BYD
Boyd Gaming Corporation
BYD trails on the overall score without a compensating advantage in the available component scores.
NIO
NIO Inc.
NIO has the edge over BYD overall, supported by stronger modeled upside and stronger fundamentals.
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.
NIO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Stable | |
| Unavailable |
NIO's revenue is currently strong, and its profitability and cash flow are stable. There isn't enough data to rate its balance sheet.
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.
NIO PE Valuation
NIO has no meaningful PE right now: it lost money over the past year.
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.
NIO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NIO has the edge over BYD on the outlook, with more favorable earnings and revenue expectations.
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 has the edge over NIO on earnings quality, reporting a profit while its opponent remains loss making.
NIO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.29 | +$1.45 |
| Q1 2026 | -$0.60 | +$1.16 |
| Q4 2025 | -$1.06 | +$0.60 |
| Q3 2025 | -$1.59 | +$0.02 |
| Q2 2025 | -$1.74 | -$0.10 |
| Q1 2025 | -$1.76 | +$0.06 |
| Q4 2024 | -$1.66 | +$0.21 |
| Q3 2024 | -$1.61 | +$0.32 |
NIO is still losing money, but far less than before: $0.29 per share over the past year, against $1.93 at its worst in late 2023.
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 has the edge over NIO on profitability, with a higher operating margin.
NIO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $4.8B | +69% |
| Q1 2026 | $3.8B | +112% |
| Q4 2025 | $5.2B | +76% |
| Q3 2025 | $3.3B | +17% |
| Q2 2025 | $2.9B | +9% |
| Q1 2025 | $1.8B | +21% |
| Q4 2024 | $3B | +15% |
| Q3 2024 | $2.8B | -2.1% |
NIO has the edge over BYD on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -2.1% | +24 points |
| Q1 2026 | -1.2% | +52 points |
| Q4 2025 | 2.3% | +33 points |
| Q3 2025 | -16% | +12 points |
| Q2 2025 | -26% | +4 points |
| Q1 2025 | -53% | +1.1 points |
| Q4 2024 | -31% | +8.1 points |
| Q3 2024 | -28% | -2.6 points |
NIO's operating margin was −2.1% last quarter, up 24 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.
NIO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | +$2.1B |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$391.3M |
| Q3 2025 | $0 | $0 |
| Q2 2025 | -$2.1B | +$73.9M |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$391.3M | -386% |
| Q2 2024 | -$2.2B | +$337.9M |
NIO has the edge over BYD on cash flow, with more consistent year-over-year improvement.
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 the edge over NIO on shareholder dilution, with a more favorable share count trend.
| 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.
NIO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +15.6M shares |
| 1 year | +12% | +267M shares |
| 3 years | +51% | +844M shares |
| 5 years | +60% | +933M shares |
| Available history | +143% | +1.5B shares |
NIO has 2.5B diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NIO hasn't bought back shares in the past year.
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.
NIO Net Leverage
NIO's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
NIO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.7 | Neutral |
| Stochastic | 6.9 | Oversold |
NIO's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
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.
NIO PE vs Consumer Cyclical Sector
NIO has no meaningful PE right now: it lost money over the past year.
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 has the edge over NIO on trend strength, trading above more of its moving averages.
NIO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.36 | 9.2% below |
| 20 week MA | $4.01 | 24% below |
| 50 week MA | $4.81 | 37% below |
| 100 week MA | $4.85 | 37% below |
| 200 week MA | $6.03 | 49% below |
NIO is in a downtrend: it's below all five of its weekly moving averages, and 49% below 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 the edge over NIO on returns for 2026, with the stronger performance.
NIO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.42 | $45.8 | +1791% |
| 2021 | $45.8 | $30.5 | -33% |
| 2022 | $30.5 | $11.0 | -64% |
| 2023 | $11.0 | $9.07 | -17% |
| 2024 | $9.07 | $4.48 | -51% |
| 2025 | $4.48 | $5.10 | +14% |
| 2026 YTD | $5.10 | $3.05 | -40% |
NIO's yearly returns have swung widely, from +1791% in 2020 to −64% in 2022. It's down 40% so far in 2026.