BOYD GAMING CORP
BYD · Hotels & Motels · 74.3M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $380M (gross $413M, SBC $32M)
Reference price $87.69 · est. market cap ~$6.5B — last insider sale, 2026-06-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Geographically diversified regional gaming operator with strong cash generation, though headline returns are inflated by a one-off FanDuel gain.
Strengths
- Strong operating margin (18%, 69th pct), FCF ($388M) and revenue growth (4%, 67th pct)
- Diversified 27-property portfolio plus growing Online segment and core-customer loyalty model
Risks
- Net margin (45%), ROA and net-income growth (+219%) are inflated by the $1.76B FanDuel equity sale
- Thin liquidity (current ratio 0.54, 18th pct) and discretionary-spend sensitivity
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.54 (<1)
- Strong balance sheetStrong balance sheet — $366M cash & investments
- Buying back stockNet buyback — share count -3%/yr over 4y
- Insider sellingInsider selling — 8 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$24M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
18.3%
Net margin
45.0%
Return on equity
70.7%
Return on assets
28.0%
ROIC
12.7%
Revenue growth (QoQ)
-6.1%
Net-income growth
218.9%
Debt / equity
0.8×
Net debt / EBITDA
1.6×
Current ratio
0.5×
Free cash flow
$388M
EBITDA
$1.1B
Tangible book value
$176M
Cash & investments
$366M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Clinton Uri | Sell | 3.5K | $87.69 |
| 2026-06-03 | SMITH KEITH | Sell | 100K | $85.90 |
| 2026-05-13 | SPADAFOR CHRISTINE J. | Sell | 1.2K | $80.91 |
| 2026-05-07 | Bailey John Robert | Grant | 2.3K | — |
| 2026-05-07 | JOHNSON MARIANNE BOYD | Grant | 2.3K | — |
| 2026-05-07 | BOYD WILLIAM R | Grant | 2.3K | — |
| 2026-05-07 | Thoman A. Randall | Grant | 2.3K | — |
| 2026-05-07 | Hartmeier Michael A. | Grant | 2.3K | — |
| 2026-05-07 | SPADAFOR CHRISTINE J. | Grant | 2.3K | — |
| 2026-05-07 | WHETSELL PAUL W | Grant | 2.3K | — |
| 2026-05-05 | JOHNSON MARIANNE BOYD | Sell | 63K | $84.03 |
| 2026-05-01 | JOHNSON MARIANNE BOYD | Sell | 37K | $85.27 |
| 2026-02-27 | Thompson Stephen S. | Sell | 20K | $83.59 |
| 2026-02-26 | Hirsberg Josh | Option exercise | 24K | $17.75 |
| 2026-02-26 | Hirsberg Josh | Sell | 24K | $85.86 |
| 2026-02-23 | SMITH KEITH | Grant | 36K | — |
| 2026-02-22 | JOHNSON MARIANNE BOYD | Grant | 9.0K | — |
| 2026-02-22 | Hirsberg Josh | Grant | 16K | — |
| 2026-02-22 | Hirsberg Josh | Tax withheld | 17K | $86.20 |
| 2026-02-22 | Clinton Uri | Grant | 12K | — |
| 2026-02-22 | Clinton Uri | Tax withheld | 9.5K | $86.20 |
| 2026-02-22 | Thompson Stephen S. | Grant | 16K | — |
| 2026-02-22 | Thompson Stephen S. | Tax withheld | 13K | $86.20 |
| 2026-02-22 | Nelson Lori M. | Grant | 525 | — |
| 2026-02-22 | Nelson Lori M. | Tax withheld | 743 | $86.20 |
| 2026-02-22 | JOHNSON MARIANNE BOYD | Tax withheld | 3.5K | $86.20 |
| 2026-02-22 | SMITH KEITH | Grant | 63K | — |
| 2026-02-22 | SMITH KEITH | Tax withheld | 41K | $86.20 |
| 2026-02-19 | Hirsberg Josh | Grant | 16K | — |
| 2026-02-19 | SMITH KEITH | Grant | 43K | — |
| 2026-02-19 | Clinton Uri | Grant | 12K | — |
| 2026-02-19 | Nelson Lori M. | Grant | 1.3K | — |
| 2026-02-18 | BOYD WILLIAM R | Sell | 30K | $84.84 |
| 2025-11-07 | BOYD WILLIAM R | Sell | 20K | $80.36 |
| 2025-09-04 | JOHNSON MARIANNE BOYD | Sell | 100K | $86.62 |
| 2025-08-25 | SMITH KEITH | Gift | 50K | — |
| 2025-08-22 | SMITH KEITH | Sell | 25K | $85.21 |
| 2025-08-22 | Hirsberg Josh | Sell | 40K | $85.41 |
| 2025-08-21 | JOHNSON MARIANNE BOYD | Other | 45K | — |
| 2025-08-21 | BOYD WILLIAM R | Other | 45K | — |
| 2025-08-19 | SMITH KEITH | Sell | 25K | $83.91 |
| 2025-08-18 | BOYD WILLIAM R | Other | 300K | — |
| 2025-08-18 | SMITH KEITH | Sell | 50K | $83.09 |
| 2025-08-18 | JOHNSON MARIANNE BOYD | Other | 909K | — |
