Tearsheet

Boyd Gaming (BYD)

Market Price (4/12/2026): $86.48 | Market Cap: $6.8 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Boyd Gaming (BYD)

Market Price (4/12/2026): $86.48
Market Cap: $6.8 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%

Stock buyback support
Stock Buyback 3Y Total is 1.9 Bil

Low stock price volatility
Vol 12M is 28%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Digital Entertainment & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more.

Trading close to highs
Dist 52W High is -3.2%, Dist 3Y High is -3.2%

Weak multi-year price returns
3Y Excs Rtn is -27%

Key risks
BYD key risks include [1] a substantial debt load that imposes financial limitations and [2] the legal and reputational fallout from a recent data breach that resulted in multiple class-action lawsuits.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Stock buyback support Stock Buyback 3Y Total is 1.9 Bil
4	Low stock price volatility Vol 12M is 28%
5	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, and Digital Entertainment & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more.
6	Trading close to highs Dist 52W High is -3.2%, Dist 3Y High is -3.2%
7	Weak multi-year price returns 3Y Excs Rtn is -27%
8	Key risks BYD key risks include [1] a substantial debt load that imposes financial limitations and [2] the legal and reputational fallout from a recent data breach that resulted in multiple class-action lawsuits.

Valuation, Metrics & Events

	4/12/26	2025	2024	2023	2022
Share Price CYE	$86.48	$65.83	$67.32	$64.12	$65.78
Market Cap CYE ($ Bil)	6.8	5.6	6.6	6.6	7.4
Total Debt ($ Bil)	2.7	4.2	3.7	3.8	3.9
Total Cash ($ Bil)	0.4	0.3	0.3	0.3	0.4
Enterprise Value ($ Bil)	9.2	9.8	10.3	10.4	11.3
Valuation Ratios
P/S TTM	1.7	1.4	1.8	1.8	2.1
P/EBIT TTM	2.7	6.2	7.8	6.4	8.6
P/E TTM	3.7	10.1	11.8	9.8	14.1
P/FCF TTM	22.4	11.6	12.7	9.4	9.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	1.0	0.9	1.1
P/EBIT TTM (Sector)	8.1	6.2	8.2	6.9	6.9
P/E TTM (Sector)	11.8	8.5	12.1	8.6	8.9
P/FCF TTM (Sector)	9.9	9.3	10.2	8.6	7.5

	4/12/26	2025	2024
Share Price CYE	$86.48	$65.83	$67.32
Market Cap CYE ($ Bil)	6.8	5.6	6.6
Total Debt ($ Bil)	2.7	4.2	3.7
Total Cash ($ Bil)	0.4	0.3	0.3
Enterprise Value ($ Bil)	9.2	9.8	10.3
Valuation Ratios
P/S TTM	1.7	1.4	1.8
P/EBIT TTM	2.7	6.2	7.8
P/E TTM	3.7	10.1	11.8
P/FCF TTM	22.4	11.6	12.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	1.0
P/EBIT TTM (Sector)	8.1	6.2	8.2
P/E TTM (Sector)	11.8	8.5	12.1
P/FCF TTM (Sector)	9.9	9.3	10.2

	BYD	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.1
Rev Chg Q	2.0%	7.5%
Rev Chg LTM	4.1%	6.8%
Rev Chg 3Y Avg	4.8%	5.7%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.9
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	1.8
Op Mgn LTM	21.4%	18.6%
CFO/Rev LTM	23.9%	20.6%
Net Inc Mgn	45.0%	12.8%
VALUATION	LOW
P/S	1.7	3.2
P/CFO	7.0	15.4
P/FCF	22.4	19.8
P/E	3.7	24.1
STABILITY	GOOD
Debt/Equity	0.40	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
Number of Gaming Properties	28	2212025	Link
Number of Slot Machines	28102	12312024	Link
Number of Table Games	616	12312024	Link
Number of Hotel Rooms	10481	12312024	Link
Total Casino Square Footage	1,764,063 sq. ft.	12312024	Link
Loyalty Program Tiers	5	8262019	Link

Upcoming
4/23/2026	Earnings Release	Rev: $998 Mil (E) EPS: $1.75 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Boyd Gaming (BYD) stock has remained largely at the same level since 12/31/2025 because of the following key factors:

1. Strong Q4 2025 Financial Performance and Positive Full-Year 2026 Outlook: Boyd Gaming reported robust fourth-quarter 2025 results on February 5, 2026, with adjusted earnings per share of $2.21, significantly exceeding analysts' consensus estimates of $1.88. Quarterly revenue also surpassed expectations, reaching $1.06 billion against a $1.02 billion forecast. For the full year 2025, the company achieved record revenues of $4.1 billion. Management expressed optimism for 2026, anticipating an 8.90% increase in earnings per share, from $6.52 to $7.10, driven by sustained strength from core customers and returns from capital investments, which likely provided a foundational support for the stock.

2. Strategic Capital Investments and Portfolio Development: Boyd Gaming has been actively engaged in strategic capital projects and portfolio adjustments. The company opened its first new casino in the Las Vegas region in over two decades, Cadence Crossing Casino in Henderson, Nevada, in March 2026. Furthermore, Boyd Gaming announced plans to sell Sam's Town Shreveport to Bally's Corporation, with the transaction expected to close in the third quarter of 2026, reflecting ongoing portfolio optimization. The company also outlined substantial capital expenditures of $650 million to $700 million for 2026, including a new gaming facility at its Par-A-Dice Casino and progress on a $750 million resort in Virginia, indicating a commitment to long-term growth.

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Stock Movement Drivers

Fundamental Drivers

The 1.7% change in BYD stock from 12/31/2025 to 4/11/2026 was primarily driven by a 2.9% change in the company's Shares Outstanding (Mil).

(LTM values as of)	12312025	4112026	Change
Stock Price ($)	85.03	86.50	1.7%
Change Contribution By:
Total Revenues ($ Mil)	4,071	4,092	0.5%
Net Income Margin (%)	46.0%	45.0%	-2.1%
P/E Multiple	3.7	3.7	0.5%
Shares Outstanding (Mil)	81	79	2.9%
Cumulative Contribution			1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/11/2026

	Return	Correlation
BYD	1.7%
Market (SPY)	-5.4%	38.5%
Sector (XLY)	-5.5%	56.1%

Fundamental Drivers

The 0.5% change in BYD stock from 9/30/2025 to 4/11/2026 was primarily driven by a 221.4% change in the company's Net Income Margin (%).

