One-glance verdict
Undervalued
$123.78 our estimate vs market $71.11
Wall Street consensus: $87.44 (-29.4% lower than our fair-value estimate)
43% below our estimate, below the bear case
Fundamentals snapshot
Boyd Gaming Corporation
BYD · NYQ · Consumer Cyclical · Resorts & Casinos
Current price
$71.11
52-week range
$65.00 - $91.41
Market cap
$5.17B
Balance sheet
Stretched
5.56x Adequate
Net debt $2.93B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 0.2% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 19.3% above its 5-year average P/E.
- Risk Operating margin compressed from 28.7% to 19.7% over 3 years.
What this company does
Boyd Gaming Corporation
Boyd Gaming Corporation runs casinos and online gaming businesses, primarily making money from people playing games of chance like slot machines and table games across different states. This focus on casino operations means their success is tied to how much people are spending on entertainment and travel, and their profits (margins, or the percentage of money left after paying for running the casinos) depend on efficiently managing these entertainment venues.
How the company got here
Boyd Gaming Corporation was founded in 1975 by Sam and Bill Boyd, who opened the California Hotel and Casino in downtown Las Vegas. [2, 3, 11] The Boyd family has a long history in the casino industry, with Sam Boyd working his way up from a dealer to a casino manager. [2, 12] The company went public in 1993, which provided capital for expansion. [1, 2] Over the years, Boyd Gaming has grown through strategic acquisitions, such as the purchase of Coast Casinos in 2004 and Peninsula Gaming in 2012, which expanded its presence in key markets. [1] The company has also strategically divested assets, like selling its stake in the Borgata in 2016, to sharpen its focus on regional and local gaming markets. [2]
What it actually does
Boyd Gaming operates a portfolio of casino entertainment properties across the United States. [1, 3, 5, 7, 9, 13, 14] The company's primary source of revenue comes from gaming, which includes slot machines and table games. [1, 10, 11] In addition to gaming, Boyd Gaming also generates income from hotel rooms, food and beverage sales, and other entertainment offerings at its properties. [1, 10, 11] The company focuses on serving local residents and drive-to regional customers, rather than solely relying on destination tourists. [1, 10]
Las Vegas Locals
This segment of Boyd Gaming's business focuses on casinos that cater primarily to residents of the Las Vegas metropolitan area. [1, 4, 5, 8, 9] These properties offer a range of gaming, dining, and entertainment options designed to appeal to a local customer base that visits frequently. [1, 8] The company aims to provide a consistent and convenient entertainment experience for these customers, fostering loyalty through programs like Boyd Rewards. [1, 6] This segment is a key part of Boyd's strategy, differentiating it from competitors that focus more on the Las Vegas Strip's tourist market. [1, 8]
Downtown Las Vegas
This segment includes Boyd Gaming's properties located in the downtown area of Las Vegas, such as the California Hotel and Casino, Fremont Hotel & Casino, and Main Street Station Hotel and Casino. [1, 4, 9] These casinos often target value-oriented tourists and local patrons, offering a distinct atmosphere from the larger resorts on the Strip. [1] The company focuses on providing a strong entertainment experience and capturing spending from these visitors, who may be looking for a more traditional or historic Vegas feel. [1, 10]
Midwest & South
Boyd Gaming operates a significant number of casinos across the Midwest and Southern United States in this segment. [1, 4, 5, 9] These properties include a mix of land-based casinos, riverboat casinos, and racinos (casinos at racetracks) located in states like Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, and Ohio. [2, 4, 5, 9, 14] This segment is a major contributor to the company's overall revenue, benefiting from a broad customer base in these regional markets. [5] The company invests in these properties to maintain their appeal and attract repeat business from local and regional patrons. [1, 6]
Online
Boyd Gaming participates in the digital gaming space through its Online segment, which includes its online casino gaming business, Boyd Interactive. [1, 4, 9, 14] This segment also encompasses revenue generated from market-access agreements and partnerships in online sports wagering. [1, 6, 13] While a smaller part of the overall business compared to its land-based operations, the online segment represents a growing area for the company, allowing it to reach customers beyond its physical properties. [1, 10] Boyd Gaming has also strategically monetized its stake in FanDuel, shifting its online strategy towards market access agreements. [6]
