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Boyd Gaming
(NYSE:BYD)
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Rating:69Neutral
Price Target:
$77.00
▼(-5.07% Downside)
Action:Downgraded
Date:10/23/26
The score is anchored by mixed financial quality: strong reported profitability and improved leverage are offset by a sharp TTM free-cash-flow deterioration versus earnings. Valuation is a clear positive due to the very low P/E, while the earnings call supported confidence with constructive guidance and shareholder returns. Technicals remain a headwind, with price below key longer-term moving averages and negative MACD.
Positive Factors
Diversified regional growth
Growth across the Midwest, South, and core Las Vegas locals portfolio shows that Boyd is not dependent on one property or market. Continued gains from core, retail, and unrated customers support recurring visitation and provide a durable base for revenue resilience.
Negative Factors
Weak free-cash-flow conversion
The sharp gap between reported earnings and trailing free cash flow raises questions about current cash conversion and the sustainability of funding capacity. If persistent, weaker cash generation could constrain property investment, debt reduction, and shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified regional growth
Growth across the Midwest, South, and core Las Vegas locals portfolio shows that Boyd is not dependent on one property or market. Continued gains from core, retail, and unrated customers support recurring visitation and provide a durable base for revenue resilience.
Read all positive factors
Boyd Gaming Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where revenue is coming from across states and regional markets, revealing geographic concentration, exposure to local economies or regulatory shifts, and potential areas for expansion or risk if a key market softens.
Shows where revenue is coming from across states and regional markets, revealing geographic concentration, exposure to local economies or regulatory shifts, and potential areas for expansion or risk if a key market softens.
Data provided by:
The Fly
The FlyBoyd Gaming (BYD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.21B
Dividend Yield1.09%
Average Volume (3M)1.20M
Price to Earnings (P/E)10.8
Beta (1Y)0.71
Revenue Growth0.33%
EPS Growth-71.04%
CountryUS
Employees16,009
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)22.72
Shares Outstanding72,655,410
10 Day Avg. Volume1,210,878
30 Day Avg. Volume1,200,227
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)2.67
Price to Sales (P/S)1.70
P/FCF Ratio17.93
Enterprise Value/Market Cap1.39
Enterprise Value/Revenue1.77
Enterprise Value/Gross Profit4.78
Enterprise Value/Ebitda2.63
Forecast
1Y Price Target
$87.00Price Target Upside7.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)7.24
Revenue Forecast (FY)$4.09B
Boyd Gaming Business Overview & Revenue Model
Company Description
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It...
How the Company Makes Money
Boyd Gaming primarily makes money by operating casino-resort properties that generate revenue across several integrated streams. (1) Casino gaming revenue: The largest driver is wagering activity from guests on slot machines and table games (e.g.,...
Boyd Gaming Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Core operations in the Midwest and South, the Las Vegas locals portfolio excluding the Orleans and Suncoast, online operations, managed properties, and Sky River all showed growth or strong performance. The company also reported solid cash generation, shareholder returns, a strong balance sheet, and multiple funded growth projects. These positives outweighed the reported 1% companywide declines, intensified Las Vegas destination softness, temporary renovation disruption, weather and airfare impacts in Downtown Las Vegas, and softness among economically sensitive customers.Positive Updates
Underlying Companywide Growth After Adjustments
Reported companywide revenue and EBITDAR declined approximately 1% in the third quarter, but after adjusting for the permanent closure of Sam's Town Tunica, the sale of Sam's Town Shreveport, higher property taxes at Kansas Star, and reduced tax pass-through amounts, revenue grew 2% and EBITDAR increased 1%.
Negative Updates
Reported Revenue and EBITDAR Decline
Companywide reported revenue and EBITDAR were each down approximately 1% in the third quarter before adjustments for unusual items.
Read all updates
Q3-2026 Updates
Positive
Negative
Underlying Companywide Growth After Adjustments
Reported companywide revenue and EBITDAR declined approximately 1% in the third quarter, but after adjusting for the permanent closure of Sam's Town Tunica, the sale of Sam's Town Shreveport, higher property taxes at Kansas Star, and reduced tax pass-through amounts, revenue grew 2% and EBITDAR increased 1%.
