BOYD GAMING CORP
In the published model solve dated 2026-Q2, anchored at $78.02, BOYD GAMING CORP (BYD) is priced for +8.6% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Roughly one dollar in seven of the reported top line is money Boyd collects and immediately hands over on behalf of its online partners, a line the 10-K says ⟦resulted in zero operating income as an equal amount representing the amount of gaming taxes and other expenses paid on behalf of our online partners is also recorded as expense⟧, so any margin or revenue multiple computed on reported revenue understates the operating business. • The price works out to roughly 26 times company-wide opera
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395 institutional managers reported holding BYD in 13F filings for the quarter ended 2026-03-31. Together they hold about 66% of the company; the top 10 hold 34%. 44 opened new positions that quarter. Held by Vanguard Group, BlackRock, Cohen & Steers, among others. On the short side, 4.2M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (3.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
BYD has cut its share count 18.5% over the past five years, spending $2.65B on repurchases. It pays a dividend, and has for 4 years running; the current rate is $0.72 a share annually. Cash returned over the past three years: $166.44M in dividends and $1.83B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at BYD over the trailing three years. Absence is a fact about the company, not a signal. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
BYD's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -6.4% | -11.9% |
| 2023-11-02 | -10.8% | +10.1% |
| 2024-02-27 | +4.3% | -15.7% |
| 2024-05-04 | -16.4% | -0.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
BYD's latest 8-K filings: 2026-08-13 (items 8.01); 2026-07-23 (items 2.02, 9.01); 2026-06-25 (items 5.02, 7.01, 9.01); 2026-05-08 (items 5.02, 5.07); 2026-05-07 (items 8.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.