Boyd Group Services (BYD) AI Stock Analysis

• Market Cap: C$5.35B
• Dividend Yield: 0.28%
• Average Volume (3M): 38.57K
• Price to Earnings (P/E): 190.8
• Beta (1Y): 0.44
• Revenue Growth: 4.24%
• EPS Growth: -60.60%
• Country: CA
• Employees: 13,449
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Personal Products & Services
• EPS (TTM): 1.24
• Shares Outstanding: 27,829,820
• 10 Day Avg. Volume: 39,723
• 30 Day Avg. Volume: 38,571
• PEG Ratio: 217.51
• Price to Book (P/B): 2.08
• Price to Sales (P/S): 1.12
• P/FCF Ratio: 12.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$265.15
• Price Target Upside: 38.01% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 4.52
• Revenue Forecast (FY): C$4.20B

• Rating: 52 Neutral
• Price Target: C$192.00 ▼(-0.06% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is mainly supported by strong top-line growth and solid, improving free cash flow, but it is pulled down by very weak profitability/returns and a heavily U.S.-concentrated execution profile. Technicals are bearish with the stock trading well below major moving averages, and valuation is unattractive given the very high P/E and low dividend yield.

Positive Factors

Revenue acceleration (2025)

A ~41% revenue acceleration in 2025 indicates durable demand and effective growth execution across Boyd’s repair network. Sustained top-line expansion supports scale economics, higher utilization of centers, and gives management runway to invest in throughput, parts sourcing, and integration over the next 2–6 months.

Strong free cash flow generation

Free cash flow improving by roughly 40% and remaining consistently positive provides financial flexibility to fund acquisitions, capex, and debt reduction. Robust cash generation supports longer-term reinvestment and reduces reliance on external funding during integration and growth phases.

Material scale gain via Joe Hudson’s deal

Closing the Joe Hudson’s acquisition instantaneously expands Boyd’s footprint by ~25%, improving regional density and purchasing scale. Greater density can deliver lasting cost synergies, higher insurer negotiating leverage, and better route-to-customer economics across North America over the medium term.

Negative Factors

Very thin profitability & low returns

Extremely thin net margins and very low ROE signal that revenue growth has not yet translated into durable profitability. Low returns on capital constrain the firm’s ability to generate shareholder value and increase sensitivity to margin pressure from costs, pricing, or integration expenses.

High U.S. concentration & integration risk

Heavy U.S.-centric asset and revenue mix raises execution risk as the company integrates large U.S. acquisitions. Cross-market operational issues, regulatory differences, or insurer relationship shifts in the U.S. could disproportionately affect results and strain integration resources over coming months.

Earnings quality and cash/earnings coverage variability

A cash-to-earnings coverage ratio around 0.70 suggests working-capital swings materially affect reported earnings quality. This creates potential volatility in reported profits and free cash flow conversion during acquisitions and busy seasons, complicating near-term predictability of margins and returns.

Boyd Group Services Business Overview & Revenue Model

Company Description

Boyd Group Services Inc., together with its subsidiaries, operates non-franchised collision repair centers in North America. The company operates its locations under the Boyd Autobody & Glass and Assured Automotive names in Canada; and Gerber Collision & Glass name in the United States. It also operates as a retail auto glass operator under the Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority, and Autoglassonly.com names in the United States. In addition, the company operates a third-party administrator, Gerber National Claims Services that offers glass, emergency roadside, and first notice of loss services. It serves insurance companies and individual vehicle owners. The company was founded in 1990 and is headquartered in Winnipeg, Canada.

How the Company Makes Money

Boyd primarily makes money by performing collision repair and related automotive glass services and billing for those jobs. Its core revenue stream is repair revenue from fixing accident-damaged vehicles (e.g., body work, paint, parts replacement, and related labor) performed at its company-operated repair centers; payment is commonly made by auto insurers under claim programs as well as by customers directly (including out-of-pocket and deductible amounts). A second key revenue stream is auto glass services, including repair and replacement of windshields and other vehicle glass, provided through its locations and billed to insurers and/or vehicle owners. Boyd’s earnings are influenced by (a) repair volume and average repair severity (the dollar value of repairs per claim), (b) its ability to source parts and manage labor/throughput efficiently, and (c) relationships with insurance carriers via direct repair programs and similar arrangements that can steer claim volume to Boyd locations. The company also expands its revenue base by adding locations (including acquisitions and new site openings) and then generating sales through those centers; any additional revenue streams beyond collision repair and glass services are not available (null).