(LTM values as of)	9302025	4112026	Change
Stock Price ($)	86.06	86.50	0.5%
Change Contribution By:
Total Revenues ($ Mil)	4,028	4,092	1.6%
Net Income Margin (%)	14.0%	45.0%	221.4%
P/E Multiple	12.5	3.7	-70.6%
Shares Outstanding (Mil)	82	79	4.7%
Cumulative Contribution			0.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/11/2026

	Return	Correlation
BYD	0.5%
Market (SPY)	-2.9%	32.3%
Sector (XLY)	-5.6%	50.4%

Fundamental Drivers

The 32.6% change in BYD stock from 3/31/2025 to 4/11/2026 was primarily driven by a 206.3% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4112026	Change
Stock Price ($)	65.23	86.50	32.6%
Change Contribution By:
Total Revenues ($ Mil)	3,930	4,092	4.1%
Net Income Margin (%)	14.7%	45.0%	206.3%
P/E Multiple	10.0	3.7	-63.3%
Shares Outstanding (Mil)	89	79	13.2%
Cumulative Contribution			32.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/11/2026

	Return	Correlation
BYD	32.6%
Market (SPY)	16.3%	59.5%
Sector (XLY)	15.0%	65.2%

Fundamental Drivers

The 39.0% change in BYD stock from 3/31/2023 to 4/11/2026 was primarily driven by a 150.5% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4112026	Change
Stock Price ($)	62.21	86.50	39.0%
Change Contribution By:
Total Revenues ($ Mil)	3,555	4,092	15.1%
Net Income Margin (%)	18.0%	45.0%	150.5%
P/E Multiple	10.3	3.7	-64.1%
Shares Outstanding (Mil)	106	79	34.3%
Cumulative Contribution			39.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/11/2026

	Return	Correlation
BYD	39.0%
Market (SPY)	63.3%	51.9%
Sector (XLY)	54.4%	54.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BYD Return	53%	-16%	16%	17%	19%	2%	111%
Peers Return	27%	-30%	16%	-18%	6%	0%	-10%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
BYD Win Rate	67%	33%	50%	67%	75%	25%
Peers Win Rate	53%	37%	53%	43%	60%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
BYD Max Drawdown	-2%	-29%	-0%	-19%	-16%	-6%
Peers Max Drawdown	-22%	-47%	-10%	-26%	-28%	-17%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MGM, CZR, PENN, WYNN, RRR. See BYD Returns vs. Peers.
[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 4/10/2026 (YTD)

How Low Can It Go

Unique Key	Event	BYD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-35.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	54.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	217 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-77.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	343.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	212 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-51.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	107.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	710 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-94.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1659.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,463 days	1,480 days

Compare to MGM, CZR, PENN, WYNN, RRR

In The Past

Boyd Gaming's stock fell -35.1% during the 2022 Inflation Shock from a high on 2/16/2022. A -35.1% loss requires a 54.0% gain to breakeven.

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About Boyd Gaming (BYD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.

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1. MGM Resorts or Caesars Entertainment for regional and local casinos.

2. The multi-state casino equivalent of a major hotel chain like Marriott or Hilton.

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Gaming Entertainment: Boyd Gaming operates casinos featuring various games such as slot machines, table games, and sports betting.
Hospitality & Entertainment Services: The company's gaming properties often include ancillary services like hotels, dining, and other entertainment options for guests.
Travel Agency Services: Boyd Gaming owns and operates a travel agency, providing travel-related services to customers.

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Boyd Gaming (BYD) primarily sells its services directly to individual customers rather than other businesses. Based on the company's operations as a multi-jurisdictional gaming company operating casinos and entertainment properties, its major customer categories include:

Las Vegas Locals: Residents of the Las Vegas metropolitan area who frequent Boyd Gaming's local properties for gaming, dining, and entertainment.
Tourists and Visitors to Las Vegas: Individuals traveling to Las Vegas for leisure, entertainment, and gaming, particularly those drawn to the Downtown Las Vegas area where Boyd Gaming operates properties.
Regional Gaming & Entertainment Seekers: Individuals residing in or traveling to the various states (Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania) where Boyd Gaming operates its Midwest & South properties, seeking entertainment, gaming, dining, and lodging experiences.

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International Game Technology (IGT)

Light & Wonder (LNW)

Everi Holdings (EVRI)

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Keith Smith, President and Chief Executive Officer

An industry veteran with over 30 years of gaming experience, Keith Smith first joined Boyd Gaming Corporation as Corporate Controller in 1990. He advanced through various executive roles, including Executive Vice President of Operations in 1998, Chief Operating Officer in 2001, and President in 2005, before assuming the role of Chief Executive Officer in January 2008. Smith also serves on the Board of Directors of regional airline operator SkyWest Inc. and previously held positions as Chairman of the Los Angeles Branch of the Federal Reserve Bank of San Francisco, Chairman of the American Gaming Association, and Chairman of the Nevada Resort Association.

Josh Hirsberg, Executive Vice President, Chief Financial Officer and Treasurer

Josh Hirsberg joined Boyd Gaming in January 2008. Prior to his tenure at Boyd Gaming, he served as Chief Financial Officer for EdgeStar Partners, a real estate acquisition and development company. Hirsberg also brings extensive experience from holding senior-level finance positions at other publicly-traded gaming companies, including Caesars Entertainment and Harrah's Entertainment.

Marianne Boyd Johnson, Chairman of the Board of Directors

Marianne Boyd Johnson has a long history with Boyd Gaming, serving as a director since 1990. She became Chairman of the Board of Directors in January 2026, having previously held positions as Executive Chairman since 2023, Co-Chair of the Board since 2021, and Vice Chairman of the Board from 2001 to 2021. Johnson also served as Executive Vice President of the Company from 2008 to 2023 and held various operational positions within the Company for 15 years, including Chief Diversity Officer.

Theodore Bogich, Chief Operating Officer

Theodore Bogich was promoted to Chief Operating Officer in December 2023. He joined Boyd Gaming in 2004, initially serving as Vice President and General Manager of Sam's Town Tunica.

Stephen S. Thompson, Chief Administrative Officer

Stephen S. Thompson was promoted to Chief Administrative Officer in December 2023. He has held numerous executive positions within Boyd Gaming since joining the Company in 1983, including Executive Vice President, Operations for the Nevada region.

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Here are the key risks to Boyd Gaming (BYD):

Key Risks to Boyd Gaming (BYD)

Economic Sensitivity and Declining Consumer Spending: Boyd Gaming's business is highly susceptible to reductions in discretionary consumer spending, which can be triggered by inflation, economic downturns, and other factors. The company has faced ongoing demand challenges, with projected sales declines, directly impacting its revenue growth and operational performance.
Information Technology Risks and Cybersecurity Breaches: The company's operations are heavily reliant on its information technology systems. Any failure to maintain system integrity, comply with data security regulations, or respond effectively to cybersecurity incidents can result in significant financial losses, legal liabilities, and reputational damage. Boyd Gaming has recently disclosed a cybersecurity breach that led to multiple federal lawsuits and compromised sensitive personal data, highlighting the severity of this risk.
Intense Competition and Rising Operational Expenses: Boyd Gaming operates in a highly competitive gaming industry, which can put pressure on its market share and profitability. Additionally, the company is contending with escalating operational costs, including those related to labor, utilities, and insurance, which further challenge its ability to maintain profit margins.

