Boyd Gaming Corp. (BYD) intrinsic value & 10-year financials
Boyd Gaming Corp. (BYD) has a Graham intrinsic value of $749.35 per share. At $70.04 on Oct 17, 2026, the stock trades 91% below that value. Over the last 10 fiscal years revenue grew 7.1% a year to $4.1B, with an average return on invested capital of 9.7%.
- Graham intrinsic value
- $749.35
- Share price (Oct 17, 2026)
- $70.04
- Price vs Graham value
- 91% below
- Market cap
- $5.7B
- Revenue (FY2025)
- $4.1B
- Revenue growth (10-yr CAGR)
- 7.1%
- ROIC (10-yr avg)
- 9.7%
- Free cash flow (FY2025)
- $388.5M
BYD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.1B | $1.8B | $22.56 | $388.5M | 18.3% | 11.9% |
| FY2024 | $3.9B | $578.0M | $6.19 | $556.7M | 23.6% | 14.0% |
| FY2023 | $3.7B | $620.0M | $6.12 | $540.6M | 24.1% | 14.6% |
| FY2022 | $3.6B | $639.4M | $5.87 | $707.0M | 27.6% | 14.9% |
| FY2021 | $3.4B | $463.8M | $4.07 | $811.0M | 26.7% | 13.3% |
| FY2020 | $2.2B | -$134.7M | -$1.19 | $114.0M | 0.7% | 0.2% |
| FY2019 | $3.3B | $157.6M | $1.38 | $341.4M | 14.2% | 7.0% |
| FY2018 | $2.6B | $115.0M | $1.00 | $273.0M | 13.5% | 5.9% |
| FY2017 | $2.4B | $189.2M | $1.64 | $224.4M | 14.3% | 8.5% |
| FY2016 | $2.2B | $418.0M | $3.63 | $142.5M | 11.9% | 6.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BOYD GAMING CORP has demonstrated mature, steady growth, with revenue compounding at 7.1% annually over the past decade.
BOYD GAMING CORP returns on capital have been average, hovering around 9.7% ROIC over the decade.
Over the decade, BOYD GAMING CORP shows that management has aggressively returned capital to shareholders by retiring 29.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BOYD GAMING CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $749.35 per share.