BYD
BOYD GAMING CORP
Next earnings Jul 22, 2026 (after close) · consensus $1.92 EPS, $1.05B rev
Last earnings +3.5% on 2026-04-23
$87.90
▼ -1.86%$87.90▲ +12.24%
over 1Y
L $76.28H $89.70
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-1.9%
1W-1.0%
1M+3.7%
3M+5.2%
YTD+2.5%
1Y+12.2%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 21 analysts
Buy
A well-run regional casino operator that cashed out its online stake to deleverage and buy back stock — but core operating profit is slipping.
Revenue (FY2025) $4.09B · FY2025
The read
Middling fundamentals offset by an attractive price (~875% below fair value) — worth a look on the value angle.
Boyd Gaming is a geographically diversified regional casino operator (27 properties across 11 states plus Boyd Interactive online gaming and the managed Sky River Casino). The FY2025 headline is dramatic — net income of $1.84B (+218.9%) and diluted EPS of $22.56 (+264.5%), yielding an eye-catching 3.8x P/E — but that figure is distorted by a large one-time gain, not core operations. The tell is that operating income actually fell 19.3% to $748M even as revenue grew 4.1% to $4.09B; the net-income windfall reflects monetizing an investment (its online/FanDuel-related interest) rather than operating outperformance, so the 3.8x multiple is misleading and the recurring earnings power is far lower.
What the company did with the proceeds is the real story, and it is shareholder-friendly. Long-term debt fell 34.7% to $2.05B with no current maturities, equity jumped 64.9% to $2.61B, and Boyd repurchased 10.1 million shares ($778M, +13.5%), cutting the share count 9.9% — with $362M of buyback authorization remaining. Operating cash flow held steady at $977M (+2.0%), funding both an elevated capex program ($588M, +46.9%) and the buybacks. The balance sheet is now markedly stronger.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:57 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is BYD a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $3.56B | $3.74B | $3.93B | $4.09B |
| Gross profit | — | — | — | — | — |
| Operating income | $900M | $981M | $902M | $928M | $748M |
| Net income | $464M | $639M | $620M | $578M | $1.84B |
| Diluted EPS | $4.07 | $5.87 | $6.12 | $6.19 | $22.56 |
| Net margin | — | 18.0% | 16.6% | 14.7% | 45.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$8.23B
EV / EBITDA7.8
EV / Sales2.0
EV / FCF21.2
P / FCF16.8
PEG (trailing)0.02
Earnings yield28.2%
FCF yield5.9%
Quality & risk
ROIC (est.)12.7%
Free cash flow$388M
Total debt$2.05B
Net cash-$1.69B
Piotroski F-Score6/8
Capital returns
Buyback yield11.9%
Dividend yield (est.)0.9%
Shareholder yield12.8%
Shares Δ YoY-9.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗3Period ending 2026-06-222026-07-01open ↗3Period ending 2026-06-222026-06-30open ↗8-KPeriod ending 2026-06-222026-06-25open ↗4Period ending 2026-06-092026-06-09open ↗144Filing2026-06-09open ↗144Filing2026-06-05open ↗4Period ending 2026-06-032026-06-04open ↗144Filing2026-06-03open ↗4Period ending 2026-05-132026-05-14open ↗4Period ending 2026-05-072026-05-11open ↗4Period ending 2026-05-072026-05-11open ↗
Frequently asked
- Is BOYD GAMING CORP (BYD) a buy?
- BYD currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. A well-run regional casino operator that cashed out its online stake to deleverage and buy back stock — but core operating profit is slipping.
- What is BYD's fair value?
- A Modified-Graham model based on BYD's SEC fundamentals estimates a fair value of about $857.28. It is an estimate from reported earnings, not a price target.
- Is BYD overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BYD currently appears undervalued relative to its SEC-grounded earnings power.
- What is BOYD GAMING CORP's quality score?
- BYD scores 84.09479313396027/100 (grade A) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000906553, latest 10-Q filed 2026-04-30) · EODHD · Proprietary analysis · as of 6/21/2026, 8:57:58 PM.
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