Boyd Gaming Corporation (BYD) Key Metrics
BYD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.09B
- Enterprise value
- $8.15B
- P/E (TTM)
- 3.1 10-yr median 11.7
- Forward P/E
- 8.4
- PEG ratio
- 3.03
- Price / sales
- 1.2 10-yr median 1.7
- Price / book
- 2.1 10-yr median 3.7
- EV / EBITDA
- 3.0 10-yr median 10.4
- Dividend yield
- 1.14% $0.80 a year
- Beta
- 1.13
BYD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBYD valuation Price multiples at each fiscal year-end price.
BYD returns How much profit the business earns on the capital it uses.
BYD per-share figures Results divided by the shares outstanding at year-end.
BYD financial health Debt, liquidity and how easily interest is covered.
BYD efficiency & capital use Working capital cycle and where the cash goes.
BYD valuation history
BYD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BYD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BYD cash returned to shareholders
BYD price vs earnings per share
BYD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.97B | $6.77B | $6.35B | $5.94B | $7.48B | $4.87B | $3.41B | $2.39B | $4.05B | $2.32B |
| Enterprise value | $9.32B | $10.39B | $9.77B | $9.56B | $11.07B | $9.19B | $7.86B | $6.12B | $6.93B | $5.36B |
| P/E ratio | 3.8 | 11.7 | 10.2 | 9.3 | 16.1 | — | 21.6 | 20.8 | 21.4 | 5.6 |
| Price / sales | 1.7 | 1.7 | 1.7 | 1.7 | 2.2 | 2.2 | 1.0 | 0.9 | 1.7 | 1.1 |
| Price / book | 2.7 | 4.3 | 3.6 | 3.7 | 4.9 | 4.3 | 2.7 | 2.1 | 3.7 | 2.5 |
| Price / free cash flow | 17.9 | 12.2 | 11.7 | 8.4 | 9.2 | 42.7 | 10.0 | 8.8 | 17.5 | 20.3 |
| Price / operating cash flow | 7.1 | 7.1 | 6.9 | 6.1 | 7.4 | 16.9 | 6.2 | 5.5 | 9.6 | 8.4 |
| EV / sales | 2.3 | 2.6 | 2.6 | 2.7 | 3.3 | 4.2 | 2.4 | 2.3 | 2.9 | 2.4 |
| EV / EBITDA | 3.3 | 8.6 | 8.3 | 7.7 | 10.3 | 27.0 | 11.0 | 10.4 | 12.3 | 12.9 |
| EV / free cash flow | 24.0 | 18.7 | 18.1 | 13.5 | 13.7 | 80.6 | 23.0 | 22.4 | 29.9 | 46.7 |
| Earnings yield | 26.5% | 8.5% | 9.8% | 10.8% | 6.2% | −2.8% | 4.6% | 4.8% | 4.7% | 18.0% |
| Free cash flow yield | 5.6% | 8.2% | 8.5% | 11.9% | 10.8% | 2.3% | 10.0% | 11.4% | 5.7% | 4.9% |
| Dividend yield | 0.8% | 0.9% | 1.0% | 0.8% | 0.6% | 0.2% | 0.8% | 1.0% | 0.3% | 0.5% |
| Shareholder yield (dividends + buybacks) | 12.0% | 11.1% | 7.5% | 9.9% | 1.7% | 0.4% | 1.7% | 3.5% | 1.1% | 0.5% |
| Share price at fiscal year-end | $85.24 | $72.54 | $62.61 | $54.53 | $65.57 | $42.92 | $29.94 | $20.78 | $35.05 | $20.17 |
| Per share | ||||||||||
| Revenue per share | $50.08 | $42.10 | $36.88 | $32.62 | $29.53 | $19.19 | $29.19 | $22.83 | $20.76 | $19.09 |
| Earnings per share | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 | −$1.19 | $1.38 | $1.00 | $1.64 | $3.63 |
