Boyd Gaming (BYD) AI Stock Analysis

• Market Cap: $6.87B
• Dividend Yield: 0.82%
• Average Volume (3M): 1.22M
• Price to Earnings (P/E): 13.2
• Beta (1Y): 0.92
• Revenue Growth: 6.40%
• EPS Growth: 26.09%
• Country: US
• Employees: 16,129
• Sector: Consumer Cyclical
• Sector Strength: 80
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 1.87
• Shares Outstanding: 80,184,204
• 10 Day Avg. Volume: 928,219
• 30 Day Avg. Volume: 1,219,738
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.51
• Enterprise Value/Revenue: 2.62
• Enterprise Value/Gross Profit: 4.71
• Enterprise Value/Ebitda: 8.70
• 1Y Price Target: $87.75
• Price Target Upside: 2.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 80 Outperform
• Price Target: $98.00 ▲(14.41% Upside)

Boyd Gaming's strong financial performance and positive technical indicators are key strengths. The company benefits from strategic moves like the FanDuel transaction, enhancing financial flexibility. While fair valuation and challenges in certain segments are considerations, the overall outlook remains positive.

Positive Factors

Balance Sheet Strength

The deal lowers Boyd's leverage from 3.1x to 2.2x by 2026, contributing to an already strong balance sheet.

Debt Reduction

Boyd Gaming Corp intends to use the proceeds from the sale to reduce its debt, potentially lowering annual interest expenses significantly.

Financial Performance

BYD's core segments beat expectations driven by strong performance in the LV Locals market.

Negative Factors

Growth Impact

The sale of the stake in FanDuel could impact a modest source of Boyd's future growth from fees related to its online operations.

Market Access Agreement

The renegotiation of BYD's market access agreement with FanDuel reduces the annual EBITDA it receives from FanDuel to a fixed ~$6m from a previous variable ~$75m.

Online Segment Earnings

The transaction implies a reduction in Boyd Gaming Corp's future online segment EBITDA guidance, indicating lower anticipated earnings.

Boyd Gaming Business Overview & Revenue Model

Company Description

Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. Founded in 1975, Boyd Gaming operates a diverse portfolio of casinos and hotels across the United States, primarily focusing on regional gaming markets. The company offers a wide range of gaming options, including slot machines, table games, and poker rooms, as well as various dining and entertainment options to enhance the guest experience. Through its subsidiaries, Boyd Gaming also operates online gaming platforms and sports betting services, expanding its reach in the evolving gaming landscape.

How the Company Makes Money

Boyd Gaming generates revenue through multiple streams, primarily from its casino operations, which include gaming revenue from slot machines, table games, and poker. The company also earns money from hotel accommodations, dining services, and entertainment options offered at its properties. A significant portion of revenue comes from its loyalty program, B Connected, which incentivizes repeat visits and increases customer retention. Additionally, Boyd Gaming has expanded into the online gaming and sports betting markets, contributing to its earnings through digital platforms and partnerships. The company's strategic partnerships, particularly in states where online gaming and sports betting are legal, further enhance its revenue potential and market presence.

Boyd Gaming Financial Statement Overview

Summary

Boyd Gaming demonstrates strong profitability and cash flow management, supported by consistent revenue growth and efficient operations. The balance sheet shows moderate leverage, but the company's ability to generate cash and return on equity are strong.

Income Statement

Boyd Gaming shows strong profitability with a consistent gross profit margin of over 50% and a net profit margin around 14% in the TTM (Trailing-Twelve-Months). The revenue growth is robust, with a 6% increase from 2023 to 2024 and a further 0.8% from 2024 to TTM. EBIT and EBITDA margins are stable, reflecting efficient operations.

Balance Sheet

The balance sheet indicates moderate leverage with a debt-to-equity ratio of approximately 0.48 in TTM, which is manageable. However, the equity ratio is relatively low at around 20.9%, suggesting reliance on liabilities. Return on equity is strong at approximately 40.8%, indicating effective use of equity.