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The increasing legalization and adoption of online casino gaming (iGaming) and online sports betting in various states poses a clear emerging threat. This trend offers consumers convenient alternatives to visiting physical casinos, potentially reducing foot traffic, gaming volume, and ancillary spending at Boyd Gaming's traditional brick-and-mortar properties. While Boyd Gaming participates in the online market, widespread adoption of online platforms could shift consumer preferences and capital allocation away from physical infrastructure, challenging the traditional casino business model.

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Boyd Gaming Addressable Markets

Boyd Gaming (BYD) primarily operates gaming entertainment properties across several U.S. states. The addressable markets for their main products and services, focused on commercial casino gaming revenue, are as follows:

Nevada (Las Vegas Locals, Downtown Las Vegas): Nevada's total gaming revenue reached approximately $15.8 billion in 2025. More specifically, Downtown Las Vegas posted $63.2 million in gaming revenue in August 2025.
Illinois: The statewide commercial casino gaming revenue in Illinois was a record $2.92 billion in 2024. Calendar year 2025 casino gross gaming revenue (GGR) for the state reached $1.94 billion.
Indiana: Total statewide commercial casino gaming revenue in Indiana was $2.94 billion in 2024. For the 12-month period ending July 2025, commercial casinos in Indiana generated $3 billion in adjusted gross receipts (AGR).
Iowa: Iowa's gambling market, encompassing retail casinos, sports betting, and lottery, generates over $2 billion annually. Casinos alone posted approximately $1.8 billion in Adjusted Gross Revenue (AGR) in 2025. In fiscal year 2024, state-regulated casinos reported a combined AGR of about $1.72 billion.
Kansas: The total gaming ecosystem in Kansas is a billion-dollar-plus industry, with retail casino contributions exceeding $1.1 billion in cumulative receipts through 2025. For the first nine months of 2024, gambling revenue in the state reached $302 million.
Louisiana: The state's 24 physical casinos (including riverboats, land-based, and racinos) reported over $2.5 billion in annual adjusted gross revenue (AGR) in 2025.
Mississippi: Mississippi's 26 commercial casinos generated total gaming revenue of $2.43 billion in 2024 and approximately $2.43 billion in adjusted gross gaming revenue (AGGR) in 2025.
Missouri: Null
Ohio: Ohio's 11 physical gaming facilities (4 casinos and 7 racinos) generated approximately $2.3 billion in annual revenue in 2025. In 2023, Ohio's casino revenue, including sports betting, was $3.3 billion.
Pennsylvania: Pennsylvania's total gaming revenue reached $6.79 billion in 2025, positioning it as the second-largest gaming market in the United States by revenue. Land-based casino gaming revenue in Pennsylvania was $3.38 billion in 2024.

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Boyd Gaming (BYD) is expected to drive future revenue growth over the next two to three years through several strategic initiatives across its diverse portfolio.

Digital Gaming Expansion: Boyd Gaming is actively expanding its online gaming presence, with its digital business showing significant year-over-year growth. This includes the expansion of its iGaming through strategic acquisitions, such as Resorts Digital in September 2024, and continued market-access agreements with FanDuel, extended through 2038. The online segment is projected to generate substantial operating income and Adjusted EBITDAR in the coming years.
New Casino Developments and Market Expansion: The company is pursuing new developments to expand its physical footprint. Key projects include the transformation of Jokers Wild into Cadence Crossing in Henderson, Nevada, expected to open by late March 2026. Additionally, a $750 million hotel-casino project in Norfolk, Virginia, is slated for a late 2027 opening, targeting an underserved gaming market. Boyd Gaming also plans to redevelop the Par-A-Dice riverboat casino in Central Illinois, with construction anticipated to begin in early 2026, pending regulatory approvals.
Property Enhancements and Renovations: Boyd Gaming has committed approximately $650 million to a capital building program for renovations and new developments across its existing properties. This investment aims to modernize assets and create new entertainment destinations. Notable projects include a multi-year renovation of the Suncoast Hotel & Casino in Las Vegas, featuring a revamped casino floor by late 2025, a new sportsbook and high-limit room opened in 2024, and expanded bingo and meeting spaces. Similar hotel room projects are underway at properties like IP, Valley Forge, and The Orleans.
Growth in Core and Retail Customers: The company consistently reports strong engagement from its core customers and improving trends among retail players across its Las Vegas Locals and Midwest & South segments. Ongoing property investments and marketing strategies are focused on attracting and retaining these customer bases, thereby driving consistent gaming and non-gaming revenue.
Management Fee Revenue from Managed Properties: The managed Sky River Casino in Northern California continues to be a significant contributor to Boyd Gaming's revenue through management fees. This segment has demonstrated strong performance and is undergoing a major expansion, further bolstering its contribution to the company's overall financial health and growth.

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Share Repurchases

Boyd Gaming authorized an additional $500 million for its share repurchase program in December 2024, increasing the total available repurchase authority to approximately $843 million as of September 30, 2024.
The company repurchased $202 million in stock and aims to maintain quarterly repurchases of $150 million.
In 2025, Boyd Gaming repurchased $778 million in shares, and in 2023, it returned over $475 million to shareholders, including $100 million in share repurchases during the fourth quarter.

Share Issuance

No significant share issuances have been reported for Boyd Gaming within the last 3-5 years.

Inbound Investments

No large inbound investments by third parties in Boyd Gaming were identified within the last 3-5 years.

Outbound Investments

Boyd Gaming entered into a definitive agreement to sell its 5% equity interest in FanDuel Group to Flutter Entertainment plc for $1.755 billion, with the transaction expected to close in the third quarter of 2025, and proceeds intended for debt reduction.
The company also agreed to sell Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation, a transaction anticipated to close in the third quarter of 2026.

Capital Expenditures

Boyd Gaming plans significant capital expenditures ranging from $650 million to $700 million for 2026, encompassing major renovations, relocations, and potential mergers and acquisitions.
Key capital projects for 2026 include replacing Jokers Wild with Cadence Crossing ($75 million), relocating Par-A-Dice to East Peoria (approximately $160 million), renovating hotel rooms at IP Biloxi and Orleans, and continuing construction on the Norfolk resort ($250-$300 million spent in 2026 towards a 2027 opening).
Annual capital expenditures were $673.215 million in 2025, $400.4 million in 2024, and $373.95 million in 2023.

