Tearsheet

Boyd Gaming (BYD)

Market Price (12/27/2025): $86.6 | Market Cap: $7.0 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Boyd Gaming (BYD)

Market Price (12/27/2025): $86.6
Market Cap: $7.0 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming

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

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%, FCF Yield is 5.9%	Trading close to highs Dist 52W High is -0.7%, Dist 3Y High is -0.7%	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.
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%	Weak multi-year price returns 2Y Excs Rtn is -3.1%, 3Y Excs Rtn is -21%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
3	Low stock price volatility Vol 12M is 28%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, and Digital Entertainment & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more.

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%, FCF Yield is 5.9%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
3	Low stock price volatility Vol 12M is 28%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, and Digital Entertainment & Betting. Themes include Travel & Leisure Tech, Experiential Retail, Show more.
5	Trading close to highs Dist 52W High is -0.7%, Dist 3Y High is -0.7%
6	Weak multi-year price returns 2Y Excs Rtn is -3.1%, 3Y Excs Rtn is -21%
7	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

	12/27/25	2024	2023	2022	2021
Share Price CYE	$86.60	$71.87	$61.35	$52.90	$62.91
Market Cap CYE ($ Bil)	7.0	6.4	6.1	5.6	7.2
Total Debt ($ Bil)	2.6	3.9	3.7	3.9	3.9
Total Cash ($ Bil)	0.3	0.3	0.3	0.3	0.3
Enterprise Value ($ Bil)	9.3	10.3	9.8	9.5	11.1
Valuation Ratios
P/S TTM	1.7	1.7	1.7	1.7	2.2
P/EBIT TTM	2.7	7.3	6.9	6.1	9.3
P/E TTM	3.7	11.7	10.2	9.3	16.1
P/FCF TTM	17.0	12.2	11.7	8.4	9.2
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.7	8.3	7.8	6.4	8.4
P/E TTM (Sector)	10.4	11.1	10.3	8.4	10.7
P/FCF TTM (Sector)	11.3	12.4	9.6	7.3	10.4

	12/27/25	2024	2023
Share Price CYE	$86.60	$71.87	$61.35
Market Cap CYE ($ Bil)	7.0	6.4	6.1
Total Debt ($ Bil)	2.6	3.9	3.7
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	9.3	10.3	9.8
Valuation Ratios
P/S TTM	1.7	1.7	1.7
P/EBIT TTM	2.7	7.3	6.9
P/E TTM	3.7	11.7	10.2
P/FCF TTM	17.0	12.2	11.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8
P/E TTM (Sector)	10.4	11.1	10.3
P/FCF TTM (Sector)	11.3	12.4	9.6

	BYD	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	4.1
Rev Chg Q	4.5%	7.3%
Rev Chg LTM	5.9%	6.1%
Rev Chg 3Y Avg	5.0%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.9
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	1.9
Op Mgn LTM	23.1%	18.8%
CFO/Rev LTM	23.7%	20.4%
Net Inc Mgn	46.0%	13.1%
VALUATION	LOW
P/S	1.7	3.3
P/CFO	7.3	15.8
P/FCF	17.0	20.7
P/E	3.7	23.5
STABILITY	FAIR
Debt/Equity	0.37	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

Recent
12/15/2025	Dividend	Amount: $0.18 Payment On: 1/15/2026
Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -
4/22/2026	Earnings Release	Rev: - EPS: -

BYD Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why Boyd Gaming (BYD) stock moved during the approximate time period from August 31, 2025, to December 27, 2025:

1. Significant Strategic Transaction. The announcement and anticipated closure of Boyd Gaming's sale of its 5% equity stake in FanDuel Group to Flutter Entertainment for $1.755 billion in cash, expected in the third quarter of 2025, positively influenced market sentiment due to planned debt reduction and extended market-access agreements.

2. Robust Second Quarter 2025 Financial Performance. Boyd Gaming reported strong financial results for the second quarter of 2025, with revenues reaching $1.0 billion and increased net income, alongside its strongest property-level revenue and Adjusted EBITDAR growth in over three years, demonstrating solid operational health leading into the period.