Cash Flow

Cash flow generation is solid, with a stable operating cash flow exceeding net income, indicating good cash conversion. Free cash flow growth is negative due to increased capital expenditures, but the free cash flow to net income ratio remains healthy, showing the company’s ability to generate cash from operations.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.93B	3.74B	3.56B	3.37B	2.18B
Gross Profit	2.05B	2.02B	1.99B	1.94B	1.14B
EBITDA	1.21B	1.18B	1.30B	1.17B	340.50M
Net Income	577.95M	620.02M	639.38M	463.85M	-134.70M
Balance Sheet
Total Assets	6.39B	6.27B	6.31B	6.22B	6.56B
Cash, Cash Equivalents and Short-Term Investments	316.69M	304.27M	283.47M	344.56M	519.18M
Total Debt	3.93B	3.73B	3.90B	3.93B	4.84B
Total Liabilities	4.81B	4.53B	4.72B	4.69B	5.44B
Stockholders Equity	1.58B	1.74B	1.59B	1.54B	1.12B
Cash Flow
Free Cash Flow	556.67M	540.57M	706.96M	810.96M	114.00M
Operating Cash Flow	957.08M	914.52M	976.11M	1.01B	289.03M
Investing Cash Flow	-433.91M	-264.33M	-422.31M	-129.58M	-171.18M
Financing Cash Flow	-509.50M	-637.25M	-615.85M	-1.06B	146.70M

Boyd Gaming Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 85.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

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 85.66 is above the 20-day moving average (MA) of 83.84, above the 50-day MA of 81.54, and above the 200-day MA of 74.27, indicating a bullish trend. The MACD of 0.63 indicates Positive momentum. The RSI at 60.85 is Neutral, neither overbought nor oversold. The STOCH value of 80.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BYD.

Boyd Gaming Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYD	80 Outperform	$6.87B	13.20	36.36%	0.82%	6.40%	26.09%
RRR	72 Outperform	$6.48B	23.40	97.52%	3.26%	7.47%	2.58%
MGM	65 Neutral	$10.36B	20.97	17.34%	―	0.89%	-31.56%
Sector *	61 Neutral	$17.70B	12.60	-5.32%	3.04%	1.52%	-15.30%
WYNN	60 Neutral	$11.53B	32.71	-51.73%	0.87%	-1.94%	-53.90%
LVS	59 Neutral	$37.79B	27.80	49.16%	1.73%	1.62%	-7.14%
CZR	52 Neutral	$5.56B	―	-4.76%	―	-0.15%	28.05%

Boyd Gaming Corporate Events

Boyd Gaming Announces Cash Dividend Declaration

On August 12, 2025, Boyd Gaming Corporation’s Board of Directors announced a cash dividend of $0.18 per share. This dividend will be payable on October 15, 2025, to shareholders who are recorded by September 15, 2025.

The most recent analyst rating on (BYD) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.

Boyd Gaming Completes Sale of FanDuel Stake

On July 31, 2025, Boyd Gaming Corporation announced the completion of the sale of its 5% equity interest in FanDuel Group to Flutter Entertainment for $1.758 billion. The proceeds from this transaction will be used to repay existing debt, invest in properties, pursue growth opportunities, and return capital to shareholders, thereby maintaining a strong balance sheet and strategic focus.

The most recent analyst rating on (BYD) stock is a Hold with a $74.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.

Boyd Gaming Sells Stake in FanDuel for $1.755B

On July 10, 2025, Boyd Gaming announced the sale of its 5% equity interest in FanDuel Group to Flutter Entertainment for $1.755 billion, with the transaction expected to close in the third quarter of 2025. This move is set to strengthen Boyd’s financial position, allowing it to reduce debt and continue investing in growth opportunities. The sale also includes new market-access agreements with FanDuel, extending through 2038, which will enhance Boyd’s revenue from FanDuel’s operations in several states. Boyd Gaming anticipates significant operating income from these agreements, highlighting the successful partnership with FanDuel in the rapidly growing sports betting industry.

The most recent analyst rating on (BYD) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.

Boyd Gaming COO Announces Retirement by Year-End

Theodore A. Bogich, Chief Operating Officer of Boyd Gaming Corporation, announced his retirement effective December 31, 2025, after serving since December 2023. His departure is due to personal reasons and not due to any disagreements with the company.

The most recent analyst rating on (BYD) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.