Latest Ratios: P/E Ratio 3.9x · EV/EBITDA 8.1x · ROE 88.0%. (1995–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $7.0B | $6.8B | $6.3B | $5.9B | $7.5B | $4.9B | $3.4B | $2.4B | $4.1B | $2.3B |
| Enterprise Value | $9.5B | $9.9B | $10.4B | $9.8B | $9.6B | $11.1B | $9.2B | $7.9B | $6.1B | $6.9B | $5.4B |
| P/E Ratio → | 3.93 | 3.78 | 11.72 | 10.23 | 9.29 | 16.11 | — | 21.70 | 20.78 | 21.37 | 5.56 |
| P/S Ratio | 1.61 | 1.70 | 1.72 | 1.70 | 1.67 | 2.22 | 2.24 | 1.03 | 0.91 | 1.69 | 1.06 |
| P/B Ratio | 2.78 | 2.67 | 4.28 | 3.64 | 3.74 | 4.86 | 4.33 | 2.70 | 2.09 | 3.69 | 2.49 |
| P/FCF | 16.97 | 17.93 | 12.16 | 11.74 | 8.41 | 9.23 | 42.74 | 9.99 | 8.76 | 17.50 | 20.25 |
| P/OCF | 6.75 | 7.13 | 7.08 | 6.94 | 6.09 | 7.40 | 16.86 | 6.21 | 5.50 | 9.60 | 8.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.41 | 2.64 | 2.61 | 2.69 | 3.28 | 4.22 | 2.36 | 2.33 | 2.88 | 2.44 |
| EV / EBITDA | 8.06 | 8.37 | 8.62 | 8.43 | 7.71 | 9.48 | 31.12 | 10.49 | 10.46 | 12.34 | 11.74 |
| EV / EBIT | 10.84 | 3.97 | 11.17 | 10.57 | 9.75 | 13.78 | 154.53 | 17.87 | 17.04 | 20.12 | 24.31 |
| EV / FCF | — | 25.43 | 18.66 | 18.07 | 13.52 | 13.65 | 80.61 | 23.01 | 22.42 | 29.91 | 46.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.1% | 42.1% | 52.2% | 54.0% | 56.0% | 57.5% | 52.4% | 47.8% | 47.8% | 47.4% | 46.0% |
| Operating Margin | 21.4% | 21.4% | 23.6% | 24.1% | 27.6% | 26.7% | 0.7% | 14.2% | 13.5% | 14.3% | 11.8% |
| Net Profit Margin | 45.0% | 45.0% | 14.7% | 16.6% | 18.0% | 13.8% | -6.2% | 4.7% | 4.4% | 7.9% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 88.0% | 88.0% | 34.8% | 37.2% | 40.9% | 34.8% | -11.3% | 13.1% | 10.3% | 18.6% | 58.0% |
| ROA | 27.8% | 27.8% | 9.1% | 9.9% | 10.2% | 7.3% | -2.0% | 2.5% | 2.2% | 4.0% | 9.3% |
| ROIC | 12.3% | 12.3% | 13.4% | 13.0% | 14.2% | 12.8% | 0.2% | 6.7% | 6.0% | 6.5% | 5.1% |
| ROCE | 15.1% | 15.1% | 16.2% | 15.8% | 17.2% | 15.4% | 0.2% | 8.3% | 7.4% | 8.0% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 2.49 | 2.14 | 2.45 | 2.56 | 4.30 | 3.71 | 3.47 | 2.80 | 3.46 |
| Debt / EBITDA | 2.77 | 2.77 | 3.26 | 3.22 | 3.14 | 3.37 | 16.38 | 6.27 | 6.80 | 5.48 | 7.07 |
| Net Debt / Equity | — | 1.12 | 2.29 | 1.96 | 2.27 | 2.33 | 3.84 | 3.51 | 3.26 | 2.62 | 3.25 |
| Net Debt / EBITDA | 2.47 | 2.47 | 3.00 | 2.95 | 2.92 | 3.07 | 14.62 | 5.93 | 6.37 | 5.12 | 6.65 |
| Debt / FCF | — | 7.50 | 6.49 | 6.33 | 5.11 | 4.42 | 37.87 | 13.02 | 13.66 | 12.41 | 26.46 |
| Interest Coverage | 15.78 | 15.78 | 5.24 | 5.40 | 6.48 | 4.03 | 0.26 | 1.85 | 1.76 | 1.99 | 1.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.54 | 0.90 | 0.89 | 0.82 | 0.91 | 1.24 | 0.72 | 0.85 | 0.85 | 0.84 |
| Quick Ratio | 0.52 | 0.52 | 0.87 | 0.85 | 0.78 | 0.88 | 1.20 | 0.68 | 0.81 | 0.81 | 0.79 |
| Cash Ratio | 0.36 | 0.36 | 0.51 | 0.51 | 0.48 | 0.62 | 0.99 | 0.45 | 0.53 | 0.53 | 0.53 |
| Asset Turnover | — | 0.60 | 0.61 | 0.60 | 0.56 | 0.54 | 0.33 | 0.50 | 0.46 | 0.51 | 0.47 |
| Inventory Turnover | 117.27 | 117.27 | 88.55 | 83.12 | 70.59 | 71.30 | 45.86 | 78.56 | 66.60 | 70.20 | 63.93 |
| Days Sales Outstanding | — | 7.52 | 15.07 | 13.81 | 11.46 | 9.69 | 8.96 | 6.64 | 8.36 | 6.92 | 5.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.8% | 0.9% | 1.0% | 0.8% | — | 0.2% | 0.8% | 1.0% | 0.3% | — |
| Payout Ratio | 3.2% | 3.2% | 10.8% | 10.3% | 7.5% | — | — | 18.4% | 21.5% | 6.0% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 25.4% | 26.5% | 8.5% | 9.8% | 10.8% | 6.2% | — | 4.6% | 4.8% | 4.7% | 18.0% |
| FCF Yield | 5.9% | 5.6% | 8.2% | 8.5% | 11.9% | 10.8% | 2.3% | 10.0% | 11.4% | 5.7% | 4.9% |
| Buyback Yield | 11.8% | 11.2% | 10.1% | 6.5% | 9.1% | 1.1% | 0.2% | 0.8% | 2.5% | 0.8% | 0.0% |
| Total Shareholder Yield | 12.6% | 12.0% | 11.1% | 7.5% | 9.9% | 1.1% | 0.4% | 1.7% | 3.5% | 1.1% | 0.0% |
| Shares Outstanding | — | $82M | $93M | $101M | $109M | $114M | $114M | $114M | $115M | $116M | $115M |
Capital intensity and cyclicality
