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Boyd Gaming Corp (BYD) stock

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NYSE: BYD NYSE Casinos & Gaming Next results ~February 4, 2027

C+ Fundamentals grade

Boyd Gaming Corp is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$86

Cash-flow model

Base case. Range ~$56–$130 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 10% below our base value.

Price used: $77.04, November 2, 2026

Boyd Gaming Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds177 adding, 211 cuttingOf 60 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Boyd Gaming files

10-Q filed October 28: Boyd Gaming

Model value +19.3%

Revenue for the twelve months to September 2026 was $4.08bn, up 0.3% on a year earlier, slower than the 1.7% growth a quarter earlier. That puts it 15 of 15 for growth among the casinos & gaming companies we cover. Free-cash-flow margin fell to -0.4% from 10.1% a year earlier. Operating margin narrowed to 17.8% from 20.7%. Our model value rises from $69.99 to $83.50 a share, against a share price of $73.00. The rating stays Hold.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Boyd Gaming

Boyd Gaming's revenue reached $4.08bn in the twelve months to June 2026, up 0.3% on a year earlier and a step down from the 1.7% growth recorded a quarter earlier. Among the casinos & gaming companies we cover, that leaves the group ranked 11th of 11 for growth. Profitability also weakened: free-cash-flow margin fell to -0.4% from 10.1% a year earlier, while operating margin narrowed to 17.8% from 20.7%. Despite this, the fundamentals grade improved slightly, moving from C to C+. Our model value is little changed at $69.99 a share, against a current share price of $71.88. The rating remains Hold.

10-Q on SEC EDGAR

Where Boyd Gaming stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.10bn, up 1.7% on a year earlier, slower than 3.4% a quarter earlier. Free-cash-flow margin fell to 0.9% from 11.5% a year earlier. Operating margin narrowed to 16.4% from 22.9%. The diluted share count is down 24.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $41.90 a share, against a share price of $71.17.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Boyd Gaming Corp's trailing-twelve-month revenue grew 0.3% year on year, with a free-cash-flow margin of -0.4%. Where it stands out: net margin of 12.3% ranks 3 of 22 casinos & gaming companies we cover. Where it lags: revenue growth of 0.3% ranks 20 of 21 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$86 per share in the base case (~$56–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 0.3% (-1.4pp vs the prior quarter), the 5th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Boyd Gaming Corp's latest figures clears our strength thresholds.

Things to watch

  • Burning cash. Free cash flow was -0.4% of revenue over the last 12 months.
  • Insiders selling. 7 insiders sold $26M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -3% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 0.3% ranks 20 of 21 casinos & gaming companies we cover (median 6.1%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$1.67 against an average estimate of $1.62: beat by 3.0%
Revenue
$990m, down 1.4% on a year earlier
Share reaction
+1.5% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $1.87

Boyd Gaming's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.8%
  • 1 week+6.3%
  • 1 month+14.6%
  • This year-9.0%
  • 1 year-0.1%
  • 5 years+19.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.1B
Operating margin
17.8%
Net margin
12.3%
EPS (TTM, diluted)
$6.62

Growth

Revenue growth
+0.3%
Change in growth rate
−1.4 pts

Cash

Free cash flow (TTM)
-$15.7M
FCF margin
-0.4%
Stock pay % of revenue
0.8%

Earnings

Last results
October 22, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend
  3. Announcement
  4. Insider trade
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Boyd Gaming Corp valuation models and calculator

What the price is pricing in

The share price implies about 0.6% a year of cash-flow growth for five years.That is close to the 3.9% a year revenue growth Boyd Gaming has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in0.6%
  • Last 12 months0.3%
  • 3 years a year3.3%
  • 5 years a year3.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($77.37, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$86
Price used
$77.37close November 3, 2026
Implied change
▲ +11%
Uncertainty
High

How we got here: a discounted-cash-flow model of Boyd Gaming Corp's free cash flow after stock-based pay with after-tax interest added back ($515M, FY2026 Q3 TTM), growing 1.5% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$56–~$130 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Boyd Gaming Corp's free cash flow after stock-based pay ( $515M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Boyd Gaming Corp as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$86 ~$56–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$100–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$190 ~$160–$230 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$86–$190 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Boyd Gaming Corp with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $71$108$158$223$308$418
8.5% $46$73$109$156$216$294
10% $31$52$80$116$162$221

