BOYD GAMING CORP (BYD)

Hotels & Motels

Latest Price

$76.08

TTM P/E

3.38

Normalized P/E

8.26

Div Yield

1.00%

Book Value

32.99

P/B Ratio

2.31

Valuation metrics

EPS: $22.56

Book value / share: $34.16

Formula: √(22.5 × EPS × BVPS)

Graham Number

$131.67

+73% upside

Norm. op. income: $900M (median of 7yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$69.26

9% downside

Base FCF: $557M (median of recent 5yr)

Growth: -14%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$11.07

85% downside

EPS: $22.56

Target P/E: 8×

Formula: EPS × P/E

P/E Fair Value

$180.48

+137% upside

75.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
COHEN & STEERS, INC.	6.28M	$554.0M	8.59%	+3.81M	2026-06-30
BlackRock, Inc.	5.51M	$486.0M	7.54%	-41.4K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	2.51M	$222.0M	3.44%	-261.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.38M	$209.0M	3.25%	-28.4K	2026-06-30
ARIEL INVESTMENTS, LLC	2.18M	$192.0M	2.98%	-92.1K	2026-06-30
STATE STREET CORP	1.89M	$166.0M	2.58%	-78.0K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.46M	$128.0M	1.99%	-160.9K	2026-06-30
AMERICAN CENTURY COMPANIES INC	1.36M	$120.0M	1.86%	+504.2K	2026-06-30
Boston Partners	1.10M	$96.0M	1.50%	-1.66M	2026-06-30
Invesco Ltd.	1.02M	$89.0M	1.39%	+44.2K	2026-06-30