Boyd Gaming (BYD) Financials

$69.19 -0.89 (-1.26%)

Closing price 03:59 PM Eastern

Extended Trading

$69.04 -0.15 (-0.22%)

As of 04:18 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	47	420	189	115	158	-135	464	639	620	578
Consolidated Net Income / (Loss)	47	420	189	115	158	-135	464	639	620	578
Net Income / (Loss) Continuing Operations	11	208	168	115	158	-135	464	639	620	578
Total Pre-Tax Income	4.06	7.77	171	155	202	-171	604	829	753	752
Total Operating Income	271	260	344	355	473	14	900	981	902	928
Total Gross Profit	1,089	2,199	1,137	1,255	1,590	1,141	1,937	1,990	2,019	2,050
Total Revenue	2,199	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930
Operating Revenue	2,442	2,199	2,401	2,627	3,326	2,178	3,370	3,555	3,738	3,930
Total Cost of Revenue	1,110	0.00	1,264	1,371	1,736	1,037	1,432	1,565	1,720	1,880
Operating Cost of Revenue	1,110	-	1,264	1,371	1,736	1,037	1,432	1,565	1,720	1,880
Total Operating Expenses	818	1,939	793	900	1,117	1,127	1,037	1,009	1,117	1,122
Selling, General & Admin Expense	399	395	452	476	567	427	484	491	506	541
Research & Development Expense	6.91	22	14	46	22	-0.66	32	-19	-8.94	29
Depreciation Expense	207	196	218	230	277	281	268	258	257	277
Other Operating Expenses / (Income)	186	1,287	109	148	252	246	246	238	255	265
Impairment Charge	19	38	-0.43	0.99	0.00	175	8.20	41	108	11
Total Other Income / (Expense), net	-267	-253	-173	-200	-270	-185	-296	-152	-149	-176
Interest Expense	225	213	175	204	272	232	295	171	171	177
Interest & Investment Income	1.86	2.96	1.82	3.72	1.86	1.90	1.82	22	24	1.63
Other Income / (Expense), net	-44	-43	0.18	0.28	0.11	45	-3.39	-2.88	-1.56	0.01
Income Tax Expense	-6.63	-200	3.12	40	44	-36	140	189	133	174
Basic Earnings per Share	$0.42	$3.67	$1.65	$1.01	$1.39	($1.19)	$4.07	$5.87	$6.12	$6.19
Weighted Average Basic Shares Outstanding	112.79M	114.51M	114.96M	114.40M	113.47M	113.52M	113.87M	108.89M	101.33M	93.31M
Diluted Earnings per Share	$0.42	$3.65	$1.64	$1.00	$1.38	($1.19)	$4.07	$5.87	$6.12	$6.19
Weighted Average Diluted Shares Outstanding	113.68M	115.19M	115.63M	115.07M	113.95M	113.52M	114.10M	109.00M	101.37M	93.35M
Weighted Average Basic & Diluted Shares Outstanding	111.75M	114.50M	114.80M	113.90M	111.61M	111.86M	110.01M	102.01M	96.05M	83.75M
Cash Dividends to Common per Share	$0.00	$0.00	$0.15	$0.23	$0.27	-	-	$0.60	$0.64	$0.68

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	5.51	26	-17	-5.87	-0.77	36	-20	-3.31	5.48	31
Net Cash From Operating Activities	272	248	282	181	234	217	251	213	231	262
Net Cash From Continuing Operating Activities	272	248	282	181	234	217	251	213	231	262
Net Income / (Loss) Continuing Operations	157	173	200	192	135	93	136	140	131	171
Consolidated Net Income / (Loss)	157	173	200	192	135	93	136	140	131	171
Depreciation Expense	65	64	62	62	65	68	63	66	70	78
Amortization Expense	2.05	2.24	2.03	1.91	1.91	1.91	1.90	1.90	1.90	1.89
Non-Cash Adjustments To Reconcile Net Income	11	5.08	-22	12	8.03	108	17	10	7.54	4.90
Changes in Operating Assets and Liabilities, net	37	4.08	41	-88	24	-53	32	-4.70	20	7.05
Net Cash From Investing Activities	-74	-271	-80	-44	-76	-65	-90	-115	-115	-113
Net Cash From Continuing Investing Activities	-74	-271	-80	-44	-76	-65	-90	-115	-115	-113
Purchase of Property, Plant & Equipment	-74	-96	-96	-75	-108	-95	-90	-114	-85	-111
Acquisitions	-	-	-	-	-	-	-	-	-	-1.49
Other Investing Activities, net	0.53	-7.78	16	31	32	30	-0.69	-0.81	-0.97	-0.78
Net Cash From Financing Activities	-193	49	-219	-143	-159	-116	-180	-101	-111	-117
Net Cash From Continuing Financing Activities	-193	49	-219	-143	-159	-116	-180	-101	-111	-117
Repayment of Debt	-387	-389	-440	-423	-370	-415	-414	-366	-389	-341
Repurchase of Common Equity	-137	-108	-106	-100	-106	-100	-106	-176	-202	-203
Payment of Dividends	-16	-16	-15	-16	-16	-16	-16	-16	-16	-15
Issuance of Debt	347	568	357	396	333	419	364	457	496	447
Other Financing Activities, net	-0.21	-5.84	-14	-0.06	-0.06	-4.81	-9.84	0.24	-0.04	-5.17
Other Net Changes in Cash	-	-0.01	-0.00	-0.06	0.07	-0.08	-0.10	-0.03	0.07	-0.17
Cash Interest Paid	32	41	41	43	40	43	41	43	44	45
Cash Income Taxes Paid	29	36	0.03	86	34	44	0.34	85	34	25

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

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

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

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

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

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

Frequently Asked Questions About Boyd Gaming's Financials

When does Boyd Gaming's fiscal year end?

According to the most recent income statement we have on file, Boyd Gaming's financial year ends in December. Their financial 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 Boyd Gaming's forecast for analyst expectations on what’s next for the company.

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 5/6/2025 by MarketBeat.com Staff

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Boyd Gaming (BYD) Financials

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Boyd Gaming (BYD) Financials

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