Boyd Services (BGSI)
Market Price (8/24/2026): $89.95 | Market Cap: $2.5 BilSector: Consumer Discretionary | Industry: Automotive Retail
Boyd Services (BGSI)
Market Price (8/24/2026): $89.95Market Cap: $2.5 BilSector: Consumer DiscretionaryIndustry: Automotive Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% Attractive yieldFCF Yield is 14% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Future of Automotive Services. Themes include Advanced Vehicle Repair & Calibration, Electric Vehicle Collision Repair, and Specialized Automotive Glass Services. | Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -125% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 273x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Key risksBGSI key risks include [1] labor shortages and increased wage costs that significantly constrain service capacity and pressure margins, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| Attractive yieldFCF Yield is 14% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Future of Automotive Services. Themes include Advanced Vehicle Repair & Calibration, Electric Vehicle Collision Repair, and Specialized Automotive Glass Services. |
| Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -125% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 273x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Key risksBGSI key risks include [1] labor shortages and increased wage costs that significantly constrain service capacity and pressure margins, Show more. |
Qualitative Assessment
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Boyd Services (BGSI) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Boyd Services (BGSI) reported a significant miss in its fiscal Q2 2026 earnings and revenue, coupled with a net loss.
For the second fiscal quarter ended June 30, 2026, Boyd Services reported adjusted earnings per share (EPS) of $0.80, which notably missed the consensus analyst estimate of $0.99 by $0.19. Revenue also fell short of expectations, coming in at $1.01 billion against an analyst forecast of $1.03 billion. Furthermore, the company recorded a net loss of $6.6 million for the six months ended June 30, 2026, with Q2 net earnings declining to $1.3 million from $5.4 million in Q2 2025. This decline was primarily attributed to higher depreciation and increased finance expenses.
2. The company experienced a material increase in total debt and escalating finance costs, primarily driven by the Joe Hudson's acquisition.
Boyd Services' total debt, net of cash, surged to $2,003.9 million at the end of fiscal Q2 2026 (June 30, 2026), a substantial increase from $488.1 million at December 31, 2025. This significant rise in leverage was largely due to funding the acquisition of Joe Hudson's Collision Center, which closed on January 9, 2026, expanding Boyd's footprint by 258 locations. Consequently, finance costs for the first half of fiscal 2026 escalated to $60.8 million, up from $35.9 million in the prior year.
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Boyd Services (BGSI) stock has lost about 30% since 4/30/2026 because of the following key factors:
1. Boyd Services (BGSI) reported a significant miss in its fiscal Q2 2026 earnings and revenue, coupled with a net loss.
For the second fiscal quarter ended June 30, 2026, Boyd Services reported adjusted earnings per share (EPS) of $0.80, which notably missed the consensus analyst estimate of $0.99 by $0.19. Revenue also fell short of expectations, coming in at $1.01 billion against an analyst forecast of $1.03 billion. Furthermore, the company recorded a net loss of $6.6 million for the six months ended June 30, 2026, with Q2 net earnings declining to $1.3 million from $5.4 million in Q2 2025. This decline was primarily attributed to higher depreciation and increased finance expenses.
2. The company experienced a material increase in total debt and escalating finance costs, primarily driven by the Joe Hudson's acquisition.
Boyd Services' total debt, net of cash, surged to $2,003.9 million at the end of fiscal Q2 2026 (June 30, 2026), a substantial increase from $488.1 million at December 31, 2025. This significant rise in leverage was largely due to funding the acquisition of Joe Hudson's Collision Center, which closed on January 9, 2026, expanding Boyd's footprint by 258 locations. Consequently, finance costs for the first half of fiscal 2026 escalated to $60.8 million, up from $35.9 million in the prior year.