| Operating cash flow per share | $11.95 | $10.25 | $9.02 | $8.95 | $8.86 | $2.55 | $4.82 | $3.78 | $3.65 | $2.39 |
| Free cash flow per share | $4.75 | $5.96 | $5.33 | $6.49 | $7.11 | $1.00 | $3.00 | $2.37 | $2.00 | $1.00 |
| Cash per share | $4.32 | $3.39 | $3.00 | $2.60 | $3.02 | $4.57 | $2.19 | $2.17 | $1.76 | $1.68 |
| Book value per share | $31.92 | $16.94 | $17.20 | $14.59 | $13.49 | $9.90 | $11.10 | $9.96 | $9.49 | $8.11 |
| Tangible book value per share | $2.15 | −$8.22 | −$5.88 | −$7.98 | −$7.02 | −$10.83 | −$11.28 | −$12.02 | −$5.48 | −$6.72 |
| Dividends per share | $0.71 | $0.67 | $0.63 | $0.44 | $0.42 | $0.07 | $0.25 | $0.21 | $0.10 | $0.10 |
| Capex per share | $7.20 | $4.29 | $3.69 | $2.47 | $1.75 | $1.54 | $1.82 | $1.40 | $1.65 | $1.39 |
| Debt per share | $33.18 | $42.11 | $36.75 | $35.75 | $34.46 | $42.61 | $41.19 | $34.58 | $26.60 | $28.04 |
| Shares outstanding | 81.7M | 93.3M | 101.4M | 109.0M | 114.1M | 113.5M | 113.9M | 115.1M | 115.6M | 115.2M |
| Change in shares outstanding | −12.5% | −7.9% | −7.0% | −4.5% | +0.5% | −0.4% | −1.0% | −0.5% | +0.4% | +1.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 88.0% | 34.8% | 37.2% | 40.9% | 34.8% | −11.3% | 13.1% | 10.3% | 18.6% | 58.0% |
| Return on invested capital (ROIC) | 13.6% | 13.8% | 14.3% | 14.7% | 13.1% | 0.2% | 7.0% | 5.9% | 8.5% | 6.9% |
| Return on assets (ROA) | 28.4% | 9.1% | 9.9% | 10.2% | 7.3% | −2.0% | 2.5% | 2.2% | 4.0% | 9.3% |
| Return on tangible assets | 44.5% | 14.3% | 15.8% | 16.6% | 11.9% | −3.2% | 3.8% | 3.6% | 6.4% | 14.1% |
| Free cash flow margin | 9.5% | 14.2% | 14.5% | 19.9% | 24.1% | 5.2% | 10.3% | 10.4% | 9.6% | 5.2% |
| Income quality (OCF / net income) | 0.53 | 1.66 | 1.47 | 1.53 | 2.18 | — | 3.48 | 3.78 | 2.23 | 0.66 |
| Financial health | ||||||||||
| Total debt | $2.71B | $3.93B | $3.73B | $3.90B | $3.93B | $4.84B | $4.69B | $3.98B | $3.08B | $3.23B |
| Cash & short-term investments | $353.4M | $316.7M | $304.3M | $283.5M | $344.6M | $519.2M | $250.0M | $249.4M | $203.1M | $193.9M |
| Net debt | $2.36B | $3.61B | $3.42B | $3.61B | $3.59B | $4.32B | $4.44B | $3.73B | $2.87B | $3.04B |
| Debt / equity | 1.04 | 2.49 | 2.14 | 2.45 | 2.56 | 4.30 | 3.71 | 3.47 | 2.80 | 3.46 |
| Debt / assets | 0.41 | 0.62 | 0.59 | 0.62 | 0.63 | 0.74 | 0.71 | 0.69 | 0.66 | 0.69 |
| Net debt / EBITDA | 0.85 | 3.00 | 2.90 | 2.92 | 3.35 | 12.68 | 6.21 | 6.33 | 5.11 | 7.29 |
| Current ratio | 0.54 | 0.90 | 0.89 | 0.82 | 0.91 | 1.24 | 0.72 | 0.85 | 0.85 | 0.84 |
| Quick ratio | 0.52 | 0.87 | 0.85 | 0.78 | 0.88 | 1.20 | 0.68 | 0.81 | 0.81 | 0.79 |
| Interest coverage | 5.6 | 5.2 | 5.3 | 6.5 | 4.5 | 0.1 | 2.0 | 1.7 | 2.0 | 1.2 |
| Working capital | −$448.5M | −$61.2M | −$67.0M | −$107.9M | −$49.2M | $126.3M | −$157.4M | −$70.0M | −$56.8M | −$57.6M |
