Boyd Gaming vs Wynn Resorts
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KIRA’s take AI analyst
I put Boyd Gaming and Wynn Resorts side by side, using each one’s latest annual report. Here is what stands out:
- Wynn Resorts is the larger business, with $7.1B of revenue in fiscal 2025 against $4.1B for Boyd Gaming, about 1.7 times as much.
- Boyd Gaming grew revenue faster (4.1%, against 0.1%).
- Boyd Gaming kept more of each dollar of sales as operating profit (18.3% operating margin, against 15.7%).
- Boyd Gaming earned a higher return on the capital invested in it (13.5%, against 11.6%).
- Investors pay more for each dollar of Wynn Resorts’s earnings: a P/E of 17.8x against 3.2x for Boyd Gaming.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Boyd Gaming
BYD
7/9
Revenue growthOperating marginNet marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Wynn Resorts
WYNN
2/9
5-year growthFCF margin
Side by side
Best in the row
| Latest fiscal year | BYD FY25 | WYNN FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $7.6B |
| Revenue | $4.1B | $7.1B |
| Free cash flow | $388M | $692M |
| Net income | $1.8B | $327M |
| Growth | ||
| Revenue growth | 4.1% | 0.1% |
| 5-year growth | 13.4% | 27.8% |
| Share count change | −12.5% | −5.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.3% | 15.7% |
| Net margin | 45.1% | 4.6% |
| FCF margin | 9.5% | 9.7% |
| Return on capital | 13.5% | 11.6% |
| Return on equity | 88.0% | — |
| Balance sheet | ||
| Net debt | $1.7B | $9.2B |
| Net debt / EBITDA | 1.6x | 5.3x |
| Dividends and buybacks | $837M | $555M |
| Valuation & quality | ||
| P/E | 3.2x | 17.8x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.