Skip to content
stoqly

Boyd Gaming

BYD NYSE Casinos & Gaming Financials FY2016–FY2025

Boyd Gaming's revenue rose 4.1% to $4.1 billion in fiscal 2025. Its operating margin was 18.3%, down from 23.6% a year earlier. Free cash flow was $388 million, down 30.2%. It paid out $836 million in dividends and buybacks, 215% of free cash flow. The diluted share count fell 12.5%.

Last close · Oct 23, 2026

$71.69

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$4.1B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
18.3%
5.3 pts
Net income Profit after all expenses, interest and tax.
$1.8B
218.9%
Free cash flow Cash from operations minus capital spending.
$388M
30.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.5%
2.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
3.1x
On $22.91 EPS (TTM)

What Boyd Gaming does

No business description yet.

Legal name
BOYD GAMING CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001437749-26-004908
0000906553

Revenue and margins

Boyd Gaming had $4.1B of revenue in fiscal 2025, up 4.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $388M in fiscal 2025, 9.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Boyd Gaming returned $837M to shareholders in fiscal 2025, 215% of free cash flow. The diluted share count fell 12.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Boyd Gaming yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.7B and divides by 81.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 3.1x · peers 15.9x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Boyd Gaming can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $345M$284M$305M$318M$354M
Debt incl. finance leases $3.0B$3.0B$2.9B$3.2B$2.0B
Net debt / EBITDA 2.3x2.2x2.3x2.4x1.6x
Debt / equity 2.0x1.9x1.7x2.0x0.8x
Interest coverage 4.5x6.5x5.3x5.2x4.8x
Current ratio 0.9x0.8x0.9x0.9x0.5x
Quick ratio 0.9x0.8x0.9x0.9x0.5x
Total assets $6.2B$6.3B$6.3B$6.4B$6.6B
Total liabilities $4.7B$4.7B$4.5B$4.8B$4.0B
Shareholders' equity $1.5B$1.6B$1.7B$1.6B$2.6B
Net debt (− = net cash) $2.7B$2.8B$2.6B$2.9B$1.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$26.4M

7 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 24, 2026 Marianne Boyd JohnsonDirector, 10% owner Sold 12 $82.00 $0.0M Form 4
Jul 28, 2026 Josh HirsbergCFO & Treasurer Sold 12,777 $89.76 $1.1M Form 4
Jun 9, 2026 Uri ClintonChief Legal Off. & Secretary Sold 3,468 $87.69 $0.3M Form 4
Jun 3, 2026 Keith SmithPresident and CEO, Director Sold 100,000 $85.90 $8.6M Form 4
May 13, 2026 Christine J. SpadaforDirector Sold 1,237 $80.91 $0.1M Form 4
May 5, 2026 Marianne Boyd JohnsonChairman, Director, 10% owner Sold 62,914 $84.03 $5.3M Form 4
May 1, 2026 Marianne Boyd JohnsonChairman, Director, 10% owner Sold 37,086 $85.27 $3.2M Form 4
Feb 27, 2026 Stephen S. ThompsonChief Administrative Officer Sold 19,530 $83.59 $1.6M Form 4
Feb 26, 2026 Josh HirsbergCFO & Treasurer Sold 23,924 $85.86 $2.1M Form 4
Feb 18, 2026 William R BoydDirector Sold 30,000 $84.84 $2.5M Form 4
Nov 7, 2025 William R BoydDirector Sold 20,000 $80.36 $1.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 86 / 86 / 8
Accruals ratio −4.7%−6.0%13.4%
Altman Z'' 2.212.072.30