3. Enhanced Shareholder Returns Through Repurchases. The Board's authorization of an additional $500 million for share repurchases in the second quarter of 2025, building on ongoing repurchase activities, signaled a commitment to returning capital to shareholders and typically helps support stock valuation.

4. Quarterly Dividend Declaration. The declaration of a quarterly cash dividend of $0.18 per share in early December 2025, with a record date of December 15, 2025, reinforced investor confidence and provided a positive signal for shareholders.

5. Positive Market Sentiment and Steady Fundamentals. Analyst reports in late November 2025 noted Boyd Gaming's steady fundamentals and a year-to-date stock climb, contributing to a generally positive market sentiment and continued investor interest in the company and the broader gaming and hospitality sector.

Stock Movement Drivers

Fundamental Drivers

The 1.0% change in BYD stock from 9/26/2025 to 12/26/2025 was primarily driven by a 228.3% change in the company's Net Income Margin (%).

	9262025	12262025	Change
Stock Price ($)	85.76	86.60	0.98%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4027.72	4070.84	1.07%
Net Income Margin (%)	14.02%	46.02%	228.34%
P/E Multiple	12.50	3.74	-70.10%
Shares Outstanding (Mil)	82.29	80.86	1.74%
Cumulative Contribution			0.95%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
BYD	1.0%
Market (SPY)	4.3%	24.7%
Sector (XLY)	1.8%	42.7%

Fundamental Drivers

The 10.1% change in BYD stock from 6/27/2025 to 12/26/2025 was primarily driven by a 229.7% change in the company's Net Income Margin (%).

	6272025	12262025	Change
Stock Price ($)	78.69	86.60	10.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3961.24	4070.84	2.77%
Net Income Margin (%)	13.96%	46.02%	229.71%
P/E Multiple	12.11	3.74	-69.14%
Shares Outstanding (Mil)	85.12	80.86	5.00%
Cumulative Contribution			9.78%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
BYD	10.1%
Market (SPY)	12.6%	30.7%
Sector (XLY)	11.9%	40.7%

Fundamental Drivers

The 21.2% change in BYD stock from 12/26/2024 to 12/26/2025 was primarily driven by a 253.7% change in the company's Net Income Margin (%).

	12262024	12262025	Change
Stock Price ($)	71.48	86.60	21.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3843.69	4070.84	5.91%
Net Income Margin (%)	13.01%	46.02%	253.73%
P/E Multiple	13.13	3.74	-71.53%
Shares Outstanding (Mil)	91.86	80.86	11.98%
Cumulative Contribution			19.42%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
BYD	21.2%
Market (SPY)	15.8%	65.2%
Sector (XLY)	5.2%	68.7%

Fundamental Drivers

The 62.7% change in BYD stock from 12/27/2022 to 12/26/2025 was primarily driven by a 180.4% change in the company's Net Income Margin (%).

	12272022	12262025	Change
Stock Price ($)	53.22	86.60	62.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3512.30	4070.84	15.90%
Net Income Margin (%)	16.41%	46.02%	180.38%
P/E Multiple	9.95	3.74	-62.42%
Shares Outstanding (Mil)	107.74	80.86	24.95%
Cumulative Contribution			52.60%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
BYD	40.3%
Market (SPY)	48.0%	53.2%
Sector (XLY)	37.0%	56.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BYD Return	43%	53%	-16%	16%	17%	19%	197%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BYD Win Rate	67%	67%	33%	50%	67%	75%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BYD Max Drawdown	-74%	-2%	-29%	-0%	-19%	-16%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. 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] 2025 data is for the year up to 12/26/2025 (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 HPQ, HPE, IBM, CSCO, AAPL

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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MGM Resorts or Caesars Entertainment for local and regional gaming markets across the U.S.

