Boyd Gaming Corporation (BYD) Stock Analysis & Winston Score

Boyd Gaming owns and operates casinos and hotels across the United States. Its properties offer slot machines, table games like blackjack and poker, hotel rooms, restaurants, and entertainment — all aimed at everyday gamblers and resort visitors. The company is one of the larger regional casino operators in the country, with well-known properties in Las Vegas and markets across the South, Midwest, and Mid-Atlantic.

Boyd makes money primarily from gamblers spending at its casino floors, plus hotel stays, food, and entertainment at its resorts. It operates roughly two dozen properties across about a dozen states, giving it broad geographic reach compared to smaller regional competitors. The company also has a partnership with FanDuel for online sports betting, which provides some exposure to the growing digital gambling market. The main risk is that regional casino revenue is sensitive to consumer spending — when household budgets tighten, discretionary trips to casinos tend to decline first.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+4.6% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

31.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 years

$373M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$373M cash & investments at current burn rate

Growth context

Boyd Gaming Corporation is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

39.8%

Modest — 39.8% gross margin

Operating Margin

16.4%

Healthy — 16.4% operating margin

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.4%

Slow sales growth (3.4% YoY)

EPS YoY

+272.1%

Earnings growing fast (272.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

47%

Weak — only 47% of profit becomes cash

FCF Margin

6.9%

Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.94

Moderate — manageable debt (0.94)

Interest Cover

6.11x

Adequate interest coverage (6.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

3.8x

no trend

Attractive valuation — P/E 3.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-8.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

0.90%

no trend

Small dividend — 0.90% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+8.6%

no trend

Dividend growing modestly (8.6% YoY)

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