3. Multiple analyst downgrades and price target reductions contributed to negative investor sentiment.
During the period, several research firms adjusted their ratings and price targets for BGSI. Wall Street Zen lowered its rating on Boyd Group Services from "buy" to "hold" on May 2, 2026. Weiss Ratings reaffirmed a "sell" rating on June 24, 2026. Additionally, Royal Bank of Canada cut its price target to C$236 from C$245, while Stifel Nicolaus decreased its price target from C$255.00 to C$205.00. These revisions indicate a cautious outlook from analysts regarding the company's near-term prospects.
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Stock Movement Drivers
Fundamental Drivers
The -28.6% change in BGSI stock from 4/30/2026 to 8/23/2026 was primarily driven by a -57.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 123.64 | 88.25 | -28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,143 | 3,594 | 14.4% |
| Net Income Margin (%) | 0.6% | 0.3% | -57.3% |
| P/E Multiple | 170.8 | 273.0 | 59.8% |
| Shares Outstanding (Mil) | 25 | 28 | -8.6% |
| Cumulative Contribution | -28.6% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BGSI | -28.6% | |
| Market (SPY) | 6.5% | 1.5% |
| Sector (XLY) | -0.3% | 20.6% |
Fundamental Drivers
The -46.3% change in BGSI stock from 1/31/2026 to 8/23/2026 was primarily driven by a -51.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 164.30 | 88.25 | -46.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,101 | 3,594 | 15.9% |
| Net Income Margin (%) | 0.5% | 0.3% | -51.7% |
| P/E Multiple | 219.5 | 273.0 | 24.4% |
| Shares Outstanding (Mil) | 21 | 28 | -22.9% |
| Cumulative Contribution | -46.3% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BGSI | -46.3% | |
| Market (SPY) | 11.0% | 20.9% |
| Sector (XLY) | -2.4% | 29.3% |
Fundamental Drivers
The -36.3% change in BGSI stock from 7/31/2025 to 8/23/2026 was primarily driven by a -43.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 138.63 | 88.25 | -36.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,062 | 3,594 | 17.4% |
| Net Income Margin (%) | 0.4% | 0.3% | -43.3% |
| P/E Multiple | 220.0 | 273.0 | 24.1% |
| Shares Outstanding (Mil) | 21 | 28 | -22.9% |
| Cumulative Contribution | -36.3% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BGSI | -36.3% | |
| Market (SPY) | 22.2% | 17.6% |
| Sector (XLY) | 7.2% | 24.4% |
Fundamental Drivers
The -52.7% change in BGSI stock from 7/31/2023 to 8/23/2026 was primarily driven by a -89.2% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.39 | 88.25 | -52.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,591 | 3,594 | 38.8% |
| Net Income Margin (%) | 2.3% | 0.3% | -89.2% |
| P/E Multiple | 66.5 | 273.0 | 310.4% |
| Shares Outstanding (Mil) | 21 | 28 | -22.9% |
| Cumulative Contribution | -52.7% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| BGSI | -52.7% | |
| Market (SPY) | 73.2% | 14.5% |
| Sector (XLY) | 38.9% | 16.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BGSI Return | -10% | -1% | 35% | -28% | 6% | -42% | -47% |
| Peers Return | 37% | -32% | 20% | -17% | -5% | 11% | -3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| BGSI Win Rate | 50% | 42% | 58% | 33% | 58% | 38% | |
| Peers Win Rate | 50% | 33% | 53% | 48% | 57% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BGSI Max Drawdown | -32% | -41% | -17% | -40% | -19% | -51% | |
| Peers Max Drawdown | -34% | -46% | -34% | -30% | -39% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PENN, CZR, MGM, RRR, CHDN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | BGSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.0% | -18.8% |
| % Gain to Breakeven | 21.9% | 23.1% |
| Time to Breakeven | 149 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.2% | -7.8% |
| % Gain to Breakeven | 15.3% | 8.5% |
| Time to Breakeven | 552 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.9% | -24.5% |
| % Gain to Breakeven | 66.3% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.4% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
In The Past
Boyd Services's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% gain to breakeven.
