Boyd Gaming vs Monarch Casino & Resort
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The short version
- 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 3.1x for Boyd Gaming.
| 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 | 3.1x | 19.1x |
| Piotroski F-score | 6 | — |
Revenue
FY16
BYD $2.2B
MCRI $217M
FY17
BYD $2.4B
MCRI $231M
FY18
BYD $2.6B
MCRI $240M
FY19
BYD $3.3B
MCRI $249M
FY20
BYD $2.2B
MCRI $184M
FY21
BYD $3.4B
MCRI $395M
FY22
BYD $3.6B
MCRI $478M
FY23
BYD $3.7B
MCRI $502M
FY24
BYD $3.9B
MCRI $522M
FY25
BYD $4.1B
MCRI $545M
BYD
MCRI
Operating margin
FY16
BYD 11.8%
MCRI 17.8%
FY17
BYD 14.3%
MCRI 17.6%
FY18
BYD 13.5%
MCRI —
FY19
BYD 14.2%
MCRI —
FY20
BYD 0.7%
MCRI —
FY21
BYD 26.7%
MCRI —
FY22
BYD 27.6%
MCRI —
FY23
BYD 24.1%
MCRI —
FY24
BYD 23.6%
MCRI —
FY25
BYD 18.3%
MCRI —
BYD
MCRI
Free cash flow
FY16
BYD $140M
MCRI $17.6M
FY17
BYD $232M
MCRI −$0.5M
FY18
BYD $273M
MCRI −$78.3M
FY19
BYD $341M
MCRI −$62.1M
FY20
BYD $114M
MCRI −$57.2M
FY21
BYD $811M
MCRI $81.2M
FY22
BYD $707M
MCRI $100M
FY23
BYD $541M
MCRI $124M
FY24
BYD $557M
MCRI $93.3M
FY25
BYD $388M
MCRI $128M
BYD
MCRI
Return on capital
FY16
BYD 6.9%
MCRI —
FY17
BYD 8.5%
MCRI —
FY18
BYD 5.9%
MCRI —
FY19
BYD 7.6%
MCRI —
FY20
BYD 0.2%
MCRI —
FY21
BYD 15.8%
MCRI —
FY22
BYD 17.6%
MCRI —
FY23
BYD 17.1%
MCRI —
FY24
BYD 16.2%
MCRI —
FY25
BYD 13.5%
MCRI —
BYD
MCRI
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.