BYD Chart
About

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in the United States and Canada. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments. It owns and operates casinos; Boyd Interactive, an online casino gaming business; and a travel agency. The company was formerly known as The Boyd Group and changed its name to Boyd Gaming Corporation in April 1993. Boyd Gaming Corporation was founded in 1975 and is headquartered in Las Vegas, Nevada.

Fundamentals
Scroll to Statements
Sector Consumer Cyclical Industry Resorts & Casinos Market Cap 6.05B
Enterprise Value 8.41B Income 1.84B Sales 4.09B
Book/sh 34.16 Cash/sh 4.69 Dividend Yield 92.00%
Payout 3.19% Employees 16009 IPO —
P/E 3.55 Forward P/E 9.84 PEG —
P/S 1.48 P/B 2.35 P/C —
EV/EBITDA 7.00 EV/Sales 2.05 Quick Ratio 0.47
Current Ratio 0.54 Debt/Eq 103.98 LT Debt/Eq —
EPS (ttm) 22.56 EPS next Y 8.14 EPS Growth -6.60%
Revenue Growth 2.00% Earnings 2026-04-23 ROA 8.72%
ROE 87.79% ROIC — Gross Margin 59.36%
Oper. Margin 20.81% Profit Margin 45.05% Shs Outstand 75.49M
Shs Float 51.50M Short Float 5.81% Short Ratio 3.59
Short Interest — 52W High 89.96 52W Low 58.94
Beta 1.22 Avg Volume 895.15K Volume 614.45K
Target Price $94.47 Recom Buy Prev Close $82.03
Price $80.13 Change -2.32%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$94.47
Mean price target
2. Current target
$80.13
Latest analyst target
3. DCF / Fair value
$141.79
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$80.13
Low
$84.00
High
$110.00
Mean
$94.47

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-11 main Susquehanna Neutral → Neutral $89
2026-02-09 main Wells Fargo Equal-Weight → Equal-Weight $84
2026-02-06 main Stifel Hold → Hold $95
2026-01-16 main Morgan Stanley Equal-Weight → Equal-Weight $87
2025-11-21 init Citigroup — → Neutral $86
2025-11-18 init Wells Fargo — → Equal-Weight $85
2025-10-28 main Morgan Stanley Equal-Weight → Equal-Weight $85
2025-10-24 main Macquarie Neutral → Neutral $90
2025-10-24 main Mizuho Outperform → Outperform $99
2025-10-16 main JP Morgan Neutral → Neutral $89
2025-09-08 main Raymond James Outperform → Outperform $94
2025-07-28 main Macquarie Neutral → Neutral $88
2025-07-25 main Mizuho Outperform → Outperform $89
2025-07-25 main Stifel Hold → Hold $90
2025-07-18 main Barclays Equal-Weight → Equal-Weight $87
2025-07-16 main Truist Securities Buy → Buy $100
2025-07-11 main Morgan Stanley Equal-Weight → Equal-Weight $80
2025-07-11 main Stifel Hold → Hold $87
2025-07-11 down Susquehanna Positive → Neutral $86
2025-06-30 main Raymond James Outperform → Outperform $85
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 19530 1632513 — Sale at price 83.59 per share. THOMPSON STEPHEN S Officer — 2026-02-27 00:00:00 D
1 23924 424651 — Conversion of Exercise of derivative security at price 17.75 per share. HIRSBERG GEORGE II Chief Financial Officer — 2026-02-26 00:00:00 D
2 23924 2054115 — Sale at price 85.86 per share. HIRSBERG GEORGE II Chief Financial Officer — 2026-02-26 00:00:00 D
3 35608 — — Stock Award(Grant) at price 0.00 per share. SMITH KEITH E Chief Executive Officer — 2026-02-23 00:00:00 D
