Boyd Gaming Corporation (BYD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+431.9%

$411.00

vs $77.27 price

Levered DCF

$94.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.09

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	3.78×	11.72×	10.23×	9.29×	16.11×	-36.07×	21.54×	20.57×
P/B	2.67×	4.28×	3.64×	3.73×	4.85×	4.33×	2.69×	2.07×
P/S	1.7×	1.72×	1.7×	1.67×	2.22×	2.24×	1.02×	0.91×
EV / EBITDA	3.34×	8.61×	8.27×	7.71×	10.32×	26.99×	10.95×	10.37×
Gross margin	42.1%	52.2%	54.0%	56.0%	57.5%	52.4%	47.8%	47.8%
Operating margin	21.4%	23.6%	24.1%	27.6%	26.7%	0.7%	14.2%	13.5%
Net margin	45.0%	14.7%	16.6%	18.0%	13.8%	-6.2%	4.7%	4.4%
Current ratio	0.54×	0.9×	0.89×	0.82×	0.91×	1.24×	0.72×	0.85×
Debt / equity	1.04×	2.49×	2.14×	2.45×	2.56×	4.3×	3.71×	3.47×
Interest coverage	5.56×	5.23×	5.27×	6.49×	4.51×	0.06×	1.99×	1.74×
Dividend yield	0.8%	0.9%	1.0%	0.8%	0.0%	0.2%	0.9%	1.0%
Payout ratio	3.2%	10.8%	10.3%	7.5%	0.0%	-5.8%	18.4%	21.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	70.7%	36.5%	35.5%	40.2%	30.1%	-12.0%	12.5%	10.0%
Return on invested capital	12.1%	12.1%	12.8%	12.9%	11.9%	0.2%	5.9%	5.0%
Return on assets	28.0%	9.0%	9.9%	10.1%	7.5%	-2.1%	2.4%	2.0%
Free cash flow yield	5.6%	8.2%	8.5%	11.9%	10.9%	2.3%	10.0%	11.5%
Earnings yield	26.5%	8.5%	9.8%	10.8%	6.2%	-2.8%	4.6%	4.8%
Enterprise value	$9.3B	$10.4B	$9.8B	$9.6B	$11.1B	$9.2B	$7.8B	$6.1B
Net debt / EBITDA	0.85×	3×	2.9×	2.92×	3.35×	12.68×	6.21×	6.33×
Cash conversion cycle (days)	-11	-6	-8	-14	-11	-17	-8	-16