# Boyd Gaming Corporation (BYD)

> Source: Nexqual · https://nexqual.com/BYD · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Boyd Gaming Corporation (BYD), nexqual.com/BYD" · informational, not investment advice.

**Price:** USD 72.27 (+2.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 70.61 · day 69.93–72.97 · 52w 65–91.41 · market cap $5.25B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.10B, net income $1.82B (44.3% margin), free cash flow $35.1M (SEC filings).
- Valuation: P/E 2.9x (avg 8.6x at the last 3 fiscal year-ends), EV/EBITDA 7.4x, net debt $2.29B.
- Earnings quality: non-operating income $1.62B vs operating income $671M over the last four quarters; P/E excluding non-operating income ≈9.8x (estimate: non-operating income taxed at the company's 20.9% effective rate).
- 1 of 80 tracked superinvestors hold BYD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $18.6M; 6 not under a Rule 10b5-1 plan ($18.6M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.47 on a 1–5 scale) (19 analysts), mean target USD 90.69 (range 75–111).
- Total return with dividends: 1Y -14.2% vs S&P 500 +14.9%; 5Y +14.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.72, revenue estimate $1.04B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.37B | $3.56B | $3.74B | $3.93B | $4.09B | $4.10B |
| Operating income | $900M | $981M | $902M | $928M | $748M | $671M |
| Net income | $464M | $639M | $620M | $578M | $1.84B | $1.82B |
| EPS (diluted) | $4.07 | $5.87 | $6.12 | $6.19 | $22.56 | — |
| Free cash flow | $811M | $707M | $541M | $557M | $388M | $35.1M |
| Operating margin | 26.7% | 27.6% | 24.1% | 23.6% | 18.3% | 16.4% |
| Net margin | 13.8% | 18.0% | 16.6% | 14.7% | 45.0% | 44.3% |
| Revenue growth | +54.7% | +5.5% | +5.2% | +5.1% | +4.1% | — |
| Cash + short-term investments | $345M | $284M | $305M | $317M | $354M | — |
| Total debt | $3.03B | $3.05B | $2.92B | $3.18B | $2.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 2.9x · P/E ex non-operating (est.) ≈9.8x · P/S 1.3x · EV/EBITDA 7.4x · EV/Sales 1.8x · P/FCF 149.7x · P/B 2.1x · FCF yield 0.67% · Earnings yield 34.61% · Dividend yield (paid, TTM) 1.10% · Buyback yield (TTM) 12.50% · Net debt $2.29B · EV $7.54B
P/E at fiscal year-ends: Dec 2025 3.8x, Dec 2024 11.7x, Dec 2023 10.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BYD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 1.92% | $193M | Reduced -4.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Johnson Marianne Boyd | Director | 12 | $1K | 0% | No | Routine (sold in Feb & Aug each year 2023–2025) |
| 2026-07-28 | Hirsberg Josh | CFO & Treasurer | 12,777 | $1.1M | 2.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Clinton Uri | Chief Legal Off. & Secretary | 3,468 | $304K | 5.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-03 | Smith Keith | President and CEO | 100,000 | $8.6M | 9.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13 | Spadafor Christine J. | Director | 1,237 | $100K | 12.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01…2026-05-05 | Johnson Marianne Boyd | Chairman | 100,000 | $8.4M | 1.2% | No | Routine (sold in Feb & Aug each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.47 on a 1–5 scale), 19 analysts; mean target USD 90.69 (low 75, high 111).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Neutral | $93 → $85 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $110 → $100 |
| 2026-10-19 | Susquehanna | Upgrade | Neutral → Positive | $87 → $83 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $87 → $86 |
| 2026-10-19 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $89 → $83 |
| 2026-10-12 | Citigroup | Target lowered | Neutral | $90 → $78 |
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $87 → $85 |
| 2026-10-07 | Mizuho | Target lowered | Outperform | $104 → $102 |
| 2026-10-07 | Macquarie | Target lowered | Neutral | $94 → $90 |
| 2026-10-06 | Deutsche Bank | Upgrade | Hold → Buy | $98 → $99 |
| 2026-09-02 | Wolfe Research | Initiated | Peer Perform |  |
| 2026-08-17 | Macquarie | Target raised | Neutral | $92 → $94 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.2% | +14.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.2% | +2.8% |
| Volatility (annualized) | 27.1% | 28.0% |
| Max drawdown | -27.4% (Jul 2026→Oct 2026) | -32.9% (Feb 2022→Sep 2022) |

## Peers (Resorts & Casinos)
RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38% · MTN (Vail Resorts, Inc.) USD 148.23 +0.83% · CZR (Caesars Entertainment, Inc.) USD 29.07 +0.59% · VAC (Marriott Vacations Worldwide Co) USD 112.93 -0.16% · MGM (MGM Resorts International) USD 29.5 +2.18% · WYNN (Wynn Resorts, Limited) USD 75.13 -0.83%

## More
Full page: https://nexqual.com/BYD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name BYD in their own reports (relationship from BYD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Flutter Entertainment plc (FLUT) | 10-K 2026-02-26 | "Additionally, FanDuel has a strategic partnership with Boyd Gaming Corporation, one of the largest and most experienced gaming companies in the United States." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Midwest & South | $556.9M | 53.8% | +3.1% |
| Las Vegas Locals | $225.9M | 21.8% | -1.4% |
| Online | $158.2M | 15.3% | -8.6% |
| Downtown Las Vegas | $52.1M | 5.0% | -5.7% |
| Total revenue | $1.03B | 100% | — |
The lines above cover 96% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Casino | $683.3M | 66.1% | +1.8% |
| Online Reimbusements | $126.4M | 12.2% | -5.6% |
| Food & Beverage | $77.7M | 7.5% | -0.6% |
| Occupancy | $50.4M | 4.9% | -2.0% |
| Product & Service Other | $36.3M | 3.5% | +0.6% |
| Online | $31.8M | 3.1% | -18.7% |
| Management Service | $28.5M | 2.8% | +19.8% |
| Total revenue | $1.03B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.72 | $1.92 | -10.2% | $1.04B | 6 |
| Next quarter (ends 2027-03-31) | $1.69 | $1.71 | -1.6% | $1.01B | 7 |
| Current fiscal year (ends 2026-12-31) | $6.89 | $7.08 | -2.6% | $4.06B | 9 |
| Next fiscal year (ends 2027-12-31) | $7.64 | $7.74 | -1.3% | $4.17B | 17 |