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Casino Gaming Services: Operating various gambling activities including slot machines, table games, and sports betting.
Hospitality Services: Providing hotel accommodation, dining, and beverage options for guests.
Entertainment & Retail Services: Offering live performances, events, and other leisure activities and amenities.

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Boyd Gaming (symbol: BYD) primarily sells its services directly to **individuals** rather than other companies. As an operator of casino entertainment properties, its major customers are the guests who visit its resorts and casinos.

The company serves the following categories of individual customers:

Leisure Travelers and Tourists: These customers visit Boyd Gaming properties for vacations, weekend getaways, or as part of broader travel plans. They seek a comprehensive entertainment experience, including lodging, dining, entertainment shows, and gaming.
Gamblers and Gaming Enthusiasts: This category includes individuals whose primary motivation for visiting is to participate in casino gaming. This ranges from casual slot players to high-stakes table game players and those who are part of player loyalty programs. They may be local residents or visitors traveling specifically for the gaming experience.
Event Attendees and Local Patrons: This group includes individuals attending concerts, shows, sporting events, or conventions held at Boyd Gaming properties. It also encompasses local residents who frequent the properties for dining, entertainment, or casual gaming without necessarily staying overnight.

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Light & Wonder (LNW)
IGT (IGT)
Aristocrat Leisure (ALL)

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Keith E. Smith, President and Chief Executive Officer

Keith E. Smith joined Boyd Gaming Corporation in 1990 as Corporate Controller and has over 30 years of gaming experience. He served as Executive Vice President of Operations, Chief Operating Officer, and President before being named Chief Executive Officer in January 2008. As CEO, he successfully guided Boyd Gaming through a period of significant growth and diversification, including several strategic acquisitions. Prior to his CEO role, he held senior management positions at properties in both Atlantic City and Las Vegas. He also served 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 and oversees the company's financial operations. He has 30 years of experience in the industry. Before joining Boyd Gaming, Hirsberg was the Chief Financial Officer for EdgeStar Partners, a real estate acquisition and development company. He previously held senior-level finance positions at other publicly-traded gaming companies, including Vice President and Treasurer for Caesars Entertainment and Vice President, Strategic Planning and Investor Relations for Harrah's Entertainment.

William S. Boyd, Chairman Emeritus

William S. Boyd co-founded Boyd Gaming Corporation in 1975 with his father, Sam Boyd. He transitioned from a practicing attorney to full-time gaming in 1975 and served as Chief Executive Officer of Boyd Gaming from 1993 to 2008, overseeing a period of national expansion. Following his tenure as CEO, he served as Executive Chair of the Board of Directors from 2008 to 2023, and was named Chairman Emeritus in May 2023.

Marianne Johnson, Executive Chairman

Marianne Johnson joined Boyd Gaming in January 1977 and has been a member of the Board of Directors since 1990. She previously held the role of Executive Vice President and Chief Diversity Officer, where she was responsible for the Company's purchasing programs and diversity initiatives.

Steve Thompson, Chief Administrative Officer

Steve Thompson has held numerous executive positions at Boyd Gaming since he joined the company in 1983. His roles have included Executive Vice President, Operations for the Nevada region from 2016.

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The key risks to Boyd Gaming's business include significant indebtedness, intense market and economic pressures, and cybersecurity vulnerabilities.

Significant Indebtedness
Boyd Gaming carries a substantial amount of debt, which places financial restrictions on the company and necessitates considerable cash flow for servicing. Rising interest rates and broader economic conditions could adversely affect the company's ability to refinance or manage this debt effectively, imposing financial limitations.
Market and Economic Pressures
The gaming industry is characterized by intense competition from both established and emerging gaming operations, including online platforms and Native American casinos, which can reduce market share and profitability. Furthermore, the company's revenue is sensitive to economic conditions; a cooling employment market or rising inflation could negatively impact consumer spending and visitation patterns, thereby affecting overall revenue.
Cybersecurity Risks
Boyd Gaming has recently faced cybersecurity incidents, including a data breach in September 2025 that exposed employee and customer information, leading to multiple class-action lawsuits. While the company has stated that the financial impact is not expected to be material and that it has cyber insurance, such breaches pose significant operational and reputational risks, with potential for ongoing legal costs and damage to customer trust.