Boyd Group Services Financial Statement Overview

Summary

Strong 2025 revenue acceleration (~41%) and improving free cash flow (up ~40%) support the business momentum. However, profitability is very thin and volatile (net margin ~0.6% in 2025; EBIT margin ~4.2%), and returns remain low (ROE ~1.1%). U.S. concentration increases execution/integration risk as growth and assets are heavily U.S.-driven.

Income Statement

Revenue growth accelerated sharply in 2025 (up ~41% vs. ~4% in 2024), showing strong top-line momentum. However, profitability weakened materially: net margin fell to ~0.6% in 2025 from ~3.0% in 2023, and operating profitability remains modest (EBIT margin ~4.2% in 2025). Overall, the business is growing, but earnings quality and margin stability have been volatile and currently thin.

Balance Sheet

Leverage looks more balanced in 2025 with debt roughly in line with equity (debt-to-equity ~1.0), improving versus 2024 (~1.5). That said, returns on shareholders’ capital are currently low (ROE ~1.1% in 2025, down meaningfully from 2023), suggesting the expanded asset base is not translating into strong profitability yet. The balance sheet appears serviceable, but the key risk is low returns relative to the capital employed.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow rose strongly in 2025 (free cash flow up ~40%). Free cash flow remains solidly positive across years, supporting flexibility. A watch-out is that operating cash flow covers a moderate portion of reported earnings quality signals (coverage ratio ~0.70 in 2025, ~0.62 in 2024), so working-capital swings could still create variability, but the overall cash profile is favorable.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.39B	3.07B	2.94B	2.45B	1.86B
Gross Profit	1.70B	1.40B	1.34B	1.10B	828.29M
EBITDA	525.81M	208.97M	255.20M	171.20M	119.06M
Net Income	25.74M	24.52M	86.45M	41.33M	23.34M
Balance Sheet
Total Assets	5.29B	2.46B	2.38B	2.12B	2.01B
Cash, Cash Equivalents and Short-Term Investments	1.68B	19.98M	22.46M	15.20M	27.48M
Total Debt	2.35B	1.25B	1.13B	986.96M	977.22M
Total Liabilities	2.93B	1.63B	1.55B	1.37B	1.29B
Stockholders Equity	2.36B	830.07M	826.34M	753.36M	720.39M
Cash Flow
Free Cash Flow	379.45M	196.91M	284.79M	208.97M	152.75M
Operating Cash Flow	455.33M	270.53M	343.21M	241.35M	183.70M
Investing Cash Flow	-317.21M	-197.76M	-248.36M	-46.50M	-348.15M
Financing Cash Flow	1.53B	-73.99M	-87.51M	-206.54M	131.99M

Boyd Group Services Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 192.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BYD, the sentiment is Negative. The current price of 192.12 is below the 20-day moving average (MA) of 221.65, below the 50-day MA of 226.05, and below the 200-day MA of 219.83, indicating a bearish trend. The MACD of -8.86 indicates Positive momentum. The RSI at 30.13 is Neutral, neither overbought nor oversold. The STOCH value of 17.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BYD.

Boyd Group Services Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LNR	69 Neutral	C$4.86B	8.51	4.01%	1.32%	-5.33%	-57.58%
MRE	63 Neutral	C$631.52M	7.04	7.13%	1.93%	-7.25%	-143.07%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BYD	52 Neutral	C$5.35B	190.80	1.91%	0.28%	4.24%	-60.60%
CTC	52 Neutral	C$9.50B	16.32	13.16%	3.17%	-0.13%	13.73%
ACQ	43 Neutral	C$397.03M	34.08	18.07%	―	-26.93%	84.17%

Boyd Group Services Corporate Events

Boyd Group lifts 2025 earnings and closes $1.3 billion Joe Hudson’s acquisition

Boyd Group Services reported 2025 sales of $3.1 billion, up 2.4%, driven by contributions from 119 new locations, while same-store sales dipped slightly due to one fewer selling day. Adjusted EBITDA rose 12.4% to $376.3 million and adjusted net earnings climbed 28.8%, although reported net earnings fell on acquisition and transformational costs tied to the Joe Hudson’s Collision Center deal and Project 360.

