Loading…
Regional US casino operator focused on Las Vegas locals and Midwest/South markets, with an equity stake in FanDuel's online betting business.
Regional US casino operator focused on Las Vegas locals and Midwest/South markets, with an equity stake in FanDuel's online betting business.
Earns mainly from slot machines and table games in casinos whose customers are repeat local visitors rather than tourists, so a large share comes from the Las Vegas locals market and regional casinos in the Midwest and South. Hotel, dining and entertainment spending add on top, supported by a loyalty programme.
Moat: narrow (scale, brand, installed base). Established regional casino properties with local market density and loyalty programs support repeat visitation.
Headquarters: Las Vegas, Nevada, US · Founded: 1975 · Employees: 16,009
Size Boyd Gaming (BYD) is a United States Consumer Discretionary company (Casinos/Gaming) with a market value of $5.41B, the 1129th largest of 3,117 United States companies the cockpit tracks. Shares closed at $76.57 on 6 Nov 2026.
Performance Over six months the shares fell 10.6%, against -13.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +6.1%); the operating margin is 18.5% (peer median 17.3%).
Valuation It trades at 10.1× forward earnings against a peer median of 12.6× (5th cheapest of 17).
Capital Return on invested capital runs 2.4 points above its cost of capital (8.6% WACC).
Credit Boyd Gaming has 2 bonds outstanding ($1.90B), rated BB by the agencies and trading like BBB at a weighted spread of 103 bp.
Short interest Short interest is 6.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.08B | $4.09B | $3.93B | $3.74B | $3.56B |
| Revenue growth | — | +4% | +5% | +5% | — |
| Gross profit | $1.64B | $1.72B | $1.77B | $1.76B | $1.73B |
| EBITDA | $1.13B | $1.18B | $1.22B | $1.27B | $1.34B |
| Net income | $502M | $1.84B | $578M | $620M | $639M |
| Free cash flow | -$15.7M | $388M | $557M | $541M | $707M |
| Capital expenditure | $689M | $673M | $400M | $374M | $269M |
| Total debt | $3.29B | $2.71B | $3.93B | $3.73B | $3.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Boyd Gaming BYD | $5.41B | -11% | 0% | 19% | 10.1× | n/a |
| Caesars Entertainment CZR | $5.96B | +4% | +3% | 17% | n/a | 5.8% |
| PENN Entertainment PENN | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% |
| Red Rock Resorts RRR | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BYD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +3.5% | 6th highest of 18 |
| 6-month return | -10.6% | -13.2% | 7th highest of 18 |
| Distance from 52-week high | -16.2% | -37.3% | 3rd highest of 18 |
| Revenue growth (TTM) | +0.3% | +6.1% | 3rd lowest of 18 |
| Operating margin | 18.5% | 17.3% | 9th highest of 18 |
| Forward P/E | 10.1× | 12.6× | 5th cheapest of 17 |
| ROIC minus cost of capital | +2.4 pp | +6.5 pp | 7th lowest of 18 |
| EV / EBITDA | 7.5× | 8.5× | 5th cheapest of 17 |
| Net debt / EBITDA | 2.6× | 3.1× | 7th least indebted of 18 |
| Bond spread | 103 bp | 218 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Boyd Gaming BYD | United States | $5.41B | -11% | 0% | 19% | 10.1× | n/a | n/a |
| Super Group (SGHC) SGHC | United States | $5.77B | -13% | +14% | 23% | 11.7× | -0.2% | +16.6% |
| Caesars Entertainment CZR | United States | $5.96B | +4% | +3% | 17% | n/a | 5.8% | +25.9% |
| MGM China 2282.HK | Hong Kong | $4.85B | -12% | +11% | 31% | 9.3× | -3.1% | +48.5% |
| Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh LNW.AX | Australia | $6.22B | +1% | 0% | 27% | 9.4× | -8.5% | +15.8% |
| FDJ United FDJU.PA | France | $4.49B | -5% | +3% | 15% | 10.6× | -2.8% | +13.9% |
| Lottomatica LTMC.MI | Italy | $7.17B | +4% | +4% | 21% | 15.4× | -1.4% | +42.7% |
| Entain ENT.L | United Kingdom | $4.05B | -11% | 0% | 11% | 8.9× | 3.2% | +8.1% |
| MGM Resorts MGM | United States | $8.18B | -17% | +3% | 6% | 24.0× | 16.0% | +27.7% |
| Wynn Resorts WYNN | United States | $8.56B | -19% | +6% | 16% | 20.8× | 1.7% | +27.8% |
| Wynn Macau 1128.HK | Hong Kong | $2.99B | -24% | +9% | 29% | 8.7× | -2.4% | +31.1% |
| Rush Street Interactive RSI | United States | $2.83B | -56% | +39% | 11% | 16.9× | 13.5% | +32.4% |
| Sands China 1928.HK | Hong Kong | $11.4B | -30% | +9% | 26% | 12.9× | 2.5% | +34.0% |
| PENN Entertainment PENN | United States | $2.34B | +4% | +6% | 6% | 12.3× | 15.2% | +14.2% |
| Kangwonland 035250.KS | South Korea | $2.13B | -16% | +2% | 15% | 11.0× | n/a | n/a |
| Flutter Entertainment FLUT | United States | $14.2B | -19% | +12% | 2% | 14.3× | 26.3% | +23.7% |
| Brightstar Lottery BRSL | United States | $1.82B | -24% | +1% | 25% | 15.2× | n/a | n/a |
| Galaxy Ent 0027.HK | Hong Kong | $19.4B | +8% | +8% | 32% | 14.2× | 2.8% | +28.7% |
Boyd Gaming has 2 bonds outstanding with $1.90B face value. The agencies rate it BB; its bonds trade like BBB. Weighted yield 5.47%, a spread of 103 bp over government bonds.