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$18.49$18.77$32.80$19.60$28.52$40.88$62.45$52.51$60.91$71.34$84.62$77.04
Market value$2.1bn$2.2bn$3.8bn$2.3bn$3.2bn$4.6bn$7.1bn$5.7bn$6.2bn$6.7bn$6.9bn$5.8bn
+ Net debt (− = net cash)$3.2bn$3.1bn$2.9bn$3.8bn$3.6bn$3.4bn$2.7bn$2.8bn$2.6bn$2.9bn$1.7bn$2.4bn
Enterprise value$5.3bn$5.3bn$6.7bn$6.0bn$6.8bn$8.1bn$9.9bn$8.5bn$8.8bn$9.5bn$8.6bn$8.2bn
Multiples
Price / sales 1.0x1.0x1.6x0.9x1.0x2.1x2.1x1.6x1.7x1.7x1.7x1.4x
Price / earnings 44.5x5.1x20.0x19.6x20.6x—15.4x9.0x10.0x11.5x3.8x11.6x
Price / free cash flow 10.8x15.4x16.3x8.3x9.5x40.7x8.8x8.1x11.4x12.0x17.8x—
EV / EBITDA 11.0x11.5x12.0x10.3x9.1x27.3x8.4x6.9x7.6x7.9x8.2x7.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Boyd Gaming's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 7.1% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 19.2%; its worst year was 0.8%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 10 years, at a median 10.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 34.2% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.05 −5% $4.1bn −0%
Next $7.63 +8% $4.2bn +2%

Next year's EPS estimate has moved −1.7% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.5% on 90 days ago. In the last 30 days, 0 analysts raised Boyd Gaming Corp's forecast and 4 cut it.

Consensus EPS forecast Boyd Gaming Corp, last 90 days
$7.00 $7.20 $7.40 $7.60 $7.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.08 Current fiscal year, 60 days ago: $7.08 Current fiscal year, 30 days ago: $7.10 Current fiscal year, 7 days ago: $7.04 Current fiscal year, Now: $7.05 $7.05 Next fiscal year, 90 days ago: $7.76 Next fiscal year, 60 days ago: $7.75 Next fiscal year, 30 days ago: $7.77 Next fiscal year, 7 days ago: $7.59 Next fiscal year, Now: $7.63 $7.63

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.08$7.76
60 days ago $7.08$7.75
30 days ago $7.10$7.77
7 days ago $7.04$7.59
Now $7.05$7.63

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.62 $1.67 +3.0%
Jun 2026 $1.89 $1.93 +2.1%
Mar 2026 $1.71 $1.60 −6.7%
Dec 2025 $1.94 $2.21 +14.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Boyd Gaming Corp's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Boyd Gaming Corp's revenue by +1.5% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.3%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy947%
Hold1053%
Sell00%

Monthly trend

  1. Oct 202681019
  2. Sep 202661319
  3. Aug 202661218
  4. Jul 202661218

Counts of recommendations published by analysts covering Boyd Gaming Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
4.09
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
32.0%
of shares
Employees
16,009
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.1%

$77.14 on October 31, 2025 to $77.04

ThenNowEffect
Revenue (last 12 months) $4.0bn $4.1bn +1.7%
Net margin 14.0% 44.3% +216.4%
P/E multiple 12.1x 3.3x −72.8%
Share count 89m 78m +14.0%

Biggest factor: p/e multiple.

Last 3 years +37.8%

$55.89 on November 3, 2023 to $77.04

ThenNowEffect
Revenue (last 12 months) $3.7bn $4.1bn +11.3%
Net margin 19.6% 44.3% +126.1%
P/E multiple 8.1x 3.3x −59.4%
Share count 105m 78m +34.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BYD+53%−16%+16%+17%+19%−9%
Industry peers (median)+24%−24%+13%−10%−11%−18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BYD67%33%50%67%75%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BYD−25%−35%−26%−26%−23%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from February 1, 2018 to March 18, 2020. Getting back needed a 400% gain, reached on November 24, 2020, 251 days after the low.

