# Boyd Gaming (BYD.US)

Canonical: https://gigainvestors.com/s/BYD

Analysis as of: 2026-10-16T07:27:10.597Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $70.97 per share; close as of 2026-10-15.

Estimated value: low $122.33 per share, central $162.09 per share, high $189.22 per share. Buy at or below the central value $162.09 per share. Valuation as of 2026-10-16T07:27:10.597Z; scenarios are not confidence intervals.

Expected annual return: 19.0% at the stated quote. About 19.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.01×

- FY2021: 0.27×

- FY2022: 0.28×

- FY2023: 0.24×

- FY2024: 0.24×

- FY2025: 0.21×

- LTM to Jun 2026: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 12.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: 12.9 pp

- Typical gross margin (annual median): 50.0%

- Recent gross margin (lower of latest and 3-year median): 37.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 10.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 11.0%

- FY2018: 6.9%

- FY2019: 8.0%

- FY2020: 0.3%

- FY2021: 16.6%

- FY2022: 18.2%

- FY2023: 17.6%

- FY2024: 16.8%

- FY2025: 17.3%

- LTM to Jun 2026: 14.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.1B

- Net income, five-year total: $5.5B

- Return on incremental invested capital: 87.3%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: -0.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.92×

- LTM to Jun 2026: 0.87×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.3% vs 17.3%

- Per-share earnings: 1.64 to 6.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.2%

- Ordinary dilution, 5-year annual growth: -6.4%

- Market cap gain: $4.2B

- Cumulative retained earnings: $2.6B

- Diluted shares, 10-year annual growth: -3.2%

- Diluted shares, 5-year annual growth: -6.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.1%

- Per-share value change: $4.55

- Per-share value, starting three-year median: $1.64

- Per-share value, ending three-year median: $6.19

- Buybacks concentrated in cheaper years (correlation): 0.92

- Average buyback yield: 5.0%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $4.9B

- ROIC, first three-year median: 8.3%

- ROIC, last three-year median: 17.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.63

- FY2017: $1.64

- FY2018: $1.00

- FY2019: $1.38

- FY2020: -$1.19

- FY2021: $4.07

- FY2022: $5.87

- FY2023: $6.12

- FY2024: $6.19

- FY2025: $22.56

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 13.2%

- Receivables to sales index (DSRI): 0.63×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.93×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.1%

- FY2017: -5.0%

- FY2018: -5.6%

- FY2019: -5.9%

- FY2020: -6.5%

- FY2021: -8.8%

- FY2022: -5.3%

- FY2023: -4.7%

- FY2024: -5.9%

- FY2025: 13.2%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 5.9% a year for ten years · sales +0.2%

Story as of 2026-10-16T09:58:26.686Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.9% a year for ten years

- 2025-07-24: Boyd Gaming Corp (NYSE:BYD) Surpasses Q2 2025 Earnings and Revenue Estimates ([chartmill.com](https://www.chartmill.com/news/BYD/Chartmill-31553-Boyd-Gaming-Corp-NYSEBYD-Surpasses-Q2-2025-Earnings-and-Revenue-Estimates))

- 2026-03-01: Boyd Gaming Shreveport Sale Recasts Portfolio Focus And Valuation Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/boyd-gaming-shreveport-sale-recasts-050731150.html))

### Sales · FY2025–2026

sales +0.2%; source https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm; observed 2026-02-20.

- FY2017: $2.4B 

- FY2018: $2.6B 

- FY2019: $3.3B 

- FY2020: $2.2B 

- FY2021: $3.4B 

- FY2022: $3.6B 

- FY2023: $3.7B 

- FY2024: $3.9B 

- FY2025: $4.1B 

- FY2026: $4.1B 

### Gross margin · FY2026

gross margin 37.1%; source https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm; observed 2026-02-20.

- FY2017: 47.4% 

- FY2018: 47.8% 

- FY2019: 47.8% 

- FY2020: 52.4% 

- FY2021: 57.5% 

- FY2022: 56.0% 

- FY2023: 54.0% 

- FY2024: 52.2% 

- FY2025: 42.1% 

- FY2026: 37.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in resorts & casinos; annual sales are USD 4.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm (filed 2026-02-20); FY2025: revenue 4091989000; grossProfit 1724493000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 42.1% to 54% during 2023–25; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 54%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 52.2%.

- Source: https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 42.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2017,0.10952840166586134],[2018,0.06892793188518412],[2019,0.0796715326911357],[2020,0.0025206073024835246],[2021,0.16636631767796747],[2022,0.18152343005220606],[2023,0.17605977137073897],[2024,0.16824467235882973],[2025,0.172645125824625],[2026,0.14210881438491327]]; median 0.15423756603144037. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.5% of cash earnings on expansion; earns 87.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 160358000; owner earnings 453871000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 190464000; owner earnings 216448000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 161544000; owner earnings 183483000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 207637000; owner earnings 226568000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 199452000; owner earnings 532181000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 10976000; upkeep 258179000; owner earnings 639377000. Growth capex / owner earnings = 0.017166710719966467.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 117170000; upkeep 256780000; owner earnings 620023000. Growth capex / owner earnings = 0.18897686053581883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 123761000; upkeep 276639000; owner earnings 577952000. Growth capex / owner earnings = 0.21413716017939205.

- Source: https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm (filed 2026-02-20); FY2025: growth capex 145636155.48076254; upkeep 442578844.51923746; owner earnings 1703404155.4807625. Growth capex / owner earnings = 0.08549712351714836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Incremental return on capital 0.8726164693243996, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,11286000],[2017,11286000],[2018,24730000],[2019,28949000],[2020,7808000],[2021,48162000],[2022,48162000],[2023,63609000],[2024,62661000],[2025,58172000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm (filed 2026-02-20); FY2025: cash repurchases 778324000 USD.

