Boyd Gaming (BYD) Financials

$75.14 +0.34 (+0.45%)

Closing price 03:59 PM Eastern

Extended Trading

$75.00 -0.14 (-0.19%)

As of 07:54 PM Eastern

Annual Income Statements for Boyd Gaming

This table shows Boyd Gaming's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	578	620	639	464	-135	158	115	189	420	47
Consolidated Net Income / (Loss)	578	620	639	464	-135	158	115	189	420	47
Net Income / (Loss) Continuing Operations	578	620	639	464	-135	158	115	168	208	11
Total Pre-Tax Income	752	753	829	604	-171	202	155	171	7.77	4.06
Total Operating Income	928	902	981	900	14	473	355	344	260	271
Total Gross Profit	2,050	2,019	1,990	1,937	1,141	1,590	1,255	1,137	2,199	1,089
Total Revenue	3,930	3,738	3,555	3,370	2,178	3,326	2,627	2,401	2,199	2,199
Operating Revenue	3,930	3,738	3,555	3,370	2,178	3,326	2,627	2,401	2,199	2,442
Total Cost of Revenue	1,880	1,720	1,565	1,432	1,037	1,736	1,371	1,264	0.00	1,110
Operating Cost of Revenue	1,880	1,720	1,565	1,432	1,037	1,736	1,371	1,264	-	1,110
Total Operating Expenses	1,122	1,117	1,009	1,037	1,127	1,117	900	793	1,939	818
Selling, General & Admin Expense	541	506	491	484	427	567	476	452	395	399
Research & Development Expense	29	-8.94	-19	32	-0.66	22	46	14	22	6.91
Depreciation Expense	277	257	258	268	281	277	230	218	196	207
Other Operating Expenses / (Income)	265	255	238	246	246	252	148	109	1,287	186
Impairment Charge	11	108	41	8.20	175	0.00	0.99	-0.43	38	19
Total Other Income / (Expense), net	-176	-149	-152	-296	-185	-270	-200	-173	-253	-267
Interest Expense	177	171	171	295	232	272	204	175	213	225
Interest & Investment Income	1.63	24	22	1.82	1.90	1.86	3.72	1.82	2.96	1.86
Other Income / (Expense), net	0.01	-1.56	-2.88	-3.39	45	0.11	0.28	0.18	-43	-44
Income Tax Expense	174	133	189	140	-36	44	40	3.12	-200	-6.63
Basic Earnings per Share	$6.19	$6.12	$5.87	$4.07	($1.19)	$1.39	$1.01	$1.65	$3.67	$0.42
Weighted Average Basic Shares Outstanding	93.31M	101.33M	108.89M	113.87M	113.52M	113.47M	114.40M	114.96M	114.51M	112.79M
Diluted Earnings per Share	$6.19	$6.12	$5.87	$4.07	($1.19)	$1.38	$1.00	$1.64	$3.65	$0.42
Weighted Average Diluted Shares Outstanding	93.35M	101.37M	109.00M	114.10M	113.52M	113.95M	115.07M	115.63M	115.19M	113.68M
Weighted Average Basic & Diluted Shares Outstanding	83.75M	96.05M	102.01M	110.01M	111.86M	111.61M	113.90M	114.80M	114.50M	111.75M
Cash Dividends to Common per Share	$0.68	$0.64	$0.60	-	-	$0.27	$0.23	$0.15	$0.00	$0.00

This table shows Boyd Gaming's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	111	171	131	140	136	93	135	192	200	173	157
Consolidated Net Income / (Loss)	111	171	131	140	136	93	135	192	200	173	157
Net Income / (Loss) Continuing Operations	111	171	131	140	136	93	135	192	200	173	157
Total Pre-Tax Income	152	216	174	185	177	113	177	204	259	226	203
Total Operating Income	200	261	220	227	219	155	218	244	285	248	237
Total Gross Profit	504	548	499	507	496	505	482	507	524	510	492
Total Revenue	992	1,041	961	968	961	954	903	917	964	923	877
Operating Revenue	992	1,041	961	968	961	954	903	917	964	923	877
Total Cost of Revenue	487	493	462	461	465	449	421	410	440	413	385
Operating Cost of Revenue	487	493	462	461	465	449	421	410	440	413	385
Total Operating Expenses	304	286	279	280	276	350	264	263	239	262	255
Selling, General & Admin Expense	138	137	130	136	138	118	128	131	129	120	119
Research & Development Expense	-1.52	6.62	11	7.59	3.02	2.33	2.41	5.20	-19	-19	9.65
Depreciation Expense	68	78	70	66	63	68	65	62	62	64	65
Other Operating Expenses / (Income)	68	65	68	70	62	58	69	65	63	62	55
Impairment Charge	32	-	0.00	0.00	11	103	0.00	0.00	4.54	35	5.58
Total Other Income / (Expense), net	-48	-45	-46	-43	-42	-42	-41	-41	-26	-22	-34
Interest Expense	48	46	46	43	42	42	42	43	44	41	36
Interest & Investment Income	0.81	0.38	0.39	0.40	0.45	1.44	1.59	2.72	18	19	2.07
Other Income / (Expense), net	-0.11	0.30	-0.19	-0.05	-0.05	-0.97	0.03	-0.52	-0.10	0.78	-0.17
Income Tax Expense	41	46	43	45	41	21	42	11	59	53	46
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.54	-	-	-	-	-	-	-	-	-	-
Basic Earnings per Share	$1.31	$1.89	$1.43	$1.47	$1.40	$0.96	$1.34	$1.89	$1.93	$1.63	$1.46
Weighted Average Basic Shares Outstanding	85.12M	93.31M	91.86M	95.04M	97.43M	101.33M	100.80M	102.03M	103.62M	108.89M	107.74M
Diluted Earnings per Share	$1.31	$1.89	$1.43	$1.47	$1.40	$0.96	$1.34	$1.89	$1.93	$1.63	$1.46
Weighted Average Diluted Shares Outstanding	85.14M	93.35M	91.89M	95.08M	97.48M	101.37M	100.85M	102.07M	103.67M	109.00M	107.84M
Weighted Average Basic & Diluted Shares Outstanding	81.40M	83.75M	88.39M	91.76M	94.88M	96.05M	97.86M	100.01M	101.03M	102.01M	104.38M
Cash Dividends to Common per Share	$0.18	-	$0.17	$0.17	$0.17	-	$0.16	$0.16	$0.16	-	$0.15