What management is betting on now
Boyd Gaming's management is focused on a strategy of disciplined growth and operational excellence, aiming to be a consistently high-return operator of regional gaming assets. [1] Key priorities include strengthening existing operations, making targeted investments in property upgrades and new developments to enhance customer experience and drive repeat visitation, and maintaining a strong financial position. [1, 3, 6] The company is also strategically expanding its digital presence through online gaming and partnerships, while continuing to focus on disciplined cost control and efficient capital allocation. [1, 6] Management emphasizes generating durable property-level cash flow and improving financial performance through initiatives like share repurchases and dividend payments. [1, 8]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$146.01M
FY2024 Q4
$150.88M
FY2025 Q1
$86.50M
FY2025 Q2
$80.59M
FY2025 Q3
$94.42M
FY2025 Q4
$126.96M
FY2026 Q1
$-20.84M
FY2026 Q2
$-165.47M
Revenue
$1.03B
Net income
$131.23M
Diluted EPS
1.75
Operating cash flow
$-23.53M
Free cash flow
$-165.47M
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Sources
Revenue
$997.36M
Net income
$105.54M
Diluted EPS
1.37
Operating cash flow
$134.34M
Free cash flow
$-20.84M
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Sources
Revenue
$1.06B
Net income
$140.40M
Diluted EPS
1.60
Operating cash flow
$275.29M
Free cash flow
$126.96M
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Sources
Revenue
$1.00B
Net income
$1.44B
Diluted EPS
17.81
Operating cash flow
$239.98M
Free cash flow
$94.42M
Fetching…
Sources
Revenue
$1.03B
Net income
$151.46M
Diluted EPS
1.84
Operating cash flow
$205.02M
Free cash flow
$80.59M
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Sources
Revenue
$991.57M
Net income
$111.42M
Diluted EPS
1.31
Operating cash flow
$256.39M
Free cash flow
$86.50M
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Sources
Revenue
$1.04B
Net income
$170.51M
Diluted EPS
1.89
Operating cash flow
$262.06M
Free cash flow
$150.88M
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Sources
Revenue
$961.25M
Net income
$131.13M
Diluted EPS
1.43
Operating cash flow
$231.21M
Free cash flow
$146.01M
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Sources
Is it cheap or expensive?
Fair value $123.78 vs current price $71.11
Wall Street consensus is the average analyst price target: $87.44 (-29.4% lower than our fair-value estimate).
Our most-likely fair value is $123.78 a share — about 74.1% above today's price of $71.11, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $2.9B. Interest coverage 5.6x.
Net debt
$2.93B
Interest coverage
5.56x
Boyd Gaming Corporation's profit covers its interest bill about 5.6 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
BYD
BASELINE
Boyd Gaming Corporation
Total debt $3.26B Interest coverage 5.56x This is the baseline the peer rows are being compared against.
Total debt $3.64B Interest coverage 3.05x -45% vs BYD Carries about 1.8x less debt cushion than BYD.
Total debt $25.92B Interest coverage 0.89x -84% vs BYD Carries about 6.2x less debt cushion than BYD.
Total debt $11.06B Interest coverage 0.67x -88% vs BYD Carries about 8.3x less debt cushion than BYD.
Total debt $30.16B Interest coverage 3.19x -43% vs BYD Carries about 1.7x less debt cushion than BYD.
Total debt $12.79M Interest coverage 1,225.91x +21,941% vs BYD Carries about 220.4x more debt cushion than BYD.
What you should know
The case for and against BYD
3 Rewards
2 Risks
Rewards
-
Revenue grew 0.2% last year.
-
Free cash flow was positive in 10/10 years.
-
Trades at 10.4x P/E vs peer median 17.4x (40.0% cheaper).
Risks
-
Stock trades 19.3% above its 5-year average P/E.
-
Operating margin compressed from 28.7% to 19.7% over 3 years.
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)
10.44x
Forward P/E
9.32x
P/B
2.08x
P/S
1.26x
EV/EBITDA
7.14x
PEG ratio
3.03x
Profitability
How much profit each dollar creates
Gross margin
59.0%
Operating margin
19.7%
Net margin
12.3%
ROE
—
ROA
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Health
Liquidity and balance-sheet strength
Debt / equity
1.30x
Current ratio
—
Quick ratio
—
Total debt
$3.26B
Total cash
$323.61M
Growth
How the business has been compounding
Revenue TTM
$4.10B
Revenue 5Y CAGR
11.7%
EPS TTM
6.81
EPS 5Y CAGR
56.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$626.07M
Free CF TTM
$388.46M
FCF margin
9.5%
Dividend
Shareholder payout
Yield
1.1%
Payout ratio
3.3%
Last ex-div date
2026-09-15