Boyd Gaming vs Penn Entertainment
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Boyd Gaming and Penn Entertainment side by side, using each one’s latest annual report. Here is what stands out:
- Penn Entertainment is the larger business, with $7.0B of revenue in fiscal 2025 against $4.1B for Boyd Gaming, about 1.7 times as much.
- Penn Entertainment grew revenue faster (5.8%, against 4.1%).
- Boyd Gaming kept more of each dollar of sales as operating profit (18.3% operating margin, against −9.7%).
- Boyd Gaming turned more of its sales into free cash flow (9.5% FCF margin, against −2.0%).
- Boyd Gaming earned a higher return on the capital invested in it (13.5%, against −8.1%).
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
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Penn Entertainment
PENN
2/9
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | BYD FY25 | PENN FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $2.0B |
| Revenue | $4.1B | $7.0B |
| Free cash flow | $388M | −$140M |
| Net income | $1.8B | −$843M |
| Growth | ||
| Revenue growth | 4.1% | 5.8% |
| 5-year growth | 13.4% | 14.2% |
| Share count change | −12.5% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.3% | −9.7% |
| Net margin | 45.1% | −12.1% |
| FCF margin | 9.5% | −2.0% |
| Return on capital | 13.5% | −8.1% |
| Return on equity | 88.0% | −35.9% |
| Balance sheet | ||
| Net debt | $1.7B | $4.3B |
| Net debt / EBITDA | 1.6x | — |
| Dividends and buybacks | $837M | $354M |
| Valuation & quality | ||
| P/E | 3.2x | — |
| Piotroski F-score | 6 | 4 |
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.