Boyd Gaming vs Penn Entertainment
Add, change or remove companies; up to four.
The short version
- 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%).
| 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 | 3.1x | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
BYD $2.2B
PENN $3.0B
FY17
BYD $2.4B
PENN $3.1B
FY18
BYD $2.6B
PENN $3.6B
FY19
BYD $3.3B
PENN $5.3B
FY20
BYD $2.2B
PENN $3.6B
FY21
BYD $3.4B
PENN $5.9B
FY22
BYD $3.6B
PENN $6.4B
FY23
BYD $3.7B
PENN $6.4B
FY24
BYD $3.9B
PENN $6.6B
FY25
BYD $4.1B
PENN $7.0B
BYD
PENN
Operating margin
FY16
BYD 11.8%
PENN 17.9%
FY17
BYD 14.3%
PENN 14.2%
FY18
BYD 13.5%
PENN 17.7%
FY19
BYD 14.2%
PENN 10.8%
FY20
BYD 0.7%
PENN −11.5%
FY21
BYD 26.7%
PENN 17.9%
FY22
BYD 27.6%
PENN 15.2%
FY23
BYD 24.1%
PENN −10.9%
FY24
BYD 23.6%
PENN 1.1%
FY25
BYD 18.3%
PENN −9.7%
BYD
PENN
Free cash flow
FY16
BYD $140M
PENN $311M
FY17
BYD $232M
PENN $379M
FY18
BYD $273M
PENN $260M
FY19
BYD $341M
PENN $513M
FY20
BYD $114M
PENN $202M
FY21
BYD $811M
PENN $652M
FY22
BYD $707M
PENN $615M
FY23
BYD $541M
PENN $95.9M
FY24
BYD $557M
PENN −$123M
FY25
BYD $388M
PENN −$140M
BYD
PENN
Return on capital
FY16
BYD 6.9%
PENN 67.3%
FY17
BYD 8.5%
PENN 44.8%
FY18
BYD 5.9%
PENN 34.9%
FY19
BYD 7.6%
PENN 8.5%
FY20
BYD 0.2%
PENN −8.6%
FY21
BYD 15.8%
PENN 18.7%
FY22
BYD 17.6%
PENN 12.8%
FY23
BYD 17.1%
PENN −6.5%
FY24
BYD 16.2%
PENN 0.8%
FY25
BYD 13.5%
PENN −8.1%
BYD
PENN
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.