Boyd Gaming CorporationBYD
NYSE•Consumer Cyclical•Resorts & Casinos
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group and changed its name to Boyd Gaming Corporation in April 1993. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.
Boyd Gaming Corporation (BYD) reported trailing twelve months revenue of $4.10B as of March 2026, a 3.4% increase year-over-year. Quarterly revenue reached $997.36M, reflecting continued top-line momentum.
Boyd Gaming Corporation generated $1.84B in TTM net income, with quarterly EBITDA of $258.98M. The operating margin contracted from 20.2% to 16.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.4%) and net margin (10.6%) indicates moderate non-operating costs. Net margin has narrowed from 11.2% a year ago, reflecting increased costs or interest expense.
BYD trades at a P/E of 3.5x (below the broader market average) and a P/S of 1.6x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company reported negative free cash flow of $-20.84M, indicating cash consumption over the period. The balance sheet shows $6.61B in total assets with $2.27B in long-term debt against $2.53B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~20.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 48.9% suggests a durable competitive advantage and efficient capital allocation.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~8.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 24.2% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 19.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation