BYDNYSEHotels & MotelsFiscal year ends December 31
BOYD GAMING CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$70.96+0.92 (+1.31%)
Close on Oct 19, 2026
- Market cap
- $5.31B
- P/E (TTM)
- 3.1
- Dividend yield
- 1.01%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
18.3%+17.6 pts over 5 years
Net margin
45.0%+51.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.1% | +4.8% | +13.4% | +6.4% | |
| Operating income | -19.3% | -8.6% | +120.8% | +10.7% | |
| Net income | +218.9% | +42.3% | – | +44.3% | |
| EPS, diluted | +264.5% | +56.6% | – | +48.9% | |
| Free cash flow | -30.2% | -18.1% | +27.8% | +7.2% | |
| Dividend per share | +5.9% | +6.3% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 58.4% | -11.3% | 88.0% | |
| Return on assets | 9.3% | -2.0% | 28.4% | |
| Current ratio | 0.84 | 1.24 | 0.54 | |
| Debt to equity | 3.47 | 3.47 | 0.78 | |
| Net debt to EBITDA | 6.65× | 11.44× | 1.61× | |
| Interest coverage | 1.2× | 0.1× | 4.7× | |
| Capex to revenue | 7.3% | 8.0% | 14.4% | |
| Diluted shares | 115M | 114M | 82M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Boyd Gaming generated $4.83B from operations and spent $4.56B on capital expenditure, dividends and share buybacks. 40% of that went back into the business.
Generated
$4.83B
Used
$4.56B
Capital expenditure$1.83B40%Dividends$232.60M5%Share buybacks$2.50B55%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin45.0%
×Asset turnover0.63×
×Equity multiplier3.09×
=Return on equity, FY202588.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 45.0% | 0.63× | 3.09× | 88.0% |
| FY2024 | 14.7% | 0.62× | 3.81× | 34.8% |
| FY2023 | 16.6% | 0.59× | 3.77× | 37.2% |
| FY2022 | 18.0% | 0.57× | 4.01× | 40.9% |
| FY2021 | 13.8% | 0.53× | 4.80× | 34.8% |
| FY2020 | -6.2% | 0.33× | 5.53× | -11.3% |
| FY2019 | 4.7% | 0.54× | 5.15× | 13.1% |
| FY2018 | 4.4% | 0.50× | 4.66× | 10.3% |
| FY2017 | 7.9% | 0.51× | 4.62× | 18.7% |
| FY2016 | 19.1% | 0.49× | 6.27× | 58.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.84B
- Cash generatingOperating cash flow above zero$976.68M
- Return on assets improvedROA up on the prior year9.2% → 28.8%
- Earnings backed by cashOperating cash flow above net income$976.68M vs $1.84B
- Less leverageLong-term debt to assets fell49.0% → 31.1%
- Better liquidityCurrent ratio rose0.90 → 0.54
- No dilutionShare count did not rise93M → 82M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.63 → 0.64