Boyd Group Services (TSE:BYD)
TSX:BYD
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Boyd Group Services
(TSX:BYD)
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Rating:52Neutral
Price Target:
C$173.00
▲(0.82% Upside)
Action:ReiteratedDate: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
A sharp ~41% revenue acceleration in 2025 alongside ~40% FCF growth indicates sustained demand and better scale economics. Durable top-line momentum supports reinvestment, organic expansion and integration of acquisitions, improving long-term cash generation and strategic optionality.
Negative Factors
Thin profitability
Very slim net margins (~0.6%) and modest EBIT (~4.2%) constrain the company's ability to absorb higher input or labor costs and limit retained earnings for reinvestment. Low margin structure reduces long-term return potential and increases sensitivity to margin volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue acceleration
A sharp ~41% revenue acceleration in 2025 alongside ~40% FCF growth indicates sustained demand and better scale economics. Durable top-line momentum supports reinvestment, organic expansion and integration of acquisitions, improving long-term cash generation and strategic optionality.
Read all positive factors
Boyd Group Services (BYD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.78B
Dividend Yield0.28%
Average Volume (3M)38.57K
Price to Earnings (P/E)262.0
Beta (1Y)0.36
Revenue Growth4.24%
EPS Growth-60.60%
CountryCA
Employees13,449
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)1.26
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$261.28Price Target Upside52.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)4.59
Revenue Forecast (FY)C$4.20B
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:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a positive sentiment with Boyd Group Services showcasing strong operational improvements and strategic milestones, despite facing industry challenges and a decline in same-store sales. The company demonstrated strong gross margin and adjusted EBITDA performance, driven by successful execution of Project 360 initiatives. However, challenges remain with declines in same-store sales and net earnings, as well as increased operating expenses.Positive Updates
Gross Margin Expansion
Boyd Group Services expanded its gross margins by 120 basis points to 46.8% in Q2 2025, due to internalization of scanning and calibration, improved performance-based pricing, and increased parts margins.
Negative Updates
Decline in Same-Store Sales
Same-store sales, excluding foreign exchange, decreased by 2.1% in Q2 2025, despite a 0.2% increase in overall sales to $780.4 million.
Read all updates
Q2-2025 Updates
Positive
Negative
Gross Margin Expansion
Boyd Group Services expanded its gross margins by 120 basis points to 46.8% in Q2 2025, due to internalization of scanning and calibration, improved performance-based pricing, and increased parts margins.
Read all positive updates
Company Guidance
During the second quarter of 2025, Boyd Group Services, Inc. demonstrated significant progress in its operational and financial performance, as reported in their recent earnings call. The company expanded its gross margins by 120 basis points to 46.8% and increased its adjusted EBITDA margins to 12%, marking the highest quarterly adjusted EBITDA margin performance since 2023. Boyd also achieved a 0.2% increase in sales to $780.4 million, despite a 2.1% decrease in same-store sales, which was offset by the addition of 53 new locations. Boyd's Project 360 initiative was a key driver of these improvements, helping the company realize $30 million in annual run rate savings from an indirect staffing model and aiming for $40 million in incremental savings from procurement spending by the end of 2026. Additionally, Boyd surpassed its 1,000th location milestone, reflecting its strategic focus on new location growth and market share gains. The company plans to open an average of 8 to 10 new start-up locations per quarter going forward, leveraging a more strategic approach to its go-to-market strategy. Although industry volumes in the second quarter were challenged, Boyd saw a modest improvement in same-store sales growth in July, driven by better customer relationships and an enhanced focus on insurance company clients’ unique performance metrics.Boyd Group Services Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.20B | 3.07B | 2.94B | 2.45B | 1.86B |
| Gross Profit | 1.24B | 1.40B | 1.34B | 1.10B | 828.29M |
| EBITDA | 382.89M | 208.97M | 255.20M | 171.20M | 119.06M |
| Net Income | 18.74M | 24.52M | 86.45M | 41.33M | 23.34M |
Balance Sheet | |||||
| Total Assets | 3.85B | 2.46B | 2.38B | 2.12B | 2.01B |
| Cash, Cash Equivalents and Short-Term Investments | 1.23B | 19.98M | 22.46M | 15.20M | 27.48M |
| Total Debt | 1.71B | 1.25B | 1.13B | 986.96M | 977.22M |
| Total Liabilities | 2.14B | 1.63B | 1.55B | 1.37B | 1.29B |
| Stockholders Equity | 1.72B | 830.07M | 826.34M | 753.36M | 720.39M |
Cash Flow | |||||
| Free Cash Flow | 276.31M | 196.91M | 284.79M | 208.97M | 152.75M |
| Operating Cash Flow | 331.57M | 270.53M | 343.21M | 241.35M | 183.70M |
| Investing Cash Flow | -230.99M | -197.76M | -248.36M | -46.50M | -348.15M |
| Financing Cash Flow | 1.11B | -73.99M | -87.51M | -206.54M | 131.99M |
Boyd Group Services Technical Analysis
Negative
171.60
Price Trends
218.25
Negative
220.65
Negative
218.59
Negative
Market Momentum
-14.15
Positive
26.59
Positive
12.65
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 171.6 is below the 20-day moving average (MA) of 197.43, below the 50-day MA of 218.25, and below the 200-day MA of 218.59, indicating a bearish trend. The MACD of -14.15 indicates Positive momentum. The RSI at 26.59 is Positive, neither overbought nor oversold. The STOCH value of 12.65 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$5.15B | 8.51 | 9.92% | 1.32% | -5.33% | -57.58% | |
63 Neutral | C$674.01M | 7.04 | 7.13% | 1.93% | -7.25% | -143.07% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | C$10.06B | 16.32 | 13.16% | 3.17% | -0.13% | 13.73% | |
52 Neutral | C$4.78B | 262.01 | 1.66% | 0.28% | 4.24% | -60.60% | |
43 Neutral | C$491.71M | 34.08 | 18.07% | ― | -26.93% | 84.17% |
* Consumer Cyclical Sector Average
TSE:BYD
Boyd Group Services
171.60
-27.56
-13.84%
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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...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Boyd Group Closes US$1.3 Billion Acquisition of Joe Hudson’s, Expands North American Collision Footprint
Positive
Jan 9, 2026
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 ...
Business Operations and StrategyM&A Transactions
Boyd Group Cleared to Close Joe Hudson’s Collision Center Acquisition on January 9, 2026
Positive
Jan 8, 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 A...
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.