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Boyd Gaming Valuation Multiples

Discover revenue and EBITDA valuation multiples for Boyd Gaming and similar public comparables like BetMakers, BlueBet Holdings, and Aristocrat Leisure.

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. Midwest and South hold the key number of entertainment properties, and it generate the majority of sales for the company.


Founded

1988

HQ

United States of America
Employees

16.1K+

Website

boydgaming.com

Financials

LTM Revenue $3.9B

LTM EBITDA $1.3B

EV

$10.0B

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Boyd Gaming Financials

Boyd Gaming has a last 12-month revenue (LTM) of $3.9B and a last 12-month EBITDA of $1.3B.

In the most recent fiscal year, Boyd Gaming achieved revenue of $3.9B and an EBITDA of $1.2B.

Boyd Gaming expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Boyd Gaming P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $3.9B XXX $3.9B XXX XXX XXX
Gross Profit $3.9B XXX $2.0B XXX XXX XXX
Gross Margin 100% XXX 52% XXX XXX XXX
EBITDA $1.3B XXX $1.2B XXX XXX XXX
EBITDA Margin 32% XXX 31% XXX XXX XXX
EBIT $901M XXX $938M XXX XXX XXX
EBIT Margin 23% XXX 24% XXX XXX XXX
Net Profit $549M XXX $578M XXX XXX XXX
Net Margin 14% XXX 15% XXX XXX XXX
Net Debt XXX XXX $2.9B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Boyd Gaming Stock Performance

As of May 30, 2025, Boyd Gaming's stock price is $75.

Boyd Gaming has current market cap of $6.1B, and EV of $10.0B.

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Boyd Gaming Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$10.0B $6.1B XXX XXX XXX XXX $6.54

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Boyd Gaming Valuation Multiples

As of May 30, 2025, Boyd Gaming has market cap of $6.1B and EV of $10.0B.

Boyd Gaming's trades at 2.5x EV/Revenue multiple, and 8.3x EV/EBITDA.

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 11.1x.

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Boyd Gaming Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $6.1B XXX $6.1B XXX XXX XXX
EV (current) $10.0B XXX $10.0B XXX XXX XXX
EV/Revenue 2.5x XXX 2.5x XXX XXX XXX
EV/EBITDA 7.9x XXX 8.3x XXX XXX XXX
EV/EBIT 11.1x XXX 10.7x XXX XXX XXX
EV/Gross Profit 2.5x XXX n/a XXX XXX XXX
P/E 11.1x XXX 10.6x XXX XXX XXX
EV/FCF 26.7x XXX 18.0x XXX XXX XXX

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Boyd Gaming Margins & Growth Rates

Boyd Gaming's last 12 month revenue growth is 1%

Boyd Gaming's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Boyd Gaming's rule of 40 is 33% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Boyd Gaming's rule of X is 35% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Boyd Gaming Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 1% XXX 1% XXX XXX XXX
EBITDA Margin 32% XXX 31% XXX XXX XXX
EBITDA Growth -1% XXX 2% XXX XXX XXX
Rule of 40 33% XXX 32% XXX XXX XXX
Bessemer Rule of X XXX XXX 35% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 1% XXX XXX XXX
Opex to Revenue XXX XXX 28% XXX XXX XXX

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Boyd Gaming Public Comps

See public comps and valuation multiples for Casinos & Gambling and Accommodation comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
High Roller Technologies XXX XXX XXX XXX XXX XXX
Ainsworth Game Technology XXX XXX XXX XXX XXX XXX
Aristocrat Leisure XXX XXX XXX XXX XXX XXX
BlueBet Holdings XXX XXX XXX XXX XXX XXX
BetMakers XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Boyd Gaming M&A and Investment Activity

Boyd Gaming acquired  XXX companies to date.

Last acquisition by Boyd Gaming was  XXXXXXXX, XXXXX XXXXX XXXXXX . Boyd Gaming acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Boyd Gaming

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About 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 of America.
How many employees does Boyd Gaming have? As of today, Boyd Gaming has 16.1K+ employees.
Who is the CEO of Boyd Gaming? Boyd Gaming's CEO is Mr. Keith E. Smith.
Is Boyd Gaming publicy listed? Yes, Boyd Gaming is a public company listed on NYS.
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? Similar companies to Boyd Gaming include e.g. High Roller Technologies, Ainsworth Game Technology, Aristocrat Leisure, BlueBet Holdings.
What is the current market cap of Boyd Gaming? Boyd Gaming's current market cap is $6.1B
What is the current revenue of Boyd Gaming? Boyd Gaming's last 12 months revenue is $3.9B.
What is the current revenue growth of Boyd Gaming? Boyd Gaming revenue growth (NTM/LTM) is 1%.
What is the current EV/Revenue multiple of Boyd Gaming? Current revenue multiple of Boyd Gaming is 2.5x.
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 $1.3B.
What is Boyd Gaming's EBITDA margin? Boyd Gaming's last 12 months EBITDA margin is 32%.
What is the current EV/EBITDA multiple of Boyd Gaming? Current EBITDA multiple of Boyd Gaming is 7.9x.
What is the current FCF of Boyd Gaming? Boyd Gaming's last 12 months FCF is $375M.
What is Boyd Gaming's FCF margin? Boyd Gaming's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Boyd Gaming? Current FCF multiple of Boyd Gaming is 26.7x.

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