This table details how cash moves in and out of Boyd Gaming's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	13	13	-62	-178	265	-2.75	46	17	32	13
Net Cash From Operating Activities	957	915	976	1,010	289	549	435	423	300	326
Net Cash From Continuing Operating Activities	957	915	976	1,010	289	549	435	423	300	326
Net Income / (Loss) Continuing Operations	578	620	639	464	-135	158	115	168	208	11
Consolidated Net Income / (Loss)	578	620	639	464	-135	158	115	189	420	47
Depreciation Expense	277	257	258	268	281	277	230	218	196	207
Amortization Expense	7.59	7.76	8.55	11	12	9.23	9.16	9.85	15	21
Non-Cash Adjustments To Reconcile Net Income	40	106	46	141	172	66	26	13	90	81
Changes in Operating Assets and Liabilities, net	55	-76	24	126	-41	40	55	14	-208	5.92
Net Cash From Investing Activities	-434	-264	-422	-130	-171	-231	-1,135	-226	-739	-127
Net Cash From Continuing Investing Activities	-434	-264	-422	-130	-171	-231	-1,135	-226	-739	-127
Purchase of Property, Plant & Equipment	-400	-374	-269	-199	-175	-208	-162	-190	-160	-131
Acquisitions	-30	0.00	-168	0.00	-11	-5.54	-934	-1.15	-593	-
Sale of Property, Plant & Equipment	0.00	0.00	22	0.00	15	0.00	0.00	-	-	-
Other Investing Activities, net	-3.25	110	-7.25	70	0.00	-18	-40	-34	14	4.53
Net Cash From Financing Activities	-510	-637	-616	-1,059	147	-320	746	-215	-99	-200
Net Cash From Continuing Financing Activities	-510	-637	-616	-1,059	147	-320	746	-215	-99	-200
Repayment of Debt	-1,510	-1,647	-2,102	-1,778	-1,377	-2,908	-965	-1,119	-2,424	-1,650
Repurchase of Common Equity	-686	-413	-558	-95	-29	-44	-74	-35	-	-
Payment of Dividends	-63	-64	-48	0.00	-7.81	-29	-25	-11	0.00	0.00
Issuance of Debt	1,764	1,506	2,121	898	1,565	2,666	1,815	959	3,026	1,784
Other Financing Activities, net	-15	-19	-28	-83	-5.36	-5.78	-5.34	-7.71	-701	-333
Other Net Changes in Cash	-0.23	-0.07	-0.01	0.00	-	-	0.48	36	570	14
Cash Interest Paid	173	167	144	205	215	232	179	174	197	178
Cash Interest Received	0.21	12	0.00	0.00	-	-	-	-	-	-
Cash Income Taxes Paid	145	164	141	5.72	-6.17	-2.12	5.66	5.19	34	-1.16

This table details how cash moves in and out of Boyd Gaming's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-4.55	31	5.48	-3.31	-20	36	-0.77	-5.87	-17	26	5.51
Net Cash From Operating Activities	256	262	231	213	251	217	234	181	282	248	272
Net Cash From Continuing Operating Activities	256	262	231	213	251	217	234	181	282	248	272
Net Income / (Loss) Continuing Operations	111	171	131	140	136	93	135	192	200	173	157
Consolidated Net Income / (Loss)	111	171	131	140	136	93	135	192	200	173	157
Depreciation Expense	68	78	70	66	63	68	65	62	62	64	65
Amortization Expense	1.89	1.89	1.90	1.90	1.90	1.91	1.91	1.91	2.03	2.24	2.05
Non-Cash Adjustments To Reconcile Net Income	39	4.90	7.54	10	17	108	8.03	12	-22	5.08	11
Changes in Operating Assets and Liabilities, net	36	7.05	20	-4.70	32	-53	24	-88	41	4.08	37
Net Cash From Investing Activities	-250	-113	-115	-115	-90	-65	-76	-44	-80	-271	-74
Net Cash From Continuing Investing Activities	-250	-113	-115	-115	-90	-65	-76	-44	-80	-271	-74
Purchase of Property, Plant & Equipment	-211	-111	-85	-114	-90	-95	-108	-75	-96	-96	-74
Other Investing Activities, net	-39	-0.78	-0.97	-0.81	-0.69	30	32	31	16	-7.78	0.53
Net Cash From Financing Activities	-11	-117	-111	-101	-180	-116	-159	-143	-219	49	-193
Net Cash From Continuing Financing Activities	-11	-117	-111	-101	-180	-116	-159	-143	-219	49	-193
Repayment of Debt	-471	-341	-389	-366	-414	-415	-370	-423	-440	-389	-387
Repurchase of Common Equity	-328	-203	-202	-176	-106	-100	-106	-100	-106	-108	-137
Payment of Dividends	-15	-15	-16	-16	-16	-16	-16	-16	-15	-16	-16
Issuance of Debt	809	447	496	457	364	419	333	396	357	568	347
Other Financing Activities, net	-5.96	-5.17	-0.04	0.24	-9.84	-4.81	-0.06	-0.06	-14	-5.84	-0.21
Other Net Changes in Cash	0.01	-0.17	0.07	-0.03	-0.10	-0.08	0.07	-0.06	-0.00	-0.01	-
Cash Interest Paid	46	45	44	43	41	43	40	43	41	41	32
Cash Interest Received	0.00	-	-	0.00	0.21	1.20	2.29	3.39	5.12	-	-
Cash Income Taxes Paid	0.09	25	34	85	0.34	44	34	86	0.03	36	29

This table presents Boyd Gaming's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	6,392	6,273	6,311	6,224	6,559	6,650	5,756	4,686	4,671	4,351
Total Current Assets	562	529	478	508	650	399	400	329	308	257
Cash & Equivalents	317	304	283	345	519	250	249	203	194	159
Restricted Cash	4.68	3.66	12	13	16	20	24	24	16	19
Accounts Receivable	132	138	109	89	53	55	55	40	30	25
Inventories, net	21	21	22	20	23	22	21	18	19	15
Prepaid Expenses	57	59	49	41	39	46	46	38	46	37
Current Deferred & Refundable Income Taxes	30	3.51	2.56	0.00	0.01	5.60	5.48	5.19	2.44	1.38
Plant, Property, & Equipment, net	2,679	2,543	2,394	2,394	2,526	2,673	2,716	2,540	2,605	2,225
Total Noncurrent Assets	3,151	3,201	3,439	3,322	3,383	3,578	2,641	1,817	1,758	1,868
Goodwill	958	947	1,034	971	971	1,083	1,062	888	826	685
Intangible Assets	1,391	1,393	1,427	1,368	1,382	1,467	1,467	843	882	890
Other Noncurrent Operating Assets	802	861	978	982	1,029	1,028	106	81	49	48
Total Liabilities & Shareholders' Equity	6,392	6,273	6,311	6,224	6,559	6,650	5,756	4,686	4,671	4,351
Total Liabilities	4,810	4,529	4,721	4,685	5,435	5,385	4,611	3,589	3,737	3,843
Total Current Liabilities	623	596	586	557	524	557	470	385	366	355
Short-Term Debt	44	44	44	42	31	27	24	24	30	30
Accounts Payable	131	125	130	102	97	91	111	106	84	76
Accrued Expenses	447	427	412	413	396	439	334	255	251	250
Total Noncurrent Liabilities	4,188	3,933	4,134	4,128	4,911	4,828	4,141	3,203	3,371	3,488
Long-Term Debt	3,133	2,871	3,005	2,990	3,867	3,739	3,955	3,052	3,199	3,240
Capital Lease Obligations	652	711	758	-	849	840	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	347	289	319	265	131	167	125	90	87	165
Other Noncurrent Operating Liabilities	56	61	52	874	64	82	61	61	85	83
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,582	1,744	1,591	1,539	1,124	1,265	1,146	1,097	934	508
Total Preferred & Common Equity	1,582	1,744	1,591	1,539	1,124	1,265	1,146	1,097	934	508
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,582	1,744	1,591	1,539	1,124	1,265	1,146	1,097	934	508
Common Stock	0.86	0.97	306	829	878	885	893	933	955	946
Retained Earnings	1,583	1,744	1,286	710	246	381	253	164	-20	-438
Accumulated Other Comprehensive Income / (Loss)	-2.40	-1.10	-1.38	-0.18	0.15	-0.53	-1.07	-0.18	-0.62	-0.32

