Boyd Gaming Corp

Consumer Discretionary
Hotels/Resorts
www.boydgaming.com

Earnings Score
Moat Score
Safety Score

Market Cap $6.88B
PE 14
Debt $3.14B
Cash $290.21M
EV $9.73B
FCF $528.13M

Earnings

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Sales & Net Margins

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Earnings	$500.05M
EBIT	$821.53M
ROE	31%
ROA	13%
FCF	$528.13M
Equity	$1.63B
Growth Stability	-87%
PE	13.76
PEG	0.44
PB	4.22
P/FCF	13.03
P/S	1.79
Price/Cash	0.04
Debt/Equity	1.92
Debt/FCF	5.94
Net Margins	14%
Op. Margins	21%
Earnings CAGR	16%
Sales Growth YoY	6%
Sales Growth QoQ	-1%
Sales CAGR	7%
FCF CAGR	19%
Equity CAGR	14%
Earnings Stability	0.37
Earnings Growth YoY	-3%
Earnings Growth QoQ	-6%
Earnings CAGR 5Y	32%

Sales CAGR 5Y	9%
FCF CAGR 5Y	33%
Equity CAGR 5Y	12%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	-18%
Equity CAGR 3Y	5%
Market Cap	$6.88B
Revenue	$3.84B
Dividend Yield	1%
Payout Ratio	13%
Assets	$6.30B
Total Debt	$3.14B
Cash	$290.21M
Shares Outstanding	91.86M
EV	9.73B
Earnings Score	30%
Moat Score	95%
Safety Score	47%
Final Score	57%
Working Capital	-108.65M
Current Ratio	0.82
Shares Growth 3y	-7%
Equity Growth QoQ	-5%
Equity Growth YoY	-8%

Assets & ROA

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Stockholders Equity & ROE

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Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Its business segments are separated by geographical regions: Las Vegas Locals; Downtown Las Vegas; and Midwest & South. Midwest & South holds the largest number of entertainment properties, and it generates most sales for the company. Boyd generates most of its revenue from its gaming operations.

SEC Filings

Direct access to Boyd Gaming Corp (BYD) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Boyd Gaming Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Boyd Gaming Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 16%

Stability 37%

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Boyd Gaming Corp Discounted Cash Flow

Fully customizable DCF calculator online for Boyd Gaming Corp.

Years

Calculation mode

= $20B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$528M	$630M	$753M	$898M	$1.1B	$1.3B	$1.5B	$1.8B	$2.2B	$2.6B	$3.1B	$31B
DCF		$573M	$622M	$675M	$733M	$795M	$863M	$936M	$1B	$1.1B	$1.2B	$12B
Value	$20B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-2%	2%	19%	8%	4%	5%	-6%	14%	18%	17%	14%
ROA	-	8%	6%	7%	6%	7%	0%	14%	16%	14%	13%
ROE	-	9%	45%	17%	10%	12%	-12%	30%	40%	36%	31%

Good Net Margins (14.1%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	16.06	23.25	13.55	14.85	11.25	34.92	3.84	4.43	5.53	5.94
Debt over Equity	8.02	6.6	3.55	2.86	3.54	3.04	3.54	2.02	1.97	1.71	1.92
Growth Stability	-	-	-	100%	53%	65%	-87%	100%	100%	100%	-87%

Bad Debt/FCF ratio (5.94)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (1.92)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-87%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-19%	-0%	9%	9%	27%	-35%	55%	6%	5%	9%
Earnings YoY growth	-	-189%	785%	-55%	-39%	37%	-185%	-444%	38%	-3%	32%
Equity YoY growth	-	16%	84%	18%	4%	10%	-11%	37%	3%	10%	12%
FCF YoY growth	-	20%	-32%	63%	18%	25%	-67%	611%	-13%	-24%	33%