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The rapid and widespread expansion of online gaming and sports betting, driven by increasing state legalizations and intense competition, poses an emerging threat. While Boyd Gaming participates in the online market through its partnership with FanDuel and its own platforms, this fundamental shift in consumer behavior and market dynamics presents several risks to its traditional brick-and-mortar casino operations:

Cannibalization of Brick-and-Mortar Revenue: The convenience and accessibility of online platforms may lead some customers to reduce their visits or spending at physical casino properties, potentially eroding the revenue base of Boyd Gaming's land-based assets.
Escalating Customer Acquisition Costs: The highly competitive online gambling market necessitates significant marketing and promotional expenditures to acquire and retain customers, which can weigh on profitability.
Shift in Industry Valuation: A long-term trend towards online play could lead to a re-evaluation of the intrinsic value of physical casino real estate and operations, potentially making them less attractive compared to pure-play online operators.

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Boyd Gaming Corporation (NYSE: BYD) operates primarily within the gambling and hospitality sectors in the United States. The company's main products and services include casino gaming and hotel accommodations.

Addressable Markets for Boyd Gaming's Main Products or Services (U.S.)

Casino Gaming: The U.S. casino gaming market was estimated at USD 99.0 billion in 2024 and is projected to reach USD 222 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 7.61% from 2025 to 2035. Commercial gaming revenue in the U.S. reached a record USD 66.5 billion in 2023. The U.S. online gambling market, a component of the broader gaming market, was estimated at USD 12.68 billion in 2024 and is expected to grow to USD 22.19 billion by 2030, with a CAGR of 9.8% from 2025 to 2030.
Hotels/Hospitality: The U.S. hotels market size was estimated at USD 263.21 billion in 2024 and is projected to grow at a CAGR of 7.1% from 2025 to 2030. The broader U.S. hospitality market, which encompasses lodging, food and beverage services, event planning, entertainment, and tourism, is estimated at USD 247.45 billion in 2025 and is expected to reach USD 313.87 billion by 2030, at a CAGR of 4.87%.

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Boyd Gaming (BYD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Continued Expansion of Digital Gaming Platforms: Boyd Gaming has made significant investments in online gambling and sports betting, notably through its partnership with FanDuel and the acquisition of Pala Interactive. This digital segment has shown substantial revenue growth and is anticipated to continue its strong trajectory, becoming a main revenue stream.
Strategic Capital Investments and Property Development: The company is undertaking significant capital investments in new resort developments and property renovations. Key projects include the Cadence Crossing Casino in southern Nevada, scheduled to open in mid-2026, and a $750 million resort in Norfolk, Virginia, expected to debut in late 2027. Additionally, renovations are underway at existing properties such as Suncoast and Gold Coast, aimed at enhancing the customer experience and driving visitation.
Growth from Core and Retail Customer Engagement: Boyd Gaming has consistently demonstrated strong performance driven by its core gaming customers and improving trends among retail players. This growth is particularly evident in its Las Vegas Locals and Midwest & South operating segments, where the company focuses on catering to local preferences and strengthening customer loyalty through its brand recognition and rewards programs.
Revenue from Management Agreements and Services: Boyd Gaming has established management consulting and services as an additional revenue stream. The company has seen increasing revenue from management agreements, such as its ongoing partnership with the Wilton Rancheria for the Sky River Casino in Northern California.

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Share Repurchases

Boyd Gaming repurchased $328 million in shares during the first quarter of 2025.
The company repurchased $105 million in shares during the second quarter of 2025 and an additional $160 million in shares during the third quarter of 2025.
As of September 30, 2025, Boyd Gaming had approximately $547 million remaining under its current share repurchase authorization, which included an additional $500 million authorized by the Board of Directors on July 17, 2025.

