One-glance verdict
Undervalued
$263.21 our estimate vs market $83.64
Wall Street consensus: $146.71 (-44.3% lower than our fair-value estimate)
68% below our estimate, below the bear case
Fundamentals snapshot
Boyd Group Services Inc.
BGSI · NYQ · Consumer Cyclical · Auto & Truck Dealerships
Current price
$83.64
52-week range
$75.42 - $183.10
Market cap
$2.33B
Balance sheet
Stretched
1.90x Concerning
Net debt $2.00B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.4% last year.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 0.6% with 1-year payout history.
- Risk Insider ownership is only 0.3% (peer median: 2.4%).
What this company does
Boyd Group Services Inc.
Boyd Group Services Inc. fixes damaged cars and trucks at their repair centers, and they also handle auto glass needs. Their main customers are insurance companies and individual car owners, which means their income is largely tied to people needing repairs after accidents or damage. This is important because it shows how dependent their business is on insurance payouts and the general number of cars on the road needing attention.
How the company got here
Boyd Group Services Inc. started in 1990 with a single auto body repair shop in Winnipeg, Canada, founded on the principle of providing professional and welcoming service. The company quickly grew, expanding across Canada and then into the United States in 1999. A significant turning point was the acquisition of Gerber Collision & Glass in 2004, which greatly expanded its U.S. presence. Over the years, Boyd Group has continued to grow through numerous acquisitions and by opening new locations, solidifying its position as a leading operator in the North American collision repair industry. The company went public, trading on the Toronto Stock Exchange and later the New York Stock Exchange, to fuel further expansion and enhance its visibility.
What it actually does
Boyd Group Services Inc. is primarily in the business of repairing vehicles after accidents. Think of them as the go-to place when your car has been dented, scratched, or more seriously damaged in a collision. They fix the body of the car, repair or replace glass, and ensure the vehicle is returned to its pre-accident condition. While most of their business comes from insurance companies paying for repairs on behalf of their policyholders, they also serve individual car owners directly.
Automotive Collision Repair and Related Services
This is the core of Boyd Group's business, making up the vast majority of its revenue. When a car is damaged in an accident, this segment handles the repairs. This includes fixing dents, straightening frames, repainting, and replacing parts. They also handle auto glass repair and replacement, ensuring that windshields and other glass components are restored. The company operates these services under well-known brands like Gerber Collision & Glass in the U.S. and Boyd Autobody & Glass in Canada. This segment is the largest contributor to the company's overall sales, with the United States being its biggest market.
Auto Glass Repair and Services
Beyond collision repairs, Boyd Group also has a significant business focused specifically on auto glass. This includes repairing chips and cracks in windshields, and replacing entire windshields or other vehicle glass. They operate under various trade names in the U.S., such as Gerber Collision & Glass, Glass America, and Auto Glass Service. This segment caters to both insurance companies and individual customers who need their car's glass fixed.
Gerber National Claims Services (GNCS)
This part of the business acts as a third-party administrator, essentially a service provider for insurance companies. GNCS offers services related to claims, particularly for glass damage. They handle 'first notice of loss' (FNOL), which is the initial report of an insurance claim, and also provide emergency roadside assistance. This segment helps streamline the claims process for insurance partners.
Mobile Auto Solutions (MAS) and Volta Auto Diagnostics
Boyd Group also offers specialized services through its Mobile Auto Solutions (MAS) in the U.S. and Volta Auto Diagnostics in Canada. These services focus on advanced vehicle technologies, specifically scanning and calibration. Modern cars have complex electronic systems and sensors, especially those related to safety features like airbags and driver-assistance systems. After a collision or windshield replacement, these systems often need to be recalibrated to function correctly, and MAS/Volta provides these essential technical services.
What management is betting on now
Boyd Group's current strategy is heavily focused on aggressive growth and increasing its market share across North America. They aim to achieve this through a combination of growing sales at existing locations (same-store sales growth), opening new repair centers, and making strategic acquisitions of other repair businesses. Management is also prioritizing operational efficiencies, like streamlining processes and improving how they buy parts (procurement), to reduce costs and boost profitability. This focus on both expanding their physical footprint and improving how they run the business is key to their long-term plan.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $263.21 vs current price $83.64
Wall Street consensus is the average analyst price target: $146.71 (-44.3% lower than our fair-value estimate).
Our most-likely fair value is $263.21 a share — about 214.7% above today's price of $83.64, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $2.0B. Interest coverage 1.9x.
Net debt
$2.00B
Interest coverage
1.90x
Boyd Group Services Inc.'s profit covers its interest bill about 1.9 times over.
Stretched
Worse cushion
Baseline
Better cushion
BGSI
BASELINE
Boyd Group Services Inc.
Total debt $2.03B Interest coverage 1.90x This is the baseline the peer rows are being compared against.
Total debt $2.22B Interest coverage 2.14x +13% vs BGSI Has roughly the same debt cushion as BGSI.
Total debt $5.31B Interest coverage 4.85x +155% vs BGSI Carries about 2.6x more debt cushion than BGSI.
Total debt $1.38B Interest coverage 1.32x -30% vs BGSI Carries about 1.4x less debt cushion than BGSI.
Total debt $4.67B Interest coverage 2.86x +51% vs BGSI Carries about 1.5x more debt cushion than BGSI.
Total debt $5.53B Interest coverage 3.59x +89% vs BGSI Carries about 1.9x more debt cushion than BGSI.
What you should know
The case for and against BGSI
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.4% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 0.6% with 1-year payout history.
Risks
-
Insider ownership is only 0.3% (peer median: 2.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
185.87x
Forward P/E
15.89x
P/B
1.35x
P/S
0.65x
EV/EBITDA
14.13x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
46.7%
Operating margin
4.3%
Net margin
0.2%
ROE
0.7%
ROA
3.0%
Health
Liquidity and balance-sheet strength
Debt / equity
1.17x
Current ratio
0.58x
Quick ratio
0.35x
Total debt
$2.03B
Total cash
$22.97M
Growth
How the business has been compounding
Revenue TTM
$3.59B
Revenue 5Y CAGR
8.9%
EPS TTM
0.45
EPS 5Y CAGR
-24.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$352.99M
Free CF TTM
$290.59M
FCF margin
8.1%
Dividend
Shareholder payout
Yield
0.5%
Payout ratio
99.6%
Last ex-div date
2026-09-30