Boyd Gaming (BYD) AI Stock Analysis

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Boyd Gaming

(NYSE:BYD)

78Outperform

Boyd Gaming's strong financial performance and positive earnings call sentiment drive the overall score. The stock's undervaluation and technical indicators showing upward momentum further enhance its appeal. Challenges such as moderate leverage and competitive pressures in certain segments are offset by strategic expansions and consistent growth, positioning Boyd Gaming well in its industry.

Positive Factors

Capital Allocation

Boyd Gaming repurchased nearly 10% of its market cap in 2024, significantly above initial guidance, indicating strong capital allocation.

Financial Performance

BYD's 1Q25 results slightly beat consensus with upside from the top and bottom-line in most segments.

Growth Opportunities

BYD is building an underappreciated growth pipeline, with projects like the casino development in Norfolk, Virginia, expected to provide high returns.

Negative Factors

Market Exposure

Softness in spending will remain most impactful for lower income players in certain markets within the South & Midwest, where BYD has meaningful exposure.

Regional Trends

Regional gaming top-line trends are expected to continue to be muted, with risks to spending and visitation trends throughout 2025.

Boyd Gaming (BYD) vs. S&P 500 (SPY)

Market Cap

$6.18B

Dividend Yield0.91%

Average Volume (3M)1.06M

Price to Earnings (P/E)12.3

Beta (1Y)0.93

Revenue Growth6.06%

EPS Growth10.05%

CountryUS

Employees16,129

SectorConsumer Cyclical

Sector Strength73

IndustryGambling, Resorts & Casinos

Share Statistics

EPS (TTM)1.62

Shares Outstanding81,403,080

10 Day Avg. Volume860,167

30 Day Avg. Volume1,060,909

Financial Highlights & Ratios

PEG Ratio-7.45

Price to Book (P/B)4.46

Price to Sales (P/S)0.00

P/FCF Ratio11.97

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$78.43

Price Target Upside3.32% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering9

Boyd Gaming Business Overview & Revenue Model

Company DescriptionBoyd Gaming Corporation (BYD) is a diversified owner and operator of entertainment properties primarily located in the United States. The company, founded in 1975 and headquartered in Las Vegas, Nevada, is engaged in the operation of casinos, hotels, and entertainment facilities. Boyd Gaming operates a broad portfolio of gaming properties, including full-scale casino resorts with luxury accommodations, dining, entertainment options, and a variety of gaming offerings such as slot machines, table games, and sports betting. The company caters to a diverse customer base, ranging from local patrons to tourists seeking leisure and entertainment experiences.

How the Company Makes MoneyBoyd Gaming primarily generates revenue through its gaming operations, which include slot machines, table games, and sports betting. The company earns significant income from its hotel and resort accommodations, dining establishments, and entertainment events. Key revenue streams include gaming revenue from casino operations, which is the largest contributor, as well as non-gaming revenue from hotel room bookings, food and beverage sales, and entertainment offerings. Boyd Gaming also benefits from strategic partnerships and marketing alliances that enhance its customer reach and loyalty programs that encourage repeat patronage. The company's diverse geographic presence across multiple states allows it to capture a wide range of customers and mitigate regional economic fluctuations.

Boyd Gaming Financial Statement Overview

Summary

Boyd Gaming demonstrates strong profitability and cash flow management, supported by consistent revenue growth and efficient operations. While the balance sheet shows moderate leverage, the company's ability to generate cash and return on equity are strong, positioning it well within the industry.

Income Statement

Very Positive

Boyd Gaming shows strong profitability with a consistent gross profit margin of over 50% and a net profit margin around 14% in the TTM (Trailing-Twelve-Months). The revenue growth is robust, with a 6% increase from 2023 to 2024 and a further 0.8% from 2024 to TTM. EBIT and EBITDA margins are stable, reflecting efficient operations.