This table presents Boyd Gaming's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	6,469	6,302	6,261	6,228	6,312	6,304	6,325	6,056
Total Current Assets	502	502	487	480	469	459	457	439
Cash & Equivalents	312	286	281	284	269	261	263	252
Restricted Cash	5.31	3.93	3.95	4.49	2.48	12	15	17
Accounts Receivable	110	103	110	119	104	104	103	87
Inventories, net	21	20	21	20	21	21	22	22
Prepaid Expenses	55	68	52	53	72	52	54	61
Current Deferred & Refundable Income Taxes	0.00	20	19	0.00	1.22	8.82	0.00	-
Plant, Property, & Equipment, net	2,751	2,633	2,626	2,573	2,500	2,452	2,429	2,356
Total Noncurrent Assets	3,215	3,167	3,148	3,174	3,343	3,394	3,438	3,261
Goodwill	958	958	947	947	1,029	1,029	1,029	971
Intangible Assets	1,388	1,395	1,376	1,379	1,417	1,421	1,424	1,357
Other Noncurrent Operating Assets	870	814	825	848	896	943	985	932
Total Liabilities & Shareholders' Equity	6,469	6,302	6,261	6,228	6,312	6,304	6,325	6,056
Total Liabilities	5,117	4,671	4,550	4,473	4,543	4,556	4,664	4,515
Total Current Liabilities	630	611	589	600	583	547	592	576
Short-Term Debt	44	44	44	44	44	44	44	44
Accounts Payable	128	119	128	106	106	97	100	100
Accrued Expenses	449	447	416	412	433	405	409	427
Current Deferred & Payable Income Tax Liabilities	9.98	-	-	37	-	-	39	4.32
Total Noncurrent Liabilities	4,486	4,060	3,961	3,873	3,960	4,009	4,071	3,939
Long-Term Debt	3,473	3,025	2,916	2,824	2,865	2,900	2,924	2,825
Capital Lease Obligations	598	665	680	697	722	735	746	769
Noncurrent Deferred & Payable Income Tax Liabilities	349	314	305	289	309	309	336	292
Other Noncurrent Operating Liabilities	66	56	59	63	64	65	65	54
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,352	1,632	1,712	1,755	1,768	1,749	1,661	1,541
Total Preferred & Common Equity	1,349	1,632	1,712	1,755	1,768	1,749	1,661	1,541
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,349	1,632	1,712	1,755	1,768	1,749	1,661	1,541
Common Stock	0.82	0.89	0.92	0.95	4.34	104	193	413
Retained Earnings	1,350	1,632	1,712	1,755	1,765	1,646	1,469	1,129
Accumulated Other Comprehensive Income / (Loss)	-1.98	-1.04	-1.70	-1.17	-0.97	-0.60	-0.90	-1.13
Noncontrolling Interest	3.22	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Boyd Gaming's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.13%	5.15%	5.51%	54.69%	-34.50%	26.63%	9.41%	9.16%	-0.01%	2.67%
EBITDA Growth	4.05%	-6.45%	5.90%	233.54%	-53.53%	27.54%	4.09%	33.31%	-5.85%	153.83%
EBIT Growth	3.06%	-7.98%	9.10%	1,410.62%	-87.44%	32.94%	3.37%	58.15%	-4.10%	493.62%
NOPAT Growth	-3.99%	-1.89%	9.50%	6,824.12%	-97.29%	40.21%	-22.13%	-95.15%	874.86%	487.30%
Net Income Growth	-6.79%	-3.03%	37.84%	444.35%	-185.45%	37.02%	-39.25%	-54.93%	789.68%	213.44%
EPS Growth	1.14%	4.26%	44.23%	442.02%	-186.23%	38.00%	-39.02%	-55.07%	769.05%	0.00%
Operating Cash Flow Growth	4.65%	-6.31%	-3.39%	249.58%	-47.35%	26.34%	2.83%	40.69%	-7.80%	30.11%
Free Cash Flow Firm Growth	-12.18%	687.68%	-107.35%	557.63%	172.45%	40.82%	-286.45%	-94.58%	680.06%	-42.50%
Invested Capital Growth	0.50%	-0.79%	21.13%	-21.03%	-4.74%	15.44%	22.96%	-0.19%	17.83%	-2.94%
Revenue Q/Q Growth	2.25%	0.85%	1.23%	7.81%	-8.30%	1.26%	8.09%	1.05%	1.26%	34.99%
EBITDA Q/Q Growth	10.69%	-7.21%	2.29%	5.10%	11.58%	3.57%	4.79%	20.77%	-3.82%	254.07%
EBIT Q/Q Growth	13.11%	-9.48%	3.45%	7.76%	159.04%	4.46%	3.91%	37.72%	-6.47%	468.08%
NOPAT Q/Q Growth	12.68%	-7.67%	3.37%	9.90%	-19.97%	10.12%	-30.10%	40.76%	-79.89%	465.16%
Net Income Q/Q Growth	15.58%	-11.44%	10.91%	6.06%	30.46%	0.91%	-33.98%	55.54%	5.34%	117.87%
EPS Q/Q Growth	17.68%	-9.87%	12.88%	5.71%	31.21%	0.00%	0.00%	54.72%	5.19%	0.00%
Operating Cash Flow Q/Q Growth	4.91%	-3.26%	1.60%	7.18%	12.19%	6.04%	3.13%	12.14%	-11.98%	25.62%
Free Cash Flow Firm Q/Q Growth	0.43%	33.75%	-272.40%	104.88%	-7.02%	-53.11%	-874.54%	604.56%	-81.43%	239.17%
Invested Capital Q/Q Growth	0.24%	-1.27%	3.95%	-0.97%	18.29%	16.82%	15.21%	0.71%	6.06%	-0.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.16%	53.99%	55.98%	57.49%	52.39%	47.80%	47.79%	47.35%	100.00%	49.52%
EBITDA Margin	30.84%	31.16%	35.02%	34.89%	16.18%	22.80%	22.64%	23.80%	19.49%	20.70%
Operating Margin	23.61%	24.12%	27.60%	26.71%	0.65%	14.21%	13.53%	14.32%	11.84%	12.33%
EBIT Margin	23.61%	24.08%	27.52%	26.61%	2.72%	14.21%	13.54%	14.33%	9.89%	10.31%
Profit (Net Income) Margin	14.71%	16.58%	17.98%	13.76%	-6.18%	4.74%	4.38%	7.89%	19.11%	2.15%
Tax Burden Percent	76.86%	82.35%	77.14%	76.80%	78.77%	77.99%	74.21%	110.68%	5,409.77%	1,163.11%
Interest Burden Percent	81.05%	83.63%	84.72%	67.35%	-288.09%	42.76%	43.60%	49.74%	3.57%	1.79%
Effective Tax Rate	23.15%	17.65%	22.86%	23.20%	0.00%	22.01%	26.01%	1.82%	-2,573.80%	-163.36%
Return on Invested Capital (ROIC)	14.05%	14.61%	16.25%	14.48%	0.18%	7.05%	5.98%	8.55%	190.54%	20.97%
ROIC Less NNEP Spread (ROIC-NNEP)	10.09%	11.02%	12.45%	7.87%	-3.20%	1.81%	1.47%	3.50%	-32.52%	-1.77%
Return on Net Nonoperating Assets (RNNOA)	20.71%	22.58%	24.61%	20.36%	-11.46%	6.02%	4.28%	10.10%	-132.27%	-10.99%
Return on Equity (ROE)	34.76%	37.19%	40.86%	34.84%	-11.28%	13.08%	10.26%	18.65%	58.28%	9.99%
Cash Return on Invested Capital (CROIC)	13.55%	15.40%	-2.86%	37.98%	5.04%	-7.28%	-14.62%	8.73%	174.18%	23.96%
