Boyd Gaming (BYD) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Boyd Gaming

NYSE•Consumer Cyclical•Resorts & Casinos

$77.04+4.21(0.06%)Pre-market

Market Cap

$5.63B

P/E

11.2x

P/S

1.4x

P/B

2.3x

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group and changed its name to Boyd Gaming Corporation in April 1993. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.

How this company scores

AverageMetricSide Score: 54/100

Strongest: Profitability (19/25); weakest: Cash & Earnings Quality (10/25).

Profitability19/25

Growth11/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality10/25

Strengths

Strong marginsHigh ROEConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.2x5y range 3.3x – 16.1x

Currently near its 20-quarter median.

P/S · 1.4x5y range 1.4x – 2.2x

Currently near its 20-quarter median.

P/B · 2.3x5y range 2.3x – 4.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 13.8% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.3x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $5.63B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.08B
Q. Revenue: $990.46M
TTM EBITDA: $1.09B
TTM Op. Income: $725.98M
Q. Op. Income: $194.90M
TTM Net Income: $502.11M
Q. Net Income: $124.93M
EPS: $1.71
Shares Out.: $73.05M

$4.08B in TTM revenue grew 0.3% YoY, reaching $990.46M last quarter. TTM EBITDA of $1.09B and TTM operating income of $725.98M show growth is flowing through to the bottom line. TTM net income of $502.11M means revenue is converting into profit. Over the past year, TTM revenue is up 0% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 28.9%
Op. Margin: 19.7%
Net Margin: 12.6%

Op. margin of 19.7% is up 5.8% YoY — cost efficiency is improving. Net margin at 12.6% Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.2x
P/S Ratio: 1.4x
P/B Ratio: 2.3x

At 11.2x P/E, the stock trades below typical market levels. P/S of 1.4x and P/B of 2.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.66B
Cash: $297.18M
Long-Term Debt: $1.87B
Book Value: $2.45B
D/E Ratio: 0.8
Debt/EBITDA: 6.5

With $6.66B in assets and $1.87B in long-term debt, D/E is 0.8and book value is $2.45B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 8% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $202.60M
TTM Free Cash Flow: $-15.65M
FCF Margin: -0.4%
FCF / Net Income: -0.0

TTM FCF of $-15.65M on $202.60M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.