Share Issuance

No significant share issuances by Boyd Gaming (BYD) were identified in the provided timeframe, with the company primarily focused on share repurchases.

Outbound Investments

Boyd Gaming had a 5% equity interest in FanDuel Group as part of a strategic partnership.
In the third quarter of 2025, Boyd Gaming completed the sale of its 5% equity interest in FanDuel Group to Flutter Entertainment for $1.758 billion in cash.
The proceeds from the FanDuel sale are intended for debt reduction and strategic investments.

Capital Expenditures

Boyd Gaming's capital expenditures were $269.2 million in 2022, $373.95 million in 2023, and $400.4 million in 2024.
For the full year 2025, the company projects capital expenditures of $600 million to $650 million.
Major capital projects include a $750 million resort development in Norfolk, Virginia (expected to open in 2027), a new Las Vegas Locals property, Cadence Crossing (broke ground April 2025, expected to open by mid-2026), and ongoing renovations at properties such as Suncoast and Orleans.

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TJX (6.2%)

TJX Companies

Higher Op Mgn LTM (Value for BYD: 23.1%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

YUM (30.8%)

Yum Brands

RCL (26.4%)

Royal Caribbean

GRMN (25.6%)

Garmin

Higher CFO/Rev LTM (Value for BYD: 23.7%)

MCD (39.9%)

McDonald's

ABNB (38.4%)

Airbnb

MELI (37.5%)

MercadoLibre

RCL (36.2%)

Royal Caribbean

BKNG (33.2%)

Booking

Higher FCF/Rev LTM (Value for BYD: 10.1%)

ABNB (38.4%)

Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for BYD: 27.0%)

WW (392.2%)

WW International

SABR (100.8%)

Sabre

PRSU (37.6%)

Pursuit Attractions and Hospitality

CAAS (36.9%)

China Automotive Systems

BRSL (34.9%)

Brightstar Lottery

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 5.0% | 1.7x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

PGR (20.6% | 1.6x)

Progressive

HCA (6.6% | 1.6x)

HCA Healthcare

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 5.0% | 7.4x)

UAL (13.2% | 7.1x)

United Airlines

FISV (6.8% | 6.0x)

Fiserv

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

HAL (5.7% | 7.4x)

Halliburton

Higher Rev Chg LTM (Value for BYD: 5.9%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for BYD: 5.0%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for BYD: 23.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BYD: 23.7%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for BYD: 10.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for BYD: 27.0%)

XP (82.0%)

BCE (41.2%)

BCE

RCI (37.5%)

Rogers Communications

FMCC (34.2%)

Federal Home Loan Mortgage

LNC (29.5%)

Lincoln National

		Best Bets In Consumer Discretionary Sector
	BYD	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	3.7	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	2.7	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	4.5%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	5.9%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	5.0%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	13.1%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[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	Topic
0	DASHBOARDS
1	Boyd Gaming Earnings Notes
2	Boyd Gaming Earnings Notes
3	Boyd Gaming Earnings Notes
4	With Boyd Gaming Stock Surging, Have You Considered The Downside?	Return
5	Boyd Gaming vs Barrick Mining: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Boyd Gaming vs Crocs: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Boyd Gaming vs Red Rock Resorts: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	How Does Boyd Gaming Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From UNH, IBKR
10	Better Bet Than BYD Stock: Pay Less Than Boyd Gaming To Get More From ANF, GRBK

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BYD. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.3%	13.3%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	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	5.3%	5.3%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	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	3.4%	3.4%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	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	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	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	1.8%	1.8%	-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
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Boyd Gaming

Peers to compare with:

