Boyd Gaming vs Red Rock Resorts
Add, change or remove companies; up to four.
The short version
- Boyd Gaming is the larger business, with $4.1B of revenue in fiscal 2025 against $2.0B for Red Rock Resorts, about 2.0 times as much.
- Red Rock Resorts kept more of each dollar of sales as operating profit (29.7% operating margin, against 18.3%).
- Red Rock Resorts turned more of its sales into free cash flow (14.4% FCF margin, against 9.5%).
- Red Rock Resorts earned a higher return on the capital invested in it (14.7%, against 13.5%).
| Latest fiscal year | BYD · FY25 | RRR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $2.9B |
| Revenue | $4.1B | $2.0B |
| Free cash flow | $388M | $291M |
| Net income | $1.8B | $188M |
| Growth | ||
| Revenue growth | 4.1% | 3.7% |
| 5-year growth | 13.4% | 11.2% |
| Share count change | −12.5% | −1.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.3% | 29.7% |
| Net margin | 45.1% | 9.4% |
| FCF margin | 9.5% | 14.4% |
| Return on capital | 13.5% | 14.7% |
| Return on equity | 88.0% | 88.8% |
| Balance sheet | ||
| Net debt | $1.7B | $3.3B |
| Net debt / EBITDA | 1.6x | 4.1x |
| Dividends and buybacks | $837M | $200M |
| Valuation & quality | ||
| P/E | 3.1x | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
BYD $2.2B
RRR $1.5B
FY17
BYD $2.4B
RRR $1.6B
FY18
BYD $2.6B
RRR $1.7B
FY19
BYD $3.3B
RRR $1.9B
FY20
BYD $2.2B
RRR $1.2B
FY21
BYD $3.4B
RRR $1.6B
FY22
BYD $3.6B
RRR $1.7B
FY23
BYD $3.7B
RRR $1.7B
FY24
BYD $3.9B
RRR $1.9B
FY25
BYD $4.1B
RRR $2.0B
BYD
RRR
Operating margin
FY16
BYD 11.8%
RRR 21.0%
FY17
BYD 14.3%
RRR 20.2%
FY18
BYD 13.5%
RRR 22.1%
FY19
BYD 14.2%
RRR 10.0%
FY20
BYD 0.7%
RRR 7.5%
FY21
BYD 26.7%
RRR 24.8%
FY22
BYD 27.6%
RRR 33.7%
FY23
BYD 24.1%
RRR 32.4%
FY24
BYD 23.6%
RRR 29.3%
FY25
BYD 18.3%
RRR 29.7%
BYD
RRR
Free cash flow
FY16
BYD $140M
RRR $184M
FY17
BYD $232M
RRR $41.5M
FY18
BYD $273M
RRR −$233M
FY19
BYD $341M
RRR −$36.6M
FY20
BYD $114M
RRR $154M
FY21
BYD $811M
RRR $549M
FY22
BYD $707M
RRR $214M
FY23
BYD $541M
RRR −$205M
FY24
BYD $557M
RRR $264M
FY25
BYD $388M
RRR $291M
BYD
RRR
Return on capital
FY16
BYD 6.9%
RRR 10.7%
FY17
BYD 8.5%
RRR 5.6%
FY18
BYD 5.9%
RRR 10.2%
FY19
BYD 7.6%
RRR 4.1%
FY20
BYD 0.2%
RRR 2.0%
FY21
BYD 15.8%
RRR 13.4%
FY22
BYD 17.6%
RRR 18.2%
FY23
BYD 17.1%
RRR 15.7%
FY24
BYD 16.2%
RRR 14.5%
FY25
BYD 13.5%
RRR 14.7%
BYD
RRR
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.