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Boyd Gaming BYD $5.4B 4.1% 18.3% 9.5% 13.5% 3.1x 6
Churchill Downs CHDN $5.9B 7.0% 23.4% 23.9% 8.4% 14.3x 6 Compare →
DraftKings DKNG $10.4B 27.0% −0.3% 10.7% −0.7% — 8 Compare →
Penn Entertainment PENN $2.0B 5.8% −9.7% −2.0% −8.1% — 4 Compare →
Wynn Resorts WYNN $7.5B 0.1% 15.7% 9.7% 11.6% 17.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.2B $2.4B $2.6B $3.3B $2.2B $3.4B $3.6B $3.7B $3.9B $4.1B
Operating income $260M $344M $355M $473M $14.3M $900M $981M $902M $928M $748M
Interest expense $213M $173M $204M $238M $231M $199M $151M $171M $177M $158M
Pretax income $7.8M $171M $155M $202M −$171M $604M $829M $753M $752M $2.3B
Income tax −$200M $3.1M $40.3M $44.5M −$36.3M $140M $189M $133M $174M $491M
Net income $420M $189M $115M $158M −$135M $464M $639M $620M $578M $1.8B
Diluted EPS $3.65 $1.64 $1.00 $1.38 −$1.19 $4.07 $5.87 $6.12 $6.19 $22.56
Diluted shares 0.12B 0.12B 0.12B 0.11B 0.11B 0.11B 0.11B 0.10B 0.09B 0.08B
Cash flow
Cash from operations $300M $423M $435M $549M $289M $1.0B $976M $915M $957M $977M
Capital expenditure $160M $191M $162M $208M $175M $200M $269M $374M $400M $588M
Free cash flow $140M $232M $273M $341M $114M $811M $707M $541M $557M $388M
Depreciation and amortization $196M $218M $230M $277M $281M $268M $258M $257M $277M $303M
Stock-based compensation $15.5M $17.4M $25.4M $25.2M $9.2M $37.8M $34.1M $32.4M $29.7M $32.1M
Acquisitions $593M $1.2M $934M $5.5M $11.2M $0.0M $168M $0.0M $30.3M $0.0M
Share buybacks $0.0M $31.9M $59.6M $28.0M $11.1M $80.8M $542M $413M $686M $778M
Dividends paid $0.0M $11.3M $24.7M $28.9M $7.8M $0.0M $48.2M $63.6M $62.7M $58.2M
Dividends and buybacks $0.0M $43.2M $84.3M $57.0M $18.9M $80.8M $590M $476M $749M $837M
Balance sheet
Cash and short-term investments $194M $203M $250M $251M $520M $345M $284M $305M $318M $354M
Total debt $3.2B $3.1B $4.0B $3.8B $3.9B $3.0B $3.0B $2.9B $3.2B $2.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $308M $329M $400M $400M $650M $508M $478M $529M $562M $531M
Current liabilities $366M $386M $470M $557M $524M $557M $586M $596M $623M $979M
Inventory $18.6M $18.0M $20.6M $22.1M $22.6M $20.1M $22.2M $20.7M $21.2M $20.2M
Property and equipment, net $2.6B $2.5B $2.7B $2.7B $2.5B $2.4B $2.4B $2.5B $2.7B $2.9B
Total assets $4.7B $4.7B $5.8B $6.7B $6.6B $6.2B $6.3B $6.3B $6.4B $6.6B
Total liabilities $3.7B $3.6B $4.6B $5.4B $5.4B $4.7B $4.7B $4.5B $4.8B $4.0B
Shareholders' equity $930M $1.1B $1.1B $1.3B $1.1B $1.5B $1.6B $1.7B $1.6B $2.6B
Margins
Operating margin 11.8% 14.3% 13.5% 14.2% 0.7% 26.7% 27.6% 24.1% 23.6% 18.3%
EBITDA margin 20.8% 23.4% 22.3% 22.5% 13.6% 34.7% 34.9% 31.0% 30.7% 25.7%
Net margin 19.1% 7.9% 4.4% 4.7% −6.2% 13.8% 18.0% 16.6% 14.7% 45.1%
FCF margin 6.4% 9.7% 10.4% 10.3% 5.2% 24.1% 19.9% 14.5% 14.2% 9.5%
Returns
Return on capital 6.9% 8.5% 5.9% 7.6% 0.2% 15.8% 17.6% 17.1% 16.2% 13.5%
Return on capital employed 6.3% 8.0% 7.4% 8.3% 0.2% 15.4% 17.2% 15.8% 16.2% 13.2%
Return on equity 58.4% 18.7% 10.3% 13.1% −11.3% 34.8% 40.9% 37.2% 34.8% 88.0%
Return on assets 9.3% 4.1% 2.2% 2.5% −2.0% 7.3% 10.2% 9.9% 9.1% 28.4%
Growth
Revenue growth −0.0% 9.2% 9.4% 26.6% −34.5% 54.7% 5.5% 5.2% 5.1% 4.1%
Net income growth 789.7% −54.9% −39.3% 37.0% −185.5% — 37.8% −3.0% −6.8% 218.9%
EPS growth 769.1% −55.1% −39.0% 38.0% −186.2% — 44.2% 4.3% 1.1% 264.5%
FCF growth −28.1% 65.8% 17.6% 25.1% −66.6% 611.4% −12.8% −23.5% 3.0% −30.2%
Share count change 1.3% 0.4% −0.5% −1.0% −0.4% 0.5% −4.5% −7.0% −7.9% −12.5%
Financial health
Net debt / EBITDA 6.7x 5.1x 6.4x 4.7x 11.4x 2.3x 2.2x 2.3x 2.4x 1.6x
Debt / equity 3.5x 2.8x 3.5x 3.0x 3.5x 2.0x 1.9x 1.7x 2.0x 0.8x
Interest coverage 1.2x 2.0x 1.7x 2.0x 0.1x 4.5x 6.5x 5.3x 5.2x 4.8x
Current ratio 0.8x 0.9x 0.9x 0.7x 1.2x 0.9x 0.8x 0.9x 0.9x 0.5x
Quick ratio 0.8x 0.8x 0.8x 0.7x 1.2x 0.9x 0.8x 0.9x 0.9x 0.5x
Capital allocation
Capex / revenue 7.3% 7.9% 6.2% 6.2% 8.0% 5.9% 7.6% 10.0% 10.2% 14.4%
Stock comp / revenue 0.7% 0.7% 1.0% 0.8% 0.4% 1.1% 1.0% 0.9% 0.8% 0.8%
Payouts / FCF 0.0% 18.6% 30.9% 16.7% 16.6% 10.0% 83.4% 88.1% 134.5% 215.3%
Quality scores
Piotroski F-score 6.0 6.0 5.0 7.0 5.0 6.0 6.0 7.0 6.0 6.0
Altman Z'' 0.5 0.9 0.7 0.8 0.5 1.6 2.0 2.2 2.1 2.3
Accruals ratio 2.7% −5.0% −6.1% −6.3% −6.4% −8.6% −5.4% −4.7% −6.0% 13.4%

Source: SEC EDGAR XBRL filings (CIK 0000906553). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open