Balance Sheet

Positive

The balance sheet indicates moderate leverage with a debt-to-equity ratio of approximately 0.48 in TTM, which is manageable. However, the equity ratio is relatively low at around 20.9%, suggesting reliance on liabilities. Return on equity is strong at approximately 40.8%, indicating effective use of equity.

Cash Flow

Positive

Cash flow generation is solid, with a stable operating cash flow exceeding net income, indicating good cash conversion. Free cash flow growth is negative due to increased capital expenditures, but the free cash flow to net income ratio remains healthy, showing the company’s ability to generate cash from operations.

TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
3.96B	3.93B	3.74B	3.56B	3.37B	2.18B
	Gross Profit
2.20B	2.05B	2.02B	1.99B	1.94B	1.14B
	EBIT
940.55M	927.78M	901.83M	981.22M	900.10M	235.96M
	EBITDA
1.19B	1.21B	1.18B	1.30B	1.17B	340.50M
	Net Income Common Stockholders
551.82M	577.95M	620.02M	639.38M	463.85M	-134.70M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
311.50M	316.69M	304.27M	283.47M	344.56M	519.18M
	Total Assets
6.47B	6.39B	6.27B	6.31B	6.22B	6.56B
	Total Debt
642.36M	3.93B	3.73B	3.90B	3.93B	4.84B
	Net Debt
330.85M	3.61B	3.42B	3.61B	3.59B	4.32B
	Total Liabilities
5.12B	4.81B	4.53B	4.72B	4.69B	5.44B
	Stockholders Equity
1.35B	1.58B	1.74B	1.59B	1.54B	1.12B
Cash Flow		Free Cash Flow
482.09M	556.67M	540.57M	706.96M	810.96M	114.00M
	Operating Cash Flow
962.74M	957.08M	914.52M	976.11M	1.01B	289.03M
	Investing Cash Flow
-594.00M	-433.91M	-264.33M	-422.31M	-129.58M	-171.18M
	Financing Cash Flow
-339.84M	-509.50M	-637.25M	-615.85M	-1.06B	146.70M

Boyd Gaming Technical Analysis

Technical Analysis Sentiment

Positive

Last Price75.91

Price Trends

50DMA

67.93

Positive

100DMA

71.39

Positive

200DMA

68.31

Positive

Market Momentum

MACD

2.27

Negative

RSI

70.14

Negative

STOCH

95.03

Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYD, the sentiment is Positive. The current price of 75.91 is above the 20-day moving average (MA) of 70.48, above the 50-day MA of 67.93, and above the 200-day MA of 68.31, indicating a bullish trend. The MACD of 2.27 indicates Negative momentum. The RSI at 70.14 is Negative, neither overbought nor oversold. The STOCH value of 95.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYD	78 Outperform	$6.18B	12.32	35.62%	0.91%	6.06%	10.05%
MGM	73 Outperform	$9.24B	15.22	21.38%	―	2.76%	-14.31%
LVS	72 Outperform	$29.98B	23.48	39.21%	2.02%	-0.09%	-13.07%
RRR	68 Neutral	$5.00B	20.75	81.59%	2.12%	9.48%	-11.92%
CZR	62 Neutral	$6.38B	―	-5.56%	―	-1.25%	-130.83%
Sector *	61 Neutral	$6.99B	11.27	2.81%	3.90%	2.61%	-21.77%
WYNN	57 Neutral	$10.19B	26.61	-51.73%	1.02%	-0.08%	-48.66%

* Consumer Cyclical Sector Average

Performance Comparison

BYD

Boyd Gaming

75.91

21.38

39.21%

LVS

Las Vegas Sands

42.43

-3.39

-7.40%

MGM

MGM Resorts

33.97

-7.39

-17.87%

WYNN

Wynn Resorts

96.76

0.20

0.21%

CZR

Caesars Entertainment

30.70

-4.24

-12.14%

RRR

Red Rock Resorts

47.10

-2.10

-4.27%

Boyd Gaming Earnings Call Summary

Earnings Call Date:Apr 24, 2025

(Q1-2025)

% Change Since: 14.95%|

Next Earnings Date:Jul 29, 2025

Earnings Call Sentiment Neutral

The earnings call reflected a balanced sentiment with a strong emphasis on growth in revenue and EBITDA, successful management of adverse conditions, and strategic expansions. However, challenges such as weather impacts, competitive pressures, and temporary property closures were also highlighted.

