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Boyd Gaming Valuation Multiples
Discover revenue and EBITDA valuation multiples for Boyd Gaming and similar public comparables like Ryman Hospitality Properties, Wyndham Hotels, Churchill Downs, UOL Group and more.
Boyd Gaming Overview
About Boyd Gaming
Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly-owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Geographical regions separate its business segments: Las Vegas Locals, Downtown Las Vegas, Midwest and South, and Online. The Midwest and South hold the key number of entertainment properties and generate the majority of the company's revenue.
Founded
1988
HQ
Employees
16.0K
Website
Financials (LTM)
EV
$9B
Boyd Gaming Financials
Boyd Gaming reported last 12-month revenue of $4B and EBITDA of $1B.
In the same LTM period, Boyd Gaming generated $1B in EBITDA and $1B in net income.
Revenue (LTM)
Boyd Gaming P&L
In the most recent fiscal year, Boyd Gaming reported revenue of $4B and EBITDA of $3B.
Boyd Gaming expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $2B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 50% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 30% | XXX | 68% | XXX | XXX | XXX |
| EBIT Margin | 19% | XXX | 21% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 35% | XXX | 45% | XXX | XXX | XXX |
| Net Debt | — | — | $2B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Boyd Gaming Stock Performance
Boyd Gaming has current market cap of $7B, and enterprise value of $9B.
Market Cap Evolution
Boyd Gaming's stock price is $87.52.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $9B | $7B | 0.0% | XXX | XXX | XXX | $24.48 |
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Start Free TrialBoyd Gaming Valuation Multiples
Boyd Gaming trades at 2.2x EV/Revenue multiple, and 7.2x EV/EBITDA.
EV / Revenue (LTM)
Boyd Gaming Financial Valuation Multiples
As of April 20, 2026, Boyd Gaming has market cap of $7B and EV of $9B.
Equity research analysts estimate Boyd Gaming's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Boyd Gaming has a P/E ratio of 4.5x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $9B | XXX | $9B | XXX | XXX | XXX |
| EV/Revenue | 2.2x | XXX | 2.2x | XXX | XXX | XXX |
| EV/EBITDA | 7.2x | XXX | 3.2x | XXX | XXX | XXX |
| EV/EBIT | 11.6x | XXX | 10.2x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 4.4x | XXX | XXX | XXX |
| P/E | 4.5x | XXX | 3.6x | XXX | XXX | XXX |
| EV/FCF | 16.7x | XXX | 15.6x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Boyd Gaming Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Boyd Gaming Margins & Growth Rates
Boyd Gaming's revenue in the last 12 month grew by 2%.
Boyd Gaming's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.
Boyd Gaming's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Boyd Gaming's rule of X is 33% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Boyd Gaming Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 2% | XXX | 1% | XXX | XXX | XXX |
| EBITDA Margin | 30% | XXX | 68% | XXX | XXX | XXX |
| EBITDA Growth | (0%) | XXX | (56%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 31% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 33% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 13% | XXX | XXX | XXX |
| R&D Expenses to Revenue | — | XXX | 0% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 28% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Boyd Gaming Public Comps
See public comps and valuation multiples for other Casinos & Gambling and Accommodation comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Boyd Gaming | XXX | XXX | XXX | XXX | XXX | XXX |
| Ryman Hospitality Properties | XXX | XXX | XXX | XXX | XXX | XXX |
| Wyndham Hotels | XXX | XXX | XXX | XXX | XXX | XXX |
| Churchill Downs | XXX | XXX | XXX | XXX | XXX | XXX |
| UOL Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Light & Wonder | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Boyd Gaming M&A Activity
Boyd Gaming acquired XXX companies to date.
Last acquisition by Boyd Gaming was on XXXXXXXX, XXXXX. Boyd Gaming acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Boyd Gaming
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBoyd Gaming Investment Activity
Boyd Gaming invested in XXX companies to date.
Boyd Gaming made its latest investment on XXXXXXXX, XXXXX. Boyd Gaming invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Boyd Gaming
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Boyd Gaming
| When was Boyd Gaming founded? | Boyd Gaming was founded in 1988. |
| Where is Boyd Gaming headquartered? | Boyd Gaming is headquartered in United States. |
| How many employees does Boyd Gaming have? | As of today, Boyd Gaming has over 16K employees. |
| Who is the CEO of Boyd Gaming? | Boyd Gaming's CEO is Keith E. Smith. |
| Is Boyd Gaming publicly listed? | Yes, Boyd Gaming is a public company listed on NYSE. |
| What is the stock symbol of Boyd Gaming? | Boyd Gaming trades under BYD ticker. |
| When did Boyd Gaming go public? | Boyd Gaming went public in 1993. |
| Who are competitors of Boyd Gaming? | Boyd Gaming main competitors are Ryman Hospitality Properties, Wyndham Hotels, Churchill Downs, UOL Group. |
| What is the current market cap of Boyd Gaming? | Boyd Gaming's current market cap is $7B. |
| What is the current revenue of Boyd Gaming? | Boyd Gaming's last 12 months revenue is $4B. |
| What is the current revenue growth of Boyd Gaming? | Boyd Gaming revenue growth (NTM/LTM) is 2%. |
| What is the current EV/Revenue multiple of Boyd Gaming? | Current revenue multiple of Boyd Gaming is 2.2x. |
| Is Boyd Gaming profitable? | Yes, Boyd Gaming is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Boyd Gaming? | Boyd Gaming's last 12 months EBITDA is $1B. |
| What is Boyd Gaming's EBITDA margin? | Boyd Gaming's last 12 months EBITDA margin is 30%. |
| What is the current EV/EBITDA multiple of Boyd Gaming? | Current EBITDA multiple of Boyd Gaming is 7.2x. |
| What is the current FCF of Boyd Gaming? | Boyd Gaming's last 12 months FCF is $535M. |
| What is Boyd Gaming's FCF margin? | Boyd Gaming's last 12 months FCF margin is 13%. |
| What is the current EV/FCF multiple of Boyd Gaming? | Current FCF multiple of Boyd Gaming is 16.7x. |
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