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Asset Allocation
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| Event | BGSI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.9% | -24.5% |
| % Gain to Breakeven | 66.3% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.4% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
In The Past
Boyd Services's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Boyd Services (BGSI)
Boyd Group Services Inc. (BGSI) is a prominent North American provider of non-franchised collision repair and retail auto glass services. The company operates an extensive network of collision repair centers under recognized trade names such as Boyd Autobody & Glass and Assured Automotive in Canada, and Gerber Collision and Glass in the United States.
In addition to its core collision repair business, BGSI is a significant retail auto glass operator in the U.S., utilizing various brands like Gerber Collision and Glass, Glass America, and Auto Glass Service. The company further extends its offerings with specialized support services, including Gerber National Claims Services for glass, emergency roadside, and first notice of loss management, as well as Mobile Auto Solutions for vehicle scanning and calibration.
BGSI's primary customers include individual vehicle owners seeking repairs or glass replacement, and a wide array of insurance companies. This diverse customer base positions the company as a key partner for both direct consumers and institutional entities within the automotive after-market sector.
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Boyd Services (BGSI) is like:
- Jiffy Lube for car crashes and cracked windshields.
- The "Marriott" of auto body and glass repair shops.
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- Collision Repair Services: The company operates centers that provide repair services for vehicles damaged in collisions.
- Auto Glass Repair & Replacement: Services include the repair and replacement of vehicle glass for individual owners.
- Third-Party Claims Administration: Provides administrative services for glass, emergency roadside assistance, and first notice of loss claims on behalf of insurance companies.
- Mobile Automotive Scanning & Calibration: Offers specialized mobile services for scanning and calibrating vehicle systems.
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Boyd Group Services Inc. (BGSI) serves a diverse customer base, primarily falling into two main categories:
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Individual Vehicle Owners: These are the direct consumers who utilize Boyd's non-franchised collision repair centers (under names like Boyd Autobody & Glass, Assured Automotive, and Gerber Collision and Glass) and retail auto glass services (under names like Glass America and Auto Glass Service). These individuals bring their vehicles to Boyd's locations for repair and maintenance services.
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Insurance Companies: Insurance companies are significant customers for Boyd Group Services. They are served directly by Gerber National Claims Services, which offers glass, emergency roadside, and first notice of loss services. Furthermore, insurance companies play a crucial role for the collision repair and auto glass operations, often directing policyholders to Boyd's repair centers and covering the cost of repairs, making them a primary source of business volume and revenue.
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Brian Kaner, President and Chief Executive Officer
Mr. Kaner was appointed President and CEO of Boyd Group Services Inc. on May 14, 2025. He joined the company in October 2022 as Executive Vice President and Chief Operating Officer for the collision business, with responsibilities for both U.S. and Canadian collision operations. He was appointed President and Chief Operating Officer on August 8, 2024. Prior to joining Boyd, Mr. Kaner served as CEO & President of Pep Boys & Icahn Automotive Services, where he led approximately 1,800 company-owned and franchise locations. Before his time at Icahn Enterprises L.P., he was President of Sears Auto Centers at Sears Holdings Corporation.
Jeff Murray, Executive Vice-President & Chief Financial Officer
Mr. Murray was appointed Executive Vice-President & Chief Financial Officer of Boyd Group Services Inc. on July 12, 2023. He initially joined Boyd's finance team in 2004 as the Manager of External Financial Reporting. In 2013, he became Vice-President, Finance, overseeing accounting, tax, risk, disclosure, governance, and internal controls. Mr. Murray served as Interim Chief Financial Officer starting January 1, 2023, before his permanent appointment. Before joining Boyd, he spent a decade at the accounting firm Ernst & Young LLP.
Timothy O'Day, Former President & CEO (Advisory Role)
Mr. O'Day served as President and Chief Executive Officer of Boyd Group Services Inc., a role he assumed in January 2020. He joined Gerber Collision & Glass in February 1998 as Vice President of Operations. Following Boyd's acquisition of Gerber in 2004, Mr. O'Day was appointed Chief Operating Officer for Boyd's U.S. Operations. He later held roles as President and Chief Operating Officer for U.S. Operations in 2008, and then President and Chief Operating Officer with company-wide operating oversight in 2017. He is stepping down as CEO effective May 14, 2025, but will continue to support the transition in an advisory role through the end of 2025. Before joining Gerber, he was Vice President, Western Division, at Midas International.
