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Boyd Gaming (BYD)
NYSE:BYD
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Boyd Gaming
(NYSE:BYD)
Rating:78Outperform
Price Target:―
Positive Factors
Financial Performance
BYD's 1Q25 results slightly beat consensus with upside from the top and bottom-line in most segments.
Growth Opportunities
BYD is building an underappreciated growth pipeline, with projects like the casino development in Norfolk, Virginia, expected to provide high returns.
Share Buyback
Aggressive buyback at ~$325mn in 1Q with a noted stable program going forward.
Negative Factors
Regional Gaming Trends
Regional gaming top-line trends are expected to continue to be muted, with risks to spending and visitation trends throughout 2025.
Spending Concerns
Softness in spending will remain most impactful for lower income players in certain markets within the South & Midwest, where BYD has meaningful exposure.
Boyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.03B
Dividend Yield0.93%
Average Volume (3M)814.68K
Price to Earnings (P/E)12.1
Beta (1Y)0.94
Revenue Growth6.06%
EPS Growth10.05%
CountryUS
Employees16,129
SectorConsumer Cyclical
Sector Strength62
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)1.62
Shares Outstanding81,403,080
10 Day Avg. Volume749,615
30 Day Avg. Volume814,679
Financial Highlights & Ratios
PEG Ratio-7.45
Price to Book (P/B)4.46
Price to Sales (P/S)0.00
P/FCF Ratio11.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$79.71Price Target Upside7.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
Boyd Gaming Business Overview & Revenue Model
Company DescriptionBoyd Gaming Corporation (BYD) is a prominent American gaming and hospitality company headquartered in Las Vegas, Nevada. Established in 1975, the company operates a diverse array of casinos, hotels, and entertainment venues across various states in the United States. Boyd Gaming engages in the development, ownership, and management of gaming and entertainment properties, catering to a wide range of customers with its integrated resort experiences. The company is recognized for its commitment to providing exceptional customer service and creating a memorable experience for its guests.
How the Company Makes MoneyBoyd Gaming generates revenue primarily through its gaming operations, which include slot machines, table games, and other casino gaming activities. The company also earns significant income from its hospitality services, which encompass hotel room bookings, food and beverage sales, and entertainment offerings at its properties. Additionally, Boyd Gaming benefits from its loyalty program, which encourages repeat visits from customers. The company has expanded its reach through strategic acquisitions and partnerships, enabling it to tap into new markets and diversify its revenue streams. Boyd Gaming's revenue model is heavily reliant on its ability to attract and retain customers by offering a comprehensive range of entertainment and leisure options.
Boyd Gaming Earnings Call Summary
Earnings Call Date:Apr 24, 2025
(Q1-2025)
| % Change Since: 11.95%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a balanced sentiment with a strong emphasis on growth in revenue and EBITDA, successful management of adverse conditions, and strategic expansions. However, challenges such as weather impacts, competitive pressures, and temporary property closures were also highlighted.Q1-2025 Updates
Positive Updates
Consistent Revenue and EBITDA Growth
Revenues for the first quarter were nearly $1 billion, while EBITDA was $338 million, with property-level margins maintained at 40%.
Midwest & South Segment Performance
Both revenues and EBITDA grew despite a 28% increase in weather-impacted days, with margins even with the prior year.
Online Segment Growth
The Online segment grew EBITDA by nearly 14% year-over-year, driven by stable performance from market-access agreements and strong growth from Boyd Interactive.
Strong Capital Return
During the first quarter, Boyd Gaming repurchased $328 million in stock and paid $15 million in dividends.
Expansion Projects Underway
Multiple expansion projects are underway, including Cadence Crossing Casino and a $750 million resort project in Norfolk, expected to enhance long-term growth.
Negative Updates
Weather and Leap Year Impacts
Significant weather impacts and Leap Year effects were noted, affecting the Midwest & South segment performance.
Las Vegas Locals Segment Challenges
The Locals segment saw EBITDA decline by less than 4%, mainly due to competitive pressures affecting the Orleans.
Temporary Closures Due to Flooding
Belterra Park and Belterra Resort properties were closed for several days due to flooding on the Ohio River.
