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BYD

Boyd Gaming Corporation
$70.36
-1.76% Oct 21 close
Consumer DiscretionaryS&P 400 CompareTechnicals
-19%-10%-1%+8%+17%Oct 2025Oct 2026Apr 2026
BYDSPY
1W
+0.9%
1M
-3.1%
3M
-18.6%
6M
-17.9%
YTD
-16.8%
1Y
-14.8%

Live chart

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What they do

Boyd Gaming Corporation 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.

Consumer Cyclical · Resorts & Casinos

For information only · Important disclosures

Grades vs sector

Momentum
37th percentile in sector
C-
12-1 return: -13.7%
Percentile within its GICS sector across the S&P 1500.
Growth
28th percentile in sector
D+
Revenue growth (YoY): +0.0%
Percentile within its GICS sector across the S&P 1500.
Value
84th percentile in sector
A-
Forward E/P: 10.9% · EBITDA/EV: 14.6%
Percentile within its GICS sector across the S&P 1500.
Profitability
96th percentile in sector
A+
Profit margin: +44.3% · Return on equity: +93.1%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
Outside this model's universe or screens
Momentum Blend
Not in the current book
New Highs Growth
Outside this model's universe or screens
Coteau Long Book
Not in the current book

News

More news
Boyd Gaming (BYD) Q3 2026 Earnings Call Transcript
Nasdaq · 40m ago
Why is Boyd Gaming stock trading flat after hours today?
Investing.com · 5h ago
Boyd Gaming (BYD) files 8-K: results
SEC 8-K · 5h ago
BOYD GAMING REPORTS THIRD-QUARTER 2026 RESULTS
PR Newswire · 5h ago
Here Are Monday’s Top Wall Street Analyst Research Calls: Ameriprise Financial, Boyd Gaming, CoreWeave, Datadog, Intel, JetBlue Airways, PayPal Holdings, Pinterest, Whirlpool, and More
24/7 Wall St. · Oct 19

Key stats

Market value$5.1B
P/E (last 12 months)3.1
P/E (next 12 months, estimated)9.3
52-week range$65.00 – $91.41
Revenue growth (latest quarter vs a year ago)+0.0%
Dividend yield1.12%
Analyst consensusBuy (16)
Average analyst price target$92.12 (+31%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Roughly fairly valued
Model read-out from the numbers below, not advice. Score +0 (DCF counts double).
▼DCF (base case)below the price by 135%
▲Forward P/E vs sector9.3x vs median 13.4x
•Piotroski F-score6/9
•Net debt / EBITDA2.2x
▲Analyst target+31% (16 analysts)

Discounted cash flow

Bear
$-27
-139%
growth -3% · disc. 10.9% · term. 2.0%
Base
$-25
-135%
growth 2% · disc. 9.9% · term. 2.5%
Bull
$-22
-131%
growth 5% · disc. 8.9% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 40% a year for 10 years.
Implied
+40%/yr
FCF, last 3 yrs
-18%/yr
FCF, last 5 yrs
+28%/yr
Revenue, last 3 yrs
+5%/yr
Revenue, last 5 yrs
+13%/yr
Same inputs as the DCF above: trailing free cash flow 0.0B, 9.9% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.13 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Consumer Discretionary

P/E (trailing)
sector median 17.7× · 1st pct
3.1×
cheaper
Forward P/E
sector median 13.4× · 21st pct
9.3×
cheaper
EV / EBITDA
sector median 11.3× · 15th pct
7.2×
cheaper
Price / sales
sector median 1.2× · 51st pct
1.2×
pricier
Price / book
sector median 2.8× · 40th pct
2.0×
cheaper
FCF yield
sector median 6.6% · 8th pct
0.7%
pricier

Forward EPS $7.59 vs trailing $22.91 (-67% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
–
Operating margin
16.4%
FCF margin
0.9%
Net margin
44.3%
Return on equity
72.7%
Return on invested capital
11.1%
Net debt / EBITDA
2.2×
Current ratio
0.8×
Interest cover
5.7×
Cash conversion (OCF/NI)
0.3×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✓ Asset turnover improved

Analysts

Mean target
$92
+31%
Analysts
16
Buy
Range
$78–$111
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$4.1B$1.8B$388.5M
2024$3.9B$578.0M$556.7M
2023$3.7B$620.0M$540.6M
2022$3.6B$639.4M$707.0M
2021$3.4B$463.8M$811.0M
2020$2.2B$-134.7M$114.0M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +4.8%.

Earnings

Next report: 2026-10-22 · after close · EPS est 1.62
24-1025-0225-0425-0725-1026-0226-0426-070.002.21
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-07-231.891.93+2.1%
2026-04-231.711.60-6.7%
2026-02-051.942.21+14.2%
2025-10-231.631.72+5.8%
2025-07-241.671.87+12.2%
2025-04-241.521.62+6.3%
2025-02-061.791.96+9.3%
2024-10-241.401.52+8.7%

Quarterly revenue

QuarterRevenueYoY
2026-06-30$1.0B+0.0%
2026-03-31$997.4M–
2025-12-31$1.1B–
2025-09-30$1.0B–
2025-06-30$1.0B–
Rating changes
Reiterated
2026-10-20 · JP Morgan reiterated Neutral on BYD
Reiterated
2026-10-20 · Truist Securities reiterated Buy on BYD
Upgrade
2026-10-19 · Susquehanna upgraded BYD from Neutral to Positive
Reiterated
2026-10-19 · Wells Fargo reiterated Equal-Weight on BYD
Upgrade
2026-10-19 · Morgan Stanley upgraded BYD from Equal-Weight to Overweight
Reiterated
2026-10-12 · Citigroup reiterated Neutral on BYD

Third-party analyst actions, not Coteau's views. All rating changes

Recent dividends

2026-09-15: $0.200 · 2026-06-15: $0.200 · 2026-03-16: $0.200 · 2025-12-15: $0.180 · 2025-09-15: $0.180 · 2025-06-16: $0.180 · 2025-03-17: $0.180 · 2024-12-16: $0.170

Stats refreshed 2026-10-21 12:07:36 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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coteau

Independent research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

Beta 0.9 · Oct 21, 2026