Boyd Gaming Corp key statistics and ratios

In fiscal 2025, Boyd Gaming Corp had return on equity of 88.0%, an operating margin of 18.3%, debt equal to 79.0% of equity and a current ratio of 0.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Boyd Gaming Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	0.4%	0.9%	−0.3%	−120.7%	−20.7%	−11.7%	10.0%	58.4%	18.7%	10.3%	13.1%	−11.3%	34.8%	40.9%	37.2%	34.8%	88.0%	19.9%
Return on assets	—	0.2%	−0.1%	−14.9%	−1.3%	−1.0%	1.1%	9.3%	4.0%	2.2%	2.5%	−2.0%	7.3%	10.2%	9.9%	9.1%	28.4%	7.6%
Asset turnover	—	0.38	0.40	0.41	0.48	0.42	0.50	0.49	0.51	0.50	0.54	0.33	0.53	0.57	0.59	0.62	0.63	0.62
Current ratio	—	0.72	0.73	0.47	0.74	0.68	0.72	0.84	0.85	0.85	0.72	1.24	0.91	0.82	0.89	0.90	0.54	0.33
Debt to equity	0.0%	270.7%	282.0%	>999%	941.8%	794.8%	654.1%	353.0%	284.5%	351.7%	301.4%	351.4%	199.5%	194.2%	169.0%	202.4%	79.0%	110.2%
Interest cover (operating income ÷ interest)	1.1x	1.0x	0.9x	n/m	0.8x	0.8x	1.2x	1.2x	2.0x	1.7x	2.0x	0.1x	4.5x	6.5x	5.3x	5.2x	4.7x	6.1x
Effective tax rate	20.2%	40.2%	—	—	—	—	—	—	1.8%	26.0%	22.0%	—	23.2%	22.9%	17.6%	23.1%	21.1%	18.9%
SG&A as % of revenue	17.4%	17.2%	16.8%	18.1%	16.9%	15.3%	14.7%	14.7%	15.1%	14.1%	13.8%	16.1%	10.9%	10.5%	10.4%	10.9%	10.6%	10.7%
Capital spending as % of revenue	9.6%	3.5%	3.7%	5.1%	5.0%	6.4%	6.0%	7.3%	7.9%	6.2%	6.2%	8.0%	5.9%	7.6%	10.0%	10.2%	14.4%	14.8%
Free cash flow ÷ net income	>999%	>999%	—	—	—	—	412.0%	33.3%	122.5%	237.3%	216.5%	—	174.8%	110.6%	87.2%	96.3%	21.1%	−3.1%
Dividends ÷ net income	—	—	—	—	—	—	0.0%	0.0%	6.0%	21.5%	18.4%	—	0.0%	7.5%	10.3%	10.8%	3.2%	11.5%
Dividends and buybacks ÷ free cash flow	9.4%	0.0%	0.0%	—	—	—	0.0%	0.0%	18.6%	30.9%	16.7%	16.6%	10.0%	83.4%	88.1%	134.5%	215.3%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Boyd Gaming Corp: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	25.1%	20.2%	23.4%	13.9%	15.7%	16.4%	19.4%	19.7%
Net margin	16.4%	11.2%	14.6%	143.4%	13.2%	10.6%	12.7%	12.6%
Free-cash-flow margin	14.5%	8.7%	7.8%	9.4%	12.0%	−2.1%	−16.0%	4.4%
Current ratio	0.90	0.80	0.86	0.51	0.54	0.60	0.77	0.33
Debt to equity	200.9%	260.7%	256.1%	71.0%	78.4%	89.6%	104.5%	109.2%
SG&A as % of revenue	10.7%	10.9%	10.6%	10.4%	10.5%	11.0%	10.7%	10.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Boyd Gaming Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Boyd Gaming Corp.