Interactive Breakdown

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Better Bets vs. Boyd Gaming (BYD)

INDUSTRY: Casinos & Gaming

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

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Accel Entertainment

BALY (9.1% | 0.3x)

Ballys

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

MGM (10.5% | 7.5x)

MGM Resorts International

RRR (6.6% | 5.3x)

Red Rock Resorts

GAMB (29.7% | 3.9x)

Gambling.com

CNTY (10.0% | 0.9x)

Century Casinos

Higher Rev Chg LTM (Value for BYD: 4.1%)

DKNG (27.0%)

DraftKings

SGHC (21.2%)

Super

FLUT (16.6%)

Flutter Entertainment

LVS (15.2%)

Las Vegas Sands

CHDN (7.0%)

Churchill Downs

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

LVS (58.8%)

Las Vegas Sands

DKNG (40.2%)

DraftKings

WYNN (27.7%)

Wynn Resorts

CHDN (18.0%)

Churchill Downs

MGM (10.5%)

MGM Resorts International

Higher Op Mgn LTM (Value for BYD: 21.4%)

RRR (30.6%)

Red Rock Resorts

BRSL (26.1%)

Brightstar Lottery

CHDN (25.2%)

Churchill Downs

LVS (23.7%)

Las Vegas Sands

MCRI (23.4%)

Monarch Casino & Resort

Higher CFO/Rev LTM (Value for BYD: 23.9%)

RRR (30.3%)

Red Rock Resorts

MCRI (30.2%)

Monarch Casino & Resort

CHDN (26.3%)

Churchill Downs

Higher FCF/Rev LTM (Value for BYD: 7.4%)

LVS (13.7%)

Las Vegas Sands

CHDN (10.6%)

Churchill Downs

WYNN (9.7%)

Wynn Resorts

DKNG (8.4%)

DraftKings

MGM (8.3%)

MGM Resorts International

Higher Total Yield (Value for BYD: 27.3%)

BRSL (38.0%)

Brightstar Lottery

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

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Coupang

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Dick's Sporting Goods

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

APTV (5.5% | 6.4x)

Aptiv

MGM (10.5% | 7.5x)

MGM Resorts International

NCLH (30.4% | 5.8x)

Norwegian Cruise Line

ALV (7.2% | 7.6x)

Autoliv

LAD (10.2% | 4.4x)

Lithia Motors

Higher Rev Chg LTM (Value for BYD: 4.1%)

BKNG (13.4%)

Booking

AMZN (12.4%)

Amazon.com

HD (7.5%)

Home Depot

TJX (7.1%)

TJX Companies

SBUX (4.3%)

Starbucks

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

BKNG (16.5%)

Booking

AMZN (11.7%)

Amazon.com

TJX (6.5%)

TJX Companies

TSLA (5.6%)

Tesla

MCD (5.1%)

McDonald's

Higher Op Mgn LTM (Value for BYD: 21.4%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

RCL (27.4%)

Royal Caribbean

GRMN (25.9%)

Garmin

HLT (22.4%)

Hilton Worldwide

Higher CFO/Rev LTM (Value for BYD: 23.9%)

MELI (41.9%)

MercadoLibre

MCD (39.2%)

McDonald's

ABNB (38.0%)

Airbnb

RCL (36.0%)

Royal Caribbean

BKNG (35.0%)

Booking

Higher FCF/Rev LTM (Value for BYD: 7.4%)

BKNG (33.8%)

Booking

MCD (26.7%)

McDonald's

LOW (8.9%)

Lowe's Companies

HD (8.4%)

Home Depot

TJX (8.1%)

TJX Companies

Higher Total Yield (Value for BYD: 27.3%)

RGS (191.1%)

Regis

SABR (87.4%)

Sabre

BRSL (38.0%)

Brightstar Lottery

CAAS (36.6%)

China Automotive Systems

SDHC (29.1%)

Smith Douglas Homes

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

WMT (5.3% | 1.4x)

Walmart

COST (6.9% | 1.5x)

Costco Wholesale

UNH (11.4% | 0.6x)

UnitedHealth

PGR (21.0% | 1.3x)

Progressive

HCA (7.9% | 1.5x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

APO (66.8% | 7.5x)

Apollo Global Management

DAL (6.5% | 7.7x)

Delta Air Lines

PYPL (6.4% | 6.6x)

PayPal

IBKR (38.4% | 3.6x)

Interactive Brokers

UAL (9.7% | 6.3x)

United Airlines

Higher Rev Chg LTM (Value for BYD: 4.1%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

Higher Op Mgn LTM (Value for BYD: 21.4%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for BYD: 23.9%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for BYD: 7.4%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for BYD: 27.3%)

XP (67.4%)

FMCC (46.1%)

Federal Home Loan Mortgage

RCI (44.3%)

Rogers Communications

BCE (39.0%)

BCE

FNMA (30.9%)

Federal National Mortgage Association Fannie Mae

Best Bets in Consumer Discretionary

What You Pay

P/EBIT (Value for BYD: 2.7x)

ABNB (30.6x)

Airbnb

BKNG (16.5x)

Booking

DUOL (30.8x)

Duolingo

MCD (17.4x)

McDonald's

ETSY (13.9x)

Etsy

LOPE (14.7x)

Grand Canyon Education

ALSN (12.0x)

Allison Transmission

PRDO (10.1x)

Perdoceo Education

DECK (11.5x)

Deckers Outdoor

GRMN (26.3x)

Garmin

P/E (Value for BYD: 3.7x)

ABNB (31.0x)

Airbnb

BKNG (25.8x)

Booking

DUOL (10.1x)

Duolingo

MCD (25.4x)

McDonald's

ETSY (31.8x)

Etsy

LOPE (21.1x)

Grand Canyon Education

ALSN (17.3x)

Allison Transmission

PRDO (14.1x)

Perdoceo Education

DECK (14.9x)

Deckers Outdoor

GRMN (29.7x)

Garmin

What You Get

Rev Chg 3Y Avg (Value for BYD: 4.8%)

ABNB (13.4%)

Airbnb

BKNG (16.5%)

Booking

DUOL (41.1%)

Duolingo

MCD (5.1%)

McDonald's

ETSY (4.0%)

Etsy

LOPE (6.7%)

Grand Canyon Education

ALSN (3.1%)

Allison Transmission

PRDO (7.4%)

Perdoceo Education

DECK (14.7%)

Deckers Outdoor

GRMN (14.4%)

Garmin

Rev Chg LTM (Value for BYD: 4.1%)

ABNB (10.3%)

Airbnb

BKNG (13.4%)

Booking

DUOL (38.7%)

Duolingo

MCD (3.7%)

McDonald's

ETSY (2.7%)

Etsy

LOPE (7.1%)

Grand Canyon Education

ALSN (-6.7%)

Allison Transmission

PRDO (24.2%)

Perdoceo Education

DECK (9.2%)

Deckers Outdoor

GRMN (15.1%)

Garmin

Rev Chg Q (Value for BYD: 2.0%)

ABNB (12.0%)

Airbnb

BKNG (16.0%)

Booking

DUOL (35.0%)

Duolingo

MCD (9.7%)

McDonald's

ETSY (3.5%)