Price behaviour

52-week range
$66.07 – $91.02
From 52-week high
−15.4%
vs 50-day average
+5.4%
vs 200-day average
−5.4%
Volatility (1 year)
27%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.5%
After a week
8 up, 4 down
typical move ±3.8%
After a month
4 up, 7 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +1.5% −1.7% +2.6% —
July 23, 2026 +0.4% −1.1% +0.4% −6.8%
April 23, 2026 −2.6% +0.4% +0.9% −7.9%
February 5, 2026 −1.8% +0.6% −3.1% −5.0%
October 23, 2025 −5.1% +1.4% −6.7% −2.7%
July 24, 2025 +2.9% +0.5% +1.7% +2.6%
April 24, 2025 +3.6% +2.8% +4.1% +9.9%
February 6, 2025 +1.0% −0.6% +2.1% −13.3%
October 24, 2024 +8.4% +0.2% +8.3% +13.0%
July 25, 2024 +5.7% +0.6% 0.0% +3.9%
April 25, 2024 −16.4% +0.6% −14.8% −18.6%
February 8, 2024 +4.3% +0.6% +1.1% −1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Boyd Gaming Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Boyd Gaming Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Boyd Gaming Corp
$3.7B $3.8B $3.9B $4B $4.1B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.7B Revenue (TTM), FY24 Q1: $3.7B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.8B Revenue (TTM), FY24 Q4: $3.9B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4B Revenue (TTM), FY25 Q3: $4.1B Revenue (TTM), FY25 Q4: $4.1B Revenue (TTM), FY26 Q1: $4.1B Revenue (TTM), FY26 Q2: $4.1B Revenue (TTM), FY26 Q3: $4.1B $4.1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.7B
FY24 Q1 $3.7B
FY24 Q2 $3.8B
FY24 Q3 $3.8B
FY24 Q4 $3.9B
FY25 Q1 $4B
FY25 Q2 $4B
FY25 Q3 $4.1B
FY25 Q4 $4.1B
FY26 Q1 $4.1B
FY26 Q2 $4.1B
FY26 Q3 $4.1B
Revenue growth, TTM YoY Boyd Gaming Corp
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.2% Revenue growth, TTM YoY, FY24 Q1: 2.1% Revenue growth, TTM YoY, FY24 Q2: 2.8% Revenue growth, TTM YoY, FY24 Q3: 3.7% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: 6.1% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 5.9% Revenue growth, TTM YoY, FY25 Q4: 4.1% Revenue growth, TTM YoY, FY26 Q1: 3.4% Revenue growth, TTM YoY, FY26 Q2: 1.7% Revenue growth, TTM YoY, FY26 Q3: 0.3% 0.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.2%
FY24 Q1 2.1%
FY24 Q2 2.8%
FY24 Q3 3.7%
FY24 Q4 5.1%
FY25 Q1 6.1%
FY25 Q2 6.4%
FY25 Q3 5.9%
FY25 Q4 4.1%
FY26 Q1 3.4%
FY26 Q2 1.7%
FY26 Q3 0.3%
Operating margin (TTM) Boyd Gaming Corp
16% 18% 20% 22% 24% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.1% Operating margin (TTM), FY24 Q1: 22.4% Operating margin (TTM), FY24 Q2: 21.6% Operating margin (TTM), FY24 Q3: 21.4% Operating margin (TTM), FY24 Q4: 23.6% Operating margin (TTM), FY25 Q1: 22.9% Operating margin (TTM), FY25 Q2: 22.9% Operating margin (TTM), FY25 Q3: 20.7% Operating margin (TTM), FY25 Q4: 18.3% Operating margin (TTM), FY26 Q1: 17.4% Operating margin (TTM), FY26 Q2: 16.4% Operating margin (TTM), FY26 Q3: 17.8% 17.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.1%
FY24 Q1 22.4%
FY24 Q2 21.6%
FY24 Q3 21.4%
FY24 Q4 23.6%
FY25 Q1 22.9%
FY25 Q2 22.9%
FY25 Q3 20.7%
FY25 Q4 18.3%
FY26 Q1 17.4%
FY26 Q2 16.4%
FY26 Q3 17.8%
FCF margin (TTM) Boyd Gaming Corp
