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Boyd Gaming
(NYSE:BYD)
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Rating:72Outperform
Price Target:
$97.00
▲(11.44% Upside)
Action:Reiterated
Date:07/31/26
The score is led by attractive valuation (very low P/E) and a positive earnings call (raised guidance, strong margins, and aggressive capital returns). These are tempered by mixed financial quality—especially the sharp TTM free-cash-flow drop versus earnings—and only mildly constructive technicals with limited indicator data.
Positive Factors
High and Improving Profitability
Sustained, very high property margins increase structural cash flow generation capacity and operating leverage across markets. High margins support recurring investments, capital returns and development funding, strengthening long-term competitiveness even if revenues fluctuate.
Negative Factors
Severe Free-Cash-Flow Weakness
An ~88% drop in FCF versus the prior period signals weak cash conversion despite high accounting earnings. Persistently impaired FCF would constrain capex funding, development timelines and sustainable buybacks, increasing execution and refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
High and Improving Profitability
Sustained, very high property margins increase structural cash flow generation capacity and operating leverage across markets. High margins support recurring investments, capital returns and development funding, strengthening long-term competitiveness even if revenues fluctuate.
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
$6.18B
Dividend Yield0.89%
Average Volume (3M)938.54K
Price to Earnings (P/E)3.7
Beta (1Y)0.77
Revenue Growth1.75%
EPS Growth249.96%
CountryUS
Employees16,009
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)22.72
Shares Outstanding72,655,410
10 Day Avg. Volume1,131,755
30 Day Avg. Volume938,537
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$97.23Price Target Upside11.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)7.15
Revenue Forecast (FY)$4.13B
Boyd Gaming Business Overview & Revenue Model
Company Description
Boyd Gaming Corporation is a U.S. gaming and hospitality company that owns and operates casino entertainment properties. The company’s operations span multiple U.S. markets and include casino gaming, hotel accommodations, food and beverage outlets...
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:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call presented multiple clear positives: company-wide revenue and EBITDA growth, strong segment performances (Midwest & South and online/managed businesses), robust margins (40% company-wide, >50% for most Las Vegas locals ex-challenged properties), successful capital investments (Cadence, Sky River Phase 1), raised guidance for online and managed segments, meaningful shareholder returns, and a solid balance sheet. Offsetting these strengths were persistent destination softness in Las Vegas (notably at the Orleans), construction disruption at Suncoast (material near-term drag ~ $3M in Q2 and expected similar in Q3), downtown pedestrian weakness, and sizable near-term capital and tax-related cash outflows. Overall, the positives — including raised guidance and strong free cash flow supporting buybacks and development — materially outweigh the operational headwinds, though the company faces identifiable near-term disruptions that should moderate by Q4 and into 2027.Positive Updates
Company-wide Revenue and EBITDA Growth
Revenues increased 3% and adjusted EBITDA grew 2% for Q2 2026 (adjusted for last year's FanDuel transaction and related tax pass-through amounts). Company-wide property operating margins remained strong at 40%.
Negative Updates
Softness in Destination Business (Las Vegas)
Continued softness in destination business in Las Vegas negatively impacted results, particularly at the Orleans; management estimated destination-related impact at roughly $5M of EBITDAR and expects the trend to be persistent (Q3 estimate ~ $3M).
Read all updates
Q2-2026 Updates
Positive
Negative
Company-wide Revenue and EBITDA Growth
Revenues increased 3% and adjusted EBITDA grew 2% for Q2 2026 (adjusted for last year's FanDuel transaction and related tax pass-through amounts). Company-wide property operating margins remained strong at 40%.
Read all positive updates
Company Guidance
Management raised 2026 guidance for the online segment by $5 million to $35–$40 million and for the managed business by $3 million to $113–$117 million; full‑year CapEx remains $650–$700 million (Q2 CapEx $142M, YTD $297M) with an approximate breakdown of $250M maintenance, $75M incremental Orleans hotel capital, $50M growth capex and $300M for the Norfolk casino‑resort development. Capital returns: Q2 returned >$170M (repurchases of $156M for 1.9M shares at an $83.60 average and $15M of dividends), the company plans ~$150M of repurchases per quarter plus the quarterly dividend and is on track to return >$650M this year (≈$9/share); share count was 73.1M at quarter end and >$3B has been returned since late‑2021 (share count down ~35%). Balance sheet metrics: traditional leverage 2.2x, lease‑adjusted leverage 2.7x, $267M of Q2 tax‑credit payments related to the FanDuel transaction impacted debt, next debt maturity is Dec‑2027 (planned refinance), and the sale of Shreveport is expected to close by end of July.Boyd Gaming Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
52
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 | 1.52B | 1.72B | 2.05B | 2.02B | 1.99B | 1.94B |
| EBITDA | 2.76B | 2.79B | 1.21B | 1.18B | 1.24B | 1.07B |
| Net Income | 1.82B | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M |
Balance Sheet | ||||||
| Total Assets | 6.68B | 6.57B | 6.39B | 6.27B | 6.31B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 322.71M | 353.41M | 316.69M | 304.27M | 283.47M | 344.56M |
| Total Debt | 3.26B | 2.71B | 3.93B | 3.73B | 3.90B | 3.93B |
| Total Liabilities | 4.19B | 3.97B | 4.81B | 4.53B | 4.72B | 4.69B |
| Stockholders Equity | 2.50B | 2.61B | 1.58B | 1.74B | 1.59B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 14.22M | 388.46M | 556.67M | 540.57M | 706.96M | 810.96M |
| Operating Cash Flow | 760.41M | 976.68M | 957.08M | 914.52M | 976.11M | 1.01B |
| Investing Cash Flow | 918.83M | 1.04B | -433.91M | -264.33M | -422.31M | -129.58M |
| Financing Cash Flow | -1.66B | -1.98B | -509.50M | -637.25M | -615.85M | -1.06B |
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $6.18B | 3.74 | 70.49% | 0.87% | 1.75% | 249.96% | |
70 Outperform | $5.88B | 14.41 | 36.57% | 0.51% | 5.73% | -0.56% | |
70 Outperform | $6.72B | 15.42 | 96.22% | 3.18% | 3.75% | 20.20% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $11.21B | 26.69 | 16.96% | ― | 3.19% | -8.14% | |
55 Neutral | $6.06B | -13.05 | -13.05% | ― | 2.41% | -146.70% | |
52 Neutral | $10.31B | 27.28 | -115.50% | 1.03% | 4.72% | -8.26% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
86.32
3.81
4.62%
CHDN
Churchill Downs
85.35
-17.69
-17.17%
MGM
MGM Resorts
45.72
10.75
30.74%
WYNN
Wynn Resorts
97.60
-9.14
-8.56%
CZR
Caesars Entertainment
30.12
4.95
19.67%
RRR
Red Rock Resorts
64.27
7.70
13.62%
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.