly
The FlyBoyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.49B
Dividend Yield0.84%
Average Volume (3M)1.00M
Price to Earnings (P/E)3.8
Beta (1Y)0.76
Revenue Growth3.45%
EPS Growth272.47%
CountryUS
Employees16,009
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)22.81
Shares Outstanding74,330,154
10 Day Avg. Volume789,624
30 Day Avg. Volume1,004,782
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 Cap1.35
Enterprise Value/Revenue2.14
Enterprise Value/Gross Profit5.43
Enterprise Value/Ebitda3.16
Forecast
1Y Price Target
$95.85Price Target Upside9.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)7.15
Revenue Forecast (FY)$4.13B
Boyd Gaming Business Overview & Revenue Model
Company Description
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It...
How the Company Makes Money
Boyd Gaming primarily makes money by operating casino and hospitality properties and retaining the “house” win from gaming activity, along with revenue from non-gaming amenities. Key revenue streams include: (1) Casino gaming revenue: earnings fro...
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
84.91
Positive
84.32
Positive
83.64
Positive
Market Momentum
0.66
Positive
47.75
Neutral
24.91
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 87.31, above the 50-day MA of 84.91, and above the 200-day MA of 83.64, indicating a neutral trend. The MACD of 0.66 indicates Positive momentum. The RSI at 47.75 is Neutral, neither overbought nor oversold. The STOCH value of 24.91 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $6.49B | 3.78 | 79.86% | 0.84% | 3.45% | 272.47% | |
70 Outperform | $6.63B | 15.45 | 96.22% | 3.22% | 3.75% | 20.20% | |
66 Neutral | $6.00B | 15.87 | 36.88% | 0.38% | 5.75% | -4.30% | |
63 Neutral | $6.06B | -12.62 | -13.29% | ― | 2.35% | -116.00% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $11.88B | 64.46 | 6.96% | ― | 3.39% | -67.21% | |
53 Neutral | $10.26B | 27.48 | -115.50% | 0.80% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
86.20
7.25
9.19%
CHDN
Churchill Downs
85.52
-19.87
-18.85%
MGM
MGM Resorts
46.88
8.95
23.60%
WYNN
Wynn Resorts
99.77
-10.39
-9.43%
CZR
Caesars Entertainment
29.84
-0.19
-0.63%
RRR
Red Rock Resorts
64.21
9.86
18.14%
Boyd Gaming Corporate Events
Business Operations and StrategyExecutive/Board Changes
Boyd Gaming Adds Independent Directors to Strengthen Governance
Positive
Jun 25, 2026
On June 22, 2026, Boyd Gaming Corporation expanded its Board of Directors from eight to ten members and appointed Stacia J. Andersen and George C. Roeth as independent directors, with the changes taking effect that day. The company disclosed that ...
Executive/Board ChangesShareholder Meetings
Boyd Gaming Shareholders Back Board, Governance Proposals
Positive
May 8, 2026
At its Annual Meeting of Stockholders held on May 7, 2026, Boyd Gaming shareholders elected all eight director nominees, including Chairman William R. Boyd and President and CEO Keith E. Smith, to serve until the 2027 Annual Meeting or until succe...
Dividends
Boyd Gaming Announces Quarterly Cash Dividend to Shareholders
Positive
May 8, 2026
On May 7, 2026, Boyd Gaming Corporation’s board declared a cash dividend of $0.20 per share, underscoring the company’s ongoing practice of returning capital to shareholders. The dividend will be paid on July 15, 2026, to shareholders ...
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.