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Boyd Group Services
(TSX:BYD)
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Rating:57Neutral
Price Target:
C$136.00
▲(15.15% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by mixed fundamentals: strong cash generation is offset by sharply compressed net margins, very low ROE, and elevated leverage. The latest earnings call was a clear positive (raised synergy target and improving adjusted margins/leverage), but the stock’s technical setup is weak (below key moving averages with negative MACD) and valuation is demanding (very high P/E with low yield).
Positive Factors
Strong Revenue Growth and Expanded Scale
Rapid revenue growth and a much larger repair network strengthen Boyd’s scale with insurers, improve operating density, and expand its platform for future acquisitions, new locations, and cross-selling of collision-related services.
Negative Factors
Severely Compressed Net Profitability
Very low net profitability and returns on equity show that revenue scale is not yet translating efficiently into shareholder earnings. Sustained margin pressure could limit reinvestment capacity and make growth more dependent on leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth and Expanded Scale
Rapid revenue growth and a much larger repair network strengthen Boyd’s scale with insurers, improve operating density, and expand its platform for future acquisitions, new locations, and cross-selling of collision-related services.
Read all positive factors
Boyd Group Services (BYD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.49B
Dividend Yield0.5%
Average Volume (3M)133.43K
Price to Earnings (P/E)194.6
Beta (1Y)0.56
Revenue Growth16.14%
EPS Growth22.41%
CountryCA
Employees13,424
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.47
Shares Outstanding27,829,990
10 Day Avg. Volume138,651
30 Day Avg. Volume133,431
Financial Highlights & Ratios
PEG Ratio-9.89
Price to Book (P/B)2.86
Price to Sales (P/S)1.54
P/FCF Ratio17.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$215.65Price Target Upside82.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)3.35
Revenue Forecast (FY)C$4.08B
Boyd Group Services Business Overview & Revenue Model
Company Description
Boyd Group Services Inc. is a leading North American provider of non-franchised automotive collision repair services. Its Canadian operations are conducted under the Boyd Autobody & Glass and Assured Automotive banners, while in the United States,...
How the Company Makes Money
Boyd Group primarily makes money by performing collision repair work at its network of company-owned auto body shops and billing for labor and parts used to restore vehicles after accidents. A significant portion of demand is insurance-directed: w...
Boyd Group Services Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance: substantial top‑line growth (+30% revenue), outsized adjusted EBITDA growth (+45%) and meaningful margin expansion (140 bps) driven by Project 360 and faster‑than‑expected Joe Hudson synergies (synergy target raised to $35M). The company achieved significant integration milestones (systems conversion, rebranding), expanded its footprint (~32% growth) and improved leverage (pro forma ~2.8x). Near‑term challenges include a decline in GAAP net earnings due to integration‑related amortization and higher financing/depreciation, temporary sales disruption from systems conversion, and a still‑muted repairable claims environment (flat to down 2%). On balance, positives around scale, margin improvement, synergy realization and market share gains materially outweigh the transitory and integration‑driven negatives.Positive Updates
Record Revenue Milestone
Revenue increased 30% year‑over‑year to $1,013 million, exceeding $1 billion for the first time in company history.
Negative Updates
Reported Net Earnings Decline
Net earnings declined to $1.3 million in Q2 2026 from $5.4 million in Q2 2025. Headline net earnings were negatively impacted by higher amortization/depreciation, higher financing costs, and a $5 million incremental intangible amortization adjustment related to purchase price allocation.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Milestone
Revenue increased 30% year‑over‑year to $1,013 million, exceeding $1 billion for the first time in company history.
Read all positive updates
Company Guidance
Management raised its 2026 synergy target to $35 million (from $20M), noting roughly $15M of combined Project 360 and Joe Hudson synergies were realized in Q2 and Project 360 benefits will be earned ratably through the year as they push adjusted EBITDA margin toward ~14% (Q2 margin 13.4%, up 140 bps). Guidance and operating targets include maintenance capex of 1.6%–1.8% of sales, Joe Hudson integration capex of ~$30M (≈$9.8M spent through Q2), pro‑forma net leverage of ~2.8x (down from 3.1x at FY‑2025), continued focus on same‑store sales (Q2 +2.9%, July low single digits), 80%–85% internalization of scanning/calibration, 13 new start‑ups for the remainder of 2026 with 10 NTIs planned in Q4, and an expectation of accelerated acquisitions in H2.Boyd Group Services Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
51
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.56B | 3.20B | 3.07B | 2.94B | 2.45B | 1.86B |
| Gross Profit | 1.43B | 1.24B | 1.40B | 1.34B | 1.10B | 828.29M |
| EBITDA | 416.48M | 348.36M | 208.97M | 255.20M | 171.20M | 119.06M |
| Net Income | 9.17M | 18.74M | 24.52M | 86.45M | 41.33M | 23.34M |
Balance Sheet | ||||||
| Total Assets | 4.29B | 3.85B | 2.46B | 2.38B | 2.12B | 2.01B |
| Cash, Cash Equivalents and Short-Term Investments | 22.93M | 1.23B | 19.98M | 22.46M | 15.20M | 27.48M |
| Total Debt | 2.02B | 1.71B | 1.25B | 1.13B | 986.96M | 977.22M |
| Total Liabilities | 2.56B | 2.14B | 1.63B | 1.55B | 1.37B | 1.29B |
| Stockholders Equity | 1.73B | 1.72B | 830.07M | 826.34M | 753.36M | 720.39M |
Cash Flow | ||||||
| Free Cash Flow | 313.27M | 276.31M | 196.91M | 284.79M | 208.97M | 152.75M |
| Operating Cash Flow | 370.04M | 331.57M | 270.53M | 343.21M | 241.35M | 183.70M |
| Investing Cash Flow | -1.48B | -230.99M | -197.76M | -248.36M | -46.50M | -348.15M |
| Financing Cash Flow | 1.12B | 1.11B | -73.99M | -87.51M | -206.54M | 131.99M |
Boyd Group Services Technical Analysis
Negative
118.11
Price Trends
135.81
Negative
142.68
Negative
179.86
Negative
Market Momentum
-5.14
Negative
45.93
Neutral
69.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BYD, the sentiment is Negative. The current price of 118.11 is below the 20-day moving average (MA) of 126.37, below the 50-day MA of 135.81, and below the 200-day MA of 179.86, indicating a bearish trend. The MACD of -5.14 indicates Negative momentum. The RSI at 45.93 is Neutral, neither overbought nor oversold. The STOCH value of 69.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BYD.
Boyd Group Services Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$6.07B | 8.96 | 10.96% | 1.16% | 9.32% | 227.52% | |
65 Neutral | C$744.53M | 6.22 | 7.89% | 1.88% | -2.65% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | C$10.07B | 15.00 | 11.53% | 3.42% | 1.05% | -6.66% | |
57 Neutral | C$3.49B | 194.62 | 0.61% | 0.50% | 16.14% | 22.41% | |
52 Neutral | C$526.42M | 17.09 | 6.64% | 3.54% | 0.35% | ― |
* Consumer Cyclical Sector Average
TSE:BYD
Boyd Group Services
125.26
-106.39
-45.93%
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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.