Operating Return on Assets (OROA)	14.65%	14.31%	15.61%	14.03%	0.90%	7.62%	6.81%	7.35%	4.82%	5.17%
Return on Assets (ROA)	9.13%	9.85%	10.20%	7.26%	-2.04%	2.54%	2.20%	4.05%	9.32%	1.08%
Return on Common Equity (ROCE)	34.76%	37.19%	40.86%	34.84%	-11.28%	13.08%	10.26%	18.65%	58.27%	9.98%
Return on Equity Simple (ROE_SIMPLE)	36.54%	35.55%	40.20%	30.14%	-11.98%	12.46%	10.04%	17.26%	44.99%	9.30%
Net Operating Profit after Tax (NOPAT)	713	743	757	691	9.98	369	263	338	6,963	714
NOPAT Margin	18.14%	19.87%	21.29%	20.51%	0.46%	11.08%	10.01%	14.06%	316.60%	32.47%
Net Nonoperating Expense Percent (NNEP)	3.96%	3.59%	3.80%	6.61%	3.39%	5.25%	4.51%	5.05%	223.06%	22.74%
Return On Investment Capital (ROIC_SIMPLE)	13.18%	13.83%	14.02%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	47.84%	46.01%	44.02%	42.51%	47.61%	52.20%	52.21%	52.65%	0.00%	50.48%
SG&A Expenses to Revenue	13.77%	13.53%	13.81%	14.36%	19.58%	17.04%	18.11%	18.83%	17.97%	18.16%
R&D to Revenue	0.73%	-0.24%	-0.53%	0.94%	-0.03%	0.65%	1.74%	0.60%	1.01%	0.31%
Operating Expenses to Revenue	28.55%	29.87%	28.38%	30.78%	51.74%	33.59%	34.27%	33.03%	88.16%	37.19%
Earnings before Interest and Taxes (EBIT)	928	900	978	897	59	473	356	344	217	227
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,212	1,165	1,245	1,176	352	758	595	571	429	455
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.05	3.47	3.50	4.66	4.15	2.56	1.96	3.44	2.31	4.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.62	1.57	2.13	2.14	0.97	0.86	1.57	0.98	0.95
Price to Earnings (P/E)	11.09	9.77	8.72	15.46	0.00	20.55	19.53	19.91	5.14	44.44
Dividend Yield	0.94%	1.03%	1.12%	0.00%	0.00%	0.93%	1.15%	0.45%	0.00%	0.00%
Earnings Yield	9.01%	10.23%	11.47%	6.47%	0.00%	4.87%	5.12%	5.02%	19.47%	2.25%
Enterprise Value to Invested Capital (EV/IC)	1.95	1.85	1.78	2.34	1.66	1.35	1.23	1.68	1.31	1.47
Enterprise Value to Revenue (EV/Rev)	2.52	2.51	2.56	2.92	4.07	2.28	2.27	2.76	2.35	2.25
Enterprise Value to EBITDA (EV/EBITDA)	8.18	8.05	7.30	8.37	25.17	9.99	10.01	11.58	12.08	10.87
Enterprise Value to EBIT (EV/EBIT)	10.69	10.42	9.29	10.98	149.45	16.03	16.74	19.24	23.80	21.81
Enterprise Value to NOPAT (EV/NOPAT)	13.91	12.63	12.00	14.24	888.54	20.56	22.65	19.61	0.74	6.93
Enterprise Value to Operating Cash Flow (EV/OCF)	10.36	10.26	9.31	9.74	30.69	13.80	13.70	15.66	17.24	15.18
Enterprise Value to Free Cash Flow (EV/FCFF)	14.42	11.98	0.00	5.43	32.17	0.00	0.00	19.19	0.81	6.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.42	2.08	2.39	1.97	4.22	3.64	3.47	2.80	3.46	6.44
Long-Term Debt to Equity	2.39	2.05	2.37	1.94	4.20	3.62	3.45	2.78	3.42	6.38
Financial Leverage	2.05	2.05	1.98	2.59	3.58	3.34	2.92	2.89	4.07	6.20
Leverage Ratio	3.81	3.77	4.01	4.80	5.53	5.15	4.66	4.61	6.26	9.27
Compound Leverage Factor	3.09	3.16	3.39	3.23	-15.93	2.20	2.03	2.29	0.22	0.17
Debt to Total Capital	70.77%	67.53%	70.54%	66.33%	80.85%	78.45%	77.64%	73.71%	77.56%	86.55%
Short-Term Debt to Total Capital	0.81%	0.82%	0.82%	0.91%	0.52%	0.46%	0.47%	0.57%	0.73%	0.79%
Long-Term Debt to Total Capital	69.95%	66.70%	69.72%	65.42%	80.33%	77.99%	77.17%	73.13%	76.84%	85.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	29.23%	32.47%	29.46%	33.67%	19.15%	21.55%	22.36%	26.29%	22.43%	13.45%
Debt to EBITDA	3.16	3.11	3.06	2.58	13.47	6.07	6.69	5.38	7.54	7.18
Net Debt to EBITDA	2.89	2.85	2.82	2.27	11.95	5.72	6.23	4.99	7.04	6.25
Long-Term Debt to EBITDA	3.12	3.08	3.02	2.54	13.38	6.04	6.65	5.34	7.46	7.12
Debt to NOPAT	5.37	4.88	5.03	4.39	475.39	12.50	15.14	9.11	0.46	4.58
Net Debt to NOPAT	4.92	4.47	4.64	3.87	421.80	11.76	14.10	8.44	0.43	3.99
Long-Term Debt to NOPAT	5.31	4.82	4.97	4.33	472.31	12.42	15.05	9.04	0.46	4.54
Altman Z-Score	2.23	2.25	2.05	2.09	0.95	1.15	1.00	1.42	0.95	0.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.89	0.82	0.91	1.24	0.72	0.85	0.85	0.84	0.72
Quick Ratio	0.72	0.74	0.67	0.78	1.09	0.55	0.65	0.63	0.61	0.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	688	783	-133	1,813	276	-381	-643	345	6,365	816
Operating Cash Flow to CapEx	239.03%	244.56%	394.86%	506.59%	180.67%	264.40%	268.98%	221.85%	187.29%	248.34%
Free Cash Flow to Firm to Interest Expense	3.88	4.57	-0.78	6.16	1.19	-1.40	-3.15	1.97	29.92	3.63
Operating Cash Flow to Interest Expense	5.39	5.34	5.71	3.43	1.24	2.02	2.13	2.42	1.41	1.45
Operating Cash Flow Less CapEx to Interest Expense	3.14	3.16	4.26	2.75	0.56	1.25	1.34	1.33	0.66	0.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.59	0.57	0.53	0.33	0.54	0.50	0.51	0.49	0.50
Accounts Receivable Turnover	29.10	30.28	35.82	47.15	40.22	60.73	55.31	67.92	79.02	83.75
Inventory Turnover	89.70	80.25	74.07	67.09	46.38	81.34	71.07	69.12	0.00	72.52
Fixed Asset Turnover	1.51	1.51	1.49	1.37	0.84	1.23	1.00	0.93	0.91	0.98
Accounts Payable Turnover	14.69	13.51	13.49	14.40	11.04	17.18	12.61	13.28	0.00	13.80
Days Sales Outstanding (DSO)	12.55	12.06	10.19	7.74	9.07	6.01	6.60	5.37	4.62	4.36
Days Inventory Outstanding (DIO)	4.07	4.55	4.93	5.44	7.87	4.49	5.14	5.28	0.00	5.03
Days Payable Outstanding (DPO)	24.84	27.02	27.05	25.34	33.06	21.25	28.94	27.49	0.00	26.45
Cash Conversion Cycle (CCC)	-8.23	-10.41	-11.93	-12.16	-16.12	-10.75	-17.21	-16.84	4.62	-17.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,088	5,063	5,103	4,213	5,335	5,601	4,852	3,946	3,953	3,355