Q1-2025 Updates

Positive Updates

Consistent Revenue and EBITDA Growth

Revenues for the first quarter were nearly $1 billion, while EBITDA was $338 million, with property-level margins maintained at 40%.

Midwest & South Segment Performance

Both revenues and EBITDA grew despite a 28% increase in weather-impacted days, with margins even with the prior year.

Online Segment Growth

The Online segment grew EBITDA by nearly 14% year-over-year, driven by stable performance from market-access agreements and strong growth from Boyd Interactive.

Strong Capital Return

During the first quarter, Boyd Gaming repurchased $328 million in stock and paid $15 million in dividends.

Expansion Projects Underway

Multiple expansion projects are underway, including Cadence Crossing Casino and a $750 million resort project in Norfolk, expected to enhance long-term growth.

Negative Updates

Weather and Leap Year Impacts

Significant weather impacts and Leap Year effects were noted, affecting the Midwest & South segment performance.

Las Vegas Locals Segment Challenges

The Locals segment saw EBITDA decline by less than 4%, mainly due to competitive pressures affecting the Orleans.

Temporary Closures Due to Flooding

Belterra Park and Belterra Resort properties were closed for several days due to flooding on the Ohio River.

Company Guidance

During the Boyd Gaming First Quarter 2025 Earnings Conference Call, the company provided several key metrics and updates. For the first quarter, Boyd Gaming reported nearly $1 billion in revenues and $338 million in EBITDA, maintaining property-level margins of 40%. In the Las Vegas Locals segment, revenues were consistent with the prior year, while EBITDA declined by less than 4%, predominantly due to competitive pressures at the Orleans. Downtown Las Vegas saw revenue and EBITDA growth, with a notable increase in Hawaiian visitation. In the Midwest & South segment, both revenues and EBITDA grew despite a 28% increase in weather-impacted days and Leap Year effects. The Online segment experienced a near 14% EBITDA growth, bolstered by Boyd Interactive and a 5% equity stake in FanDuel. Boyd Gaming also discussed their development projects, including a $750 million resort in Norfolk and the expansion at Sky River, anticipated to enhance future growth. The company repurchased $328 million in stock and paid $15 million in dividends during the quarter, with a commitment to $100 million in quarterly share repurchases while maintaining a strong balance sheet.

Boyd Gaming Corporate Events

Shareholder MeetingsDividends

Boyd Gaming Holds 2025 Annual Stockholders Meeting

Neutral

May 12, 2025

At Boyd Gaming Corporation’s 2025 Annual Meeting of Stockholders held on May 8, 2025, several key proposals were voted on. All director nominees were elected to serve until the 2026 Annual Meeting, and Deloitte & Touche LLP’s appointment as the independent registered public accounting firm was ratified. The advisory vote on executive compensation was approved, while a proposal for a smokefree policy report was not. Additionally, the Board declared a cash dividend of $0.18 per share, payable on July 15, 2025, to shareholders of record on June 16, 2025.

The most recent analyst rating on (BYD) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Boyd Gaming stock, see the BYD Stock Forecast page.

Spark’s Take on BYD Stock

According to Spark, TipRanks’ AI Analyst, BYD is a Outperform.

Boyd Gaming’s strong financial performance and positive earnings call sentiment drive the overall score. The stock’s undervaluation and technical indicators showing upward momentum further enhance its appeal. Challenges such as moderate leverage and competitive pressures in certain segments are offset by strategic expansions and consistent growth, positioning Boyd Gaming well in its industry.

To see Spark’s full report on BYD stock, click here.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.