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Boyd Gaming

BYD on NYSE. Boyd Gaming runs casinos and online gambling for customers in the United States. Market value $5.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Recent profit includes a one-time gain, so we price the company excluding that gain.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing big in our quick check. See what could go wrong below.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
0.7%low

For every $100 of what the whole company costs, it produced $0.69 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026, without the one-off
9.7×cheap

You pay 9.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
16.5%five-year median

Each dollar kept in the business earns 17 cents a year. Above 10 is good.

Quality score: 100 of 100. Price score: 70 of 100. Our list needs 70 on quality and 60 on price.

$70.41 a share, 8% above its 1-year low

Over the past year the price has ranged from $65.00 to $91.41.

Dividend: 1.1% a year

Paid every year for 4 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.8
0.7
0.5
0.6
0.4
0.0
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $35 million in the past 12 months, $388 million in the year to December 2025.

Revenue
$3.4bn$3.6bn$3.7bn$3.9bn$4.1bn
Operating margin
26.7%27.6%24.1%23.6%18.3%
Debt to equity
1.971.921.672.010.78
Shares outstanding
0.10bn0.10bn0.09bn0.08bn0.07bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.78× equity
  • Revenue growth, five yearsStrong, 13.4% a year
  • Buying back its own sharesYes, 30% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1 billion last quarter, about the same as a year ago.
  • Profit: $131 million, down 13% on a year ago.
  • It keeps 16 cents of each $1 of sales as operating profit, down from 23 cents a year earlier.
  • Spare cash over the past 12 months: $35 million, down from $464 million.
  • 9% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $2.3 billion more than cash, down from $3.2 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$961m
December 2024$1.0bn
March 2025$992m
June 2025$1.0bn
September 2025$1.0bn
December 2025$1.1bn
March 2026$997m
June 2026$1.0bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$131m
December 2024$171m
March 2025$111m
June 2025$151m
September 2025$1.4bn
December 2025$140m
March 2026$106m
June 2026$131m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
20 February 2026
Next quarterly (estimated, 10-Q)
29 October 2026

Who owns it

7 long-term investors we follow own it, unchanged from 7 last quarter. 421 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $26m.

  • JOHNSON MARIANNE BOYD
    Director
    Sold
    Date
    24 August 2026
    Shares
    12
    Price
    $82.00
    Value
    $984
  • Hirsberg Josh
    CFO & Treasurer
    Sold
    Date
    28 July 2026
    Shares
    12,777
    Price
    $89.76
    Value
    $1m
  • Clinton Uri
    Chief Legal Off. & Secretary
    Sold
    Date
    9 June 2026
    Shares
    3,468
    Price
    $87.69
    Value
    $304,109
  • SMITH KEITH
    President and CEO, Director
    Sold
    Date
    3 June 2026
    Shares
    100,000
    Price
    $85.90
    Value
    $9m
  • SPADAFOR CHRISTINE J.
    Director
    Sold
    Date
    13 May 2026
    Shares
    1,237
    Price
    $80.91
    Value
    $100,086
  • JOHNSON MARIANNE BOYD
    Chairman, Director
    Sold
    Date
    5 May 2026
    Shares
    62,914
    Price
    $84.03
    Value
    $5m
  • JOHNSON MARIANNE BOYD
    Chairman, Director
    Sold
    Date
    1 May 2026
    Shares
    37,086
    Price
    $85.27
    Value
    $3m
  • Thompson Stephen S.
    Chief Administrative Officer
    Sold
    Date
    27 February 2026
    Shares
    19,530
    Price
    $83.59
    Value
    $2m
  • Hirsberg Josh
    CFO & Treasurer
    Sold
    Date
    26 February 2026
    Shares
    23,924
    Price
    $85.86
    Value
    $2m
  • BOYD WILLIAM R
    Director
    Sold
    Date
    18 February 2026
    Shares
    30,000
    Price
    $84.84
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • We have incurred a significant amount of indebtedness in the past and may incur significant indebtedness in the future, which could adversely affect our business and financial condition.

    Could happen
    Note 7, Long-Term Debt , included in the notes to our audited consolidated financial statements presented in Part II, Item 8, contains further disclosure regarding our current outstanding debt. In addition, Note 16, Subsequent Events , includes further disclosure regarding our Amended and Restated Credit Agreement entered into on January 21, 2026 .
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

It's near its lowest price in a year. The deep dive tells you if that's a bargain or a warning.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.