Company Analysis

Boyd Gaming Corporation (BYD)

NYSE: BYD · Hotels & Motels · Las Vegas, NV · filing with the SEC since 1996
Grade7.0
◀ Past 7.6● Present 7.3▶ Future 6.1

The grade of Boyd Gaming Corporation

Nine metrics read from its own filings, by tense
Headline grade
7.0/10
◀ Past7.630% of the headline
● Present7.340% of the headline
▶ Future6.130% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

7.6/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed
6.8/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 33% of this tense · 68th percentile among 28 sector filers · read for itself

From the record

Boyd Gaming Corporation's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
8.0/10

What has it actually done, year after year?

+4.8% a year over 4 filed years; profitable in 4 of 4.

weight 45% of this tense · 80th percentile among 27 sector filers · read for its customers

From the record

Boyd Gaming Corporation's 4 filed years say what it did: revenue went from $3.6 billion in fiscal 2022 to $4.1 billion in fiscal 2025, up 4.8% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 4 of 4 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span4.8%bottom 39% of its family
  • the share of years revenue rosetop 6% of its family
  • the share of filed years with a profittop 7% of its family
  • the deepest fall from a revenue peak0.0%top 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
7.8/10

How has it treated the people who own it?

Share count shrank 9.2% a year. 72% of cash flow returned. Insiders: 11 sales, 0 purchases.

weight 22% of this tense · 78th percentile among 23 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Boyd Gaming Corporation's diluted share count shrank about 9.2% a year, and dividends and buybacks returned about 72% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 11 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 6% of its family
  • cash returned against operating cash flowtop 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.3/1040% of the headline grade · 3 of 3 filed

Financial health

as filed
8.9/10

Is it financially healthy right now?

ROE 71%: 71¢ of profit per shareholder dollar. Leverage 60%: owes 60¢ per asset dollar.

weight 33% of this tense · 89th percentile among 26 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Boyd Gaming Corporation earned about 71 cents of profit for every dollar of shareholders' money. Leverage: it owed about 60 cents per dollar of assets, and net share issuance: its share count shrank 12.5% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 17% of its family
  • return on equitytop 13% of its family
  • the share count against the year beforetop 2% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
6.4/10

How strong is its position in its industry?

top 36% of 27 in its family; net margin 45%.

weight 45% of this tense · 64th percentile among 27 sector filers · read for its customers

From the record

Boyd Gaming Corporation's standing among 27 graded names in its industry family: revenue of $4.1 billion in fiscal 2025 ranks in the top 46% by size; a net margin of 45% ranks in the top 2%; revenue growth of 4.8% a year over the last 3 filed years ranks in the bottom 39% (its annual reports).

What it rests on

  • revenue against the family$4.09Btop 46% of its family
  • net margin45.0%top 2% of its family
  • three-year revenue growth4.8%bottom 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
6.5/10

What are the people in charge doing?

top 35% of 20 in its family for leadership; chief executive since 2008.

weight 22% of this tense · 65th percentile among 20 sector filers · read for its shareholders

From the record

Boyd Gaming Corporation's leadership, from its insiders' filings and its current reports: the chief executive on the record is Smith, Keith (President and CEO, as filed), filing under that title since 2008-01-03, 18.9 years (top 9% of its family); the 17 officers and directors filing in the last fifteen months have been on the record a median of 10.8 years (top 22%); 9 officer or director changes were reported on Form 8-K since 2023-11-13, against the 17 people in charge now (bottom 28%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge9 in three years among 17 peoplebottom 28% of its family
  • the median years the people in charge have filed10.8 yearstop 22% of its family
  • the chief executive's years on the record18.9 yearstop 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.1/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.3/10

How much room does it have to grow?

top 47% of 26 in its family for room to expand.

weight 22% of this tense · 53rd percentile among 26 sector filers · read for itself

From the record

Boyd Gaming Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $353 million against debt of $2.0 billion leaves -25.7% of its assets as net cash, top 31% of its family; cash from operations less capital spending is 9.5% of revenue (bottom 37%) (its annual report).

What it rests on

  • cash less debt against assets-25.7%top 31% of its family
  • cash from operations less capital spending against revenue9.5%bottom 37% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
4.9/10

What could actually drive growth from here?

bottom 49% of 27 in its family for growth drivers.

weight 45% of this tense · 49th percentile among 27 sector filers · read for its customers

From the record

Boyd Gaming Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 4.8% a year over the last three filed years against 4.8% over all 4, speeding up (bottom 28% of its family); the newest year grew 4.1% (top 50%); capital spending grew 29.8% a year (top 31%) (its annual reports). Boyd Gaming Corporation reported 7 product lines in fiscal 2025: Casino at $2.6 billion (65%), Online Reimbusements at $576 million (14%), Food and Beverage at $310 million (8%), and 4 more; 5 of 7 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yearbottom 28% of its family
  • the newest year's revenue growth4.1%top 50% of its family
  • three-year growth of capital spending29.8%top 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
8.3/10

Did its newest year beat what its own record pointed to?

top 17% of 27 in its family for expectations against reality.

weight 33% of this tense · 83rd percentile among 27 sector filers · read for its shareholders

From the record

Boyd Gaming Corporation's newest year against its own record: revenue of $4.1 billion in fiscal 2025 came in 1% below the $4.1 billion its prior three years' pace pointed to (top 31% of its family); net income of $1.8 billion against a prior three-year average of $612 million (top 6%); a net margin of 45% against 16.4% before (top 13%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-1.0%top 31% of its family
  • net income against the prior three years' average+201%top 6% of its family
  • net margin against its prior average+28.6 pointstop 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BYD · research, not advice