### Are managers owners

Insiders own 32% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BYD.US SharesStats.PercentInsiders = 31.971 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.9% yearly over ten years; actual growth was 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.09597999415937813. Price 70.97; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0836236320771315 → FY2025 20.84541773313381. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $17.86 per share

- 2016-11: $18.84 per share

- 2016-12: $20.17 per share

- 2017-01: $20.32 per share

- 2017-02: $19.67 per share

- 2017-03: $22.01 per share

- 2017-04: $22.68 per share

- 2017-05: $25.41 per share

- 2017-06: $24.81 per share

- 2017-07: $25.06 per share

- 2017-08: $26.44 per share

- 2017-09: $26.05 per share

- 2017-10: $29.23 per share

- 2017-11: $31.89 per share

- 2017-12: $35.05 per share

- 2018-01: $39.47 per share

- 2018-02: $35.38 per share

- 2018-03: $31.86 per share

- 2018-04: $33.21 per share

- 2018-05: $37.75 per share

- 2018-06: $34.66 per share

- 2018-07: $37.35 per share

- 2018-08: $36.42 per share

- 2018-09: $33.85 per share

- 2018-10: $26.56 per share

- 2018-11: $24.82 per share

- 2018-12: $20.78 per share

- 2019-01: $27.32 per share

- 2019-02: $29.76 per share

- 2019-03: $27.36 per share

- 2019-04: $28.78 per share

- 2019-05: $23.92 per share

- 2019-06: $26.94 per share

- 2019-07: $26.49 per share

- 2019-08: $24.04 per share

- 2019-09: $23.95 per share

- 2019-10: $27.25 per share

- 2019-11: $29.41 per share

- 2019-12: $29.94 per share

- 2020-01: $29.85 per share

- 2020-02: $26.71 per share

- 2020-03: $14.42 per share

- 2020-04: $16.69 per share

- 2020-05: $21.38 per share

- 2020-06: $20.90 per share

- 2020-07: $23.67 per share

- 2020-08: $26.78 per share

- 2020-09: $30.69 per share

- 2020-10: $31.72 per share

- 2020-11: $38.49 per share

- 2020-12: $42.92 per share

- 2021-01: $45.16 per share

- 2021-02: $58.70 per share

- 2021-03: $58.96 per share

- 2021-04: $66.15 per share

- 2021-05: $64.39 per share

- 2021-06: $61.49 per share

- 2021-07: $57.00 per share

- 2021-08: $61.37 per share

- 2021-09: $63.26 per share

- 2021-10: $63.78 per share

- 2021-11: $58.61 per share

- 2021-12: $65.57 per share

- 2022-01: $59.46 per share

- 2022-02: $70.94 per share

- 2022-03: $65.78 per share

- 2022-04: $60.58 per share

- 2022-05: $58.77 per share

- 2022-06: $49.75 per share

- 2022-07: $55.51 per share

- 2022-08: $54.43 per share

- 2022-09: $47.65 per share

- 2022-10: $57.76 per share

- 2022-11: $61.33 per share

- 2022-12: $54.53 per share

- 2023-01: $62.31 per share

- 2023-02: $65.13 per share

- 2023-03: $64.12 per share

- 2023-04: $69.40 per share

- 2023-05: $63.73 per share

- 2023-06: $69.37 per share

- 2023-07: $68.32 per share

- 2023-08: $66.87 per share

- 2023-09: $60.83 per share

- 2023-10: $55.25 per share

- 2023-11: $59.05 per share

- 2023-12: $62.61 per share

- 2024-01: $63.49 per share

- 2024-02: $66.13 per share

- 2024-03: $67.32 per share

- 2024-04: $53.51 per share

- 2024-05: $53.32 per share

- 2024-06: $55.10 per share

- 2024-07: $60.87 per share

- 2024-08: $60.02 per share

- 2024-09: $64.65 per share

- 2024-10: $69.29 per share

- 2024-11: $73.85 per share

- 2024-12: $72.54 per share

- 2025-01: $76.65 per share

- 2025-02: $76.26 per share

- 2025-03: $65.83 per share

- 2025-04: $69.14 per share

- 2025-05: $74.97 per share

- 2025-06: $78.23 per share

- 2025-07: $84.90 per share

- 2025-08: $85.86 per share

- 2025-09: $86.45 per share

- 2025-10: $77.87 per share

- 2025-11: $83.30 per share

- 2025-12: $85.24 per share

- 2026-01: $84.54 per share

- 2026-02: $83.23 per share

- 2026-03: $82.18 per share

- 2026-04: $86.95 per share

- 2026-05: $82.68 per share

- 2026-06: $88.33 per share

- 2026-07: $85.06 per share

- 2026-08: $77.59 per share

- 2026-09: $66.57 per share

- 2026-10: $70.97 per share

## Annual estimated value (USD per share)

- FY2016: low $5.17 per share, central $5.70 per share, high $6.41 per share

- FY2017: low $14.05 per share, central $15.80 per share, high $18.14 per share

- FY2018: low $19.14 per share, central $21.54 per share, high $24.74 per share

- FY2019: low $23.90 per share, central $26.97 per share, high $31.06 per share

- FY2020: low $18.84 per share, central $20.86 per share, high $23.55 per share

- FY2021: low $24.98 per share, central $28.09 per share, high $32.23 per share

- FY2022: low $26.85 per share, central $30.28 per share, high $34.86 per share

- FY2023: low $65.92 per share, central $74.70 per share, high $86.38 per share

- FY2024: low $75.23 per share, central $85.25 per share, high $98.59 per share

- FY2025: low $108.99 per share, central $144.28 per share, high $168.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/906553/000143774926004908/bgc20251121_10k.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.