Etsy

LOPE (5.3%)

Grand Canyon Education

ALSN (-7.4%)

Allison Transmission

PRDO (20.0%)

Perdoceo Education

DECK (7.1%)

Deckers Outdoor

GRMN (16.6%)

Garmin

FCF/Rev 3Y Avg (Value for BYD: 12.0%)

ABNB (39.2%)

Airbnb

BKNG (33.3%)

Booking

DUOL (32.1%)

Duolingo

MCD (27.0%)

McDonald's

ETSY (23.9%)

Etsy

LOPE (22.2%)

Grand Canyon Education

ALSN (21.4%)

Allison Transmission

PRDO (21.2%)

Perdoceo Education

DECK (20.8%)

Deckers Outdoor

GRMN (20.4%)

Garmin

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Boyd Gaming Earnings Notes	12/25/2025
2	With Boyd Gaming Stock Surging, Have You Considered The Downside?	10/17/2025
3	Boyd Gaming vs Barrick Mining: Which Is A Better Investment?	08/18/2025
4	Boyd Gaming vs Crocs: Which Is A Better Investment?	08/18/2025
5	Boyd Gaming vs Red Rock Resorts: Which Is A Better Investment?	08/18/2025
6	How Does Boyd Gaming Stock Stack Up Against Its Peers?	08/13/2025
7	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From UNH, IBKR	08/12/2025
8	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From ANF, GRBK	08/12/2025
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	07/26/2025

	Title
0	DASHBOARDS
1	Boyd Gaming Earnings Notes
2	With Boyd Gaming Stock Surging, Have You Considered The Downside?
3	Boyd Gaming vs Barrick Mining: Which Is A Better Investment?
4	Boyd Gaming vs Crocs: Which Is A Better Investment?
5	Boyd Gaming vs Red Rock Resorts: Which Is A Better Investment?
6	How Does Boyd Gaming Stock Stack Up Against Its Peers?
7	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From UNH, IBKR
8	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From ANF, GRBK
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to BYD.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
SKY_3312026_Dip_Buyer_FCFYield	03312026	SKY	Champion Homes	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	0.0%	0.0%	0.0%
DPZ_3272026_Dip_Buyer_FCFYield	03272026	DPZ	Domino's Pizza	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.1%	3.1%	0.0%
ETSY_3272026_Dip_Buyer_FCFYield	03272026	ETSY	Etsy	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.6%	5.6%	0.0%
OLLI_3272026_Dip_Buyer_ValueBuy	03272026	OLLI	Ollie's Bargain Outlet	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.1%	3.1%	0.0%
PATK_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03272026	PATK	Patrick Industries	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	3.4%	3.4%	-1.6%
BYD_9302022_Dip_Buyer_FCFYield	09302022	BYD	Boyd Gaming	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	35.3%	29.0%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OGN	Organon	2.3	27.8%	23.5%
LWLG	Lightwave Logic	1.4	25.6%	227.2%
POET	POET Technologies	0.6	15.8%	11.2%
ALAB	Astera Labs	25.3	15.1%	-10.4%
MANE	Veradermics	1.4	14.7%	82.3%
TTMI	TTM Technologies	12.6	13.0%	76.1%
AAOI	Applied Optoelectronics	10.6	13.0%	332.0%
FBYD	Falcons Beyond Global	0.5	12.6%	-18.9%
TE	T1 Energy	0.8	12.2%	-29.8%
CRWV	CoreWeave	51.7	10.9%	42.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	3.5	-21.7%	126.6%
REPL	Replimune	0.4	-19.5%	-51.0%
AKAM	Akamai Technologies	13.2	-16.7%	4.7%
FICO	Fair Isaac	21.9	-14.0%	-45.4%
SEZL	Sezzle	2.0	-13.6%	-5.9%
NET	Cloudflare	58.6	-13.5%	-15.3%
DOCN	DigitalOcean	6.9	-13.3%	57.1%
SMPL	Simply Good Foods	1.0	-11.5%	-48.0%
EVMN	Evommune	0.8	-11.0%	49.0%
GH	Guardant Health	10.1	-9.8%	-23.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AEHR	Aehr Test Systems	2.1	58.9%	248.8%
CAR	Avis Budget	10.6	57.5%	133.7%
AAOI	Applied Optoelectronics	10.6	44.9%	332.0%
OGN	Organon	2.3	38.8%	23.5%
LWLG	Lightwave Logic	1.4	38.4%	227.2%
HUT	Hut 8	7.2	37.4%	43.9%
SLNO	Soleno Therapeutics	2.8	33.3%	13.7%
STAA	Staar Surgical	1.3	30.8%	14.5%
RIOT	Riot Platforms	5.8	29.1%	31.0%
CIFR	Cipher Digital	6.6	28.9%	12.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.4	-43.4%	-51.0%
FSLY	Fastly	3.5	-31.1%	126.6%
SMPL	Simply Good Foods	1.0	-26.3%	-48.0%
AKAM	Akamai Technologies	13.2	-22.6%	4.7%
GWRE	Guidewire Software	10.0	-21.8%	-41.3%
OKTA	Okta	11.2	-21.5%	-27.2%
HUBS	HubSpot	10.1	-21.4%	-52.1%
NET	Cloudflare	58.6	-21.1%	-15.3%
VRDN	Viridian Therapeutics	1.4	-20.6%	-52.0%
SNOW	Snowflake	41.5	-20.2%	-44.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1475.9%	-5.1%
CAR	Avis Budget	10.6	196.4%	133.7%
SATL	Satellogic	1.0	135.7%	292.0%
LWLG	Lightwave Logic	1.4	111.2%	227.2%
APLS	Apellis Pharmaceuticals	5.2	110.5%	62.4%
FBYD	Falcons Beyond Global	0.5	92.1%	-18.9%
FLY	Firefly Aerospace	6.0	82.2%	67.8%
KOD	Kodiak Sciences	2.3	75.7%	54.2%
KODK	Eastman Kodak	1.2	74.0%	42.9%
ORKA	Oruka Therapeutics	3.2	73.1%	96.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.3	-49.0%	-57.8%
VRDN	Viridian Therapeutics	1.4	-47.8%	-52.0%
MAZE	Maze Therapeutics	1.2	-47.1%	-35.6%
BUR	Burford Capital	1.0	-47.0%	-51.1%
FRMI	Fermi	2.9	-43.9%	-39.1%
TE	T1 Energy	0.8	-42.4%	-29.8%
REPL	Replimune	0.4	-39.7%	-51.0%
ADMA	ADMA Biologics	2.3	-38.1%	-46.8%
FIG	Figma	9.3	-34.8%	-51.4%
BOBS	Bobs Discount Furniture	1.4	-34.7%	-34.8%

Peer Comparisons

Peers to compare with:

