BYDBOYD GAMING CORP

Hotels & Motels

Revenue: $4.1B; 4.1% YoY
Operating margin: 18.3%; 23% YoY
EBITDA: $1.1B; 13% YoY
Market cap: $5.2B
Employees: 16,009; $256K revenue each
Net debt / EBITDA: 2.3×; $2.4B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
53% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
66% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$256K · 64th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.4B	$3.6B	$3.7B	$3.9B	$4.1B	4.1%
Operating income	$900M	$981M	$902M	$928M	$748M	19%
Net income	$464M	$639M	$620M	$578M	$1.8B	219%
Operating cash flow	$1.0B	$976M	$915M	$957M	$977M	2.0%
Capex	$199M	$269M	$374M	$400M	$588M	47%
Stock-based comp	$38M	$34M	$32M	$30M	$32M	8.4%
Buybacks	$81M	$542M	$413M	$686M	$778M	13%
Dividends	$0	$48M	$64M	$63M	$58M	7.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 18, 2024	BOYD WILLIAM S	SC 13D/A	9.2%	Passive
Mar 22, 2023	BOYD WILLIAM S	SC 13D/A	10.0%	Passive
Mar 22, 2023	JOHNSON MARIANNE BOYD	SC 13D/A	14.6%	Passive
Jun 17, 2022	BOYD WILLIAM S	SC 13D/A	13.8%	Passive
Jun 17, 2022	JOHNSON MARIANNE BOYD	SC 13D/A	10.3%	Passive
Apr 22, 2019	JOHNSON MARIANNE BOYD	SC 13D/A	7.0%	Passive
Apr 22, 2019	BOYD WILLIAM S	SC 13D/A	17.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 11
Net: −$26M

Pay vs performance

No pay-versus-performance disclosure yet.