Tony Canade, Chief Operating Officer, Canadian Operations
Mr. Canade is the President of Assured Automotive. Effective January 1, 2020, he was appointed to the role of Chief Operating Officer, Canadian Operations, for the Boyd Group Inc. In this expanded capacity, he assumed responsibility for Boyd Autobody & Glass in addition to the Assured business.
Creighton Warren, SVP & Chief Information Officer
Mr. Warren currently holds the position of SVP and Chief Information Officer at Boyd Group Services Inc., having joined in 2023. In this role, he is responsible for enterprise IT across the United States and Canada. His prior experience includes serving as VP and Chief Information Officer at TreeHouse Foods and Vice President & Chief Information Officer at USG Corp. Mr. Warren has also held various leadership roles at Burwood Group, Commerx, Heller Financial, and Accenture Technology Solutions.
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The key risks to Boyd Group Services Inc. (BGSI) primarily stem from evolving automotive technology, dynamics within the insurance industry, and ongoing financial performance challenges.
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Impact of Autonomous Vehicles and Advanced Driver Assistance Systems (ADAS)
The proliferation of autonomous vehicles and Advanced Driver Assistance Systems (ADAS) poses a significant long-term risk to the collision repair industry, including Boyd Group Services. These technologies are designed to enhance safety and are expected to gradually reduce collision frequencies, potentially leading to a decline in the overall demand for collision repair services. While ADAS can decrease accidents, it also introduces complexity, as even minor collisions can damage intricate sensors and cameras, requiring specialized equipment, highly precise recalibration, and in-depth technical expertise for repairs. This necessitates substantial investment in training and technology for auto body shops to remain competitive.
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Insurance Industry Trends and Pricing Pressure
Boyd Group Services is heavily reliant on relationships with insurance companies, with its top five insurance customers accounting for approximately 51% of its revenue. The company faces ongoing pressure from insurance carriers regarding repair costs and reimbursement rates. Additionally, elevated auto insurance premiums can lead to lower repair volumes, as consumers may delay or choose not to file claims, directly impacting Boyd's sales and margins. Changes in insurance policies and premiums due to reduced accident risks from autonomous vehicles could also alter the claims landscape.
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Financial Challenges and Profitability
Boyd Group Services has recently encountered financial challenges, including a notable decline in profits and increased reliance on debt financing, which raises concerns about financial stability. The company has reported decreasing net profits and a significant increase in interest expenses. While Boyd aims for ambitious growth and improved profitability through initiatives like "Project 360" to achieve cost savings and expand margins, it has faced short-term headwinds such as declining same-store sales and margin pressure. The debt-to-equity ratio indicates a significant use of debt, and return on equity has been limited.
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- Technological Transformation of Vehicles: The increasing prevalence of Electric Vehicles (EVs) and Advanced Driver-Assistance Systems (ADAS) presents a multi-faceted emerging threat. EVs often require specialized repair techniques, tools, and safety protocols for high-voltage systems and unique battery structures. ADAS, integral to modern vehicles, necessitates precise recalibration post-collision, requiring significant investment in specialized diagnostic and calibration equipment and technician training. This complexity increases repair costs and may lead to more vehicles being deemed "totaled" rather than repaired, reducing overall demand for collision services. Furthermore, the long-term effectiveness of ADAS in preventing accidents could lead to a decline in the frequency of collisions, thus shrinking the addressable market for collision repair businesses.
- Original Equipment Manufacturer (OEM) Control and Certification: Automotive manufacturers are increasingly dictating collision repair procedures, mandating the use of proprietary tools, genuine OEM parts, and specific training and certification programs for repair facilities. This trend can significantly increase the operational costs for independent repair networks like Boyd Services, as they must continuously invest in new equipment, training, and certifications for each vehicle brand to remain competitive and capable of repairing newer models. Failure to meet these OEM requirements could restrict their access to a growing segment of the vehicle repair market.
