Boyd Gaming vs Melco Resorts & Entertainment
Melco Resorts & Entertainment is the larger business, with $5.16bn of revenue in fiscal 2025 against $4.09bn for Boyd Gaming (1.3 times as much). Melco Resorts & Entertainment grew faster (11.3% against 4.1%). Boyd Gaming kept more of each dollar of sales as profit: a net margin of 45.0% against 3.6%.
| Latest fiscal year | Boyd GamingBYD, 2025 | Melco Resorts & EntertainmentMLCO, 2025 |
|---|---|---|
| Revenue | $4.09bn | $5.16bn |
| Revenue growth | 4.1% | 11.3% |
| Net income | $1.84bn | $185m |
| Operating margin | 18.3% | 11.6% |
| Net margin | 45.0% | 3.6% |
| Return on equity | 88.0% | — |
| Free cash flow | $388m | $802m |
| Cash | $353m | $1.02bn |
| Total debt | $2.06bn | $6.77bn |
| Debt to equity | 79.0% | — |
| Dividend per share | $0.72 | — |
| Dividend yield | 1.1% | 0.0% |
| Share buybacks | $778m | $166m |
| Employees | 16,009 | — |
| Market value | $5.46bn | $1.63bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 64 (Moderate) | 29 (Weak) |
| Insider trades, 12 months | 0 buys, 11 sales | 0 buys, 0 sales |