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Boyd Gaming (BYD)
NYSE:BYD
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Boyd Gaming
(NYSE:BYD)
Select Model
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Rating:77Outperform
Price Target:
$100.00
▲(12.80% Upside)
The score is driven by strong valuation (very low P/E) and a favorable technical setup (price above key moving averages with positive momentum). Financial performance is solid but capped by concerns about unusually high TTM profitability and weaker recent free cash flow/cash conversion. Earnings call tone was positive with raised Online guidance and strong shareholder returns, partially offset by destination-business softness.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market presence and effective business strategies, supporting long-term financial stability.
Online Segment Expansion
Growth in the online segment reflects strategic adaptation to digital trends, enhancing future revenue streams and market competitiveness.
Capital Investments
Strategic capital investments are expected to drive long-term growth and improve operational efficiencies, strengthening competitive positioning.
Negative Factors
High Leverage
High leverage increases financial risk and could limit flexibility in capital allocation, potentially impacting long-term financial health.
Decline in Free Cash Flow
Declining free cash flow may constrain future investments and affect the company's ability to fund growth initiatives sustainably.
Challenges in Downtown Las Vegas
Weak performance in key segments like Downtown Las Vegas could hinder overall growth and affect profitability if not addressed.
Boyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.93B
Dividend Yield0.84%
Average Volume (3M)735.51K
Price to Earnings (P/E)3.9
Beta (1Y)0.78
Revenue Growth5.91%
EPS Growth336.91%
CountryUS
Employees16,129
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.72
Shares Outstanding78,122,444
10 Day Avg. Volume727,687
30 Day Avg. Volume735,509
Financial Highlights & Ratios
PEG Ratio10.24
Price to Book (P/B)4.28
Price to Sales (P/S)1.72
P/FCF Ratio12.16
Enterprise Value/Market Cap1.33
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit4.47
Enterprise Value/Ebitda3.22
Forecast
1Y Price Target
$94.89Price Target Upside7.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)7.82
Revenue Forecast (FY)$4.04B
Boyd Gaming Business Overview & Revenue Model
Company DescriptionBoyd 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 operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.
How the Company Makes MoneyBoyd 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 Earnings Call Summary
Earnings Call Date:Oct 23, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 05, 2026
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook for Boyd Gaming, highlighting strong financial performance and strategic investments that are yielding returns. However, there were notable challenges in the destination business and specific segments like Downtown Las Vegas. The company's focus on core customer growth and capital returns to shareholders were emphasized as key strengths.Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Growth
Boyd Gaming reported third-quarter revenues exceeding $1 billion, with EBITDAR at $322 million. This was achieved while maintaining consistent margins at 37%.
Strong Performance in Midwest and South Segment
The Midwest and South segment achieved its strongest third-quarter revenue and EBITDAR performance in three years, with revenues rising 3% to $539 million and EBITDAR growing more than 2% over the prior year.
Positive Trends in Las Vegas Locals Segment
The Las Vegas Locals segment posted revenues of $211 million and EBITDAR of $92 million, with gaming revenue growth in line with the broader locals market. The segment saw year-over-year growth of 2% in both revenues and EBITDAR.
Successful Capital Investments
Boyd Gaming's capital investments are delivering strong returns, with ongoing modernization and expansion projects in Las Vegas and other regions.
Strong Shareholder Returns
During the third quarter, Boyd Gaming repurchased $160 million in stock and paid $15 million in dividends. So far this year, the company has returned a total of $637 million to shareholders.
Negative Updates
Weakness in Destination Business
There was a noticeable decline in destination business, particularly at the Orleans, impacting overall performance despite growth in core customer play.
Challenges in Downtown Las Vegas
The Downtown Las Vegas segment experienced softness in destination business, with lower hotel revenues and reduced pedestrian traffic along the Fremont Street experience.