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.5% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 13.4% FCF margin (TTM), FY24 Q3: 13.7% FCF margin (TTM), FY24 Q4: 14.2% FCF margin (TTM), FY25 Q1: 12.2% FCF margin (TTM), FY25 Q2: 11.5% FCF margin (TTM), FY25 Q3: 10.1% FCF margin (TTM), FY25 Q4: 9.5% FCF margin (TTM), FY26 Q1: 6.9% FCF margin (TTM), FY26 Q2: 0.9% FCF margin (TTM), FY26 Q3: -0.4% -0.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.5%
FY24 Q1 13.8%
FY24 Q2 13.4%
FY24 Q3 13.7%
FY24 Q4 14.2%
FY25 Q1 12.2%
FY25 Q2 11.5%
FY25 Q3 10.1%
FY25 Q4 9.5%
FY26 Q1 6.9%
FY26 Q2 0.9%
FY26 Q3 -0.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,641 2,141 2,331 2,483 2,894 2,142 2,199 2,199 2,401 2,627 3,326 2,178 3,370 3,555 3,738 3,930 4,092 4,084
EBITDA 321 389 431 −636 557 383 478 457 561 585 749 295 1,168 1,239 1,159 1,204 1,051 1,094
Operating income 156 189 236 −850 278 174 271 260 344 355 473 14 900 981 902 928 748 726
Net income 4 10 −4 −909 −80 −53 47 420 189 115 158 −135 464 639 620 578 1,843 502
Diluted EPS $0.05 $0.12 −$0.04 −$10.37 −$0.83 −$0.48 $0.42 $3.65 $1.64 $1.00 $1.38 −$1.19 $4.07 $5.87 $6.12 $6.19 $22.56 $6.62
Growth (year on year)
Revenue — +30.5% +8.9% +6.5% +16.6% −26.0% +2.7% −0.0% +9.2% +9.4% +26.6% −34.5% +54.7% +5.5% +5.2% +5.1% +4.1% +0.3%
EBITDA — +21.2% +10.9% −247.5% — −31.3% +25.0% −4.5% +22.9% +4.3% +28.0% −60.6% +295.5% +6.1% −6.5% +4.0% −12.7% −3.4%
Operating income — +21.2% +24.6% −460.3% — −37.6% +56.1% −4.0% +32.0% +3.3% +33.0% −97.0% — +9.0% −8.1% +2.9% −19.3% −13.9%
Net income — — — — — — — +789.7% −54.9% −39.3% +37.0% −185.4% — +37.8% −3.0% −6.8% +218.9% −73.2%
Diluted EPS — — — — — — — +769.0% −55.1% −39.0% +38.0% −186.2% — +44.2% +4.3% +1.1% +264.5% —
Margins
EBITDA margin 19.5% 18.2% 18.5% −25.6% 19.2% 17.9% 21.7% 20.8% 23.4% 22.3% 22.5% 13.6% 34.7% 34.9% 31.0% 30.6% 25.7% 26.8%
Operating margin 9.5% 8.8% 10.1% −34.2% 9.6% 8.1% 12.3% 11.8% 14.3% 13.5% 14.2% 0.7% 26.7% 27.6% 24.1% 23.6% 18.3% 17.8%
Net margin 0.3% 0.5% −0.2% −36.6% −2.8% −2.5% 2.1% 19.1% 7.9% 4.4% 4.7% −6.2% 13.8% 18.0% 16.6% 14.7% 45.0% 12.3%
Free-cash-flow margin 5.1% 9.0% 7.0% 0.9% 4.6% 7.1% 8.8% 6.4% 9.7% 10.4% 10.3% 5.2% 24.1% 19.9% 14.5% 14.2% 9.5% −0.4%
Cash flow
Cash from operations 242 269 251 147 277 290 326 300 423 435 549 289 1,010 976 915 957 977 589
Capital spending 158 76 87 126 145 138 131 160 190 162 208 175 199 269 374 400 588 604
Free cash flow 84 193 164 22 133 152 195 140 232 273 341 114 811 707 541 557 388 −16
Stock-based pay 16 11 10 12 19 18 19 16 17 25 25 9 38 34 32 30 32 32
Free cash flow after stock pay 69 182 154 9 114 134 175 124 215 248 316 105 773 673 508 527 356 −47
Balance sheet
Cash 93 145 178 193 140 145 159 194 203 249 250 519 345 283 304 317 353 297
Total debt 0 3,219 3,390 4,956 4,426 3,482 3,322 3,283 3,122 4,030 3,814 3,950 3,069 3,088 2,947 3,200 2,061 2,701
Net debt (negative = net cash) −93 3,074 3,212 4,763 4,286 3,336 3,164 3,089 2,918 3,781 3,564 3,431 2,725 2,805 2,643 2,884 1,707 2,404
Diluted shares 87m 87m 87m 88m 97m 110m 114m 115m 116m 115m 114m 114m 114m 109m 101m 93m 82m 76m
Returned to shareholders
Dividends — — — — — — 0 0 11 25 29 8 0 48 64 63 58 58
Buybacks 8 0 0 — — — — — 32 60 28 11 81 542 413 686 778 660
Total returned 8 0 0 — — — 0 0 43 84 57 19 81 590 476 749 836 718