According to current market data, Boyd Gaming trades at a TTM P/E of 3.98, which appears to discount the company's long-term earnings potential significantly compared to the broader consumer cyclical sector, likely reflecting investor skepticism regarding the sustainability of recent earnings amidst a decelerating growth environment.
The divergence between the TTM P/E of 3.98 and the forward P/E of 12.58 suggests that the market anticipates a substantial contraction in near-term profitability. Investors should monitor whether this valuation gap is a result of the market pricing in the company's high capital intensity or a broader repricing of regional gaming assets.
Based on reported financial figures, Boyd Gaming's ROIC has struggled to maintain momentum, hovering at a modest 2.3% in 2026Q1, which indicates that the company is currently failing to generate returns that meaningfully exceed its cost of capital in the current high-interest rate environment.
The persistent low ROIC suggests that the company's heavy investment in regional property maintenance is not yielding commensurate incremental returns. This trend warrants further investigation into whether the current capital allocation strategy is effectively creating shareholder value or merely sustaining an aging asset base.
As reported in recent financial statements, the company's cash conversion cycle has shifted to a negative 11 days in 2026Q1, which, while appearing efficient, may actually mask underlying operational stresses as the company potentially delays payments to suppliers to preserve liquidity in a tightening cash environment.
The asset turnover ratio remains stagnant at 0.15, suggesting that the company's massive investment in physical gaming infrastructure is not translating into higher revenue velocity. This lack of efficiency implies that the business model is becoming increasingly reliant on volume rather than operational throughput to drive returns.
According to the latest balance sheet data, Boyd Gaming's current ratio of 0.60 in 2026Q1 highlights a precarious liquidity position, leaving the company with limited financial flexibility to navigate potential downturns in consumer discretionary spending or unexpected shocks to its regional gaming operations.
The consistent failure to maintain a current ratio above 1.0 suggests that the company is operating with minimal working capital headroom. Investors should monitor this closely, as any further deterioration in cash flow could force the company to rely on more expensive external financing to meet its obligations.
Based on an analysis of the company's business model, the P/E ratio is frequently misapplied by market participants, as it fails to account for the significant non-operating gains and accounting distortions that frequently inflate Boyd Gaming's reported net income figures.
Using P/E as a primary valuation metric obscures the true earning power of the gaming assets by including one-time tax benefits or equity revaluations. Analysts should instead prioritize EV/EBITDA or free cash flow yield to better understand the core operational cash generation of the business.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BYD stock.
Boyd Gaming Corporation's current P/E ratio is 3.9x. The historical average is 27.1x. This places it at the 8th percentile of its historical range.
Boyd Gaming Corporation's current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Boyd Gaming Corporation's return on equity (ROE) is 88.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.3%.
Based on historical data, Boyd Gaming Corporation is trading at a P/E of 3.9x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Boyd Gaming Corporation's current dividend yield is 0.80% with a payout ratio of 3.2%.
Boyd Gaming Corporation has 42.1% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Boyd Gaming Corporation's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.