Forensic Analysis · Hospitality & Leisure · as of Aug 10, 2026
Boyd Gaming Corp (BYD)
A forensic read on Boyd Gaming Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
3.2
Distress distance
Clean
Earnings quality
4
Forensic signals
3.4
P / E (ttm)
70.7%
ROE
$5.9B
Market cap
0.95%
Dividend yield
4.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Boyd Gaming Corp earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.94×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was 0.94× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
11.3%
FY2025
Return on invested capital.Return on invested capital is 11.3% in the latest fiscal year and slipping from 14% — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.
215% of FCF
FY2025
Shareholder returns.Returned $836M to shareholders (buybacks + dividends) in FY2025 — 215% of free cash flow, but 86% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $32M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 224%.
$230M
FY2020–FY2023
Goodwill impairments.Took $230M of goodwill writedowns across 3 years (FY2020 ($112M), FY2022 ($32M), FY2023 ($87M)) — about 14% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$4.09B
Revenue Growth YoY+4.1%
Revenue CAGR (3yr)+4.8%
Net Margin45.0%
Free Cash Flow$388.5M
Return on Equity70.7%
Debt / Equity0.78x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Boyd Gaming Corp's actual 10-K/10-Q/8-K filings?