Boyd Gaming vs DraftKings

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The short version

DraftKings is the larger business, with $6.1B of revenue in fiscal 2025 against $4.1B for Boyd Gaming.
DraftKings grew revenue faster (27.0%, against 4.1%).
Boyd Gaming kept more of each dollar of sales as operating profit (18.3% operating margin, against −0.3%).
DraftKings turned more of its sales into free cash flow (10.7% FCF margin, against 9.5%).
Boyd Gaming earned a higher return on the capital invested in it (13.5%, against −0.7%).

Latest fiscal year	BYD · FY25	DKNG · FY25
Size
Market cap	$5.4B	$10.4B
Revenue	$4.1B	$6.1B
Free cash flow	$388M	$648M
Net income	$1.8B	$3.7M
Growth
Revenue growth	4.1%	27.0%
5-year growth	13.4%	58.0%
Share count change	−12.5%	2.9%
Profitability
Gross margin	—	41.3%
Operating margin	18.3%	−0.3%
Net margin	45.1%	0.1%
FCF margin	9.5%	10.7%
Return on capital	13.5%	−0.7%
Return on equity	88.0%	0.5%
Balance sheet
Net debt	$1.7B	$132M
Net debt / EBITDA	1.6x	0.5x
Dividends and buybacks	$837M	$572M
Valuation & quality
P/E	3.1x	—
Piotroski F-score	6	8

Revenue

FY16

BYD $2.2B

DKNG —

FY17

BYD $2.4B

DKNG —

FY18

BYD $2.6B

DKNG $226M

FY19

BYD $3.3B

DKNG $323M

FY20

BYD $2.2B

DKNG $615M

FY21

BYD $3.4B

DKNG $1.3B

FY22

BYD $3.6B

DKNG $2.2B

FY23

BYD $3.7B

DKNG $3.7B

FY24

BYD $3.9B

DKNG $4.8B

FY25

BYD $4.1B

DKNG $6.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BYD DKNG

Operating margin

FY16

BYD 11.8%

DKNG —

FY17

BYD 14.3%

DKNG —

FY18

BYD 13.5%

DKNG −33.9%

FY19

BYD 14.2%

DKNG −45.3%

FY20

BYD 0.7%

DKNG −137.2%

FY21

BYD 26.7%

DKNG −120.5%

FY22

BYD 27.6%

DKNG −67.5%

FY23

BYD 24.1%

DKNG −21.5%

FY24

BYD 23.6%

DKNG −12.8%

FY25

BYD 18.3%

DKNG −0.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BYD DKNG

Free cash flow

FY16

BYD $140M

DKNG —

FY17

BYD $232M

DKNG —

FY18

BYD $273M

DKNG −$59.3M

FY19

BYD $341M

DKNG −$63.3M

FY20

BYD $114M

DKNG −$206M

FY21

BYD $811M

DKNG −$435M

FY22

BYD $707M

DKNG −$658M

FY23

BYD $541M

DKNG −$22.7M

FY24

BYD $557M

DKNG $408M

FY25

BYD $388M

DKNG $648M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BYD DKNG

Return on capital

FY16

BYD 6.9%

DKNG —

FY17

BYD 8.5%

DKNG —

FY18

BYD 5.9%

DKNG —

FY19

BYD 7.6%

DKNG —

FY20

BYD 0.2%

DKNG −176.2%

FY21

BYD 15.8%

DKNG −155.4%

FY22

BYD 17.6%

DKNG −117.2%

FY23

BYD 17.1%

DKNG −59.7%

FY24

BYD 16.2%

DKNG −41.8%

FY25

BYD 13.5%

DKNG −0.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

BYD DKNG

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.