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Boyd Group Services
(TSX:BYD)
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Rating:55Neutral
Price Target:
C$115.00
▼(-2.63% Downside)
Action:Reiterated
Date:09/12/26
The score is held back mainly by weak price trend signals (below key moving averages with negative MACD) and very expensive valuation (P/E ~193.8 with a low ~0.50% yield). Offsetting these, financials show solid cash generation but pressured profitability and higher leverage, while the latest earnings call was notably constructive with raised synergy targets, margin expansion, and improving leverage.
Positive Factors
Scale and revenue growth
Boyd’s ability to surpass $1 billion in quarterly revenue demonstrates meaningful operating scale and expanding market reach. A larger network can support insurer relationships, purchasing efficiency, and broader customer coverage, strengthening the platform for continued growth over the next several quarters.
Negative Factors
Compressed net profitability
Very low net profitability leaves limited room for execution mistakes, financing costs, or integration charges to be absorbed by earnings. Unless margin improvement continues, revenue growth may translate weakly into shareholder returns and constrain the company’s ability to deleverage organically.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and revenue growth
Boyd’s ability to surpass $1 billion in quarterly revenue demonstrates meaningful operating scale and expanding market reach. A larger network can support insurer relationships, purchasing efficiency, and broader customer coverage, strengthening the platform for continued growth over the next several quarters.
Read all positive factors
Boyd Group Services (BYD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.20B
Dividend Yield0.54%
Average Volume (3M)109.21K
Price to Earnings (P/E)176.8
Beta (1Y)0.60
Revenue Growth16.14%
EPS Growth22.41%
CountryCA
Employees13,424
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.47
Shares Outstanding27,836,435
10 Day Avg. Volume111,028
30 Day Avg. Volume109,210
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$198.06Price Target Upside67.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)3.27
Revenue Forecast (FY)C$4.07B
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 repairing vehicles and replacing/repairing auto glass through its network of collision repair centers and glass service locations. Its core revenue stream is collision repair work, which includes labor (body and...
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 | 334.72M | 367.83M | 274.39M | 209.26M |
| 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
Neutral
118.11
Price Trends
116.38
Negative
127.62
Negative
159.96
Negative
Market Momentum
-0.32
Negative
50.36
Neutral
68.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BYD, the sentiment is Neutral. The current price of 118.11 is above the 20-day moving average (MA) of 113.12, above the 50-day MA of 116.38, and below the 200-day MA of 159.96, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 50.36 is Neutral, neither overbought nor oversold. The STOCH value of 68.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$5.30B | 7.83 | 10.96% | 1.32% | 9.32% | 227.52% | |
65 Neutral | C$673.86M | 5.63 | 7.89% | 2.08% | -2.65% | ― | |
63 Neutral | C$10.57B | 15.81 | 11.53% | 3.31% | 1.05% | -6.66% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | C$3.20B | 176.82 | 0.61% | 0.54% | 16.14% | 22.41% | |
52 Neutral | C$645.26M | 20.95 | 6.64% | 3.54% | 0.35% | ― |
* Consumer Cyclical Sector Average
TSE:BYD
Boyd Group Services
115.13
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Boyd Group Services Corporate Events
Financial Disclosures
Boyd Group Services Sets November 11 Date for Q3 2026 Results and Investor Call
Neutral
Oct 15, 2026
Boyd Group Services Inc., the Canadian parent of The Boyd Group Inc., oversees one of North America’s largest networks of non‑franchised collision repair and auto glass centers, with extensive operations in both Canada and the U.S. Its...
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.