Financials

	BYD	MGM	CZR	PENN	WYNN	RRR	Median
Name	Boyd Gam.	MGM Reso.	Caesars .	PENN Ent.	Wynn Res.	Red Rock.
Mkt Price	86.50	37.32	26.88	15.25	104.00	56.20	46.76
Mkt Cap	6.8	10.0	5.5	2.0	10.7	3.3	6.2
Rev LTM	4,092	17,538	11,486	6,961	7,138	2,011	7,049
Op Inc LTM	877	1,338	2,078	272	1,207	616	1,042
FCF LTM	303	1,460	493	-177	692	289	398
FCF 3Y Avg	467	1,477	257	-95	830	110	362
CFO LTM	977	2,529	1,302	508	1,353	610	1,139
CFO 3Y Avg	949	2,528	1,395	441	1,342	551	1,146

Growth & Margins

	BYD	MGM	CZR	PENN	WYNN	RRR	Median
Name	Boyd Gam.	MGM Reso.	Caesars .	PENN Ent.	Wynn Res.	Red Rock.
Rev Chg LTM	4.1%	1.7%	2.1%	5.8%	0.1%	3.7%	2.9%
Rev Chg 3Y Avg	4.8%	10.5%	2.1%	2.9%	27.7%	6.6%	5.7%
Rev Chg Q	2.0%	6.0%	4.2%	8.2%	1.5%	3.2%	3.7%
QoQ Delta Rev Chg LTM	0.5%	1.5%	1.0%	2.0%	0.4%	0.8%	0.9%
Op Mgn LTM	21.4%	7.6%	18.1%	3.9%	16.9%	30.6%	17.5%
Op Mgn 3Y Avg	24.1%	9.0%	20.2%	4.0%	17.5%	31.5%	18.8%
QoQ Delta Op Mgn LTM	-1.7%	-0.3%	-0.0%	0.6%	-3.5%	-0.0%	-0.2%
CFO/Rev LTM	23.9%	14.4%	11.3%	7.3%	19.0%	30.3%	16.7%
CFO/Rev 3Y Avg	24.2%	14.9%	12.2%	6.6%	19.4%	29.1%	17.1%
FCF/Rev LTM	7.4%	8.3%	4.3%	-2.5%	9.7%	14.4%	7.9%
FCF/Rev 3Y Avg	12.0%	8.7%	2.2%	-1.4%	12.0%	5.1%	6.9%

Valuation

	BYD	MGM	CZR	PENN	WYNN	RRR	Median
Name	Boyd Gam.	MGM Reso.	Caesars .	PENN Ent.	Wynn Res.	Red Rock.
Mkt Cap	6.8	10.0	5.5	2.0	10.7	3.3	6.2
P/S	1.7	0.6	0.5	0.3	1.5	1.6	1.0
P/EBIT	2.7	14.3	2.9	-4.9	9.4	5.5	4.2
P/E	3.7	48.5	-11.0	-2.4	32.7	17.5	10.6
P/CFO	7.0	3.9	4.2	4.0	7.9	5.4	4.8
Total Yield	27.3%	2.1%	-9.1%	-41.3%	4.7%	9.4%	3.4%
Dividend Yield	0.2%	0.0%	0.0%	0.0%	1.6%	3.7%	0.1%
FCF Yield 3Y Avg	7.3%	12.8%	4.0%	-4.4%	8.1%	3.5%	5.7%
D/E	0.4	3.1	4.5	5.5	1.1	1.0	2.1
Net D/E	0.3	2.9	4.4	5.2	0.9	1.0	2.0

Returns

	BYD	MGM	CZR	PENN	WYNN	RRR	Median
Name	Boyd Gam.	MGM Reso.	Caesars .	PENN Ent.	Wynn Res.	Red Rock.
1M Rtn	6.4%	2.8%	-5.4%	5.0%	5.3%	-2.2%	3.9%
3M Rtn	-1.4%	8.3%	9.1%	5.7%	-11.5%	-8.5%	2.2%
6M Rtn	6.6%	19.3%	23.0%	-6.1%	-12.9%	3.3%	4.9%
12M Rtn	35.2%	27.2%	6.1%	6.4%	43.4%	46.6%	31.2%
3Y Rtn	40.3%	-13.2%	-39.1%	-47.5%	1.1%	45.1%	-6.0%
1M Excs Rtn	4.0%	2.2%	-8.1%	1.9%	3.3%	-4.9%	2.1%
3M Excs Rtn	-0.3%	7.7%	8.7%	7.2%	-10.4%	-8.4%	3.4%
6M Excs Rtn	3.0%	14.5%	14.1%	-10.7%	-15.0%	-0.5%	1.3%
12M Excs Rtn	6.8%	7.9%	-22.5%	-25.9%	22.0%	21.0%	7.3%
3Y Excs Rtn	-26.6%	-81.5%	-111.2%	-114.0%	-70.6%	-26.9%	-76.0%

Comparison Analyses

	Title
0	How Does Boyd Gaming Stock Stack Up Against Its Peers?
1	Boyd Gaming vs. MGM Resorts: With Return Forecast Of 25%-26%, Both Seem Like Good Bets
2	PENN or BYD - With 11% Return Forecast, BYD Probably Deserves Your Money
3	Why WYNN With 27% Upside May Beat BYD?
4	CHDN Could Deliver 57% Returns And Outperform BYD
5	Boyd Gaming vs. Jabil Circuit: Similar Market Cap, But Boyd Gaming Is A Better Bet
6	Boyd Gaming vs. WillScot: Similar Market Cap, But WillScot Is A Better Bet
7	Boyd Gaming vs. Five9: Similar Market Cap, But Five9 Is A Better Bet
8	Boyd Gaming vs eXp Realty International Corporation: Similar Market Cap; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/20/2026	2/20/2026	2/21/2025	2/26/2024	2/24/2023	2/28/2022	3/1/2021
Key Financials
Total Revenue	4,092	4,092	3,930	3,738	3,555	3,370	2,178
EBITDA	2,790	2,790	1,206	1,181	1,238	1,071	341
Operating Income	877	877	938	1,010	1,022	908	189
Net Income	1,843	1,843	578	620	639	464	-135
EPS	22.75	22.56	6.19	6.12	5.87	4.07	-1.19
Growth Rates
Total Revenue Growth	4.1%	4.1%	5.1%	5.2%	5.5%	54.7%	-34.5%
EBITDA Growth	131.3%	131.3%	2.1%	-4.6%	15.6%	214.6%	-52.5%
Operating Income Growth	-6.6%	-6.6%	-7.1%	-1.2%	12.5%	380.7%	-60.0%
Net Income Growth	218.9%	218.9%	-6.8%	-3.0%	37.8%	444.4%	-185.5%
Margins
EBITDA Margin	68.2%	68.2%	30.7%	31.6%	34.8%	31.8%	15.6%
Operating Income Margin	21.4%	21.4%	23.9%	27.0%	28.7%	27.0%	8.7%
Net Income Margin	45.0%	45.0%	14.7%	16.6%	18.0%	13.8%	-6.2%
Cash & Debt
Total Cash	353	353	317	304	283	345	519
Total Debt	2,712	2,712	3,931	3,726	3,897	3,932	4,837
Net Debt / (Cash)	2,358	2,358	3,615	3,421	3,613	3,588	4,318
Cash Flows
Net Cash from Operations	977	977	957	915	976	1,010	289
Free Cash from Operations	303	303	557	541	707	811	114
Returns to Shareholders
Dividends	58	58	63	64	48	-0	8
Share Repurchases	778	778	686	413	542	81	11