Company Guidance
During the Boyd Gaming Third Quarter 2025 Earnings Conference Call, the company reported strong financial performance, with revenues exceeding $1 billion and EBITDAR reaching $322 million. The Las Vegas Locals segment posted revenues of $211 million and EBITDAR of $92 million, maintaining a 47% margin. The Midwest and South segment also saw its strongest third quarter in three years, with revenues up 3% to $539 million and EBITDAR at $202 million. Boyd Gaming highlighted continued growth in play from core and retail customers and announced an increase in guidance for the Online segment to $60 million in EBITDAR for 2025. The company's capital investments, including ongoing projects like the Cadence Crossing and Ameristar St. Charles expansion, are expected to enhance long-term growth. Boyd Gaming also returned $637 million to shareholders through stock repurchases and dividends year-to-date, maintaining low leverage and strong balance sheet flexibility.Boyd Gaming Financial Statement Overview
Summary
Solid profitability and steady revenue growth support the score, but high leverage (debt-to-equity 3.06) and a recent decline in free cash flow growth (-3.76% TTM) add meaningful risk.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.82
Very Positive
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.66
Positive
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.62
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.07B | 3.93B | 3.74B | 3.56B | 3.37B | 2.18B |
| Gross Profit | 2.07B | 2.05B | 2.02B | 1.99B | 1.94B | 1.14B |
| EBITDA | 2.87B | 1.21B | 1.18B | 1.24B | 1.07B | 340.50M |
| Net Income | 1.87B | 577.95M | 620.02M | 639.38M | 463.85M | -134.70M |
Balance Sheet | ||||||
| Total Assets | 6.51B | 6.39B | 6.27B | 6.31B | 6.22B | 6.56B |
| Cash, Cash Equivalents and Short-Term Investments | 319.07M | 316.69M | 304.27M | 283.47M | 344.56M | 519.18M |
| Total Debt | 2.57B | 3.93B | 3.73B | 3.90B | 3.93B | 4.84B |
| Total Liabilities | 3.85B | 4.81B | 4.53B | 4.72B | 4.69B | 5.44B |
| Stockholders Equity | 2.67B | 1.58B | 1.74B | 1.59B | 1.54B | 1.12B |
Cash Flow | ||||||
| Free Cash Flow | 412.38M | 556.67M | 540.57M | 706.96M | 810.96M | 114.00M |
| Operating Cash Flow | 963.45M | 957.08M | 914.52M | 976.11M | 1.01B | 289.03M |
| Investing Cash Flow | 1.12B | -433.91M | -264.33M | -422.31M | -129.58M | -171.18M |
| Financing Cash Flow | -2.05B | -509.50M | -637.25M | -615.85M | -1.06B | 146.70M |
Boyd Gaming Technical Analysis
Positive
88.65
Price Trends
83.64
Positive
83.55
Positive
79.60
Positive
Market Momentum
1.37
Negative
60.15
Neutral
73.91
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 88.65 is above the 20-day moving average (MA) of 86.99, above the 50-day MA of 83.64, and above the 200-day MA of 79.60, indicating a bullish trend. The MACD of 1.37 indicates Negative momentum. The RSI at 60.15 is Neutral, neither overbought nor oversold. The STOCH value of 73.91 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $6.93B | 3.88 | 87.17% | 0.84% | 5.91% | 336.91% | |
73 Outperform | $7.45B | 19.47 | 37.56% | 0.38% | 7.97% | -0.14% | |
71 Outperform | $6.67B | 22.32 | 96.16% | 3.22% | 4.69% | 15.18% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $9.57B | 219.59 | 2.25% | ― | 0.05% | -94.07% | |
53 Neutral | $11.89B | 25.21 | ― | 0.80% | -0.26% | -44.45% | |
51 Neutral | $4.97B | -21.20 | -6.06% | ― | 0.87% | 31.28% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
88.65
13.20
17.50%
CHDN
Churchill Downs
106.88
-18.63
-14.84%
MGM
MGM Resorts
34.98
1.63
4.89%
WYNN
Wynn Resorts
114.33
30.30
36.06%
CZR
Caesars Entertainment
24.35
-9.88
-28.86%
RRR
Red Rock Resorts
63.03
18.14
40.42%
Boyd Gaming Corporate Events
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 the economic cost of satisfying its 2025 federal income tax obligations. The transactions, which include customary representations, warranties, covenants and indemnification protections if the credits are not effectively transferred or are ruled invalid, underscore the company’s use of tax credit markets and renewable energy incentives to optimize its tax position, with completion contingent on Internal Revenue Service processes being finalized by September 15, 2026.
The most recent analyst rating on (BYD) stock is a Hold with a $87.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.
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 Hold with a $86.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.
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.