The company significantly strengthened its balance sheet and U.S. profile, completing major note offerings, a U.S. IPO, and an NYSE listing under the symbol BGSI. It also advanced its consolidation strategy by adding 70 collision locations in 2025 and, after year-end, closing the $1.3 billion Joe Hudson’s acquisition, bringing in 258 locations, accelerating system and brand integration, increasing internalization of scanning and calibration services to 75%, and modestly raising its dividend while expanding credit capacity.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$270.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.

Boyd Group Services Declares First-Quarter 2026 Dividend

Boyd Group Services Inc. has declared a first-quarter 2026 cash dividend of C$0.156 per common share, payable on April 28, 2026 to shareholders of record as of March 31, 2026. Non-resident shareholders will be subject to Canadian withholding tax on this dividend, underscoring the company’s ongoing practice of returning capital to investors while navigating cross-border tax considerations for its international investor base.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$270.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.

Boyd Group Services Declares First-Quarter 2026 Cash Dividend

Boyd Group Services Inc., parent of one of North America’s largest non-franchised collision repair and auto glass networks, has extensive operations in Canada and the U.S. under multiple brands, and offers complementary services such as claims administration, roadside assistance and vehicle scanning and calibration. Its shares trade on the Toronto Stock Exchange and the New York Stock Exchange.

The company declared a first-quarter 2026 cash dividend of C$0.156 per common share, payable April 28, 2026 to shareholders of record as of March 31, 2026. Non-resident shareholders will be subject to Canadian withholding tax on the dividend, underscoring the need for cross-border investors to consider tax implications when assessing the stock’s income profile.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$270.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.

Boyd Group Sets March 18 Date for Fiscal 2025 Results and Conference Call

Boyd Group Services Inc., the Canadian parent of The Boyd Group Inc., oversees one of the largest non-franchised collision repair networks in North America, with extensive collision and auto glass brands across Canada and the U.S., plus third-party claims administration and mobile scanning and calibration services. The company announced it will release its fiscal 2025 fourth-quarter and year-end results on March 18, 2026, before market open, followed by a management-hosted conference call and webcast the same morning, offering investors and analysts an opportunity to review financial performance and operational trends.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$275.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.

Boyd Group Closes US$1.3 Billion Acquisition of Joe Hudson’s, Expands North American Collision Footprint

Boyd Group Services has completed its previously announced acquisition of Joe Hudson’s Collision Center, adding 258 locations across the U.S. Southeast and expanding its North American network by 25% to 1,301 locations. Management describes the US$1.3 billion deal as transformative, bolstering Boyd’s regional density, supporting cost synergies and profitability, and aligning with its growth strategy alongside its Project 360 cost transformation plan, new start-up pipeline and expanded WOW Operating Way, collectively reinforcing the company’s long-term growth and market leadership in the fragmented collision repair industry; the transaction was funded through a debut U.S. equity offering, a private placement of senior unsecured notes and use of the company’s revolving credit facility.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$275.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.

Boyd Group Cleared to Close Joe Hudson’s Collision Center Acquisition on January 9, 2026

Boyd Group Services Inc. has secured all required regulatory approvals for its acquisition of Joe Hudson’s Collision Center and plans to close the transaction on January 9, 2026. The deal marks a significant expansion step for one of North America’s largest collision repair and auto glass operators, positioning Boyd to broaden its U.S. footprint and service capabilities while integrating Joe Hudson’s network into its existing platform, with potential implications for scale efficiencies and competitive standing in the collision repair market.

The most recent analyst rating on (TSE:BYD) stock is a Buy with a C$294.00 price target. To see the full list of analyst forecasts on Boyd Group Services stock, see the TSE:BYD Stock Forecast page.