Boyd Gaming Corp
BYD—
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Boyd Gaming Corp AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 87% TTM vs industry median 6% - 14x advantage driven by asset-light regional casino model with high operating leverage[Return on Equity]
- P/E of 3.6x TTM vs industry median 21x - trading at 83% discount despite superior profitability metrics[P/E Ratio]
- Net margin 46% TTM includes 1.7B other income - normalized margin closer to 17%, still 8x industry median[Net Margin]
Watch Triggers
- Other Income/Expense: Drops below 500M annually — 1.7B TTM inflates net income - normalization reveals true earnings power
- Goodwill and Other Intangible Assets: Impairment charges appear — 2.3B intangibles vs 327M tangible book - impairment destroys equity
- Free Cash Flow: Falls below 300M TTM — 412M FCF funds debt paydown and 0.71 dividend - compression limits both
Bull Case
ROIC of 35% TTM vs industry 2.6% median - capital allocation excellence with 13x advantage generates compounding value
ROICROEROA
Extreme valuation discount at 3.6x P/E and 1.7x P/S vs 21x and 1.5x medians - market pricing in risks already reflected
P/E RatioP/S RatioEnterprise Value
Bear Case
Goodwill/intangibles of 2.3B is 88% of equity - acquisition-heavy strategy creates material impairment risk in downturn
Goodwill and Other Intangible AssetsCommon Stockholders Equity
Negative working capital of -468M and 0.96x debt/equity constrains flexibility if gaming demand weakens
Working CapitalDebt to EquityCurrent Liabilities
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
Debt reduction to accelerate as 1.7B debt paydown in TTM signals deleveraging priority
1-3yhigh
- 963M operating cash flow TTM funds debt reduction
- Debt/equity at 0.96x down from higher levels
- Interest expense 178M compressing
Net debt paydown 1.7B TTMFCF 412M after 551M capexLong-term debt 2.5B vs 319M cash
Valuation Context
Caveats
Public Strategies Rankings
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BYD Fundamentals
Arts, Entertainment, and Recreation → Amusement, Gambling, and Recreation Industries
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$6.62B | — | ||
$8.98B | — | ||
3.7 | — | ||
$4.09B | +4.1% | — | |
$22.56 | +279.4% | — | |
21.4% | -2.4% | — | |
45.1% | +30.3% | — | |
$303.46M | -45.5% | — | |
88.0% | +53.2% | — | |
Beta 5Y (Monthly) | unknown | — |
BYD Dividend History
49 dividends
2026
$0.200003/16/26$0.2000
2025
$0.720012/15/25$0.1800
09/15/25$0.1800
06/16/25$0.1800
03/17/25$0.1800
2024
$0.680012/16/24$0.1700
09/13/24$0.1700
06/14/24$0.1700
03/14/24$0.1700
2023
$0.640012/21/23$0.1600
09/14/23$0.1600
06/14/23$0.1600
03/14/23$0.1600
2022
$0.744012/16/22$0.1500
09/29/22$0.1500
06/29/22$0.1500
03/30/22$0.1440
03/14/22$0.1500
2019
$0.270012/26/19$0.0700
09/26/19$0.0700
06/14/19$0.0700
03/14/19$0.0600
2018
$0.230012/27/18$0.0600
09/27/18$0.0600
06/28/18$0.0600
03/15/18$0.0500
2017
$0.150012/27/17$0.0500
09/15/17$0.0500
06/13/17$0.0500
2008
$0.300005/12/08$0.1500
02/13/08$0.1500
2007
$0.585011/14/07$0.1500
08/15/07$0.1500
05/09/07$0.1500
02/07/07$0.1350
2006
$0.530011/08/06$0.1350
08/09/06$0.1350
05/10/06$0.1350
02/08/06$0.1250
2005
$0.460011/08/05$0.1250
08/10/05$0.1250
05/11/05$0.1250
02/09/05$0.0850
2004
$0.320011/09/04$0.0850
08/11/04$0.0850
05/12/04$0.0750
02/11/04$0.0750
2003
$0.150011/07/03$0.0750
08/08/03$0.0750
BYD Stock Splits
No stock splits
BYD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/20/26 | 12/31/25 | Unknown | |
10/31/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
03/01/19 | 12/31/18 | 10-K | |
11/08/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/08/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
03/14/14 | 12/31/13 | 10-K | |
11/08/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/18/13 | 12/31/12 | 10-K | |
11/08/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
03/07/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/10/11 | 03/31/11 | 10-Q | |
03/15/11 | 12/31/10 | 10-K | |
10/27/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/05/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/11/08 | 06/30/08 | 8-K | |
05/12/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/14/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 8-K | |
05/09/05 | 03/30/05 | Unknown | -- |
03/15/05 | 12/31/04 | 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/04/04 | 12/31/03 | 10-K | |
11/13/03 | 09/30/03 | 10-Q | |
08/12/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/27/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/13/02 | 03/30/02 | Unknown | -- |
03/22/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
03/13/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/11/00 | 03/30/00 | Unknown | -- |