Financials

	BYD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Boyd Gam.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	86.60	23.26	24.49	305.09	78.16	273.40	82.38
Mkt Cap	7.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	4,071	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	941	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	412	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	504	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	963	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	940	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	BYD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Boyd Gam.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	5.9%	3.2%	13.8%	4.5%	8.9%	6.0%	5.9%
Rev Chg 3Y Avg	5.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	4.5%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	1.1%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	23.1%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	25.1%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-0.6%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	23.7%	6.7%	8.5%	20.6%	23.8%	26.6%	22.1%
CFO/Rev 3Y Avg	24.3%	6.8%	12.7%	21.4%	26.1%	28.4%	22.9%
FCF/Rev LTM	10.1%	5.1%	1.8%	18.1%	22.1%	23.5%	14.1%
FCF/Rev 3Y Avg	13.1%	5.5%	4.6%	18.6%	24.6%	25.6%	15.9%

Valuation

	BYD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Boyd Gam.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	7.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.7	0.4	1.0	4.4	5.4	10.0	3.0
P/EBIT	2.7	6.8	19.9	25.1	22.5	31.3	21.2
P/E	3.7	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	7.3	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	27.0%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.2%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	8.0%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.4	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.3	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	BYD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Boyd Gam.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	4.1%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	1.0%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	10.1%	-4.0%	34.5%	6.6%	15.2%	36.3%	12.6%
12M Rtn	21.2%	-27.3%	14.2%	39.2%	33.7%	6.0%	17.7%
3Y Rtn	62.7%	-3.8%	67.7%	139.0%	79.5%	113.4%	73.6%
1M Excs Rtn	2.5%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	-3.3%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-2.2%	-16.3%	22.3%	-5.7%	3.0%	24.0%	0.4%
12M Excs Rtn	7.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	3.1%
3Y Excs Rtn	-21.3%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

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

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/21/2025	2/26/2024	2/24/2023	2/28/2022	3/1/2021	2/27/2020
Key Financials
Total Revenue	4,071	3,930	3,738	3,555	3,370	2,178	3,326
EBITDA	2,871	1,206	1,181	1,238	1,071	341	716
Operating Income	941	938	1,010	1,022	908	189	473
Net Income	1,873	578	620	639	464	-135	158
EPS	22.88	6.19	6.12	5.87	4.07	-1.19	1.39
Growth Rates
Total Revenue Growth	5.9%	5.1%	5.2%	5.5%	54.7%	-34.5%	26.6%
EBITDA Growth	163.4%	2.1%	-4.6%	15.6%	214.6%	-52.5%	21.5%
Operating Income Growth	0.6%	-7.1%	-1.2%	12.5%	380.7%	-60.0%	32.6%
Net Income Growth	274.6%	-6.8%	-3.0%	37.8%	444.4%	-185.5%	37.0%
Margins
EBITDA Margin	70.5%	30.7%	31.6%	34.8%	31.8%	15.6%	21.5%
Operating Income Margin	23.1%	23.9%	27.0%	28.7%	27.0%	8.7%	14.2%
Net Income Margin	46.0%	14.7%	16.6%	18.0%	13.8%	-6.2%	4.7%
Cash & Debt
Total Cash	319	317	304	283	345	519	250
Total Debt	2,568	3,931	3,726	3,897	3,932	4,837	4,694
Net Debt / (Cash)	2,249	3,615	3,421	3,613	3,588	4,318	4,444
Cash Flows
Net Cash from Operations	963	957	915	976	1,010	289	549
Free Cash from Operations	412	557	541	707	811	114	341
Returns to Shareholders
Dividends	59	63	64	48	-0	8	29
Share Repurchases	796	686	413	542	81	11	28

