Boyd Gaming Corp (BYD)

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group and changed its name to Boyd Gaming Corporation in April 1993. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.

Ticker: BYD
Exchange: NYSE
Sector: Consumer Cyclical
Industry: Resorts & Casinos
Market cap: $5.45B
52-week range: $65.00 - $91.41

Valuation

Share price: $76.57 (close of Nov 6, 2026)
P/E (TTM): 11.58x
Price to book: 2.23x
Price to free cash flow: -348.41x
Enterprise value: $8.44B
Book value per share: $34.33

Price performance

Period	Change
1 day	-0.65%
5 days	+5.14%
1 month	+8.75%
3 months	-8.98%
6 months	-10.08%
Year to date	-10.17%
1 year	-4.34%
3 years	+32.84%
5 years	+13.55%
10 years	+342.60%
All time	+246.08%

Short interest

As of: Oct 15, 2026
Short % of float: 8.87%
Shares short: 4.81M
Days to cover: 4.09
Change since prior report: +1.17%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 70.68%
Return on invested capital: 7.03%
Return on assets: 28.04%
Return on capital employed: 13.38%
Gross margin: 28.87%
Net margin: 45.05%
EBITDA margin: 25.69%
Revenue growth: 4.12%
Net income growth: 218.93%
Free cash flow growth: -30.22%

Cash flow and balance sheet

Free cash flow yield (TTM): -0.29%
Current ratio: 0.33x
Net debt to EBITDA: 2.72x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $4.09B
Cost of revenue: $2.91B
Gross profit: $1.18B
EBITDA: $1.05B
Net income: $1.84B
Earnings per share: $22.56
Interest expense: $157.64M
Shares outstanding: 81.70M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$4.09B	$1.18B	$1.84B	$22.56
2024-12-31	$3.93B	$1.36B	$577.95M	$6.19
2023-12-31	$3.74B	$1.29B	$620.02M	$6.12
2022-12-31	$3.56B	$1.36B	$639.38M	$5.87
2021-12-31	$3.37B	$1.27B	$463.85M	$4.07
2020-12-31	$2.18B	$364.62M	-$134.70M	-$1.19
2019-12-31	$3.33B	$932.15M	$157.64M	$1.39
2018-12-31	$2.63B	$724.60M	$115.05M	$1.01
2017-12-31	$2.40B	$705.84M	$189.39M	$1.65
2016-12-31	$2.20B	$582.67M	$420.23M	$3.67

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	28.87%	45.05%	70.68%	7.03%
2024-12-31	34.48%	14.71%	36.54%	13.67%
2023-12-31	34.55%	16.58%	35.55%	14.06%
2022-12-31	38.12%	17.98%	40.20%	14.43%
2021-12-31	37.58%	13.76%	30.14%	13.89%
2020-12-31	16.74%	-6.18%	-11.98%	0.24%
2019-12-31	28.03%	4.74%	12.46%	7.29%
2018-12-31	27.59%	4.38%	10.04%	6.15%
2017-12-31	29.40%	7.89%	17.26%	8.16%
2016-12-31	26.49%	19.11%	45.18%	6.26%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$353.41M	$2.05B
2024-12-31	$316.69M	$3.13B
2023-12-31	$304.27M	$2.87B
2022-12-31	$283.47M	$3.01B
2021-12-31	$344.56M	$2.99B
2020-12-31	$519.18M	$3.87B
2019-12-31	$249.98M	$3.74B
2018-12-31	$249.92M	$3.96B
2017-12-31	$203.60M	$3.05B
2016-12-31	$194.26M	$3.20B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$388.46M	$32.15M
2024-12-31	$556.67M	$29.67M
2023-12-31	$540.57M	$32.38M
2022-12-31	$706.96M	$34.07M
2021-12-31	$810.96M	$37.77M
2020-12-31	$114.00M	$9.20M
2019-12-31	$341.36M	$25.20M
2018-12-31	$272.98M	$25.38M
2017-12-31	$232.09M	$17.41M
2016-12-31	$139.98M	$15.52M

Dividend history

Most recent payment: Sep 15, 2026
Paid in the last twelve months: $0.78

Payment date	Dividend per share
2026-09-15	$0.20
2026-06-15	$0.20
2026-03-16	$0.20
2025-12-15	$0.18
2025-09-15	$0.18
2025-06-16	$0.18
2025-03-17	$0.18
2024-12-16	$0.17

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-22	Sep 2026	$1.65
2026-07-23	Jun 2026	$1.86
2026-04-23	Mar 2026	$1.76
2026-02-05	Dec 2025	$1.88
2025-10-23	Sep 2025	$1.57
2025-07-24	Jun 2025	$1.67
2025-04-24	Mar 2025	$1.52
2025-02-06	Dec 2024	$1.78

Filings and sources

Company website: boydgaming.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

Similar companies

Las Vegas Sands Corp (LVS) · Wynn Resorts Ltd (WYNN) · MGM Resorts International (MGM) · Caesars Entertainment, Inc. (CZR) · Full House Resorts Inc (FLL) · Tapestry, Inc. (TPR) · Capri Holdings Ltd (CPRI) · NIKE, Inc. (NKE)

All Consumer Cyclical companies

Understanding these figures

Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

Explore

Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades