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BOYD GAMING CORP (BYD) Stock Fundamental Analysis

NYSE:BYD - New York Stock Exchange, Inc. - US1033041013 - Common Stock - Currency: USD

79.66  -5.71 (-6.69%)

After market: 79.66 0 (0%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to BYD. BYD was compared to 133 industry peers in the Hotels, Restaurants & Leisure industry. While BYD has a great profitability rating, there are some minor concerns on its financial health. BYD may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

In the past year BYD was profitable.
In the past year BYD had a positive cash flow from operations.
BYD had positive earnings in 4 of the past 5 years.
Each year in the past 5 years BYD had a positive operating cash flow.
BYD Yearly Net Income VS EBIT VS OCF VS FCFBYD Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

1.2 Ratios

BYD has a Return On Assets of 8.55%. This is amongst the best in the industry. BYD outperforms 81.20% of its industry peers.
BYD's Return On Equity of 40.99% is amongst the best of the industry. BYD outperforms 90.23% of its industry peers.
BYD has a better Return On Invested Capital (12.82%) than 78.95% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for BYD is in line with the industry average of 13.81%.
Industry RankSector Rank
ROA 8.55%
ROE 40.99%
ROIC 12.82%
ROA(3y)9.69%
ROA(5y)6.89%
ROE(3y)37.43%
ROE(5y)26.09%
ROIC(3y)13.71%
ROIC(5y)11.32%
BYD Yearly ROA, ROE, ROICBYD Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 30 40

1.3 Margins

The Profit Margin of BYD (13.96%) is better than 87.22% of its industry peers.
BYD's Profit Margin has improved in the last couple of years.
The Operating Margin of BYD (23.74%) is better than 87.22% of its industry peers.
BYD's Operating Margin has improved in the last couple of years.
The Gross Margin of BYD (51.96%) is better than 60.15% of its industry peers.
BYD's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 23.74%
PM (TTM) 13.96%
GM 51.96%
OM growth 3Y-4.44%
OM growth 5Y10.94%
PM growth 3Y2.23%
PM growth 5Y25.42%
GM growth 3Y-3.19%
GM growth 5Y1.76%
BYD Yearly Profit, Operating, Gross MarginsBYD Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40

4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BYD is creating some value.
BYD has less shares outstanding than it did 1 year ago.
BYD has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, BYD has a worse debt to assets ratio.
BYD Yearly Shares OutstandingBYD Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
BYD Yearly Total Debt VS Total AssetsBYD Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.2 Solvency

An Altman-Z score of 2.17 indicates that BYD is not a great score, but indicates only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.17, BYD is in the better half of the industry, outperforming 62.41% of the companies in the same industry.
BYD has a debt to FCF ratio of 7.98. This is a slightly negative value and a sign of low solvency as BYD would need 7.98 years to pay back of all of its debts.
BYD's Debt to FCF ratio of 7.98 is fine compared to the rest of the industry. BYD outperforms 69.92% of its industry peers.
A Debt/Equity ratio of 2.57 is on the high side and indicates that BYD has dependencies on debt financing.
With a Debt to Equity ratio value of 2.57, BYD perfoms like the industry average, outperforming 47.37% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.57
Debt/FCF 7.98
Altman-Z 2.17
ROIC/WACC1.45
WACC8.86%
BYD Yearly LT Debt VS Equity VS FCFBYD Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

BYD has a Current Ratio of 0.80. This is a bad value and indicates that BYD is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of BYD (0.80) is comparable to the rest of the industry.
A Quick Ratio of 0.76 indicates that BYD may have some problems paying its short term obligations.
BYD has a Quick ratio of 0.76. This is comparable to the rest of the industry: BYD outperforms 46.62% of its industry peers.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.76
BYD Yearly Current Assets VS Current LiabilitesBYD Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

4

3. Growth

3.1 Past

BYD shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 9.33%, which is quite good.
The Earnings Per Share has been growing by 29.85% on average over the past years. This is a very strong growth
BYD shows a small growth in Revenue. In the last year, the Revenue has grown by 6.05%.
BYD shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.39% yearly.
EPS 1Y (TTM)9.33%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%7.28%
Revenue 1Y (TTM)6.05%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%3.23%

3.2 Future

Based on estimates for the next years, BYD will show a small growth in Earnings Per Share. The EPS will grow by 4.16% on average per year.
The Revenue is expected to grow by 1.96% on average over the next years.
EPS Next Y0.3%
EPS Next 2Y3.4%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue Next Year1.58%
Revenue Next 2Y1.86%
Revenue Next 3Y1.96%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
BYD Yearly Revenue VS EstimatesBYD Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1B 2B 3B 4B
BYD Yearly EPS VS EstimatesBYD Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 2 4 6

7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 11.93, the valuation of BYD can be described as reasonable.
Based on the Price/Earnings ratio, BYD is valued cheaply inside the industry as 90.23% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of BYD to the average of the S&P500 Index (27.30), we can say BYD is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 11.34, the valuation of BYD can be described as reasonable.
Based on the Price/Forward Earnings ratio, BYD is valued cheaper than 82.71% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.76. BYD is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 11.93
Fwd PE 11.34
BYD Price Earnings VS Forward Price EarningsBYD Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, BYD is valued cheaper than 81.95% of the companies in the same industry.
BYD's Price/Free Cash Flow ratio is rather cheap when compared to the industry. BYD is cheaper than 83.46% of the companies in the same industry.
Industry RankSector Rank
P/FCF 14.71
EV/EBITDA 8.31
BYD Per share dataBYD EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
The excellent profitability rating of BYD may justify a higher PE ratio.
PEG (NY)40.09
PEG (5Y)0.4
EPS Next 2Y3.4%
EPS Next 3Y4.16%

4

5. Dividend

5.1 Amount

BYD has a yearly dividend return of 0.88%, which is pretty low.
BYD's Dividend Yield is a higher than the industry average which is at 3.53.
Compared to an average S&P500 Dividend Yield of 2.37, BYD's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.88%

5.2 History

On average, the dividend of BYD grows each year by 21.48%, which is quite nice.
BYD has been paying a dividend for at least 10 years, so it has a reliable track record.
The dividend of BYD decreased in the last 3 years.
Dividend Growth(5Y)21.48%
Div Incr Years2
Div Non Decr Years2
BYD Yearly Dividends per shareBYD Yearly Dividends per shareYearly Dividends per share 2017 2018 2019 2022 2023 2024 2025 0.2 0.4 0.6

5.3 Sustainability

11.09% of the earnings are spent on dividend by BYD. This is a low number and sustainable payout ratio.
BYD's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP11.09%
EPS Next 2Y3.4%
EPS Next 3Y4.16%
BYD Yearly Income VS Free CF VS DividendBYD Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M
BYD Dividend Payout.BYD Dividend Payout, showing the Payout Ratio.BYD Dividend Payout.PayoutRetained Earnings

BOYD GAMING CORP

NYSE:BYD (7/11/2025, 7:54:44 PM)

After market: 79.66 0 (0%)

