Boyd Gaming Corporation (BYD) Stock Analysis
Consumer Cyclical · Resorts & Casinos · NYSE
Boyd Gaming Corporation (BYD) posted $4.09B in revenue for fiscal 2025 (up 4.1% year over year), at a 45.0% net margin, and has compounded revenue about 13.4%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Boyd Gaming Corporation
Boyd Gaming Corporation has grown revenue from $2.20B to $4.09B over the last 10 fiscal years, compounding about 13.4% a year. The most recent year was up 4.1%, so growth has cooled from its longer-run pace.
Net margin sits at 45%, up 30.3 points year over year. It carries about $2.05B of total debt.
At today's valuation the market is pricing in roughly 5.2% annual free-cash-flow growth — versus the 27.8% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from Boyd Gaming Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Boyd Gaming Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.20B | $2.40B | $2.63B | $3.33B | $2.18B | $3.37B | $3.56B | $3.74B | $3.93B | $4.09B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $420.23M | $189.39M | $115.05M | $157.64M | $-134.70M | $463.85M | $639.38M | $620.02M | $577.95M | $1.84B |
| Net margin | 19.1% | 7.9% | 4.4% | 4.7% | -6.2% | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% |
Source: Boyd Gaming Corporation SEC filings (10-K). 17 years of history available in the interactive view.
Boyd Gaming Corporation: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into BYD stock?
At today's market cap of $6.45B, Boyd Gaming Corporation is priced for free-cash-flow growth of about 5.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $388.46M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 27.8%/yr over the last five fiscal years and revenue 13.4%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Boyd Gaming Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeOr start a 7-day free trial to track BYD in your portfolio →
Boyd Gaming Corporation financial history by metric
Compare Boyd Gaming Corporation with peers
About Boyd Gaming Corporation
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.
Boyd Gaming Corporation — frequently asked questions
What is Boyd Gaming Corporation's revenue?
Boyd Gaming Corporation (BYD) reported revenue of $4.09B for fiscal year 2025, up 4.1% from the prior year, according to its SEC filings.
Is Boyd Gaming Corporation profitable?
Yes. BYD earned net income of $1.84B in fiscal 2025, a net margin of 45.0%.
What is BYD's P/E ratio?
Boyd Gaming Corporation trades at a price-to-earnings ratio of about 3.8 based on the latest data in our nightly-refreshed cache.
How fast is Boyd Gaming Corporation growing?
BYD's revenue grew at roughly 13.4% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Boyd Gaming Corporation have?
As of fiscal year 2025, BYD carried roughly $2.05B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Boyd Gaming Corporation's market cap?
Boyd Gaming Corporation (BYD) has a market capitalization of about $6.45B, based on the latest data in our nightly-refreshed cache.
When does Boyd Gaming Corporation's fiscal year end?
BYD's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into BYD stock?
At today's market cap of $6.45B, Boyd Gaming Corporation is priced for free-cash-flow growth of about 5.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $388.46M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 27.8%/yr over the last five fiscal years and revenue 13.4%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Boyd Gaming Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.