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	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	12/31/2022
Filing Date	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	2/24/2023
Key Financials Quarterly
Total Revenue	1,004	1,034	992	1,041	961	968	961	954	903	917	964	923
Ebitda	1,949	314	269	340	291	293	283	224	284	308	364	331
Operating Income	205	242	232	261	220	227	230	258	218	244	289	283
Net Income	1,440	151	111	171	131	140	136	93	135	192	200	173
EPS	17.81	1.84	1.31	1.92	1.43	1.47	1.40	0.94	1.34	1.89	1.93	1.64
Key Financials TTM
Total Revenue TTM	4,071	4,028	3,961	3,930	3,844	3,786	3,735	3,738	3,707	3,681	3,659	3,555
Ebitda TTM	2,871	1,213	1,192	1,206	1,090	1,084	1,099	1,181	1,288	1,308	1,292	1,238
Operating Income TTM	941	956	941	938	935	933	950	1,010	1,034	1,059	1,060	1,022
Net Income TTM	1,873	565	553	578	500	504	557	620	700	722	676	639
Growth Rates Quarterly
Total Revenue Growth	4.5%	6.9%	3.2%	9.1%	6.4%	5.5%	-0.4%	3.4%	3.0%	2.5%	12.0%	4.9%
EBITDA Growth	570.9%	7.0%	-4.9%	51.8%	2.2%	-5.0%	-22.4%	-32.4%	-6.6%	5.6%	17.2%	29.8%
Operating Income Growth	-6.9%	6.7%	1.0%	1.1%	1.0%	-6.9%	-20.6%	-8.7%	-10.4%	-0.4%	15.3%	25.7%
Net Income Growth	998.2%	8.3%	-18.4%	84.1%	-3.0%	-27.3%	-31.7%	-46.4%	-13.9%	31.1%	22.6%	57.3%
Margins Quarterly
EBITDA Margin	194.1%	30.3%	27.1%	32.6%	30.2%	30.3%	29.4%	23.4%	31.5%	33.6%	37.8%	35.9%
Operating Income Margin	20.4%	23.4%	23.4%	25.1%	22.9%	23.5%	23.9%	27.1%	24.1%	26.6%	30.0%	30.6%
Net Income Margin	143.4%	14.6%	11.2%	16.4%	13.6%	14.5%	14.2%	9.7%	15.0%	21.0%	20.7%	18.7%
Cash & Debt
Total Cash	319	320	312	317	286	281	284	304	269	261	263	283
Total Debt	2,568	4,259	4,217	3,931	3,835	3,739	3,664	3,726	3,726	3,772	3,804	3,897
Net Debt / (Cash)	2,249	3,939	3,906	3,615	3,549	3,458	3,381	3,421	3,457	3,511	3,540	3,613
Cash Flows Quarterly
FCF from Operations	240	205	256	262	231	213	251	217	234	181	282	248
Cash Flows TTM
FCF from Operations TTM	963	955	963	957	912	915	883	915	945	983	1,025	976
Returns to Shareholders Quarterly
Dividends	15	15	15	15	16	16	16	16	16	16	15	16
Share Repurchases	160	105	328	203	202	176	106	100	106	100	106	107
Return on Invested Capital (ROIC) Quarterly
ROIC	28.5%	19.2%	17.3%	22.8%	18.7%	19.9%	20.9%	24.7%	19.2%	25.5%	23.9%	22.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	32.6%	18.6%	18.3%	20.0%	20.3%	20.9%	23.3%	24.3%	24.2%	23.7%	21.9%	20.1%

Segment Financials

Assets by Segment

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

Price Behavior

Price Behavior

Market Price	$86.60
Market Cap ($ Bil)	7.0
First Trading Date	10/18/1993
Distance from 52W High	-0.7%
	50 Days	200 Days
DMA Price	$81.68	$78.20
DMA Trend	up	down
Distance from DMA	6.0%	10.7%
	3M	1YR
Volatility	25.7%	28.1%
Downside Capture	43.14	88.03
Upside Capture	38.96	94.18
Correlation (SPY)	25.8%	65.3%

BYD Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.75	0.53	0.51	0.80	0.95	0.97
Up Beta	0.99	0.91	0.96	0.94	1.04	1.01
Down Beta	-0.42	0.46	0.37	0.55	0.86	0.95
Up Capture	153%	25%	28%	81%	91%	79%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	20	30	66	131	401
Down Capture	49%	60%	59%	90%	95%	100%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	21	31	58	116	347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BYD With Other Asset Classes (Last 1Y)
	BYD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	22.8%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	28.0%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.72	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		68.5%	65.1%	-7.7%	16.8%	52.3%	34.0%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BYD With Other Asset Classes (Last 5Y)
	BYD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.0%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	33.7%	23.8%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.51	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		57.8%	56.6%	3.4%	15.1%	47.1%	28.4%