Invested Capital Turnover	0.77	0.74	0.76	0.71	0.40	0.64	0.60	0.61	0.60	0.65
Increase / (Decrease) in Invested Capital	25	-40	890	-1,122	-266	749	906	-7.40	598	-102
Enterprise Value (EV)	9,919	9,379	9,085	9,845	8,871	7,576	5,954	6,619	5,177	4,946
Market Capitalization	6,412	6,061	5,573	7,171	4,660	3,240	2,247	3,770	2,158	2,099
Book Value per Share	$17.89	$17.82	$15.24	$13.70	$10.08	$11.38	$10.21	$9.76	$8.30	$4.57
Tangible Book Value per Share	($8.68)	($6.09)	($8.34)	($7.13)	($11.02)	($11.56)	($12.33)	($5.64)	($6.88)	($9.61)
Total Capital	5,410	5,371	5,398	4,570	5,870	5,871	5,125	4,173	4,164	3,778
Total Debt	3,828	3,627	3,808	3,032	4,746	4,606	3,979	3,076	3,229	3,270
Total Long-Term Debt	3,784	3,583	3,764	2,990	4,716	4,579	3,955	3,052	3,199	3,240
Net Debt	3,507	3,319	3,513	2,674	4,211	4,336	3,706	2,849	3,019	2,847
Capital Expenditures (CapEx)	400	374	247	199	160	208	162	190	160	131
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-339	-331	-359	-365	-378	-401	-319	-260	-238	-246
Debt-free Net Working Capital (DFNWC)	-17	-23	-64	-7.57	157	-130	-46	-33	-27	-68
Net Working Capital (NWC)	-61	-67	-108	-49	126	-157	-70	-57	-58	-98
Net Nonoperating Expense (NNE)	135	123	118	227	145	211	148	148	6,543	667
Net Nonoperating Obligations (NNO)	3,507	3,319	3,513	2,674	4,211	4,336	3,706	2,849	3,019	2,847
Total Depreciation and Amortization (D&A)	284	265	267	279	293	286	239	227	211	228
Debt-free, Cash-free Net Working Capital to Revenue	-8.61%	-8.84%	-10.09%	-10.82%	-17.35%	-12.05%	-12.14%	-10.83%	-10.80%	-11.18%
Debt-free Net Working Capital to Revenue	-0.44%	-0.61%	-1.79%	-0.22%	7.21%	-3.92%	-1.74%	-1.37%	-1.24%	-3.10%
Net Working Capital to Revenue	-1.56%	-1.79%	-3.04%	-1.46%	5.80%	-4.73%	-2.66%	-2.37%	-2.62%	-4.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.19	$6.12	$5.87	$4.07	($1.19)	$1.39	$1.01	$1.65	$3.65	$0.42
Adjusted Weighted Average Basic Shares Outstanding	93.31M	101.33M	108.89M	113.87M	113.52M	113.47M	114.40M	114.96M	114.51M	112.79M
Adjusted Diluted Earnings per Share	$6.19	$6.12	$5.87	$4.07	($1.19)	$1.38	$1.00	$1.64	$0.00	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	93.35M	101.37M	109.00M	114.10M	113.52M	113.95M	115.07M	115.63M	114.51M	113.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.01	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	83.75M	96.05M	102.01M	110.01M	111.86M	111.61M	110.97M	112.51M	114.51M	111.75M
Normalized Net Operating Profit after Tax (NOPAT)	721	831	788	698	132	369	264	337	209	203
Normalized NOPAT Margin	18.35%	22.24%	22.18%	20.70%	6.07%	11.08%	10.04%	14.04%	9.51%	9.22%
Pre Tax Income Margin	19.13%	20.14%	23.31%	17.92%	-7.85%	6.08%	5.90%	7.13%	0.35%	0.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.23	5.26	5.72	3.04	0.26	1.74	1.74	1.97	1.02	1.01
NOPAT to Interest Expense	4.02	4.34	4.43	2.35	0.04	1.35	1.29	1.93	32.74	3.18
EBIT Less CapEx to Interest Expense	2.97	3.07	4.27	2.37	-0.43	0.97	0.95	0.88	0.27	0.43
NOPAT Less CapEx to Interest Expense	1.76	2.15	2.98	1.67	-0.65	0.59	0.50	0.84	31.98	2.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	10.84%	10.26%	7.53%	0.00%	-5.80%	18.36%	21.50%	5.96%	0.00%	0.00%
Augmented Payout Ratio	129.51%	76.81%	94.86%	20.53%	-26.96%	45.99%	85.63%	24.63%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Boyd Gaming's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.23%	9.06%	6.43%	5.51%	-0.36%	3.41%	2.95%	2.52%	11.99%	4.90%	4.06%
EBITDA Growth	-5.02%	52.19%	2.61%	-4.23%	-18.43%	-28.75%	-6.47%	-0.78%	10.22%	9.72%	3.75%
EBIT Growth	-8.92%	69.78%	0.87%	-6.76%	-22.98%	-37.97%	-8.17%	0.91%	13.32%	15.13%	6.39%
NOPAT Growth	-13.65%	62.60%	-0.32%	-25.41%	-23.19%	-33.02%	-9.27%	21.16%	13.18%	15.56%	5.99%
Net Income Growth	-18.75%	84.12%	-3.04%	-27.34%	-31.67%	-46.37%	-13.87%	31.13%	22.59%	57.30%	13.63%
EPS Growth	-6.43%	96.88%	6.72%	-22.22%	-27.46%	-41.10%	-8.22%	42.11%	33.10%	69.79%	20.66%
Operating Cash Flow Growth	2.26%	20.62%	-1.18%	17.66%	-11.14%	-12.42%	-13.92%	-18.61%	20.74%	6.61%	-2.35%
Free Cash Flow Firm Growth	-88.41%	8.14%	514.06%	776.99%	184.44%	123.85%	88.85%	107.03%	121.20%	-154.50%	-209.94%
Invested Capital Growth	2.36%	0.50%	-1.01%	-1.71%	-1.28%	-0.79%	4.46%	4.06%	2.77%	21.13%	15.40%
Revenue Q/Q Growth	-4.74%	8.29%	-0.65%	0.73%	0.64%	5.67%	-1.50%	-4.88%	4.45%	5.20%	-1.92%
EBITDA Q/Q Growth	-20.90%	16.83%	-0.88%	3.69%	26.74%	-21.23%	-7.49%	-11.69%	10.71%	3.40%	-1.86%
EBIT Q/Q Growth	-23.63%	19.02%	-3.20%	3.52%	42.35%	-29.29%	-10.52%	-14.49%	14.63%	4.69%	-1.67%
NOPAT Q/Q Growth	-29.36%	24.38%	-3.68%	2.03%	33.02%	-23.75%	-27.92%	5.07%	16.00%	3.28%	-3.75%
Net Income Q/Q Growth	-34.97%	30.03%	-6.23%	2.47%	47.37%	-31.52%	-29.73%	-3.64%	15.66%	9.99%	6.98%
EPS Q/Q Growth	-30.69%	32.17%	-2.72%	5.00%	45.83%	-28.36%	-29.10%	-2.07%	18.40%	11.64%	9.77%
Operating Cash Flow Q/Q Growth	-2.16%	13.34%	8.51%	-15.01%	15.40%	-7.14%	29.20%	-35.82%	13.74%	-8.74%	22.17%
Free Cash Flow Firm Q/Q Growth	-85.01%	-16.94%	-16.41%	11.41%	39.81%	418.01%	-277.05%	-63.87%	111.72%	-48.60%	-11.71%
