Boyd Group Services (TSE:BYD)
TSX:BYD
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Boyd Group Services
(TSX:BYD)
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Rating:53Neutral
Price Target:
C$144.00
▼(-14.21% Downside)
Action:Reiterated
Date:05/16/26
The score reflects solid cash flow and a generally positive earnings-call outlook driven by synergy realization and strong adjusted EBITDA growth, but it is pulled down by sharply compressed GAAP profitability and elevated leverage. Technically, the stock is in a pronounced downtrend (below all key moving averages), and valuation is unattractive due to negative earnings and a low dividend yield.
Positive Factors
Cash generation
Consistent, strong operating and free cash flow (TTM FCF ~$325M, growing ~16.9%) provides durable internal funding for capex, integration costs and deleveraging. High cash conversion (~85% of net income) reduces dependence on external financing and supports execution of strategic programs over months.
Negative Factors
Elevated leverage
Material increase in debt after acquisitions leaves the balance sheet more leveraged (~1.19x debt/equity; pro‑forma leverage ~2.9x). Elevated leverage reduces financial flexibility, raises interest and refinancing sensitivity, and heightens risk if cash flow or margins soften during integration or macro shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent, strong operating and free cash flow (TTM FCF ~$325M, growing ~16.9%) provides durable internal funding for capex, integration costs and deleveraging. High cash conversion (~85% of net income) reduces dependence on external financing and supports execution of strategic programs over months.
Read all positive factors
Boyd Group Services (BYD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.95B
Dividend Yield0.28%
Average Volume (3M)38.57K
Price to Earnings (P/E)―
Beta (1Y)0.40
Revenue Growth8.97%
EPS Growth7.15%
CountryCA
Employees13,449
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)0.67
Shares Outstanding27,830,065
10 Day Avg. Volume39,723
30 Day Avg. Volume38,571
Financial Highlights & Ratios
PEG Ratio-9.96
Price to Book (P/B)2.86
Price to Sales (P/S)1.54
P/FCF Ratio17.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$233.82Price Target Upside39.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)3.9
Revenue Forecast (FY)C$4.14B
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 Coll...
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,...
Boyd Group Services Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum driven by record revenue (+28% YoY), significant adjusted EBITDA growth (+51.9% YoY) and accelerated location expansion (33% increase), with meaningful realized cost savings from Project 360 and acquisition synergies and a successful Joe Hudson's integration underway. Counterbalancing these positives were higher net debt following the Joe Hudson's acquisition, GAAP net loss driven by one‑time integration costs, lower same‑store sales than long‑term targets (though weather‑adjusted performance was stronger), and ongoing uncertainty around TCOR growth and claims volumes. Overall, the positives (revenue/EBITDA records, margin expansion, large footprint growth, and material synergy realization) substantially outweigh the near‑term integration, weather and leverage headwinds.Positive Updates
All‑Time Record Revenue and Adjusted EBITDA
Generated record Q1 revenue of $996.7–$997.0 million, up ~28.1% year‑over‑year, and record adjusted EBITDA of $122.4 million, up ~51.9% year‑over‑year; adjusted EBITDA margin expanded 200 basis points to 12.3%.
Negative Updates
GAAP Net Loss and One‑Time Integration Costs
Reported GAAP net loss of $7.9 million in Q1 versus a net loss of $2.6 million a year ago; results were negatively impacted by acquisition and transformational (Project 360) one‑time costs—company expects total one‑time costs of ~ $50 million with $26.5 million recorded to date.
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Q1-2026 Updates
Positive
Negative
All‑Time Record Revenue and Adjusted EBITDA
Generated record Q1 revenue of $996.7–$997.0 million, up ~28.1% year‑over‑year, and record adjusted EBITDA of $122.4 million, up ~51.9% year‑over‑year; adjusted EBITDA margin expanded 200 basis points to 12.3%.