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $6.7bn
Short-term assets $469mLonger-term assets $6.2bn
What it owes, and who funded it · $3.9bn
Short-term liabilities $1.4bnShareholders' equity $2.4bn
  • Short-term assets cover short-term liabilities $469m of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $297m of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 109% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 193% to 109% over five years.
  • A year's operating cash flow covers at least 20% of debt $589m of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $726m against $119m of interest.

From Boyd Gaming Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$660M
Dividends (TTM)
$57.6M
Returned to shareholders
-4586%
of free cash flow
Buybacks, last 3 fiscal years
$1.9B
Total shareholder yield
13.1%
dividends 1.1% + buybacks 12.0% of market value
Dividend payout ratio
12%
of net income paid out
Sales & admin spending
10.7%
of revenue
Days sales outstanding
8 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated BYD MLCO CHDN BALY DKNG BRSL Median
Revenue, last 12 months $4.1bn $5.2bn $3.0bn $3.0bn $6.2bn $2.5bn $2.4bn
Revenue growth, last 12 months 0.3% 11.3% 4.2% 0.1% 15.0% −0.0% 5.5%
Revenue growth, 3-year average 3.3% 0.5% 8.1% 14.6% 27.5% −13.1% 6.5%
Revenue growth, latest quarter −1.4% — 1.9% 20.5% −4.6% — 2.4%
Operating margin 17.8% 11.6% 25.5% −7.3% −2.9% 27.3% 10.1%
Operating margin, 3-year average 20.0% −1.9% 25.0% −7.3% −6.9% 12.2% 7.1%
Net margin 12.3% 3.6% 15.1% −25.8% −2.7% 5.9% 3.1%
Cash from operations / revenue 14.4% 15.8% 25.2% −11.4% 10.8% −3.9% 14.4%
Free-cash-flow margin −0.4% 15.5% 20.1% −18.0% 10.5% −16.5% 8.5%
Free-cash-flow margin, 3-year average 7.8% −2.9% 15.7% −8.9% 7.8% 0.3% 4.5%
Stock pay / revenue 0.8% 0.6% 1.0% 1.0% 5.2% 0.6% 0.9%
Change in share count 0.1% −7.5% −3.9% −9.2% 0.5% −3.4% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 0.3% 6.1% 20 of 21
Change in growth rate Growth -1.4pp -0.4pp 14 of 21
Operating margin Profitability 17.8% 10.1% 5 of 20
Net margin Profitability 12.3% 3.6% 3 of 22
Free-cash-flow margin Cash generation -0.4% 8.5% 18 of 21
Stock pay as % of revenue Cash generation 0.8% 0.9% 8 of 20
Long-term debt as % of assets Balance sheet 28.1% 44.3% 4 of 17
Days sales outstanding Balance sheet 8 days 13 days 8 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Casino $2.6B ▲ 2.1%
Online Reimbusements $576M ▲ 27.9%
Food and Beverage $310M ▲ 2.2%
Occupancy $191M ▼ 6.5%
Other $145M ▲ 1.1%
Online $132M ▼ 15.1%
Management Service $98.9M ▲ 11.8%
Management Fee $98.9M ▲ 11.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Boyd Gaming Corp's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.8B
Institutions reporting
420
Shares held vs prior quarter
▲ 5.3%
Positions opened / closed
42 / 35