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Boyd Group Services Inc. (BGSI) operates in several addressable markets across North America, including collision repair, retail auto glass, third-party administration (TPA) for insurance claims, and mobile automotive scanning and calibration services.
Collision Repair Market
- The North American automotive collision repair market was estimated at approximately USD 64.97 billion in 2024 and is projected to reach USD 54.22 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.27% from 2025 to 2030. Another estimate placed the market size at USD 45.4 billion in 2023.
- In the United States, the automotive collision repair market was valued at USD 38 billion. Other reports indicate a value of USD 34.73 billion in 2024, with an expectation to reach USD 43.32 billion by 2032. The U.S. market generated USD 37,143.4 million in 2024 and is expected to reach USD 38,950.3 million by 2030. The U.S. dominates the North American market, holding an 83.63% revenue share.
- For Canada, the collision repair market was valued at USD 4.3 billion in 2024. The car body shop industry revenue in Canada grew to USD 7.7 billion over the five years to 2025.
Retail Auto Glass Operation (Automotive Glass Repair and Replacement)
- The North American automotive glass market is expected to grow from USD 6.26 billion in 2025 to USD 9.32 billion by 2031.
- The U.S. automotive glass market was valued at USD 1,786.0 million in 2023 and is anticipated to exceed USD 2,583.0 million by 2033. In 2025, it reached USD 2,664.3 million and is projected to reach USD 3,766.8 million by 2034. The automotive aftermarket glass market in the U.S. was valued at USD 20.21 billion in 2025 and is forecast to expand to USD 28.54 billion in 2030.
- The Canadian automotive glass market was worth approximately CAD 1.3 billion in 2018 and is expected to grow to CAD 9.64 billion by 2032. Another report states the Canada automotive glazing market generated USD 380.2 million in 2024 and is expected to reach USD 672.1 million by 2030.
Third-Party Administrator (TPA) Services
- The global insurance third-party administrators market was valued at USD 372.05 billion in 2025 and is projected to reach USD 563.49 billion by 2030. Another source indicates a value of USD 413.39 billion in 2025, predicted to increase to approximately USD 831.21 billion by 2034.
- North America was the largest region in the insurance third-party administrators market in 2025, holding a 43% market share in 2024 and approximately 48.2% share (around USD 199.36 million) in 2024.
Mobile Auto Solutions (Scanning and Calibration Services)
- The North America automotive diagnostic scan tools market reached USD 9.3 billion in sales in 2024.
- The U.S. automotive diagnostic scan tools market was valued at USD 4.99 billion in 2024 and is anticipated to grow to USD 6.24 billion by 2030. It is projected to grow from USD 9.94 billion in 2025 to USD 12.86 billion by 2033.
- The North America calibration services market is projected to grow at a CAGR of 4.5% during 2023-2030. The U.S. market within this segment is expected to reach a value of USD 1,653.7 million by 2030. The Canada market for calibration services is experiencing a CAGR of 6.8% during 2023-2030.
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Boyd Group Services Inc. (BGSI) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Strategic Acquisitions and New Location Growth: The company consistently expands its footprint through both acquiring existing collision repair centers, such as the significant acquisition of Joe Hudson's Collision Center, and opening new "greenfield" locations. This strategy increases Boyd's market presence and revenue-generating capacity across North America.
- Increased Average Repair Severity and Complexity: The growing complexity of modern vehicles, particularly with the widespread adoption of Advanced Driver-Assistance Systems (ADAS), leads to higher average repair costs. These sophisticated repairs, which often require specialized calibration, contribute to higher revenue per incident for Boyd.
- Internalization of Services: Boyd is actively internalizing services like scanning and calibration, which were previously outsourced. By performing these services in-house, the company enhances its revenue per repair and improves margins, as calibration is primarily a labor-based operation when performed internally, representing a high-margin category. The company anticipates achieving 80% internalization of calibration within the next 2-3 years.
