Boyd Gaming vs Monarch Casino & Resort
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KIRA’s take AI analyst
I put Boyd Gaming and Monarch Casino & Resort side by side, using each one’s latest annual report. Here is what stands out:
- Boyd Gaming is the larger business, with $4.1B of revenue in fiscal 2025 against $545M for Monarch Casino & Resort, about 7.5 times as much.
- Monarch Casino & Resort turned more of its sales into free cash flow (23.6% FCF margin, against 9.5%).
- Investors pay more for each dollar of Monarch Casino & Resort’s earnings: a P/E of 19.1x against 3.2x for Boyd Gaming.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Boyd Gaming
BYD
3/6
Net marginReturn on equityShare count change
Monarch Casino & Resort
MCRI
3/6
Revenue growth5-year growthFCF margin
Side by side
Best in the row
| Latest fiscal year | BYD FY25 | MCRI FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $2.1B |
| Revenue | $4.1B | $545M |
| Free cash flow | $388M | $128M |
| Net income | $1.8B | $101M |
| Growth | ||
| Revenue growth | 4.1% | 4.4% |
| 5-year growth | 13.4% | 24.2% |
| Share count change | −12.5% | −1.6% |
| Profitability | ||
| Gross margin | — | 23.4% |
| Operating margin | 18.3% | — |
| Net margin | 45.1% | 18.6% |
| FCF margin | 9.5% | 23.6% |
| Return on capital | 13.5% | — |
| Return on equity | 88.0% | 19.2% |
| Balance sheet | ||
| Net debt | $1.7B | — |
| Net debt / EBITDA | 1.6x | — |
| Dividends and buybacks | $837M | $94.6M |
| Valuation & quality | ||
| P/E | 3.2x | 19.1x |
| Piotroski F-score | 6 | — |
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.