Is the business good?
How good a business is BYD?
Boyd Gaming Corporation earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
11%
Return on invested capital · cost of capital 9.0% · 2.1 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Resorts & Casinos median 15% · 12 months to Q2 2026
- Cash conversion
- 0.02×
Cash conversion · 0.82× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −9.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 0.65% |
| FY2021 | 27% |
| FY2022 | 28% |
| FY2023 | 24% |
| FY2024 | 24% |
| FY2025 | 18% |
Details›
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 44%
- Free cash flow margin
- 0.86%
- Revenue, trailing twelve months
- $4.10B
- Free cash flow, trailing twelve months
- $35M
- Net income, trailing twelve months
- $1.82B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Resorts & Casinos
Ranks #8 of 12 by Smart Score