Stock BYD BOYD GAMING CORPORATION
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Financials Boyd Gaming Corporation

Equities

BYD

US1033041013

Casinos & Gaming

Market Closed - Nyse
Other stock markets
 21:00:01 03/05/2024 BST 		5-day change 1st Jan Change
54.12 USD -0.07% Intraday chart for Boyd Gaming Corporation +1.77% -13.56%
05-02 North American Morning Briefing : Stock Futures -3- DJ
05-01 Argus Downgrades Boyd Gaming to Hold From Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,328 4,787 7,367 5,692 6,127 5,135 - -
Enterprise Value (EV) 1 6,844 8,166 10,054 8,458 6,127 7,772 7,747 7,741
P/E ratio 21.7 x -36.1 x 16.1 x 9.29 x 10.2 x 9.14 x 8.19 x 7.63 x
Yield 0.9% - - 1.1% - 1.23% 1.25% 1.26%
Capitalization / Revenue 1 x 2.2 x 2.19 x 1.6 x 1.64 x 1.38 x 1.36 x 1.34 x
EV / Revenue 2.06 x 3.75 x 2.98 x 2.38 x 1.64 x 2.09 x 2.06 x 2.02 x
EV / EBITDA 8.57 x 16.1 x 7.97 x 6.59 x 4.76 x 6.46 x 6.38 x 6.31 x
EV / FCF 18.4 x 71.6 x 12.4 x 12 x - 15.7 x 13.9 x 13.7 x
FCF Yield 5.45% 1.4% 8.07% 8.36% - 6.38% 7.21% 7.27%
Price to Book 2.64 x 4.26 x 4.85 x 3.52 x - 2.61 x 2.42 x 1.58 x
Nbr of stocks (in thousands) 111,165 111,540 112,346 104,375 97,862 94,877 - -
Reference price 2 29.94 42.92 65.57 54.53 62.61 54.12 54.12 54.12
Announcement Date 20/02/20 16/02/21 03/02/22 02/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,326 2,178 3,370 3,555 3,738 3,722 3,768 3,835
EBITDA 1 799 508 1,261 1,284 1,286 1,204 1,214 1,228
EBIT 1 472.6 189 900.1 981.2 901.8 902.7 912.7 919.4
Operating Margin 14.21% 8.67% 26.71% 27.6% 24.12% 24.25% 24.23% 23.98%
Earnings before Tax (EBT) 1 202.1 -171 603.9 828.8 752.9 740.1 765.6 828.8
Net income 1 157.6 -134.7 463.8 639.4 620 572.2 591.7 638.1
Net margin 4.74% -6.18% 13.76% 17.98% 16.58% 15.37% 15.71% 16.64%
EPS 2 1.380 -1.190 4.070 5.870 6.120 5.923 6.607 7.090
Free Cash Flow 1 372.9 114 811 707 - 496 558.9 563
FCF margin 11.21% 5.23% 24.07% 19.88% - 13.33% 14.84% 14.68%
FCF Conversion (EBITDA) 46.67% 22.44% 64.3% 55.06% - 41.2% 46.03% 45.86%
FCF Conversion (Net income) 236.54% - 174.83% 110.57% - 86.67% 94.45% 88.23%
Dividend per Share 2 0.2700 - - 0.6000 - 0.6671 0.6757 0.6800
Announcement Date 20/02/20 16/02/21 03/02/22 02/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 879.8 860.7 894.4 877.3 922.9 964 917 903.2 954.4 960.5 908.8 899.3 952.4 987.1 929.5
EBITDA 1 321 312.5 327.2 310.9 333.3 340.3 324.3 293.6 328.2 303.3 299.8 283.9 314.7 314 311.4
EBIT 1 216.9 251.1 245.1 237.5 247.6 284.9 244 217.9 155.1 219.4 225.8 210.6 240.5 238.9 236.9
Operating Margin 24.65% 29.17% 27.4% 27.07% 26.83% 29.55% 26.61% 24.12% 16.25% 22.84% 24.84% 23.42% 25.25% 24.2% 25.49%
Earnings before Tax (EBT) 1 145.3 210.8 188.8 203.4 225.8 259.1 203.5 177.1 113.2 177.5 190.2 173.9 205.4 206.8 199.2
Net income 1 109.8 162.9 146.8 157 172.7 199.7 192.5 135.2 92.6 136.5 144.1 132 156.2 152.6 152.8
Net margin 12.48% 18.93% 16.41% 17.9% 18.71% 20.72% 20.99% 14.97% 9.7% 14.21% 15.85% 14.68% 16.4% 15.46% 16.44%
EPS 2 0.9600 1.450 1.330 1.460 1.630 1.930 1.890 1.340 0.9400 1.400 1.481 1.384 1.675 1.660 1.670
Dividend per Share 2 - 0.1500 0.1500 0.1500 0.1500 0.1600 0.1600 0.1600 0.1600 - 0.1700 0.1680 0.1700 0.1700 0.1700
Announcement Date 03/02/22 26/04/22 26/07/22 25/10/22 02/02/23 25/04/23 27/07/23 24/10/23 08/02/24 25/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,516 3,378 2,687 2,766 - 2,638 2,612 2,606
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.401 x 6.65 x 2.13 x 2.154 x - 2.191 x 2.151 x 2.123 x
Free Cash Flow 1 373 114 811 707 - 496 559 563
ROE (net income / shareholders' equity) 16.9% -1.47% 43.9% 40.9% - 31.7% 28.6% 22.5%
ROA (Net income/ Total Assets) 3.28% -0.27% 9.14% 10.2% - 13.2% 12.6% -
Assets 1 4,803 50,696 5,075 6,268 - 4,346 4,698 -
Book Value Per Share 2 11.30 10.10 13.50 15.50 - 20.70 22.40 34.30
Cash Flow per Share 2 5.090 2.550 8.860 8.950 - 7.700 8.780 -
Capex 1 208 175 199 269 - 432 380 349
Capex / Sales 6.24% 8.03% 5.92% 7.57% - 11.6% 10.1% 9.1%
Announcement Date 20/02/20 16/02/21 03/02/22 02/02/23 08/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Boyd Gaming Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
54.12 USD
Average target price
70.31 USD
Spread / Average Target
+29.91%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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