| 2025-08-18 | JOHNSON MARIANNE BOYD | Other | 300K | — |
| 2025-08-13 | JOHNSON MARIANNE BOYD | Sell | 100K | $84.17 |
| 2025-08-12 | BOYD WILLIAM R | Sell | 9.8K | $81.61 |
| 2025-08-11 | BOYD WILLIAM R | Sell | 3.2K | $81.57 |
| 2025-08-08 | Clinton Uri | Sell | 2.5K | $82.08 |
| 2025-08-01 | Thompson Stephen S. | Sell | 16K | $83.25 |
| 2025-08-01 | Bogich Ted | Sell | 16K | $83.18 |
| 2025-05-08 | Bailey John Robert | Grant | 2.8K | — |
| 2025-05-08 | WHETSELL PAUL W | Grant | 2.8K | — |
| 2025-05-08 | Thoman A. Randall | Grant | 2.8K | — |
| 2025-05-08 | BOYD WILLIAM R | Grant | 2.8K | — |
| 2025-05-08 | Hartmeier Michael A. | Grant | 2.8K | — |
| 2025-05-08 | SPADAFOR CHRISTINE J. | Grant | 2.8K | — |
| 2025-05-02 | BOYD WILLIAM R | Sell | 39K | $69.61 |
| 2025-05-01 | BOYD WILLIAM R | Sell | 61K | $69.57 |
| 2025-03-06 | BOYD WILLIAM R | Other | 300K | — |
| 2025-03-06 | JOHNSON MARIANNE BOYD | Other | 909K | — |
| 2025-03-06 | JOHNSON MARIANNE BOYD | Other | 300K | — |
| 2025-03-03 | JOHNSON MARIANNE BOYD | Grant | 5.6K | — |
| 2025-03-03 | SPADAFOR CHRISTINE J. | Sell | 1.1K | $75.28 |
| 2025-03-03 | Thompson Stephen S. | Grant | 12K | — |
| 2025-03-03 | Nelson Lori M. | Grant | 1.5K | — |
| 2025-03-03 | Hirsberg Josh | Grant | 16K | — |
| 2025-03-03 | Clinton Uri | Grant | 11K | — |
| 2025-03-03 | Bogich Ted | Grant | 12K | — |
| 2025-03-03 | SMITH KEITH | Grant | 45K | — |
| 2025-02-25 | BOYD WILLIAM R | Option exercise | 2.7K | $19.98 |
| 2025-02-25 | BOYD WILLIAM R | Option exercise | 4.8K | $17.75 |
| 2025-02-21 | JOHNSON MARIANNE BOYD | Grant | 7.6K | — |
| 2025-02-21 | Thompson Stephen S. | Grant | 13K | — |
| 2025-02-21 | Thompson Stephen S. | Tax withheld | 5.1K | $76.86 |
| 2025-02-21 | Nelson Lori M. | Grant | 503 | — |
| 2025-02-21 | Nelson Lori M. | Tax withheld | 171 | $76.86 |
| 2025-02-21 | Hirsberg Josh | Grant | 18K | — |
| 2025-02-21 | Hirsberg Josh | Tax withheld | 7.1K | $76.86 |
| 2025-02-21 | Clinton Uri | Grant | 8.6K | — |
| 2025-02-21 | Clinton Uri | Tax withheld | 3.4K | $76.86 |
| 2025-02-21 | Bogich Ted | Grant | 13K | — |
| 2025-02-21 | Bogich Ted | Tax withheld | 5.1K | $76.86 |
| 2025-02-21 | SMITH KEITH | Grant | 55K | — |
| 2025-02-21 | SMITH KEITH | Tax withheld | 22K | $76.86 |
| 2025-02-19 | BOYD WILLIAM R | Sell | 15K | $79.32 |
| 2025-02-12 | JOHNSON MARIANNE BOYD | Sell | 50K | $77.59 |
| 2025-02-12 | Bogich Ted | Sell | 19K | $77.13 |
| 2025-02-11 | JOHNSON MARIANNE BOYD | Sell | 50K | $77.68 |
| 2025-02-11 | Clinton Uri | Sell | 4.3K | $76.87 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
- FanDuel Group Parent, LLC
- Wilton Rancheria
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-08 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-07 | Other | filing ↗ |
| 2026-04-23 | ResultsExhibits | filing ↗ |
| 2026-02-24 | Exec/director change | filing ↗ |
| 2026-02-19 | Other | filing ↗ |
| 2026-02-05 | ResultsExhibits | filing ↗ |
| 2026-01-21 | Material agreement1.02Debt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-22 | 0001437749-26-021700 ↗ |
| 8-K | 2026-05-08 | 2026-05-07 | 0001437749-26-015901 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001437749-26-015665 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001437749-26-014192 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001437749-26-013177 ↗ |
| 8-K | 2026-02-24 | 2026-02-19 | 0001193125-26-067254 ↗ |
| 10-K | 2026-02-20 | 2025-12-31 | 0001437749-26-004908 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001437749-26-004742 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001437749-26-003201 ↗ |
| 8-K | 2026-01-21 | 2026-01-21 | 0001193125-26-017988 ↗ |
| 8-K | 2025-12-29 | 2025-12-29 | 0001437749-25-038829 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001437749-25-036907 ↗ |