- Market Share Consolidation: Operating in a highly fragmented North American collision repair market, Boyd Group Services Inc. leverages its scale as a consolidator to gain market share. This strategic positioning allows the company to grow by acquiring smaller operators and expanding its presence in various regions.
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Share Issuance
- In November 2025, Boyd Group Services Inc. completed a bought deal public offering, issuing 6,361,800 common shares at US$141.00 per share, for gross proceeds of approximately US$897 million.
- The proceeds from this US equity offering, initially announced in October 2025, were primarily intended to partially fund the acquisition of Joe Hudson's Collision Center.
Inbound Investments
- Guardian Capital LP initiated a new position in Boyd Group Services (NYSE:BGSI) by acquiring 448,067 shares valued at $71.4 million by year-end 2025.
Outbound Investments
- Boyd Group Services Inc. completed the acquisition of Joe Hudson's Collision Center on January 9, 2026, for approximately US$1.3 billion, adding 258 locations across the U.S. Southeast region.
- During 2022, 2023, and 2024, the company acquired a number of businesses, which were not individually significant.
- Subsequent to the third quarter of 2025, Boyd opened two new start-up locations and acquired six locations, including a five-location multi-store operator in Nova Scotia, Canada.
Capital Expenditures
- Investments in the range of $5 million to $8 million were expected for 2023, with similar investments anticipated for 2024 and 2025.
- These capital expenditures were primarily focused on Boyd's ESG sustainability roadmap, particularly addressing data privacy and cybersecurity.
Peer Outperformance in Automotive Retail
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BGSI | Boyd Services | 9.8% | 273.0x | -45.1% | -50.0% | -54.0% | — |
| ORLY | O'Reilly Automotive | 6.9% | 27.7x | -12.9% | 42.9% | 123.0% | +177pp |
| GPI | Group 1 Automotive | 9.7% | 10.7x | -44.0% | 3.3% | 63.5% | +117pp |
| VVV | Valvoline | 12.3% | 42.8x | -14.8% | 2.6% | 15.3% | +69pp |
| ABG | Asbury Automotive | 6.5% | 7.7x | -15.4% | -1.3% | 12.6% | +67pp |
| LAD | Lithia Motors | 9.1% | 11.7x | 14.4% | 25.3% | 12.5% | +67pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -15.1% | 104.4% | 70.4% | LINC 308% · CVSA 272% · UTI 226% |
| Homebuilding | 18 | -4.9% | 33.0% | 52.4% | GRBK 187% · TOL 154% · PHM 152% |
| Hotels, Resorts & Cruise Lines | 22 | 17.7% | 57.3% | 13.0% | RCL 262% · MAR 172% · HLT 161% |
| Automotive Retail ← | 18 | -13.8% | 3.3% | 12.5% | MUSA 280% · PAG 182% · ORLY 123% |
| Specialty Stores | 7 | -5.5% | 42.9% | 7.7% | DKS 87% · ASO 21% · SIG 18% |
| Home Improvement Retail | 5 | -16.5% | 2.9% | 7.2% | LOW 17% · HD 17% · HVT 7% |
| Casinos & Gaming | 20 | -7.2% | -23.5% | -1.6% | BRAG 1014% · MCRI 108% · RSI 85% |
| Specialized Consumer Services | 10 | -11.3% | 20.7% | -6.8% | HRB 149% · FTDR 96% · SCI 45% |
| Distributors | 4 | -8.0% | -23.7% | -8.4% | ARMK 156% · GPC 25% · LKQ -42% |
| Restaurants | 34 | -7.4% | -4.8% | -8.4% | EAT 355% · CAKE 190% · RAVE 157% |
| Home Furnishings | 4 | -2.8% | 32.1% | -13.2% | SGI 56% · LZB 7% · MHK -33% |
| Footwear | 9 | 58.9% | 47.3% | -15.8% | WEYS 151% · DECK 26% · SHOO 24% |
| Automotive Parts & Equipment | 38 | -9.1% | -4.5% | -32.1% | MOD 1421% · GTX 271% · STRT 101% |
| Leisure Products | 13 | -4.0% | -8.6% | -33.6% | GOLF 82% · HAS 17% · MCFT -1% |