Invested Capital Q/Q Growth	1.22%	0.24%	0.18%	0.71%	-0.62%	-1.27%	-0.53%	1.15%	-0.13%	3.95%	-0.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.86%	52.61%	51.95%	52.40%	51.62%	52.90%	53.38%	55.33%	54.37%	55.23%	56.08%
EBITDA Margin	27.22%	32.78%	30.38%	30.45%	29.58%	23.49%	31.51%	33.55%	36.14%	34.09%	34.69%
Operating Margin	20.16%	25.10%	22.89%	23.47%	22.84%	16.25%	24.12%	26.61%	29.55%	26.83%	27.07%
EBIT Margin	20.15%	25.13%	22.87%	23.47%	22.84%	16.14%	24.13%	26.56%	29.54%	26.92%	27.05%
Profit (Net Income) Margin	11.18%	16.38%	13.64%	14.45%	14.21%	9.70%	14.97%	20.99%	20.72%	18.71%	17.90%
Tax Burden Percent	72.88%	78.92%	75.37%	75.79%	76.90%	81.80%	76.34%	94.57%	77.10%	76.46%	77.20%
Interest Burden Percent	76.16%	82.58%	79.16%	81.26%	80.91%	73.47%	81.29%	83.57%	90.97%	90.91%	85.70%
Effective Tax Rate	27.12%	21.08%	24.63%	24.21%	23.10%	18.20%	23.66%	5.43%	22.90%	23.54%	22.80%
Return on Invested Capital (ROIC)	11.43%	15.34%	12.99%	13.18%	12.95%	9.77%	13.60%	18.33%	16.58%	15.66%	16.02%
ROIC Less NNEP Spread (ROIC-NNEP)	10.45%	14.29%	11.97%	12.22%	11.99%	8.77%	12.68%	17.21%	16.00%	15.12%	15.16%
Return on Net Nonoperating Assets (RNNOA)	23.79%	29.34%	23.96%	23.88%	23.57%	17.97%	25.78%	35.86%	34.09%	29.89%	30.40%
Return on Equity (ROE)	35.22%	44.68%	36.96%	37.06%	36.52%	27.74%	39.38%	54.19%	50.67%	45.55%	46.42%
Cash Return on Invested Capital (CROIC)	11.23%	13.55%	13.42%	14.12%	14.98%	15.40%	11.67%	12.26%	12.83%	-2.86%	1.69%
Operating Return on Assets (OROA)	12.57%	15.60%	13.94%	14.14%	13.59%	9.59%	14.46%	15.83%	17.19%	15.27%	15.13%
Return on Assets (ROA)	6.98%	10.17%	8.31%	8.71%	8.46%	5.77%	8.98%	12.51%	12.06%	10.61%	10.01%
Return on Common Equity (ROCE)	35.18%	44.68%	36.96%	37.06%	36.52%	27.74%	39.38%	54.19%	50.67%	45.55%	46.42%
Return on Equity Simple (ROE_SIMPLE)	40.94%	0.00%	30.64%	29.45%	31.73%	0.00%	39.59%	41.28%	40.71%	0.00%	37.41%
Net Operating Profit after Tax (NOPAT)	146	206	166	172	169	127	166	231	220	189	183
NOPAT Margin	14.69%	19.81%	17.25%	17.79%	17.56%	13.29%	18.42%	25.17%	22.79%	20.52%	20.90%
Net Nonoperating Expense Percent (NNEP)	0.98%	1.05%	1.02%	0.95%	0.96%	1.00%	0.92%	1.12%	0.58%	0.54%	0.86%
Return On Investment Capital (ROIC_SIMPLE)	2.66%	3.81%	-	-	-	2.36%	-	-	-	3.51%	-
Cost of Revenue to Revenue	49.14%	47.39%	48.05%	47.60%	48.38%	47.10%	46.62%	44.67%	45.63%	44.77%	43.92%
SG&A Expenses to Revenue	13.90%	13.18%	13.52%	14.10%	14.32%	12.39%	14.15%	14.26%	13.38%	13.01%	13.60%
R&D to Revenue	-0.15%	0.64%	1.18%	0.78%	0.31%	0.24%	0.27%	0.57%	-1.96%	-2.11%	1.10%
Operating Expenses to Revenue	30.70%	27.51%	29.06%	28.93%	28.78%	36.66%	29.26%	28.72%	24.82%	28.40%	29.01%
Earnings before Interest and Taxes (EBIT)	200	262	220	227	219	154	218	244	285	248	237
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	270	341	292	295	284	224	285	308	348	315	304
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	4.05	3.64	3.05	3.74	3.47	3.40	3.96	3.89	3.50	3.24
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.39	1.63	1.54	1.38	1.76	1.62	1.62	1.88	1.76	1.57	1.42
Price to Earnings (P/E)	9.97	11.09	11.86	10.37	11.80	9.77	8.59	9.60	9.55	8.72	8.67
Dividend Yield	1.05%	0.94%	1.04%	1.20%	0.97%	1.03%	1.30%	1.12%	0.96%	1.12%	0.96%
Earnings Yield	10.03%	9.01%	8.43%	9.64%	8.48%	10.23%	11.64%	10.41%	10.48%	11.47%	11.54%
Enterprise Value to Invested Capital (EV/IC)	1.81	1.95	1.85	1.69	1.96	1.85	1.83	2.01	1.94	1.78	1.70
Enterprise Value to Revenue (EV/Rev)	2.35	2.52	2.44	2.27	2.64	2.51	2.53	2.81	2.70	2.56	2.38
Enterprise Value to EBITDA (EV/EBITDA)	7.78	8.18	8.56	7.89	8.94	8.05	7.47	8.11	7.74	7.30	6.87
Enterprise Value to EBIT (EV/EBIT)	10.26	10.69	11.43	10.49	11.79	10.42	9.43	10.20	9.78	9.29	8.85
Enterprise Value to NOPAT (EV/NOPAT)	13.49	13.91	14.82	13.55	14.19	12.63	11.66	12.60	12.64	12.00	11.42
Enterprise Value to Operating Cash Flow (EV/OCF)	9.67	10.36	10.28	9.38	11.15	10.26	9.92	10.52	9.65	9.31	8.71
Enterprise Value to Free Cash Flow (EV/FCFF)	16.29	14.42	13.70	11.90	12.98	11.98	16.01	16.68	15.33	0.00	108.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.04	2.42	2.29	2.13	2.03	2.08	2.05	2.10	2.24	2.39	2.36
Long-Term Debt to Equity	3.01	2.39	2.26	2.10	2.01	2.05	2.03	2.08	2.21	2.37	2.33
Financial Leverage	2.28	2.05	2.00	1.95	1.97	2.05	2.03	2.08	2.13	1.98	2.01
Leverage Ratio	4.09	3.81	3.71	3.63	3.67	3.77	3.74	3.77	3.91	4.01	4.12
Compound Leverage Factor	3.11	3.15	2.94	2.95	2.97	2.77	3.04	3.15	3.56	3.64	3.53
Debt to Total Capital	75.26%	70.77%	69.59%	68.02%	67.01%	67.53%	67.25%	67.78%	69.10%	70.54%	70.25%
Short-Term Debt to Total Capital	0.80%	0.81%	0.83%	0.83%	0.83%	0.82%	0.82%	0.82%	0.82%	0.82%	0.85%
Long-Term Debt to Total Capital	74.46%	69.95%	68.77%	67.19%	66.18%	66.70%	66.43%	66.97%	68.28%	69.72%	69.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	24.68%	29.23%	30.41%	31.98%	32.99%	32.47%	32.75%	32.22%	30.90%	29.46%	29.75%
Debt to EBITDA	3.44	3.16	3.41	3.35	3.24	3.11	2.89	2.89	2.91	3.06	2.99
Net Debt to EBITDA	3.17	2.89	3.15	3.09	2.98	2.85	2.68	2.67	2.69	2.82	2.77
Long-Term Debt to EBITDA	3.40	3.12	3.37	3.31	3.20	3.08	2.86	2.85	2.87	3.02	2.95
Debt to NOPAT	5.96	5.37	5.90	5.75	5.14	4.88	4.51	4.48	4.75	5.03	4.97
Net Debt to NOPAT	5.50	4.92	5.44	5.30	4.72	4.47	4.18	4.15	4.39	4.64	4.60
Long-Term Debt to NOPAT	5.90	5.31	5.83	5.68	5.08	4.82	4.46	4.43	4.69	4.97	4.91
Altman Z-Score	1.63	1.88	1.83	1.78	1.97	1.86	1.87	1.97	1.86	1.67	1.61
Noncontrolling Interest Sharing Ratio	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.90	0.82	0.83	0.80	0.89	0.80	0.84	0.77	0.82	0.76
Quick Ratio	0.67	0.72	0.64	0.66	0.67	0.74	0.64	0.67	0.62	0.67	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	27	181	218	260	234	167	-53	30	82	-701	-472
Operating Cash Flow to CapEx	121.31%	235.71%	271.39%	186.28%	279.69%	228.87%	217.38%	240.55%	293.63%	259.71%	365.68%
Free Cash Flow to Firm to Interest Expense	0.56	3.94	4.71	6.06	5.52	3.95	-1.24	0.70	1.87	-17.04	-13.10
Operating Cash Flow to Interest Expense	5.29	5.70	5.00	4.96	5.93	5.13	5.52	4.24	6.43	6.03	7.55
Operating Cash Flow Less CapEx to Interest Expense	0.93	3.28	3.16	2.30	3.81	2.89	2.98	2.48	4.24	3.71	5.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.62	0.61	0.60	0.60	0.59	0.60	0.60	0.58	0.57	0.56
Accounts Receivable Turnover	34.62	29.10	37.13	35.37	33.66	30.28	39.00	38.53	36.56	35.82	49.40
Inventory Turnover	92.41	89.70	89.47	84.34	82.28	80.25	78.38	77.55	76.58	74.07	73.43
Fixed Asset Turnover	1.49	1.51	1.50	1.49	1.49	1.51	1.53	1.53	1.52	1.49	1.47
Accounts Payable Turnover	16.27	14.69	16.37	15.94	16.94	13.51	16.35	17.88	17.64	13.49	16.72
Days Sales Outstanding (DSO)	10.54	12.55	9.83	10.32	10.84	12.06	9.36	9.47	9.98	10.19	7.39
Days Inventory Outstanding (DIO)	3.95	4.07	4.08	4.33	4.44	4.55	4.66	4.71	4.77	4.93	4.97
Days Payable Outstanding (DPO)	22.43	24.84	22.29	22.89	21.55	27.02	22.32	20.41	20.69	27.05	21.83
Cash Conversion Cycle (CCC)	-7.94	-8.23	-8.38	-8.25	-6.27	-10.41	-8.31	-6.23	-5.94	-11.93	-9.47
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,150	5,088	5,076	5,067	5,032	5,063	5,128	5,156	5,097	5,103	4,909
Invested Capital Turnover	0.78	0.77	0.75	0.74	0.74	0.74	0.74	0.73	0.73	0.76	0.77
Increase / (Decrease) in Invested Capital	119	25	-52	-88	-65	-40	219	201	137	890	655
Enterprise Value (EV)	9,314	9,919	9,377	8,583	9,844	9,379	9,375	10,339	9,891	9,085	8,366
Market Capitalization	5,513	6,412	5,932	5,228	6,568	6,061	6,016	6,932	6,455	5,573	4,997
Book Value per Share	$16.11	$17.89	$17.78	$18.04	$18.01	$17.82	$17.68	$17.31	$16.28	$15.24	$14.42
Tangible Book Value per Share	($11.90)	($8.68)	($7.86)	($6.44)	($5.86)	($6.09)	($6.78)	($6.94)	($7.76)	($8.34)	($7.37)
Total Capital	5,467	5,410	5,367	5,352	5,320	5,371	5,400	5,428	5,375	5,398	5,179
Total Debt	4,115	3,828	3,735	3,640	3,565	3,627	3,631	3,679	3,714	3,808	3,638
Total Long-Term Debt	4,071	3,784	3,690	3,596	3,521	3,583	3,587	3,635	3,670	3,764	3,594
Net Debt	3,798	3,507	3,445	3,356	3,277	3,319	3,360	3,407	3,436	3,513	3,369
Capital Expenditures (CapEx)	211	111	85	114	90	95	108	75	96	96	74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-401	-339	-354	-342	-364	-331	-342	-316	-369	-359	-362
Debt-free Net Working Capital (DFNWC)	-84	-17	-64	-58	-76	-23	-70	-43	-91	-64	-92
Net Working Capital (NWC)	-128	-61	-109	-102	-120	-67	-114	-88	-135	-108	-136
Net Nonoperating Expense (NNE)	35	36	35	32	32	34	31	38	20	17	26
Net Nonoperating Obligations (NNO)	3,798	3,507	3,445	3,356	3,277	3,319	3,360	3,407	3,436	3,513	3,369
Total Depreciation and Amortization (D&A)	70	80	72	68	65	70	67	64	64	66	67
Debt-free, Cash-free Net Working Capital to Revenue	-10.12%	-8.61%	-9.22%	-9.04%	-9.74%	-8.84%	-9.21%	-8.57%	-10.08%	-10.09%	-10.30%
Debt-free Net Working Capital to Revenue	-2.12%	-0.44%	-1.67%	-1.52%	-2.03%	-0.61%	-1.89%	-1.17%	-2.47%	-1.79%	-2.63%
Net Working Capital to Revenue	-3.23%	-1.56%	-2.83%	-2.70%	-3.21%	-1.79%	-3.08%	-2.38%	-3.68%	-3.04%	-3.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	$1.89	$1.43	$1.47	$1.40	$0.96	$1.34	$1.89	$1.93	$1.63	$1.46
Adjusted Weighted Average Basic Shares Outstanding	85.12M	93.31M	91.86M	95.04M	97.43M	101.33M	100.80M	102.03M	103.62M	108.89M	107.74M
Adjusted Diluted Earnings per Share	$1.31	$1.89	$1.43	$1.47	$1.40	$0.96	$1.34	$1.89	$1.93	$1.63	$1.46
Adjusted Weighted Average Diluted Shares Outstanding	85.14M	93.35M	91.89M	95.08M	97.48M	101.37M	100.85M	102.07M	103.67M	109.00M	107.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.40M	83.75M	88.39M	91.76M	94.88M	96.05M	97.86M	100.01M	101.03M	102.01M	104.38M
Normalized Net Operating Profit after Tax (NOPAT)	169	206	166	172	177	211	166	231	223	216	188
Normalized NOPAT Margin	17.06%	19.81%	17.25%	17.79%	18.40%	22.14%	18.42%	25.17%	23.15%	23.43%	21.39%
Pre Tax Income Margin	15.34%	20.75%	18.10%	19.07%	18.48%	11.86%	19.61%	22.19%	26.87%	24.47%	23.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.12	5.69	4.76	5.29	5.18	3.64	5.15	5.70	6.49	6.04	6.59
NOPAT to Interest Expense	3.01	4.49	3.59	4.01	3.99	3.00	3.93	5.40	5.01	4.60	5.09
EBIT Less CapEx to Interest Expense	-0.24	3.27	2.91	2.62	3.07	1.40	2.60	3.94	4.30	3.72	4.53
NOPAT Less CapEx to Interest Expense	-1.36	2.07	1.74	1.34	1.87	0.75	1.39	3.64	2.82	2.28	3.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.19%	10.84%	12.66%	12.62%	11.43%	10.26%	9.06%	8.79%	9.41%	7.53%	5.64%
Augmented Payout Ratio	175.64%	129.51%	129.29%	109.31%	85.40%	76.81%	69.18%	71.30%	86.20%	94.86%	97.70%