| Invested capital | $4.97B | $5.20B | $5.17B | $5.20B | $5.13B | $5.44B | $5.71B | $4.88B | $3.97B | $3.97B |
| Tangible asset value | $174.9M | −$767.4M | −$596.1M | −$870.3M | −$801.0M | −$1.23B | −$1.28B | −$1.38B | −$633.9M | −$774.3M |
| Net current asset value | −$3.44B | −$4.25B | −$4.00B | −$4.24B | −$4.18B | −$4.78B | −$4.99B | −$4.21B | −$3.26B | −$3.43B |
| Graham number | $127.28 | $48.58 | $48.66 | $43.88 | $35.12 | — | $18.59 | $14.97 | $18.70 | $25.73 |
| Graham net-net per share | −$43.12 | −$46.72 | −$40.53 | −$39.84 | −$37.37 | −$42.85 | −$44.57 | −$37.42 | −$28.91 | −$30.46 |
| Capital allocation | ||||||||||
| Dividends paid | $58.2M | $62.7M | $63.6M | $48.2M | $48.2M | $7.8M | $28.9M | $24.7M | $11.3M | $11.3M |
| Share buybacks (net) | $778.3M | $685.9M | $412.7M | $541.6M | $80.8M | $11.1M | $28.0M | $59.6M | $31.9M | $0 |
| Dividend payout ratio | 3.2% | 10.8% | 10.3% | 7.5% | 10.4% | — | 18.4% | 21.5% | 6.0% | 2.7% |
| Dividends + buybacks / free cash flow | 215.3% | 134.5% | 88.1% | 83.4% | 15.9% | 16.6% | 16.7% | 30.9% | 18.7% | 9.8% |
| Capex / revenue | 14.4% | 10.2% | 10.0% | 7.6% | 5.9% | 8.0% | 6.2% | 6.2% | 7.9% | 7.3% |
| Capex / operating cash flow | 60.2% | 41.8% | 40.9% | 27.6% | 19.7% | 60.6% | 37.8% | 37.2% | 45.1% | 58.3% |
| Capex / depreciation | 1.94 | 1.45 | 1.46 | 1.04 | 0.74 | 0.62 | 0.75 | 0.70 | 0.88 | 0.82 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 0.9% | 1.0% | 1.1% | 0.4% | 0.8% | 1.0% | 0.7% | 0.7% |
| R&D / revenue | 0.3% | 0.7% | 0.1% | 0.0% | 0.9% | — | — | — | — | — |
| SG&A / revenue | 16.3% | 13.7% | 16.2% | 14.0% | 14.5% | 21.7% | 18.1% | 16.1% | 16.3% | 14.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 12.0 | 14.1 | 12.4 | 10.3 | 7.7 | 9.5 | 6.6 | 7.3 | 6.0 | 4.9 |
| Days of inventory on hand | 3.2 | 4.1 | 4.5 | 4.9 | 5.4 | 7.9 | 4.5 | 5.1 | 5.3 | 5.2 |
| Days payables outstanding | 21.8 | 24.8 | 27.0 | 27.0 | 25.3 | 33.1 | 21.3 | 28.9 | 27.5 | 24.6 |
| Cash conversion cycle (days) | -6.6 | -6.7 | -10.1 | -11.8 | -12.2 | -15.6 | -10.1 | -16.5 | -16.3 | -14.4 |
| Receivables turnover | 30.47 | 25.88 | 29.55 | 35.36 | 47.15 | 38.24 | 55.16 | 49.72 | 61.31 | 73.94 |
| Payables turnover | 16.76 | 14.69 | 13.51 | 13.49 | 14.40 | 11.04 | 17.18 | 12.61 | 13.28 | 14.85 |
| Inventory turnover | 114.31 | 89.70 | 80.25 | 74.07 | 67.09 | 46.38 | 81.34 | 71.07 | 69.12 | 69.76 |
| Asset turnover | 0.63 | 0.62 | 0.59 | 0.57 | 0.53 | 0.33 | 0.54 | 0.50 | 0.51 | 0.49 |
| Average receivables | $134.3M | $151.8M | $126.5M | $100.5M | $71.5M | $57.0M | $60.3M | $52.8M | $39.2M | $29.7M |
| Average payables | $141.3M | $128.0M | $127.3M | $116.0M | $99.4M | $93.9M | $101.1M | $108.7M | $95.2M | $79.9M |