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/20/2026	10/31/2025	7/30/2025	5/2/2025	2/21/2025	10/31/2024	8/1/2024	5/3/2024	2/26/2024	11/1/2023	8/3/2023	5/5/2023
Key Financials Quarterly
Total Revenue	1,062	1,004	1,034	992	1,041	961	968	961	954	903	917	964
Ebitda	258	1,949	314	269	340	291	293	283	224	284	308	364
Operating Income	197	205	242	232	261	220	227	230	258	218	244	289
Net Income	140	1,440	151	111	171	131	140	136	93	135	192	200
EPS	1.79	17.81	1.84	1.31	1.92	1.43	1.47	1.40	0.94	1.34	1.89	1.93
Key Financials TTM
Total Revenue TTM	4,092	4,071	4,028	3,961	3,930	3,844	3,786	3,735	3,738	3,707	3,681	3,659
Ebitda TTM	2,790	2,871	1,213	1,192	1,206	1,090	1,084	1,099	1,181	1,288	1,308	1,292
Operating Income TTM	877	941	956	941	938	935	933	950	1,010	1,034	1,059	1,060
Net Income TTM	1,843	1,873	565	553	578	500	504	557	620	700	722	676
Growth Rates Quarterly
Total Revenue Growth	2.0%	4.5%	6.9%	3.2%	9.1%	6.4%	5.5%	-0.4%	3.4%	3.0%	2.5%	12.0%
EBITDA Growth	-23.9%	570.9%	7.0%	-4.9%	51.8%	2.2%	-5.0%	-22.4%	-32.4%	-6.6%	5.6%	17.2%
Operating Income Growth	-24.5%	-6.9%	6.7%	1.0%	1.1%	1.0%	-6.9%	-20.6%	-8.7%	-10.4%	-0.4%	15.3%
Net Income Growth	-17.7%	998.2%	8.3%	-18.4%	84.1%	-3.0%	-27.3%	-31.7%	-46.4%	-13.9%	31.1%	22.6%
Margins Quarterly
EBITDA Margin	24.3%	194.1%	30.3%	27.1%	32.6%	30.2%	30.3%	29.4%	23.4%	31.5%	33.6%	37.8%
Operating Income Margin	18.6%	20.4%	23.4%	23.4%	25.1%	22.9%	23.5%	23.9%	27.1%	24.1%	26.6%	30.0%
Net Income Margin	13.2%	143.4%	14.6%	11.2%	16.4%	13.6%	14.5%	14.2%	9.7%	15.0%	21.0%	20.7%
Cash & Debt
Total Cash	353	319	320	312	317	286	281	284	304	269	261	263
Total Debt	2,712	2,568	4,259	4,217	3,931	3,835	3,739	3,664	3,726	3,726	3,772	3,804
Net Debt / (Cash)	2,358	2,249	3,939	3,906	3,615	3,549	3,458	3,381	3,421	3,457	3,511	3,540
Cash Flows Quarterly
FCF from Operations	275	240	205	256	262	231	213	251	217	234	181	282
Cash Flows TTM
FCF from Operations TTM	977	963	955	963	957	912	915	883	915	945	983	1,025
Returns to Shareholders Quarterly
Dividends	14	15	15	15	15	16	16	16	16	16	16	15
Share Repurchases	185	160	105	328	203	202	176	106	100	106	100	106
Return on Invested Capital (ROIC) Quarterly
ROIC	32.6%	28.5%	19.2%	17.3%	22.8%	18.7%	19.9%	20.9%	24.7%	19.2%	25.5%	23.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	29.3%	32.6%	18.6%	18.3%	20.0%	20.3%	20.9%	23.3%	24.3%	24.2%	23.7%	21.9%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023
Midwest & South	3,855	3,805	3,745
Las Vegas Locals	1,624	1,635	1,614
Corporate	318	258	251
Downtown Las Vegas	293	295	266
Online	186	155	227
Managed & Other	116	124	208
Total	6,392	6,273	6,311

Price Behavior

Price Behavior

Market Price	$86.50
Market Cap ($ Bil)	6.8
First Trading Date	10/18/1993
Distance from 52W High	-3.2%
	50 Days	200 Days
DMA Price	$83.11	$83.06
DMA Trend	up	down
Distance from DMA	4.1%	4.1%
	3M	1YR
Volatility	28.6%	25.6%
Downside Capture	0.18	0.33
Upside Capture	40.56	82.71
Correlation (SPY)	34.7%	40.7%

BYD Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.89	0.81	0.83	0.66	0.90	0.96
Up Beta	-0.58	-0.55	-0.32	0.44	1.01	0.99
Down Beta	2.59	2.10	1.96	1.24	0.90	1.01
Up Capture	52%	70%	49%	35%	78%	70%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	11	21	28	59	125	395
Down Capture	24%	51%	55%	54%	80%	98%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	11	21	35	67	126	354

[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 BYD
BYD	43.8%	28.2%	1.28	-
Sector ETF (XLY)	28.9%	22.5%	1.05	62.7%
Equity (SPY)	31.2%	17.3%	1.47	57.3%
Gold (GLD)	60.1%	27.8%	1.69	-8.4%
Commodities (DBC)	29.8%	16.6%	1.58	2.5%
Real Estate (VNQ)	21.3%	15.2%	1.07	46.0%
Bitcoin (BTCUSD)	-4.3%	43.7%	0.02	26.3%

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 BYD
BYD	7.9%	32.0%	0.29	-
Sector ETF (XLY)	6.3%	23.7%	0.23	59.3%
Equity (SPY)	11.1%	17.0%	0.50	57.4%
Gold (GLD)	22.1%	17.8%	1.02	2.3%
Commodities (DBC)	11.8%	18.8%	0.52	12.9%
Real Estate (VNQ)	3.7%	18.8%	0.10	48.0%
Bitcoin (BTCUSD)	4.3%	56.5%	0.30	26.8%