Read all positive updates
Company Guidance
The company’s forward-looking framework reiterates long‑term targets of 3%–5% same‑store sales growth (Q1 same‑store +1.7%, ~2.6% adjusting for southern weather), average total cost of repair growth of 3%–4% annually, ~1% annual miles driven growth and an assumed ~2% decline in repairable claims, supported by a 5%–7% target for average annual unit growth; operationally it reiterated synergy and cost‑save plans of $140M from Project 360 and acquisitions (>$60M realized to date, $20M incremental in Q1, $30M additional in 2026, $50M in 2027–2029) plus ~ $40M of Joe Hudson’s synergies (≈50% to be realized in 2026, remainder by 2028) while incurring ~$50M of one‑time integration/Project 360 costs ( $26.5M recorded); 2026 cash capex is guided to 1.6%–1.8% of sales (Q1 excl. Joe Hudson’s: 1.3%), footprint expanded 33% to 1,312 locations (including 258 Joe Hudson’s), 5 start‑ups planned in Q2 and 17 more later in 2026, and balance‑sheet targets include pro‑forma leverage of ~2.9x at Q1 trending to ~2.6x by end‑2026, with Q1 revenue $996.7M, adjusted EBITDA $122.4M (margin 12.3%) and an objective to drive margins toward the mid‑teens (14%+ over time).Boyd Group Services Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
50
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.36B | 3.20B | 3.07B | 2.94B | 2.45B | 1.86B |
| Gross Profit | 1.42B | 1.24B | 1.40B | 1.34B | 1.10B | 828.29M |
| EBITDA | 382.58M | 382.89M | 208.97M | 255.20M | 171.20M | 119.06M |
| Net Income | 13.33M | 18.74M | 24.52M | 86.45M | 41.33M | 23.34M |
Balance Sheet | ||||||
| Total Assets | 4.32B | 3.85B | 2.46B | 2.38B | 2.12B | 2.01B |
| Cash, Cash Equivalents and Short-Term Investments | 54.52M | 1.23B | 19.98M | 22.46M | 15.20M | 27.48M |
| Total Debt | 2.06B | 1.71B | 1.25B | 1.13B | 986.96M | 977.22M |
| Total Liabilities | 2.59B | 2.14B | 1.63B | 1.55B | 1.37B | 1.29B |
| Stockholders Equity | 1.73B | 1.72B | 830.07M | 826.34M | 753.36M | 720.39M |
Cash Flow | ||||||
| Free Cash Flow | 325.30M | 276.31M | 196.91M | 284.79M | 208.97M | 152.75M |
| Operating Cash Flow | 381.97M | 331.57M | 270.53M | 343.21M | 241.35M | 183.70M |
| Investing Cash Flow | -1.48B | -230.99M | -197.76M | -248.36M | -46.50M | -348.15M |
| Financing Cash Flow | 1.16B | 1.11B | -73.99M | -87.51M | -206.54M | 131.99M |
Boyd Group Services Technical Analysis
Negative
167.85
Price Trends
174.89
Negative
201.29
Negative
211.38
Negative
Market Momentum
-8.98
Positive
34.90
Neutral
34.77
Neutral
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 167.85 is above the 20-day moving average (MA) of 158.23, below the 50-day MA of 174.89, and below the 200-day MA of 211.38, indicating a bearish trend. The MACD of -8.98 indicates Positive momentum. The RSI at 34.90 is Neutral, neither overbought nor oversold. The STOCH value of 34.77 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$5.70B | 5.79 | 10.37% | 1.32% | 2.38% | 149.43% | |
69 Neutral | C$746.73M | 6.02 | 7.74% | 1.93% | -1.63% | ― | |
63 Neutral | C$9.15B | 23.06 | 10.24% | 3.17% | 0.86% | -26.59% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | C$3.95B | -158.49 | 1.74% | 0.28% | 8.97% | 7.15% | |
46 Neutral | C$497.04M | 24.24 | 5.29% | ― | -6.30% | ― |
* Consumer Cyclical Sector Average
TSE:BYD
Boyd Group Services
144.25
-65.64
-31.27%
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Boyd Group Services Corporate Events
Business Operations and StrategyDelistings and Listing ChangesDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Boyd Group lifts 2025 earnings and closes $1.3 billion Joe Hudson’s acquisition
Positive
Mar 18, 2026
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 ea...
Dividends
Boyd Group Services Declares First-Quarter 2026 Dividend
Positive
Mar 17, 2026
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 o...
Dividends
Boyd Group Services Declares First-Quarter 2026 Cash Dividend
Positive
Mar 17, 2026
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 clai...
Financial Disclosures
Boyd Group Sets March 18 Date for Fiscal 2025 Results and Conference Call
Neutral
Feb 25, 2026
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-part...
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.