| Average inventory | $20.7M | $21.0M | $21.4M | $21.1M | $21.4M | $22.4M | $21.3M | $19.3M | $18.3M | $17.0M |
| Intangibles / total assets | 37.0% | 36.7% | 37.3% | 39.0% | 37.6% | 35.9% | 38.3% | 43.9% | 36.9% | 36.6% |
Computed from BYD's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BYD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Boyd Gaming traded at 3.8 times earnings, against a 10-year median of 11.7. Based on the latest twelve months, the trailing P/E is 3.1 and the forward P/E is 8.4. Boyd Gaming earned a return on equity of 88.0% and a return on invested capital of 13.6% in fiscal 2025. It ended the year with $2.7 billion of debt and $353.4 million in cash and short-term investments, net debt of $2.4 billion. It returned $836.5 million to shareholders: $58.2 million in dividends and $778.3 million in share buybacks, 215% of free cash flow. The share count fell 29.1% from 115.2M to 81.7M over 9 years.
See the BYD income statement, the BYD chart for price history, or the BYD stock overview for the latest quote and news.
BYD key metrics FAQ
What is Boyd Gaming's P/E ratio?
Boyd Gaming's trailing P/E ratio is 3.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.4. At the end of fiscal 2025 it was 3.8, compared with a 10-year median of 11.7.
What is Boyd Gaming's EV/EBITDA?
Boyd Gaming's enterprise value was 3.3 times EBITDA at the end of fiscal 2025 (enterprise value $9.3 billion, EBITDA $2.8 billion); the current EV/EBITDA is 3.0.
What is Boyd Gaming's return on equity?
Boyd Gaming's return on equity (ROE) was 88.0% in fiscal 2025: net income of $1.8 billion on average shareholders' equity of $2.1 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Boyd Gaming's ROIC?
Boyd Gaming's return on invested capital was 13.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Boyd Gaming have?
Boyd Gaming had total debt of $2.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.04 and $2.4 billion of net debt (0.85 times EBITDA).
What is Boyd Gaming's dividend yield?
Boyd Gaming's forward dividend yield is 1.14%. Boyd Gaming paid $58.2 million in dividends in fiscal 2025 ($0.71 per share), a payout ratio of 3.2%.
Does Boyd Gaming buy back its shares?
Yes. Boyd Gaming spent $778.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −12.5% over the year, to 81.7M..
What is Boyd Gaming's free cash flow yield?
Boyd Gaming generated $388.5 million of free cash flow in fiscal 2025, a free cash flow yield of 5.6% on its market value at year-end ($7.0 billion).
What is Boyd Gaming's current ratio?
Boyd Gaming's current ratio was 0.54 at the end of fiscal 2025: current assets were 0.54 times current liabilities.