| Apparel, Accessories & Luxury Goods | 27 | 3.5% | -0.4% | -36.1% | TPR 242% · RL 242% · ELA 229% |
| Household Appliances | 18 | 7.7% | 40.2% | -40.2% | KEQU 178% · FLXS 142% · HBB 120% |
| Apparel Retail | 25 | -1.4% | 6.2% | -41.4% | DXLG 187% · ANF 162% · ROST 104% |
| Leisure Facilities | 12 | -15.2% | -6.3% | -41.6% | OSW 161% · JAKK 111% · ESCA 11% |
| Broadline Retail | 15 | 5.9% | 12.6% | -50.7% | DDS 285% · AMZN 56% · EBAY 56% |
| Computer & Electronics Retail | 3 | -19.2% | 11.3% | -61.6% | BBY -11% · UPBD -62% · GME -65% |
| Automobile Manufacturers | 8 | -70.4% | -66.3% | -69.6% | GM 85% · TSLA 54% · F 50% |
| Consumer Electronics | 11 | -18.5% | -22.8% | -76.7% | AXIL 2369% · GRMN 88% · TBCH -55% |
| Other Specialty Retail | 18 | -28.1% | -41.5% | -78.8% | BBW 189% · TLF 105% · WINA 96% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 52.42 |
| Mkt Cap | 4.8 |
| Rev LTM | 5,377 |
| Op Inc LTM | 673 |
| FCF LTM | 365 |
| FCF 3Y Avg | 253 |
| CFO LTM | 723 |
| CFO 3Y Avg | 662 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 6.2% |
| Rev Chg Q | 3.9% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 2.0% |
| Op Inc Chg 3Y Avg | 12.3% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 13.9% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 8.4% |
Price Behavior
| Market Price | $88.25 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 01/21/2020 | |
| Distance from 52W High | -51.5% | |
| 50 Days | 200 Days | |
| DMA Price | $123.21 | $151.35 |
| DMA Trend | down | down |
| Distance from DMA | -28.4% | -41.7% |
| 3M | 1YR | |
| Volatility | 46.8% | 42.2% |
| Downside Capture | 70.14 | 97.86 |
| Upside Capture | -33.47 | 3.41 |
| Correlation (SPY) | 6.8% | 18.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.39 | 0.34 | 0.12 | 0.81 | 0.61 | 0.29 |
| Up Beta | -5.87 | -1.86 | -1.50 | -0.01 | 0.12 | 0.13 |
| Down Beta | 1.57 | 1.63 | 1.38 | 2.14 | 1.22 | 0.43 |
| Up Capture | 127% | 29% | -28% | 11% | 21% | 4% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 22 | 32 | 60 | 110 | 280 |
| Down Capture | -15% | 67% | 57% | 121% | 86% | 71% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 21 | 31 | 66 | 115 | 296 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BGSI | |
|---|---|---|---|---|
| BGSI | -42.0% | 42.9% | -1.33 | - |
| Sector ETF (XLY) | 4.3% | 19.6% | 0.10 | 24.1% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 19.3% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 10.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -16.8% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 27.9% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BGSI | |
|---|---|---|---|---|
| BGSI | -34.3% | 39.4% | -1.64 | - |
| Sector ETF (XLY) | 6.2% | 24.1% | 0.22 | 23.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 22.3% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 10.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 2.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 22.7% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BGSI | |
|---|---|---|---|---|
| BGSI | -17.6% | 40.6% | -1.22 | - |
| Sector ETF (XLY) | 12.3% | 22.2% | 0.51 | 26.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 25.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 11.4% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 7.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 26.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automotive Retail Resources |
| Automotive News |
| Ward's Auto |
| CBT News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.