Boyd Gaming Corporation (BYD) AI Stock Analysis

Boyd Gaming Corporation, founded in 1975 and headquartered in Las Vegas, Nevada, operates as a diversified gaming company across multiple jurisdictions. The company operates through three primary segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. Its network includes 28 gaming entertainment properties across Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. In addition to casino gaming and hospitality services, Boyd Gaming owns and operates a travel agency, providing supplementary services across its customer base.

Revenue expanded from $3.37B in FY2021 to $4.09B in FY2025, representing a 5-year revenue CAGR of 13.4% from FY2020. Annual revenue grew 4.1% in FY2025, though gross margin contracted from 57.5% in FY2021 to 42.1% in FY2025. Operating margin also compressed from 26.7% in FY2021 to 21.4% in FY2025. Net income reached $1.84B in FY2025 with a net margin of 45.0% and EPS of $7.42. For the trailing twelve months ended June 30, 2026, revenue totaled $4.10B with an operating margin of 20.9% and EPS of $22.91, while quarterly earnings fell 4.9% year-over-year.

As of June 30, 2026, Boyd Gaming held $322.7M in cash and short-term investments against $3.26B in total debt, resulting in net debt of $2.94B. Shareholders' equity was $2.50B, yielding a debt-to-equity ratio of 1.30 and a current ratio of 0.77. In FY2025, operating cash flow was $976.7M and free cash flow was $388.5M. The company used its cash for $588.2M in capital expenditures, $778.3M in share buybacks, and $58.2M in dividends, reducing share count by 34.4% over five years.

Boyd Gaming trades at a trailing P/E of 3.1x and a forward P/E of 8.4x, compared to medians of 18.0x and 14.1x for its US-listed Consumer Cyclical peers. Its EV to EBITDA multiple is 3.0x versus the peer median of 11.1x, and its price-to-sales ratio is 1.2x compared to the peer median of 0.7x. The stock fell 13.9% over the past year, trailing the S&P 500 (SPY) gain of 16.8%. Over five years, the stock gained 11.1% compared to an 83.0% return for the S&P 500.

Boyd Gaming pays a quarterly dividend with an annual forward payout of $0.80 per share, representing a 1.14% dividend yield. The payout ratio stands at 10.5%. The company has paid dividends for 5 consecutive years, and its last ex-dividend date was September 15, 2026.

Wall Street coverage includes 7 Strong Buy and 12 Hold ratings. The mean price target is $93.94, representing a 34.1% upside over the last close of $70.04. For FY2026, consensus estimates project EPS of $7.08 (a 4.3% decline) on revenue of $4.09B. For FY2027, 17 analysts forecast EPS to grow 7.9% to $7.64 with revenue rising 2.2% to $4.18B. The company beat EPS estimates in 3 of the last 4 quarters, with next earnings scheduled for October 22, 2026.

This page is an AI-written research summary of Boyd Gaming Corporation (BYD). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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