4 32479 — — Stock Award(Grant) at price 0.00 per share. HIRSBERG GEORGE II Chief Financial Officer — 2026-02-20 00:00:00 D
5 23455 — — Stock Award(Grant) at price 0.00 per share. CLINTON URI L General Counsel — 2026-02-20 00:00:00 D
6 1860 — — Stock Award(Grant) at price 0.00 per share. NELSON LORI M Officer — 2026-02-20 00:00:00 D
7 105918 — — Stock Award(Grant) at price 0.00 per share. SMITH KEITH E Chief Executive Officer — 2026-02-20 00:00:00 D
8 15798 — — Stock Award(Grant) at price 0.00 per share. THOMPSON STEPHEN S Officer — 2026-02-20 00:00:00 D
9 8953 — — Stock Award(Grant) at price 0.00 per share. JOHNSON MARIANNE BOYD Officer, Director and Beneficial Owner — 2026-02-20 00:00:00 I
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-27.40M-2.43M-18.98M-13.85M
TaxRateForCalcs0.210.230.180.23
NormalizedEBITDA2.92B1.22B1.29B1.30B
TotalUnusualItems-129.84M-10.50M-107.84M-60.59M
TotalUnusualItemsExcludingGoodwill-129.84M-10.50M-107.84M-60.59M
NetIncomeFromContinuingOperationNetMinorityInterest1.84B577.95M620.02M639.38M
ReconciledDepreciation302.71M276.64M256.78M258.18M
ReconciledCostOfRevenue2.06B1.88B1.72B1.57B
EBITDA2.79B1.21B1.18B1.24B
EBIT2.49B929.41M924.15M980.05M
NetInterestIncome-152.82M-175.78M-147.36M-129.72M
InterestExpense157.64M177.41M171.25M151.25M
InterestIncome4.83M1.62M23.89M21.53M
NormalizedIncome1.95B586.03M708.88M686.12M
NetIncomeFromContinuingAndDiscontinuedOperation1.84B577.95M620.02M639.38M
TotalExpenses3.22B2.99B2.73B2.53B
RentExpenseSupplemental113.77M111.41M108.40M106.62M
TotalOperatingIncomeAsReported748.41M927.78M901.83M981.22M
DilutedAverageShares81.72M93.35M101.37M109.00M
BasicAverageShares81.70M93.31M101.33M108.89M
DilutedEPS22.566.196.125.87
BasicEPS22.566.196.125.87
DilutedNIAvailtoComStockholders1.84B577.95M620.02M639.38M
NetIncomeCommonStockholders1.84B577.95M620.02M639.38M
NetIncome1.84B577.95M620.02M639.38M
MinorityInterests4.37M0.000.00
NetIncomeIncludingNoncontrollingInterests1.84B577.95M620.02M639.38M
NetIncomeContinuousOperations1.84B577.95M620.02M639.38M
TaxProvision490.77M174.05M132.88M189.43M
PretaxIncome2.33B752.00M752.91M828.81M
OtherIncomeExpense1.61B-10.49M-109.40M-63.47M
OtherNonOperatingIncomeExpenses1.74B10.00K-1.56M-2.88M
SpecialIncomeCharges-129.84M-10.50M-107.84M-60.59M
OtherSpecialCharges1.45M19.82M95.16M
WriteOff31.82M
ImpairmentOfCapitalAssets128.40M10.50M107.84M40.77M
NetNonOperatingInterestIncomeExpense-152.82M-175.78M-147.36M-129.72M
InterestExpenseNonOperating157.64M177.41M171.25M151.25M
InterestIncomeNonOperating4.83M1.62M23.89M21.53M
OperatingIncome876.80M938.28M1.01B1.02B
OperatingExpense1.15B1.11B1.01B968.17M
OtherOperatingExpenses288.46M267.69M253.84M229.41M
DepreciationAmortizationDepletionIncomeStatement302.71M276.64M256.78M258.18M
DepreciationAndAmortizationInIncomeStatement302.71M276.64M256.78M258.18M
ResearchAndDevelopment12.36M28.57M31.82M
SellingGeneralAndAdministration546.87M538.63M498.29M480.58M
GeneralAndAdministrativeExpense546.87M538.63M498.29M480.58M
OtherGandA433.10M427.23M389.89M373.96M
RentAndLandingFees113.77M111.41M108.40M106.62M