Top buyers and sellers, Q2 2026: 177 institutions bought and 211 sold ; the biggest buyer was Cohen & Steers, Inc (+3.8M shares) and the biggest seller Boston Partners (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Cohen & Steers, Inc. $555M 6.3M 11.5% ▲ 154.2%
Blackrock, Inc. $487M 5.5M 10.1% ▼ 0.7%
Vanguard Portfolio Management LLC $222M 2.5M 4.6% ▼ 9.4%
Vanguard Capital Management LLC $210M 2.4M 4.4% ▼ 1.2%
Ariel Investments, LLC $193M 2.2M 4.0% ▼ 4.0%
State Street Corp $167M 1.9M 3.5% ▼ 4.0%
Geode Capital Management, LLC $129M 1.5M 2.7% ▼ 10.0%
American Century Companies Inc $120M 1.4M 2.5% ▲ 58.7%
Boston Partners $96.9M 1.1M 2.0% ▼ 60.2%
Invesco Ltd. $89.9M 1.0M 1.9% ▲ 4.5%
Arrowstreet Capital, Limited Partnership $89.4M 1.0M 1.9% ▼ 25.4%
FMR LLC $84.2M 953K 1.7% ▼ 28.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Boyd Gaming Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26.4M 11 trades by 7 insiders · 0% under pre-set plans
Net ▼ $26.4M net selling
Insider Date Trade Shares Price Value
Johnson Marianne Boyd Director August 24, 2026 Sell 12 $82.00 $984
Hirsberg Josh CFO & Treasurer July 28, 2026 Sell 12,777 $89.76 $1.1M
Clinton Uri Chief Legal Off. & Secretary June 9, 2026 Sell 3,468 $87.69 $304,109
Smith Keith President and CEO June 3, 2026 Sell 100,000 $85.90 $8.6M
Spadafor Christine J. Director May 13, 2026 Sell 1,237 $80.91 $100,086
Johnson Marianne Boyd Chairman May 5, 2026 Sell 62,914 $84.03 $5.3M
Johnson Marianne Boyd Chairman May 1, 2026 Sell 37,086 $85.27 $3.2M
Thompson Stephen S. Chief Administrative Officer February 27, 2026 Sell 19,530 $83.59 $1.6M
Hirsberg Josh CFO & Treasurer February 26, 2026 Sell 23,924 $85.86 $2.1M
Boyd William R Director February 18, 2026 Sell 30,000 $84.84 $2.5M
Boyd William R Director November 7, 2025 Sell 20,000 $80.36 $1.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Boyd Gaming Corp disclosed in the last 12 months; 3 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 23, 2020, filed April 28, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded December 27, 2019, filed January 16, 2020
  • Susie Lee(D-NV 3):Purchase, $1,001 - $15,000, traded December 26, 2019, filed January 16, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • February 5, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Boyd Gaming Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Boyd Gaming Corp in brief

What does Boyd Gaming Corp do?
Boyd Gaming Corp is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Boyd Gaming Corp's stock ticker?
Boyd Gaming Corp trades under the ticker BYD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Boyd Gaming Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Boyd Gaming Corp reported revenue of $4.1B, 0.3% higher than a year earlier, according to its SEC filings.
What is Boyd Gaming Corp's free cash flow?
Boyd Gaming Corp's free-cash-flow margin is -0.4% of revenue over the trailing twelve months, ranking 18 of the 21 casinos & gaming companies we cover.
What is Boyd Gaming Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Boyd Gaming Corp's free cash flow after stock-based pay gives ~$86 per share in the base case, and ~$56–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Boyd Gaming Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Cohen & Steers, Inc., Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Boyd Gaming Corp's market cap?
On November 2, 2026, Boyd Gaming Corp's market capitalisation was about $5.8B, with a price-to-earnings ratio of 11.6 and net debt of $2.4B. Market figures come from third-party market data and may be delayed.
Does Boyd Gaming Corp pay a dividend?
Yes: Boyd Gaming Corp paid $57.6M in dividends over the trailing twelve months, a dividend yield of 1.05% and a payout ratio of 11.5%.
How much debt does Boyd Gaming Corp have?
Boyd Gaming Corp's debt-to-equity ratio is 109.2%, from its latest balance sheet (192.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Boyd Gaming Corp's competitors?
In our Casinos & Gaming peer group, the companies closest to Boyd Gaming Corp are Melco Resorts & Entertainment LTD, Churchill Downs Inc, Bally's Corp, Draftkings Inc. and Brightstar Lottery PLC. The side-by-side comparison below sets their revenue, margins and growth against Boyd Gaming Corp's.
Are insiders buying or selling Boyd Gaming Corp stock?
Over the last 12 months, Boyd Gaming Corp's directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Boyd Gaming Corp's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Boyd Gaming Corp announces its own schedule.