Reading the tape
NYSE: BYD
Boyd Gaming Corporation
Consumer Cyclical · Gambling, Resorts & Casinos
Market Cap
$6.36B
52w High
$89.96
52w Low
$71.14
P/E
3.58
Volume
697.49K
Outstanding Shares
74.33M
Price vs Fundamentals
Why The Stock Is Moving
Momentum disconnected from fundamentalsHigh confidence
1Y Price: 19.66%Revenue (TTM): 3.45%FCF (TTM): -41.69%P/FCF: 88th pct
What changed
The stock rose 19.66% over the last year. Revenue grew 3.45% over the trailing twelve months. Operating margin moved from 22.93% to 20.52%. Free cash flow declined 41.69% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 88th percentile of its historical P/FCF range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 20.52%) would need to stabilize or improve to justify the move. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Company profile
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company.
CEOKeith E. Smith
SectorConsumer Cyclical
IndustryGambling, Resorts & Casinos
Employees16,129
IPO dateOct 15, 1993
Valuation
Forward P/E—
EV/EBITDA3.54
Enterprise value$9.88B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth0.58%
Gross margin39.47%▼19.20%vs FY2024
Operating margin20.52%▼9.23%vs FY2024
ROE70.66%▲93.37%vs FY2024
Analyst consensus
RatingBuy
Target price$95.00▲10.97%
21
Buy
17
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 23, 2026
Q3 FY26 · EPS est $1.89 · Revenue est $1.04B
View
Dividends
$0.76/shareQuarterly6yr growth streakSafeBYD pays a dividend with a 0.89% declared yield, 6 consecutive years of growth, growing at 17.21% annually, covered 6.7× by free cash flow.
Declared Yield
0.89%
Annual Div / Share
$0.76
TTM $0.74
5yr CAGR
+17.21%
Doubles every ~4.4yr
Payout Ratio
3.12%
Safe
Dividend Growth Rate
3yr CAGR
+7.02%
5yr CAGR
+17.21%
10yr CAGR
+2.35%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$0.76+8.6%
2025$0.70+6.1%
2024$0.66+6.5%
2023$0.62+40.9%
2022$0.44+76.0%
2019$0.25+19.0%
2018$0.21-58.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$9/yr
$1/mo
In 5 yrs
$16/yr+76%
$1/mo
In 10 yrs
$28/yr+211%
$2/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$9/yr $1/mo | $16/yr+76% $1/mo | $28/yr+211% $2/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 0.89% → 2.76% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 6.7× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 17.21% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.