GrossProfit2.03B2.05B2.02B1.99B
CostOfRevenue2.06B1.88B1.72B1.57B
TotalRevenue4.09B3.93B3.74B3.56B
OperatingRevenue3.95B3.79B3.60B3.42B
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber76.37M86.18M96.83M102.82M
ShareIssued76.37M86.18M96.83M102.82M
NetDebt1.69B2.86B2.61B2.77B
TotalDebt2.71B3.93B3.73B3.90B
TangibleBookValue175.53M-767.38M-596.08M-870.25M
InvestedCapital4.65B4.76B4.66B4.64B
WorkingCapital-448.49M-61.18M-67.01M-107.91M
NetTangibleAssets175.53M-767.38M-596.08M-870.25M
CapitalLeaseObligations666.09M754.61M810.25M847.22M
CommonStockEquity2.61B1.58B1.74B1.59B
TotalCapitalization4.65B4.71B4.62B4.60B
TotalEquityGrossMinorityInterest2.61B1.58B1.74B1.59B
MinorityInterest-617.00K0.00
StockholdersEquity2.61B1.58B1.74B1.59B
GainsLossesNotAffectingRetainedEarnings-1.55M-2.40M-1.10M-1.38M
OtherEquityAdjustments-1.55M-2.40M-1.10M-1.38M
RetainedEarnings2.61B1.58B1.74B1.29B
AdditionalPaidInCapital0.000.000.00305.15M
CapitalStock764.00K862.00K968.00K1.03M
CommonStock764.00K862.00K968.00K1.03M
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest3.97B4.81B4.53B4.72B
TotalNonCurrentLiabilitiesNetMinorityInterest2.99B4.19B3.93B4.13B
OtherNonCurrentLiabilities64.30M56.37M61.27M52.19M
NonCurrentDeferredLiabilities323.47M346.92M288.83M318.61M
NonCurrentDeferredTaxesLiabilities323.47M346.92M288.83M318.61M
LongTermDebtAndCapitalLeaseObligation2.60B3.78B3.58B3.76B
LongTermCapitalLeaseObligation554.25M651.75M711.39M758.44M
LongTermDebt2.05B3.13B2.87B3.01B
CurrentLiabilities979.22M622.68M596.32M586.13M
CurrentDeferredLiabilities15.32M
CurrentDeferredRevenue15.32M
CurrentDebtAndCapitalLeaseObligation111.84M146.86M143.14M133.05M
CurrentCapitalLeaseObligation111.84M102.86M98.87M88.78M
CurrentDebt44.01M44.27M44.27M41.67M
OtherCurrentBorrowings44.01M44.27M44.27M41.67M
PayablesAndAccruedExpenses867.38M475.82M453.18M453.08M
CurrentAccruedExpenses702.32M329.89M313.00M307.66M
InterestPayable17.09M17.59M17.84M17.86M
Payables165.06M145.93M140.18M145.42M
DividendsPayable13.77M14.66M15.51M15.48M
TotalTaxPayable0.00393.00K
IncomeTaxPayable0.00393.00K
AccountsPayable151.29M131.26M124.67M129.95M
TotalAssets6.57B6.39B6.27B6.31B
TotalNonCurrentAssets6.04B5.83B5.74B5.83B
OtherNonCurrentAssets93.46M66.52M67.78M147.44M
GoodwillAndOtherIntangibleAssets2.43B2.35B2.34B2.46B
OtherIntangibleAssets1.47B1.39B1.39B1.43B
Goodwill957.98M957.89M947.34M1.03B
NetPPE3.52B3.41B3.34B3.22B
AccumulatedDepreciation-3.30B-3.29B-3.20B-3.15B
GrossPPE6.81B6.70B6.54B6.37B
ConstructionInProgress271.60M148.57M182.71M87.61M
OtherProperties646.15M735.62M793.34M830.35M
MachineryFurnitureEquipment2.17B2.08B1.98B1.95B
BuildingsAndImprovements3.37B3.40B3.24B3.17B
LandAndImprovements356.70M338.47M338.47M334.37M
Properties0.000.000.000.00
CurrentAssets530.73M561.51M529.32M478.23M
OtherCurrentAssets45.48M56.63M59.29M49.38M
RestrictedCash5.35M4.68M3.66M11.59M
PrepaidAssets41.10M
Inventory20.19M21.23M20.69M22.17M
Receivables106.29M162.28M141.40M111.61M
TaxesReceivable21.94M30.00M3.51M2.56M
AccountsReceivable84.35M132.27M137.89M109.05M
AllowanceForDoubtfulAccountsReceivable-2.56M-2.34M-2.73M-2.60M