Company Guidance
During the Boyd Gaming First Quarter 2025 Earnings Conference Call, the company provided several key metrics and updates. For the first quarter, Boyd Gaming reported nearly $1 billion in revenues and $338 million in EBITDA, maintaining property-level margins of 40%. In the Las Vegas Locals segment, revenues were consistent with the prior year, while EBITDA declined by less than 4%, predominantly due to competitive pressures at the Orleans. Downtown Las Vegas saw revenue and EBITDA growth, with a notable increase in Hawaiian visitation. In the Midwest & South segment, both revenues and EBITDA grew despite a 28% increase in weather-impacted days and Leap Year effects. The Online segment experienced a near 14% EBITDA growth, bolstered by Boyd Interactive and a 5% equity stake in FanDuel. Boyd Gaming also discussed their development projects, including a $750 million resort in Norfolk and the expansion at Sky River, anticipated to enhance future growth. The company repurchased $328 million in stock and paid $15 million in dividends during the quarter, with a commitment to $100 million in quarterly share repurchases while maintaining a strong balance sheet.Boyd Gaming Financial Statement Overview
Summary
Boyd Gaming demonstrates strong profitability and cash flow management, supported by consistent revenue growth and efficient operations. While the balance sheet shows moderate leverage, the company's ability to generate cash and return on equity are strong, positioning it well within the industry.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.85
Very Positive
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.70
Positive
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.78
Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 3.96B | 3.93B | 3.74B | 3.56B | 3.37B | 2.18B | Gross Profit |
| 2.20B | 2.05B | 2.02B | 1.99B | 1.94B | 1.14B | EBIT |
| 940.55M | 927.78M | 901.83M | 981.22M | 900.10M | 235.96M | EBITDA |
| 1.19B | 1.21B | 1.18B | 1.30B | 1.17B | 340.50M | Net Income Common Stockholders |
| 551.82M | 577.95M | 620.02M | 639.38M | 463.85M | -134.70M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 311.50M | 316.69M | 304.27M | 283.47M | 344.56M | 519.18M | Total Assets |
| 6.47B | 6.39B | 6.27B | 6.31B | 6.22B | 6.56B | Total Debt |
| 642.36M | 3.93B | 3.73B | 3.90B | 3.93B | 4.84B | Net Debt |
| 330.85M | 3.61B | 3.42B | 3.61B | 3.59B | 4.32B | Total Liabilities |
| 5.12B | 4.81B | 4.53B | 4.72B | 4.69B | 5.44B | Stockholders Equity |
| 1.35B | 1.58B | 1.74B | 1.59B | 1.54B | 1.12B |
| Cash Flow | Free Cash Flow | ||||
| 482.09M | 556.67M | 540.57M | 706.96M | 810.96M | 114.00M | Operating Cash Flow |
| 962.74M | 957.08M | 914.52M | 976.11M | 1.01B | 289.03M | Investing Cash Flow |
| -594.00M | -433.91M | -264.33M | -422.31M | -129.58M | -171.18M | Financing Cash Flow |
| -339.84M | -509.50M | -637.25M | -615.85M | -1.06B | 146.70M |
Boyd Gaming Technical Analysis
Positive
73.93
Price Trends
69.81
Positive
71.73
Positive
69.65
Positive
Market Momentum
0.95
Positive
54.81
Neutral
40.00
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 73.93 is below the 20-day moving average (MA) of 74.49, above the 50-day MA of 69.81, and above the 200-day MA of 69.65, indicating a neutral trend. The MACD of 0.95 indicates Positive momentum. The RSI at 54.81 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 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 1 New Risks
1.
Our operations could be impacted by extreme weather conditions. Q4, 2024
Boyd Gaming Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $6.03B | 12.10 | 35.62% | 0.93% | 6.06% | 10.05% | |
73 Outperform | $8.67B | 14.27 | 21.38% | ― | 2.76% | -14.31% | |
69 Neutral | $28.42B | 22.41 | 39.21% | 2.24% | -0.09% | -13.07% | |
69 Neutral | $5.31B | 22.02 | 81.59% | 2.00% | 9.48% | -11.92% | |
62 Neutral | $6.88B | 11.32 | 2.90% | 3.87% | 2.70% | -24.57% | |
59 Neutral | $8.71B | 22.74 | -51.73% | 1.20% | -0.08% | -48.66% | |
59 Neutral | $5.35B | ― | -5.56% | ― | -1.25% | -130.83% |
* Consumer Cyclical Sector Average
Performance Comparison
BYD
Boyd Gaming
73.93
22.10
42.64%
LVS
Las Vegas Sands
41.90
-1.88
-4.29%
MGM
MGM Resorts
32.47
-8.30
-20.36%
WYNN
Wynn Resorts
84.70
-7.13
-7.76%
CZR
Caesars Entertainment
26.74
-9.64
-26.50%
RRR
Red Rock Resorts
49.11
0.47
0.97%
Boyd Gaming Corporate Events
Executive/Board Changes
Boyd Gaming COO Announces Retirement by Year-End
Neutral
Jun 4, 2025
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.
Shareholder MeetingsDividends
Boyd Gaming Holds 2025 Annual Stockholders Meeting
Neutral
May 12, 2025
At Boyd Gaming Corporation’s 2025 Annual Meeting of Stockholders held on May 8, 2025, several key proposals were voted on. All director nominees were elected to serve until the 2026 Annual Meeting, and Deloitte & Touche LLP’s appointment as the independent registered public accounting firm was ratified. The advisory vote on executive compensation was approved, while a proposal for a smokefree policy report was not. Additionally, the Board declared a cash dividend of $0.18 per share, payable on July 15, 2025, to shareholders of record on June 16, 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.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.