Based On 10-Year Data

		Comparison of BYD With Other Asset Classes (Last 10Y)
	BYD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.1%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	43.6%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.52	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		60.2%	59.5%	0.5%	23.7%	51.7%	20.2%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,231,662
Short Interest: % Change Since 11302025	22.9%
Average Daily Volume	750,277
Days-to-Cover Short Interest	4.31
Basic Shares Quantity	80,860,000
Short % of Basic Shares	4.0%

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
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%
...
SUMMARY STATS
# Positive	13	10	12
# Negative	10	13	11
Median Positive	4.3%	5.9%	8.9%
Median Negative	-3.5%	-4.0%	-7.1%
Max Positive	11.0%	18.8%	18.8%
Max Negative	-15.4%	-23.3%	-66.6%

	Forward Returns
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%
2/20/2020	-2.4%	-23.3%	-66.6%
SUMMARY STATS
# Positive	13	10	12
# Negative	10	13	11
Median Positive	4.3%	5.9%	8.9%
Median Negative	-3.5%	-4.0%	-7.1%
Max Positive	11.0%	18.8%	18.8%
Max Negative	-15.4%	-23.3%	-66.6%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2262024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	BOYD WILLIAM R		11122025	Sell	80.36	20,000	1,607,200	157,541,521	Form

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

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Boyd Gaming (BYD)

Market Price (12/27/2025): $86.6 | Market Cap: $7.0 BilSector: Consumer Discretionary | Industry: Casinos & Gaming

Boyd Gaming (BYD)

Market Price (12/27/2025): $86.6Market Cap: $7.0 BilSector: Consumer DiscretionaryIndustry: Casinos & Gaming

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

Valuation, Metrics & Events

BYD Stock

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)

Addressable Markets for Boyd Gaming's Main Products or Services (U.S.)

Interactive Breakdown

Better Bets than Boyd Gaming (BYD)

INDUSTRY: Casinos & Gaming

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 5.0% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 5.0% | 7.4x)

Higher Rev Chg LTM (Value for BYD: 5.9%)

Higher Rev Chg 3Y Avg (Value for BYD: 5.0%)

Higher Op Mgn LTM (Value for BYD: 23.1%)

Higher CFO/Rev LTM (Value for BYD: 23.7%)

Higher FCF/Rev LTM (Value for BYD: 10.1%)

Higher Total Yield (Value for BYD: 27.0%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 5.0% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 5.0% | 7.4x)

Higher Rev Chg LTM (Value for BYD: 5.9%)

Higher Rev Chg 3Y Avg (Value for BYD: 5.0%)

Higher Op Mgn LTM (Value for BYD: 23.1%)

Higher CFO/Rev LTM (Value for BYD: 23.7%)

Higher FCF/Rev LTM (Value for BYD: 10.1%)

Higher Total Yield (Value for BYD: 27.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BYD: 5.0% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BYD: 5.0% | 7.4x)

Higher Rev Chg LTM (Value for BYD: 5.9%)

Higher Rev Chg 3Y Avg (Value for BYD: 5.0%)

Higher Op Mgn LTM (Value for BYD: 23.1%)

Higher CFO/Rev LTM (Value for BYD: 23.7%)

Higher FCF/Rev LTM (Value for BYD: 10.1%)

Higher Total Yield (Value for BYD: 27.0%)

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Market Price (12/27/2025): $86.6 | Market Cap: $7.0 Bil
Sector: Consumer Discretionary | Industry: Casinos & Gaming

Market Price (12/27/2025): $86.6
Market Cap: $7.0 Bil
Sector: Consumer Discretionary
Industry: Casinos & Gaming