GrossAccountsReceivable86.91M134.61M140.62M111.65M
CashCashEquivalentsAndShortTermInvestments353.41M316.69M304.27M283.47M
CashAndCashEquivalents353.41M316.69M304.27M283.47M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow303.46M556.67M540.57M706.96M
RepurchaseOfCapitalStock-778.32M-685.85M-412.65M-541.64M
RepaymentOfDebt-3.20B-1.51B-1.65B-2.10B
IssuanceOfDebt2.06B1.76B1.51B2.12B
CapitalExpenditure-673.22M-400.40M-373.95M-269.15M
InterestPaidSupplementalData151.00M173.18M166.68M144.02M
IncomeTaxPaidSupplementalData131.77M144.51M164.48M140.92M
EndCashPosition358.77M321.36M307.93M295.06M
BeginningCashPosition321.36M307.93M295.06M357.13M
EffectOfExchangeRateChanges194.00K-228.00K-73.00K-10.00K
ChangesInCash37.21M13.66M12.94M-62.05M
FinancingCashFlow-1.98B-509.50M-637.25M-615.85M
CashFlowFromContinuingFinancingActivities-1.98B-509.50M-637.25M-615.85M
NetOtherFinancingCharges-6.20M-14.99M-19.48M-45.95M
CashDividendsPaid-58.17M-62.66M-63.61M-48.16M
CommonStockDividendPaid-63.61M-48.16M0.00
NetCommonStockIssuance-778.32M-685.85M-412.65M-541.64M
CommonStockPayments-778.32M-685.85M-412.65M-541.64M
NetIssuancePaymentsOfDebt-1.14B254.00M-141.50M19.90M
NetShortTermDebtIssuance-28.29M
ShortTermDebtPayments-28.29M
ShortTermDebtIssuance0.00
NetLongTermDebtIssuance-1.14B254.00M-141.50M19.90M
LongTermDebtPayments-3.20B-1.51B-1.65B-2.10B
LongTermDebtIssuance2.06B1.76B1.51B2.12B
InvestingCashFlow1.04B-433.91M-264.33M-422.31M
CashFlowFromContinuingInvestingActivities1.04B-433.91M-264.33M-422.31M
NetOtherInvestingChanges-41.96M-3.25M109.62M14.71M
NetInvestmentPurchaseAndSale1.76B0.000.00
SaleOfInvestment1.76B0.000.00
NetBusinessPurchaseAndSale0.00-30.27M0.00-167.86M
PurchaseOfBusiness0.00-30.27M0.00-167.86M
NetIntangiblesPurchaseAndSale-85.00M0.000.00
PurchaseOfIntangibles-85.00M0.000.00
CapitalExpenditureReported-588.22M-400.40M-373.95M-269.15M
OperatingCashFlow976.68M957.08M914.52M976.11M
CashFlowFromContinuingOperatingActivities976.68M957.08M914.52M976.11M
ChangeInWorkingCapital350.06M-100.22M-126.53M-101.90M
ChangeInOtherWorkingCapital8.07M-26.50M-950.00K-2.95M
ChangeInOtherCurrentLiabilities-93.50M-89.38M-78.84M-64.66M
ChangeInOtherCurrentAssets1.04M800.00K1.31M-7.86M
ChangeInPayablesAndAccruedExpense373.73M6.34M-10.35M891.00K
ChangeInPrepaidAssets11.70M3.09M-10.37M-8.48M
ChangeInInventory1.05M-543.00K1.48M-2.08M
ChangeInReceivables47.97M5.96M-28.81M-16.76M
ChangesInAccountReceivables47.97M5.96M-28.81M-16.76M
OtherNonCashItems94.49M104.39M88.24M83.27M
StockBasedCompensation32.15M29.67M32.38M34.07M
ProvisionandWriteOffofAssets0.000.00-34.37M-35.10M
AssetImpairmentCharge128.40M10.50M107.84M40.77M
DeferredTax-23.48M58.15M-29.84M51.03M
DeferredIncomeTax-23.48M58.15M-29.84M51.03M
DepreciationAmortizationDepletion302.71M276.64M256.78M258.18M
DepreciationAndAmortization302.71M276.64M256.78M258.18M
OperatingGainsLosses-1.75B6.41M95.16M
GainLossOnInvestmentSecurities-1.75B
NetIncomeFromContinuingOperations1.84B577.95M620.02M639.38M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for BYD
Date User Asset Broker Type Position Size Entry Price Patterns