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 BYD
BYD	16.1%	43.1%	0.50	-
Sector ETF (XLY)	12.2%	22.0%	0.51	60.1%
Equity (SPY)	13.8%	17.9%	0.66	59.1%
Gold (GLD)	14.2%	15.9%	0.74	1.4%
Commodities (DBC)	8.6%	17.6%	0.41	22.9%
Real Estate (VNQ)	5.1%	20.7%	0.22	51.4%
Bitcoin (BTCUSD)	67.6%	66.9%	1.07	19.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	3.2 Mil
Short Interest: % Change Since 3152026	-13.4%
Average Daily Volume	1.0 Mil
Days-to-Cover Short Interest	3.4 days
Basic Shares Quantity	78.6 Mil
Short % of Basic Shares	4.1%

Returns Analyses

	Title
0	With Boyd Gaming Stock Surging, Have You Considered The Downside?
1	Boyd Gaming Stock Return Comparison
2	[10/1/2021] Boyd Gaming (BYD) Stock Price Forecast: AI Forecasts BYD Stock Price To Be Around $68.8 In A Month (Up 3.7%)
3	Boyd Gaming Total Shareholder Return (TSR): -16.2% in 2022 and 22.5% 3-yr returns (above peer average)
4	Boyd Gaming (BYD) Stock Return: AI Predicts BYD Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/5/2026	-0.5%	-1.8%	-3.8%
10/23/2025	-7.3%	-8.9%	-5.0%
7/24/2025	4.4%	3.1%	4.1%
4/24/2025	4.3%	4.7%	10.6%
2/6/2025	-1.7%	-0.6%	-15.6%
10/24/2024	7.9%	7.7%	12.5%
7/25/2024	4.3%	-1.3%	2.6%
4/25/2024	-15.4%	-13.9%	-17.7%
...
SUMMARY STATS
# Positive	13	10	12
# Negative	10	13	11
Median Positive	4.3%	5.9%	8.9%
Median Negative	-3.5%	-2.0%	-6.9%
Max Positive	11.0%	18.8%	18.8%
Max Negative	-15.4%	-13.9%	-17.7%

	Forward Returns
2/5/2026	-0.5%	-1.8%	-3.8%
10/23/2025	-7.3%	-8.9%	-5.0%
7/24/2025	4.4%	3.1%	4.1%
4/24/2025	4.3%	4.7%	10.6%
2/6/2025	-1.7%	-0.6%	-15.6%
10/24/2024	7.9%	7.7%	12.5%
7/25/2024	4.3%	-1.3%	2.6%
4/25/2024	-15.4%	-13.9%	-17.7%
2/8/2024	1.9%	-1.3%	-3.2%
10/24/2023	-11.8%	-9.5%	-2.9%
7/27/2023	-3.6%	-4.0%	-6.9%
4/25/2023	1.5%	7.3%	-2.3%
2/2/2023	7.0%	4.4%	4.3%
10/25/2022	2.2%	6.6%	9.0%
7/26/2022	2.5%	1.3%	3.1%
4/26/2022	-3.5%	-1.8%	-10.9%
2/3/2022	6.5%	18.8%	0.8%
10/26/2021	0.9%	-2.0%	-7.1%
7/27/2021	2.8%	-0.9%	8.9%
4/27/2021	-0.9%	-4.6%	-7.7%
2/16/2021	-3.4%	5.2%	18.2%
10/26/2020	-5.1%	-7.5%	16.1%
7/28/2020	11.0%	12.5%	18.8%
SUMMARY STATS
# Positive	13	10	12
# Negative	10	13	11
Median Positive	4.3%	5.9%	8.9%
Median Negative	-3.5%	-2.0%	-6.9%
Max Positive	11.0%	18.8%	18.8%
Max Negative	-15.4%	-13.9%	-17.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/20/2026	10-K
09/30/2025	10/31/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	05/02/2025	10-Q
12/31/2024	02/21/2025	10-K
09/30/2024	10/31/2024	10-Q
06/30/2024	08/01/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	11/01/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	02/24/2023	10-K
09/30/2022	11/03/2022	10-Q
06/30/2022	08/04/2022	10-Q
03/31/2022	05/06/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/5/2026

null

Prior: Q3 2025 Earnings Reported 10/23/2025

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Boyd, William R		Trust	Sell	11122025	80.36	20,000	1,607,200	157,541,521	Form
2	Johnson, Marianne Boyd	Executive Chairman	Trust*	Sell	9052025	86.62	100,000	8,662,000	147,633,309	Form
3	Hirsberg, Josh	CFO & Treasurer	Direct	Sell	8252025	85.41	40,035	3,419,389	35,888,001	Form
4	Smith, Keith	President and CEO	Direct	Sell	8222025	85.21	25,000	2,130,250	89,188,370	Form
5	Smith, Keith	President and CEO	Direct	Sell	8202025	83.09	50,000	4,154,500	91,123,889	Form

BYD Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing BYD?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What BYD Makes & Who Pays

TTM figures based on

BYD Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Boyd Gaming (BYD)

Market Price (4/12/2026): $86.48 | Market Cap: $6.8 BilSector: Consumer Discretionary | Industry: Casinos & Gaming

Boyd Gaming (BYD)

Market Price (4/12/2026): $86.48Market Cap: $6.8 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Boyd Gaming (BYD)

Key Risks to Boyd Gaming (BYD)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Boyd Gaming (BYD)

INDUSTRY: Casinos & Gaming

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

Higher Rev Chg LTM (Value for BYD: 4.1%)

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

Higher Op Mgn LTM (Value for BYD: 21.4%)

Higher CFO/Rev LTM (Value for BYD: 23.9%)

Higher FCF/Rev LTM (Value for BYD: 7.4%)

Higher Total Yield (Value for BYD: 27.3%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

Higher Rev Chg LTM (Value for BYD: 4.1%)

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

Higher Op Mgn LTM (Value for BYD: 21.4%)

Higher CFO/Rev LTM (Value for BYD: 23.9%)

Higher FCF/Rev LTM (Value for BYD: 7.4%)

Higher Total Yield (Value for BYD: 27.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 4.8% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 4.8% | 7.8x)

Higher Rev Chg LTM (Value for BYD: 4.1%)

Higher Rev Chg 3Y Avg (Value for BYD: 4.8%)

Higher Op Mgn LTM (Value for BYD: 21.4%)

Higher CFO/Rev LTM (Value for BYD: 23.9%)

Higher FCF/Rev LTM (Value for BYD: 7.4%)

Higher Total Yield (Value for BYD: 27.3%)

Best Bets in Consumer Discretionary

P/EBIT (Value for BYD: 2.7x)

P/E (Value for BYD: 3.7x)

Rev Chg 3Y Avg (Value for BYD: 4.8%)

Rev Chg LTM (Value for BYD: 4.1%)

Rev Chg Q (Value for BYD: 2.0%)

FCF/Rev 3Y Avg (Value for BYD: 12.0%)

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Market Price (4/12/2026): $86.48 | Market Cap: $6.8 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Market Price (4/12/2026): $86.48
Market Cap: $6.8 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming