Boyd Gaming Corporation
$86.94
+1.7%Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. It also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is compressed (P/E 3.9).
Valuation inputs: P/E 3.9, earnings yield +26.0%, momentum +1.7%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is strong (ROE +70.7%, ROIC +11.6%).
Profitability stack: net margin +45.1%, ROE +70.7%, ROIC +11.6%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceDownside profile looks controlled across current risk inputs.
Risk factors: liabilities/assets +61.9%, momentum +1.7%, net margin +45.1%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Boyd Gaming Corporation Market vs Earnings Trajectory
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Boyd Gaming Corporation Fair Value Envelope
Boyd Gaming Corporation Profit Bridge
Profitability Analysis
Gross Margin
Strong gross margins indicate healthy pricing and efficient production or service delivery.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Moderate tax rate typical for most corporations. Represents standard tax burden on profits.
Profitability Insight
Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.
Boyd Gaming Corporation Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Cash Flow Quality Insight
Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.
Boyd Gaming Corporation Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.
Debt-to-Equity Ratio
Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.
Working Capital
Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.
Asset Composition
Capital-intensive business with significant long-term investments in property, equipment, or intangibles.
Financial Health Insight
Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.
Boyd Gaming Corporation Street Expectations Map
Wall Street analysts project that BYD stock may experience modest gains over the coming 12 months. The consensus 1-year price target stands at 95.00, with estimates ranging from a low of 83.00 to a high of 110.00.
The consensus 1-year price target stands at 95.00, with estimates ranging from a low of 83.00 to a high of 110.00.
Analyst Consensus Analysis
Upside Potential
Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.
Analyst Agreement
Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.
Risk-Reward Profile
Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
Boyd Gaming Corporation Insider Positioning
During the last 12 months, insiders have sold $49.23M worth of BYD shares, with no buying activity reported.
3 Months
0
0.00
101.2K
8.55M
-8.5M
-$8.55M
3-6 Months
0
0.00
73.5K
6.23M
-6.2M
-$6.23M
6-9 Months
0
0.00
20.0K
1.61M
-1.6M
-$1.61M
9-12 Months
0
0.00
387.9K
32.84M
-32.8M
-$32.84M
Top Buyers
No buying activity
Top Sellers
Johnson Marianne Boyd
Director, 10 Percent Owner, Officer: Chairman
$25.53M
Smith Keith
Director, Officer: President And Ceo
$8.38M
Hirsberg Josh
Officer: Cfo & Treasurer
$5.47M
Boyd William R
Director
$5.21M
Thompson Stephen S.
Officer: Chief Administrative Officer
$2.96M
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $49.23M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
5 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.
byd Dividend History
Learning Layer
Related Guides
Build conviction on BYD by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.