Frequently Asked Questions About Boyd Gaming's Financials

When does Boyd Gaming's financial year end?

According to the most recent income statement we have on file, Boyd Gaming's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Boyd Gaming's net income changed over the last 9 years?

Boyd Gaming's net income appears to be on an upward trend, with a most recent value of $577.95 million in 2024, rising from $47.23 million in 2015. The previous period was $620.02 million in 2023. See where experts think Boyd Gaming is headed by visiting Boyd Gaming's forecast page.

What is Boyd Gaming's operating income?

Boyd Gaming's total operating income in 2024 was $927.78 million, based on the following breakdown:

Total Gross Profit: $2.05 billion
Total Operating Expenses: $1.12 billion

How has Boyd Gaming revenue changed over the last 9 years?

Over the last 9 years, Boyd Gaming's total revenue changed from $2.20 billion in 2015 to $3.93 billion in 2024, a change of 78.7%.

How much debt does Boyd Gaming have?

Boyd Gaming's total liabilities were at $4.81 billion at the end of 2024, a 6.2% increase from 2023, and a 25.2% increase since 2015.

How much cash does Boyd Gaming have?

In the past 9 years, Boyd Gaming's cash and equivalents has ranged from $158.82 million in 2015 to $519.18 million in 2020, and is currently $316.69 million as of their latest financial filing in 2024.

How has Boyd Gaming's book value per share changed over the last 9 years?

Over the last 9 years, Boyd Gaming's book value per share changed from 4.57 in 2015 to 17.89 in 2024, a change of 291.2%.

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This page (NYSE:BYD) was last updated on 5/29/2025 by MarketBeat.com Staff

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Boyd Gaming (BYD) Financials

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Boyd Gaming (BYD) Financials

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