Start here if you're new
what it is
Boyd runs 28 casinos across 10 states and adds an online betting business on top.
how it gets paid
Last year Boyd Gaming made $4.1B in revenue. Midwest and South was the main engine at $2.17B, or 53% of sales.
why it's growing
Revenue grew 4.1% last year. The 11.06% beat matters because it shows Boyd is still out-earning expectations while the stock trades at 12.2 times past profit.
what just happened
Boyd's last quarter beat profit forecasts, posting $2.21 in profit per share versus $1.99 expected.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
12.2x trailing p/e — the market's not buying it — or you found a deal
0.9% dividend yield — cash in your pocket every quarter
16.5% return on capital — nothing to write home about
xvary composite: 64/100 — average
What they do
Boyd runs 28 casinos across 10 states and adds an online betting business on top.
Boyd wins by owning routine, not fantasy. Midwest and South plus Las Vegas Locals made up 76% of 2024 revenue, so your customer is the repeat gambler down the road, not the once-a-year tourist. That steadier traffic helped keep operating margin (money left after paying to run the business) at 18.3%, which is sturdy for casinos.
How they make money
$4.1B
annual revenue · their business grew +4.1% last year
Midwest and South
$2.17B
Las Vegas Locals
$0.94B
Online
$0.62B
Downtown Las Vegas
$0.25B
Managed & Other
$0.12B
The products that matter
casino and hotel operations
Gaming & Entertainment Properties
$4.1B revenue · 100% of sales
it's the entire $4.1B business, and it still produced a 15.9% net margin. That's the part that matters.
100% of revenue
local market casinos in Las Vegas
Las Vegas Locals Segment
segment revenue not disclosed here
this sits inside a 28-property portfolio across 10 states, and management commentary points to resident demand holding up better than destination traffic.
local repeat business
regional casino portfolio
Midwest & South Segment
segment revenue not disclosed here
the company called out broad-based demand and strong performance at Treasure Chest, but without segment revenue you are betting more on portfolio quality than line-item detail.
regional exposure
Key numbers
12.2x
price/past profit
Price-to-earnings → stock price compared with last year's profit → so what: you are paying a below-market style multiple for a company expected to earn $7.90 a share in 2026.
$7.90
2026 profit/share
Profit per share → how much the business earns for each share you own → so what: that is up from $7.20 in 2025, about 9.7% higher.
16.5%
capital returns
Return on capital → profit produced from money invested in the business → so what: Boyd turns every $1 put to work into about $0.17 of profit.
$1.9B
long debt
Long-term debt → money Boyd owes over many years → so what: the debt load is manageable at 22% of capital, but higher rates still matter.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $1.9B (22% of capital)
- net profit margin 16.8% — keeps 17 cents of every dollar in revenue
- return on equity 22% — $0.22 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in BYD 3 years ago → it's now worth $15,510.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Boyd's last quarter beat profit forecasts, posting $2.21 in profit per share versus $1.99 expected.
That was an 11.06% surprise based on Yahoo Finance consensus data. Full-year profit per share also rose to $7.20 in 2025 from $6.57 in 2024, even as management described late-2025 results as mixed.
$2.21
actual profit/share
$1.99
expected profit/share
11.06%
beat size
the number that mattered
The 11.06% beat matters because it shows Boyd is still out-earning expectations while the stock trades at 12.2 times past profit.
-
boyd gaming probably closed out 2025 with mixed results.
-
we think fourth-quarter revenues declined modestly compared to the previous-year tally.while the las vegas locals segment likely had a solid showing, driven by decent demand from area residents, we believe the downtown las vegas division posted weaker results. management noted that there was some softness in the destination business in the third quarter, which probably carried over into the final stanza of the year.
-
this resulted in reduced pedestrian traffic and lower hotel revenues.the midwest and south segment likely reported solid results, owing to good broad-based demand throughout the portfolio. treasure chest, the land-based casino in louisiana, has been performing well, and probably continued to do so. we think share earnings in the december quarter increased slightly compared to the prior-year figure, driven by ongoing stock repurchases and cost-containment initiatives.
-
we anticipate a modest rise in the top line in 2026, along with a stronger bottom-line performance.
-
the core gaming business ought to support the revenue advance.
source: company earnings report and yahoo finance consensus, 2026
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What could go wrong
the #1 risk here is regional gaming competition and local demand slowdown. Boyd is not selling cloud software. It is selling trips to casinos, hotel nights, and entertainment across a 28-property footprint.
med
new regional supply
If neighboring states expand gaming or a nearby property upgrades aggressively, customer trips can shift fast. Casinos have more local overlap than investors like to admit.
The exposure is real because it can pressure traffic and revenue across the same $4.1B business without any help from management.
med
consumer pullback
Gaming spend is discretionary. When household budgets tighten, visits, hotel stays, and food spend are the first things to get negotiated by reality.
That risk touches effectively all $4.1B of revenue, because there is no defensive segment here hiding from local spending pressure.
med
regulatory and tax changes
Gaming is regulated market by market. Tax hikes, smoking restrictions, or licensing changes do not need to be dramatic to hurt property-level economics.
With a 15.9% net margin, even a few points of pressure would matter more than it would in a business already priced for perfection.
med
debt in a cyclical business
$1.9B of long-term debt is manageable when demand is steady. It becomes more noticeable when revenue growth slows and fixed costs stay fixed.
This is why the stock looks cheap. The market is not giving full credit to a casino operator unless demand stays firm.
The combined risk picture is simple: local demand softness or tougher competition can pressure the entire $4.1B revenue base, while $1.9B of debt limits how painless a downturn would feel.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Las Vegas locals versus downtown
If local demand stays firm while destination trends stay soft, you will see exactly which part of Boyd is carrying the quarter.
metric
margin discipline
A 15.9% net margin is strong for this kind of business. Watch whether cost control keeps EPS ahead of revenue growth.
risk
regional competition announcements
Any new casino supply, tax change, or gaming expansion in nearby markets can take share without asking permission.
trend
repurchases and share count
Management has been using buybacks to support per-share earnings. If that slows, EPS growth may start looking a lot more ordinary.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak: they like the setup more than the average stock.
risk profile
average
stability score 3 — this is a middle-of-the-pack risk profile. Not a bunker stock. Not a disaster magnet.
chart momentum
below average
technical score 4 — the stock's recent trading setup is weaker than the fundamental ranking suggests. Welcome to a name that screens better than it charts.
earnings predictability
25 / 100
low predictability means quarterly results are harder to forecast. If you own it, expect noise around the numbers.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 196 buyers vs. 177 sellers in 3q2025. total institutional holdings: 55.7M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$71
$134
$88
current price
$103
target midpoint · +17% from current · 3-5yr high: $165 (+90% · 18% ann'l return)
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