BYD
Boyd Gaming Corporation
BYD's fundamentals are weak: earnings per share fell 72% and its operating margin fell 3 points to 18%. At 12x earnings, it's trading in line with its usual 11x. Its downside scenario is more than ten times its upside.
BYD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Stable |
BYD's revenue, profitability and balance sheet are currently stable, but its cash flow is under pressure.
BYD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6x | $38.85 | -50% |
| Forward | 10x | $77.11 | — |
| Fair | 11x | $71.91 | -6.7% |
| Current | 12x | $77.11 | — |
| Expensive | 16x | $105 | +36% |
Historical ranges are pointers, not guarantees.
BYD's PE is in its fair range at 12x. On analysts' estimates for next year's earnings, today's price would be 10x, in its cheap range.
BYD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect BYD's profitability to improve, with its earnings and revenue holding steady.
BYD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.56 | +18% |
| Q3 2026 | $6.43 | -72% |
| Q2 2026 | $22.53 | +248% |
| Q1 2026 | $22.62 | +271% |
| Q4 2025 | $22.56 | +264% |
| Q3 2025 | $22.85 | +334% |
| Q2 2025 | $6.47 | +25% |
| Q1 2025 | $6.10 | +9.1% |
| Q4 2024 | $6.19 | +1.1% |
BYD's earnings per share have fallen from their peak: $6.43 over the past year, against $22.85 in late 2025.
BYD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $990.5M | -1.4% |
| Q2 2026 | $1B | 0% |
| Q1 2026 | $997.4M | +0.6% |
| Q4 2025 | $1.1B | +2% |
| Q3 2025 | $1B | +4.5% |
| Q2 2025 | $1B | +6.9% |
| Q1 2025 | $991.6M | +3.2% |
| Q4 2024 | $1B | +9.1% |
BYD's revenue grew through 2024 and has held roughly level since: $990M last quarter, down 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +5.8 points |
| Q2 2026 | 19% | -4 points |
| Q1 2026 | 16% | -3.7 points |
| Q4 2025 | 16% | -9.4 points |
| Q3 2025 | 14% | -9 points |
| Q2 2025 | 23% | 0 points |
| Q1 2025 | 20% | -2.7 points |
| Q4 2024 | 25% | +8.9 points |
BYD's operating margin was 20% last quarter, up 5.8 points from the same quarter a year ago.
BYD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $43.7M | -54% |
| Q2 2026 | -$165.5M | -305% |
| Q1 2026 | -$20.8M | -124% |
| Q4 2025 | $127M | -16% |
| Q3 2025 | $94.4M | -35% |
| Q2 2025 | $80.6M | -18% |
| Q1 2025 | $86.5M | -46% |
| Q4 2024 | $150.9M | +23% |
BYD's free cash flow has turned negative after years in the green: −$16M over the past year.
BYD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.4% | -1.8M shares |
| 1 year | -9.7% | -7.8M shares |
| 3 years | -33% | -36M shares |
| 5 years | -36% | -40.8M shares |
BYD has 73M diluted shares, down 9.7% from a year ago, with $660M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $163.9M |
| Q2 2026 | $156M |
| Q1 2026 | $155M |
| Q4 2025 | $185.3M |
| Q3 2025 | $160M |
| Q2 2025 | $105M |
| Q1 2025 | $328M |
| Q4 2024 | $202.6M |
BYD spent $660M buying back its own shares over the past year, down 17% from the year before.
BYD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 2.4x | Moderate |
BYD's net debt is about 2.2 years of its operating earnings (EBITDA), up from 1.4 years a year ago.
BYD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.4 | Neutral |
| Stochastic | 47.5 | Neutral |
BYD's weekly RSI is 48 (neutral) and its Stochastic is 48 (neutral).
BYD PE vs Consumer Cyclical Sector
| Metric | BYD | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 18x | 33% below |
| PE % | 61 | 47 | 14 pts above |
BYD is trading at 12x earnings, a 33% discount to the Consumer Cyclical sector's median of 18x.
BYD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.0 | 7.2% above |
| 20 week MA | $78.3 | 1.5% below |
| 50 week MA | $81.9 | 5.9% below |
| 100 week MA | $79.4 | 2.9% below |
| 200 week MA | $71.3 | 8.2% above |
BYD's trend is mixed: it's above two of its five weekly moving averages, and 8.2% above its 200-week average.
BYD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.4 | $42.6 | +40% |
| 2021 | $42.6 | $64.7 | +52% |
| 2022 | $64.7 | $55.1 | -15% |
| 2023 | $55.1 | $62.6 | +14% |
| 2024 | $62.6 | $72.4 | +16% |
| 2025 | $72.4 | $86.6 | +20% |
| 2026 YTD | $86.6 | $77.1 | -11% |
BYD has finished higher in five of the last six years. It's down 11% so far in 2026.