Read all positive updates
Company Guidance
Guidance included modest growth next year in Las Vegas locals EBITDAR, with destination trends expected to be similar to what was seen for the quarters preceding the third quarter, a very modest contribution from Suncoast in Q4, and Suncoast ramping up coming into Q1 and into Q2 of next year; management said to think about a 50% margin for the Las Vegas locals business, expects Midwest and South to largely perform consistently in terms of similar levels of growth that we have seen in 2026 in 2027, and expects Las Vegas outside of the Orleans to continue to grow at similar paces. Boyd directed investors toward the high end of the ranges previously given for both online and managed, expects approximately $650 million of capital expenditures for this year, including $250 million of maintenance capital, $75 million of incremental hotel capital, $50 million in growth capital, and $275 million for Virginia, and is targeting approximately $150 million in shares per quarter and more than $680 million returned to shareholders this year, representing approximately $9.80 per share. Virginia remains on time and on budget for a November 2027 opening, Par-A-Dice construction is expected to begin late next year, and Amelia Belle construction is expected to begin in late 2027 subject to the necessary regulatory approvals.Boyd Gaming Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.10B | 4.09B | 3.93B | 3.74B | 3.56B | 3.37B |
| Gross Profit | 1.52B | 1.72B | 2.05B | 2.02B | 1.99B | 1.94B |
| EBITDA | 2.76B | 2.79B | 1.21B | 1.18B | 1.24B | 1.07B |
| Net Income | 1.82B | 1.84B | 577.95M | 620.02M | 639.38M | 463.85M |
Balance Sheet | ||||||
| Total Assets | 6.68B | 6.57B | 6.39B | 6.27B | 6.31B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 322.71M | 353.41M | 316.69M | 304.27M | 283.47M | 344.56M |
| Total Debt | 3.26B | 2.71B | 3.93B | 3.73B | 3.90B | 3.93B |
| Total Liabilities | 4.19B | 3.97B | 4.81B | 4.53B | 4.72B | 4.69B |
| Stockholders Equity | 2.50B | 2.61B | 1.58B | 1.74B | 1.59B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 35.06M | 388.46M | 556.67M | 540.57M | 706.96M | 810.96M |
| Operating Cash Flow | 626.07M | 976.68M | 957.08M | 914.52M | 976.11M | 1.01B |
| Investing Cash Flow | 1.08B | 1.04B | -433.91M | -264.33M | -422.31M | -129.58M |
| Financing Cash Flow | -1.70B | -1.98B | -509.50M | -637.25M | -615.85M | -1.06B |
Boyd Gaming Technical Analysis
Neutral
81.11
Price Trends
74.21
Negative
80.38
Negative
81.89
Negative
Market Momentum
-0.64
Negative
50.51
Neutral
73.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYD, the sentiment is Neutral. The current price of 81.11 is above the 20-day moving average (MA) of 69.59, above the 50-day MA of 74.21, and below the 200-day MA of 81.89, indicating a neutral trend. The MACD of -0.64 indicates Negative momentum. The RSI at 50.51 is Neutral, neither overbought nor oversold. The STOCH value of 73.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BYD.
Boyd Gaming Risk Analysis
Boyd Gaming disclosed 18 risk factors in its most recent earnings report. Boyd Gaming reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Boyd Gaming Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $5.21B | 10.83 | 19.48% | 1.09% | 0.33% | -71.04% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $5.21B | 12.72 | 91.10% | 4.11% | 0.86% | -3.37% | |
56 Neutral | $7.06B | 16.80 | 16.96% | 0.03% | 3.19% | -8.14% | |
52 Neutral | $1.94B | -2.28 | -48.48% | 5.71% | 6.14% | -1168.84% | |
52 Neutral | $699.51M | -1.14 | -103.53% | 1.31% | 20.38% | -24.51% | |
50 Neutral | $5.87B | -12.63 | -13.21% | ― | 2.41% | -146.70% |
* Consumer Cyclical Sector Average
BYD
Boyd Gaming
72.46
-6.39
-8.10%
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CZR
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28.99
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28.56%
RRR
Red Rock Resorts
50.26
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BALY
Bally's Corporation
13.47
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-27.66%
Boyd Gaming Corporate Events
Dividends
Boyd Gaming Announces Quarterly Cash Dividend for Shareholders
Positive
Aug 13, 2026
On August 13, 2026, Boyd Gaming Corporation’s board declared a cash dividend of $0.20 per share, marking a return of capital to shareholders scheduled for payment on October 15, 2026. The dividend will be paid to investors of record as of Se...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.