Boyd Gaming Corporation

BYD

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$80.78

-0.17 (-0.21%)

Market Cap

$5.87B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Mixed

Stability

Good

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−28.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 114.1M (2021) → 81.7M (2025)

Winston Score History

The full picture

Boyd Gaming owns and operates casinos and hotels across the United States. Its properties offer slot machines, table games like blackjack and poker, hotel rooms, restaurants, and entertainment — all aimed at everyday gamblers and resort visitors. The company is one of the larger regional casino operators in the country, with well-known properties in Las Vegas and markets across the South, Midwest, and Mid-Atlantic.

Boyd makes money primarily from gamblers spending at its casino floors, plus hotel stays, food, and entertainment at its resorts. It operates roughly two dozen properties across about a dozen states, giving it broad geographic reach compared to smaller regional competitors. The company also has a partnership with FanDuel for online sports betting, which provides some exposure to the growing digital gambling market. The main risk is that regional casino revenue is sensitive to consumer spending — when household budgets tighten, discretionary trips to casinos tend to decline first.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-4.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

31.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~5 years

$385M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$385M cash & investments at current burn rate

Growth context

Boyd Gaming Corporation is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

41.5%

Healthy — 41.5% gross margin

Profit after running costs

Operating Margin

19.4%

Healthy — 19.4% operating margin

Return on the money invested

ROCE

16.2%

Strong — 16.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.7%

Nearly flat sales (+1.7% YoY)

Profit growth

EPS YoY

+249.5%

Earnings growing fast (+249.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

47%

Weak — only 47% of profit becomes cash

Spare cash per sale

FCF Margin

6.9%

Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.94

Moderate — manageable debt (0.94)

Covers its interest

Interest Cover

6.74x

Adequate interest coverage (6.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

3.6x

Attractive valuation — P/E 3.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-8.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

0.99%

Small dividend — 0.99% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.9%

Dividend growing modestly (9.9% YoY)

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