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Boyd Gaming Corporation (the "Company," the "Registrant," "Boyd Gaming," "we" or "us") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties ("gaming entertainment properties") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvan…
18.29% operating margin is respectable but not wide. ROIC at 10.92%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 4.1%, steady but not accelerating. Margins contracted 5.3pp, which offsets some of the top-line progress.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.73% to 10.92%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.09B
▲ +4.1% YoY
Net Income (TTM)
$1.84B
▲ +218.9% YoY
Op. Margin
18.29%
▼ -5.3pp YoY
ROIC
10.92%
▼ -2.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$388M
▼ -30.2% YoY
Op. Cash Flow (TTM)
$977M
▲ +2.0% YoY
Net Debt
$2.36B
Cash & Equiv.
$354M
5Y CAGR: +13.4%
5Y CAGR: +27.8%
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