| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 84 | 3.4x | 17.8x | Top tier | |
Growth | 34 | 1.7% | 7.1% | Bottom tier | |
Quality | 54 | 3.3% | 4.5% | Around median | |
Safety | 53 | 2.9x | 2.6x | Around median | |
Capital Return | 81 | 0.96% | 2.12% | Top tier | |
Momentum | 39 | -3.6% | 2.9% | Bottom tier | |
Sentiment | 46 | 10 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Boyd Gaming Corporation operates a diversified portfolio of gaming, hospitality, and entertainment properties across the Midwest and South, the Las Vegas Locals market, and Downtown Las Vegas. It derives its revenue primarily from gaming operations, with contributions from hotels, food, and beverages, while also generating digital income through Boyd Interactive and market-access agreements, as well as management fees related to the Sky River property. This diversification helps offset performance differences across markets, as growth in the Midwest and South and in digital and managed operations offset weakness in Las Vegas destination business during fiscal 2026 Q2.
In fiscal 2026 Q2, the company reported revenue of $1.0 billion, net income of $131.2 million, and earnings per share of $1.75. On a comparable basis, after adjusting for the prior-year FanDuel transaction and pass-through tax amounts related to a market-access agreement, revenue increased 3% and earnings before interest, taxes, depreciation, and amortization grew 2%, while property operating margin reached 40%. The Midwest and South segment recorded revenue growth of 3% and adjusted operating earnings growth of 4%, with a margin of approximately 38%, while revenue from Las Vegas Locals properties excluding Orleans and Suncoast increased 4% and adjusted operating earnings grew 3%, with a margin exceeding 50%. Managed operations earnings also grew 18%.
The quarter's mix reflects strong gaming revenue from core and retail customers, alongside growth at Boyd Interactive and higher Sky River management fees following completion of the first phase of its expansion. Conversely, continued declines in visitor traffic pressured Orleans and Downtown Las Vegas, while renovation work at Suncoast added a temporary burden to results. The company continues to combine significant capital spending on properties and development projects with capital returns, investing $142 million in capital expenditures and returning more than $170 million to shareholders during the quarter.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates Boyd Gaming shares a “Buy,” with an average price target of $91.63 and a range of $83 to $104. The average is slightly above the 52-week range high of $91.41, while the highest target clearly exceeds that high. The provided data does not include a standardized price-to-earnings multiple, despite trailing-twelve-month earnings per share of approximately $24.29, so the valuation case rests on the sustainability of earnings following the FanDuel transaction and higher guidance for the digital and managed segments, balanced against destination-business weakness and capital-expenditure execution risks.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Boyd Gaming reported revenue of $1.0 billion, net income of $131.2 million, and earnings per share of $1.75 in fiscal 2026 Q2. On a comparable basis, revenue increased 3% and earnings before interest, taxes, depreciation, and amortization grew 2%, with a property operating margin of 40%. The primary support came from the Midwest and South, Boyd Interactive, and Sky River management fees, while destination-business weakness and disruption from the Suncoast renovation limited Las Vegas performance.
Continued weakness in visitor-related demand affected Orleans and Downtown Las Vegas during fiscal 2026 Q2, with management estimating an impact of approximately $5 million on adjusted operating earnings. Construction work at Suncoast added a negative impact of approximately $3 million during the same quarter, and the company expects a similar level in Q3. Conversely, revenue from the remaining Las Vegas Locals properties increased 4% and adjusted operating earnings grew 3%, with a margin exceeding 50%, indicating that local customers remain more stable than destination visitors.
Digital operations achieved comparable growth in revenue and adjusted operating earnings in fiscal 2026 Q2. Market-access agreements generate approximately $1 million per month, or about $12 million annually, while the remaining growth comes primarily from Boyd Interactive. Because of this performance, management raised its fiscal 2026 digital segment earnings guidance by $5 million to a range of $35–40 million.
The company returned more than $170 million during fiscal 2026 Q2, including $156 million to repurchase 1.9 million shares at an average of $83.60 per share and $15 million in dividends. It intends to continue repurchases at a pace of approximately $150 million per quarter, targeting more than $650 million in repurchases and dividends during fiscal 2026. Since the program began in late 2021, total capital returned has exceeded $3 billion and the share count has declined 35%.
The company expects to complete the Suncoast renovation by the end of fiscal 2026 Q3 and for its performance to begin improving in Q4. It also aims to renovate more than 70% of its Las Vegas hotel rooms by early 2027. The Norfolk Waterfront resort is targeted to open in late 2027 and will include a 65,000-square-foot casino, a 100-room hotel, and eight food and beverage outlets. The second phase of Sky River will add a 300-room hotel, three food and beverage outlets, a spa, and an events center, with completion targeted for early 2028.
Investors should monitor the continued impact of destination-business weakness, which reduced adjusted operating earnings by approximately $5 million in fiscal 2026 Q2, alongside the approximately $3 million impact from Suncoast construction. The company also plans capital expenditures of $650–700 million in fiscal 2026, making project timing and returns important factors. Insiders recorded net sales of $10.0 million over the three months through August 24, 2026, across four sales, although this signal should be treated cautiously because those sales may have been prearranged.
