Boyd Gaming vs DraftKings
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The short version
- DraftKings is the larger business, with $6.1B of revenue in fiscal 2025 against $4.1B for Boyd Gaming.
- DraftKings grew revenue faster (27.0%, against 4.1%).
- Boyd Gaming kept more of each dollar of sales as operating profit (18.3% operating margin, against −0.3%).
- DraftKings turned more of its sales into free cash flow (10.7% FCF margin, against 9.5%).
- Boyd Gaming earned a higher return on the capital invested in it (13.5%, against −0.7%).
| Latest fiscal year | BYD · FY25 | DKNG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $10.4B |
| Revenue | $4.1B | $6.1B |
| Free cash flow | $388M | $648M |
| Net income | $1.8B | $3.7M |
| Growth | ||
| Revenue growth | 4.1% | 27.0% |
| 5-year growth | 13.4% | 58.0% |
| Share count change | −12.5% | 2.9% |
| Profitability | ||
| Gross margin | — | 41.3% |
| Operating margin | 18.3% | −0.3% |
| Net margin | 45.1% | 0.1% |
| FCF margin | 9.5% | 10.7% |
| Return on capital | 13.5% | −0.7% |
| Return on equity | 88.0% | 0.5% |
| Balance sheet | ||
| Net debt | $1.7B | $132M |
| Net debt / EBITDA | 1.6x | 0.5x |
| Dividends and buybacks | $837M | $572M |
| Valuation & quality | ||
| P/E | 3.1x | — |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
BYD $2.2B
DKNG —
FY17
BYD $2.4B
DKNG —
FY18
BYD $2.6B
DKNG $226M
FY19
BYD $3.3B
DKNG $323M
FY20
BYD $2.2B
DKNG $615M
FY21
BYD $3.4B
DKNG $1.3B
FY22
BYD $3.6B
DKNG $2.2B
FY23
BYD $3.7B
DKNG $3.7B
FY24
BYD $3.9B
DKNG $4.8B
FY25
BYD $4.1B
DKNG $6.1B
BYD
DKNG
Operating margin
FY16
BYD 11.8%
DKNG —
FY17
BYD 14.3%
DKNG —
FY18
BYD 13.5%
DKNG −33.9%
FY19
BYD 14.2%
DKNG −45.3%
FY20
BYD 0.7%
DKNG −137.2%
FY21
BYD 26.7%
DKNG −120.5%
FY22
BYD 27.6%
DKNG −67.5%
FY23
BYD 24.1%
DKNG −21.5%
FY24
BYD 23.6%
DKNG −12.8%
FY25
BYD 18.3%
DKNG −0.3%
BYD
DKNG
Free cash flow
FY16
BYD $140M
DKNG —
FY17
BYD $232M
DKNG —
FY18
BYD $273M
DKNG −$59.3M
FY19
BYD $341M
DKNG −$63.3M
FY20
BYD $114M
DKNG −$206M
FY21
BYD $811M
DKNG −$435M
FY22
BYD $707M
DKNG −$658M
FY23
BYD $541M
DKNG −$22.7M
FY24
BYD $557M
DKNG $408M
FY25
BYD $388M
DKNG $648M
BYD
DKNG
Return on capital
FY16
BYD 6.9%
DKNG —
FY17
BYD 8.5%
DKNG —
FY18
BYD 5.9%
DKNG —
FY19
BYD 7.6%
DKNG —
FY20
BYD 0.2%
DKNG −176.2%
FY21
BYD 15.8%
DKNG −155.4%
FY22
BYD 17.6%
DKNG −117.2%
FY23
BYD 17.1%
DKNG −59.7%
FY24
BYD 16.2%
DKNG −41.8%
FY25
BYD 13.5%
DKNG −0.7%
BYD
DKNG
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.