79.66

-5.71 (-6.69%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Services
GICS IndustryHotels, Restaurants & Leisure
Earnings (Last)04-24 2025-04-24/amc
Earnings (Next)07-24 2025-07-24/amc
Inst Owners75.26%
Inst Owner Change0.01%
Ins Owners21.76%
Ins Owner Change6.81%
Market Cap6.48B
Analysts76.67
Price Target82.03 (2.98%)
Short Float %5.16%
Short Ratio3.12
Dividend
Industry RankSector Rank
Dividend Yield 0.88%
Yearly Dividend0.68
Dividend Growth(5Y)21.48%
DP11.09%
Div Incr Years2
Div Non Decr Years2
Ex-Date06-16 2025-06-16 (0.18)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.41%
Min EPS beat(2)5.72%
Max EPS beat(2)9.1%
EPS beat(4)4
Avg EPS beat(4)7.29%
Min EPS beat(4)5.12%
Max EPS beat(4)9.24%
EPS beat(8)5
Avg EPS beat(8)2.8%
EPS beat(12)9
Avg EPS beat(12)5.86%
EPS beat(16)13
Avg EPS beat(16)10.18%
Revenue beat(2)2
Avg Revenue beat(2)1.27%
Min Revenue beat(2)0.68%
Max Revenue beat(2)1.85%
Revenue beat(4)4
Avg Revenue beat(4)3.04%
Min Revenue beat(4)0.68%
Max Revenue beat(4)5.38%
Revenue beat(8)6
Avg Revenue beat(8)1.73%
Revenue beat(12)10
Avg Revenue beat(12)2.36%
Revenue beat(16)13
Avg Revenue beat(16)2.65%
PT rev (1m)0.14%
PT rev (3m)-3.65%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.31%
EPS NY rev (1m)-0.6%
EPS NY rev (3m)0.94%
Revenue NQ rev (1m)-0.1%
Revenue NQ rev (3m)-0.89%
Revenue NY rev (1m)-0.03%
Revenue NY rev (3m)-0.2%
Valuation
Industry RankSector Rank
PE 11.93
Fwd PE 11.34
P/S 1.64
P/FCF 14.71
P/OCF 6.74
P/B 4.81
P/tB N/A
EV/EBITDA 8.31
EPS(TTM)6.68
EY8.39%
EPS(NY)7.02
Fwd EY8.82%
FCF(TTM)5.41
FCFY6.8%
OCF(TTM)11.82
OCFY14.84%
SpS48.66
BVpS16.57
TBVpS-12.24
PEG (NY)40.09
PEG (5Y)0.4
Profitability
Industry RankSector Rank
ROA 8.55%
ROE 40.99%
ROCE 16.11%
ROIC 12.82%
ROICexc 13.54%
ROICexgc 23.53%
OM 23.74%
PM (TTM) 13.96%
GM 51.96%
FCFM 11.13%
ROA(3y)9.69%
ROA(5y)6.89%
ROE(3y)37.43%
ROE(5y)26.09%
ROIC(3y)13.71%
ROIC(5y)11.32%
ROICexc(3y)14.47%
ROICexc(5y)11.99%
ROICexgc(3y)25.84%
ROICexgc(5y)21.38%
ROCE(3y)17.23%
ROCE(5y)14.22%
ROICexcg growth 3Y-0.73%
ROICexcg growth 5Y16.07%
ROICexc growth 3Y-0.21%
ROICexc growth 5Y16.3%
OM growth 3Y-4.44%
OM growth 5Y10.94%
PM growth 3Y2.23%
PM growth 5Y25.42%
GM growth 3Y-3.19%
GM growth 5Y1.76%
F-Score5
Asset Turnover0.61
Health
Industry RankSector Rank
Debt/Equity 2.57
Debt/FCF 7.98
Debt/EBITDA 2.84
Cap/Depr 185.11%
Cap/Sales 13.17%
Interest Coverage 5.29
Cash Conversion 78.74%
Profit Quality 79.69%
Current Ratio 0.8
Quick Ratio 0.76
Altman-Z 2.17
F-Score5
WACC8.86%
ROIC/WACC1.45
Cap/Depr(3y)131.54%
Cap/Depr(5y)106.28%
Cap/Sales(3y)9.25%
Cap/Sales(5y)8.34%
Profit Quality(3y)98.02%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)9.33%
EPS 3Y8.67%
EPS 5Y29.85%
EPS Q2Q%7.28%
EPS Next Y0.3%
EPS Next 2Y3.4%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue 1Y (TTM)6.05%
Revenue growth 3Y5.26%
Revenue growth 5Y3.39%
Sales Q2Q%3.23%
Revenue Next Year1.58%
Revenue Next 2Y1.86%
Revenue Next 3Y1.96%
Revenue Next 5YN/A
EBIT growth 1Y-1.03%
EBIT growth 3Y0.59%
EBIT growth 5Y14.71%
EBIT Next Year32.48%
EBIT Next 3Y10.61%
EBIT Next 5YN/A
FCF growth 1Y-37.57%
FCF growth 3Y-11.78%
FCF growth 5Y10.27%
OCF growth 1Y-6.06%
OCF growth 3Y-1.79%
OCF growth 5Y11.76%