Boyd Gaming Corporation (BYD) Stock

Boyd Gaming Corporation (BYD) is a Consumer Discretionary stock trading at $80.97 (as of 2026-08-20), with a market capitalization of $5.88B and a trailing P/E of 3.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Boyd Gaming Corporation and its subsidiaries operate gaming entertainment properties across multiple jurisdictions, organized into the Las Vegas Locals, Downtown Las Vegas, and Midwest & South segments. As of December 31, 2021, it operated 28 properties in Nevada and several other states, and it also operates a travel agency.

Understand Boyd Gaming Corporation: how it makes money

Boyd Gaming operates casino gaming entertainment properties and an online gaming business, earning money primarily from gaming revenues generated through its properties and online channels.

Profit is driven by how much gaming revenue Boyd generates from its owned and operated casino entertainment properties (and its online business), which is reported through region and channel specific segments.

Revenue by segment (latest quarter)
Midwest+South	$0.5B
LasVegasLocals	$0.2B
DowntownLV	$0.1B
Online	$0.2B

Business quality (Solid): Good structural clarity on the business model (owned and operated gaming properties plus online). Segment and operating metric inputs are provided, but the segment revenue breakdown appears to require including an Online segment to reconcile to the stated latest quarter company-wide revenue.

Valuation: At 4× earnings, BYD trades 86% below the Restaurants, Hotels & Motels average (27×). Note: one-time items can distort reported P/E.

Bull case

Multi-jurisdiction property footprint: As of December 31, 2021, Boyd operated 28 gaming entertainment properties across multiple states, including Nevada and several other states in the Midwest and South regions.
Business mix includes online: In addition to property segments, Boyd reports an Online segment with revenue, providing another channel that contributes to company-wide performance.
Operating profitability is positive: The latest quarter shows an operating margin of 16.4% (as provided).

Bear case

Results depend on a limited set of revenue sources: Boyd’s segments and disclosed KPIs center on gaming revenues from its properties and the Online segment, plus a travel agency activity.
Segment concentration is visible: The Midwest and South segment revenue (0.54B) is larger than Las Vegas Locals revenue (0.24B), so uneven performance across regions could materially affect the overall mix.
Same-store performance focus: A key operating KPI provided is Las Vegas segment (same-store) adjusted EBITDA, implying that trends in that specific measure can heavily influence investor understanding of underlying performance.

Valuation — source: SEC EDGAR (first-party)
Price	$80.97
Market Cap	$5.88B
P/E Ratio	3.3
EV / EBITDA	8.0
Price / Book	2.36
Price / Sales	1.46
FCF Yield	0.6%
DCF Value (model)	$108.54
DCF Upside vs Price	34.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.09B
Net Margin	45.0%
Revenue Growth (YoY)	4.1%
EPS Growth (YoY)	264.5%
FCF Growth (YoY)	-30.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.40 (grey)

Valuation vs Sector & Industry
Stock P/E	3.3
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Restaurants, Hotels & Motels)	26.6
vs Sector	-83.9%
vs Industry	-87.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($480.69M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Restaurants, Hotels & Motels
CEO	Keith E. Smith
Employees	16,129
Country	US
IPO Date	1993-10-15

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.