What is the 13F Pro Quality Score for BYD?

13F Pro ranks BOYD GAMING CORP (BYD) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View BYD's current score at https://13fpro.ai/research/BYD (free sign-up required for the full ranking).

Which hedge funds own the most BYD stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of BYD include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, Boston Partners. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/BYD as soon as new 13F filings post.

Where does 13F Pro source BYD data?

All BOYD GAMING CORP fundamentals and ownership data come directly from SEC EDGAR. BOYD GAMING CORP files with the SEC under CIK 906553. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is BYD in?

BOYD GAMING CORP (BYD) is classified in the Consumer Discretionary sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/consumer-discretionary.

What drives BYD's revenue?

Per BOYD GAMING CORP's latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Gaming ($650.5M, +1.8% YoY); Online Reimbursements ($135.4M, +4.5% YoY); Food & Beverage ($75.8M, +2.2% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/BYD.

What are BYD's largest expenses?

BOYD GAMING CORP's latest 10-Q reports these as the largest expense items: Gaming Expense ($254.8M, +3.6% YoY); Interest Expense, net ($28.5M, -41.4% YoY); Project Development, Preopening and Writedowns ($20.3M, vs $(1.5)M benefit YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is BYD research updated on 13F Pro?

BYD's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

BOYD GAMING CORP(BYD)Stock Analysis

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13F Pro Quality Score

70.7/100

Rank #291 of 2,879 stocksTOP 25%

View Consumer Discretionary peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

46.4/100

Profitability

94.9/100

Balance Sheet

98.6/100

Earnings Quality

88.1/100

Free Cash Flow

53.6/100

Institutional Flow

16.0/100

Revenue Scale

74.7/100

Dilution Risk

63.7/100

BYD Stock Analysis & AI Quality Score

AI stock analysis and institutional research for BOYD GAMING CORP (BYD), a Consumer Discretionary sector company. 13F Pro's AI-powered ranking engine scores BYD at 70.7/100 on a 32-signal composite quality model, placing it at rank #291 of 2,879 stocks — the top 25% of the AI-ranked universe. BYD scores in the top quartile across balance sheet strength (98.6), profitability (94.9), earnings quality (88.1). Areas of concern include institutional flow (16.0), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), BOYD GAMING CORP reports quarterly revenue of $997.4M, net income of $105.5M, an operating margin of 16.4%. Top institutional holders of BYD by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, Boston Partners, based on the most recent SEC filings. BYD trades on the NYSE exchange and files with the SEC under CIK 906553. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BYD daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BOYD GAMING CORP directly from SEC EDGAR. BOYD GAMING CORP's 13F Pro composite quality score has ranged between 8 and 74 since 2022, currently 70.7 — an improving long-term trajectory across 51 quarterly and live scoring snapshots.

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Fun facts about BOYD GAMING CORP

Quirks, history, and lore behind BYD — the kind of stuff that makes a stock memorable.

1
The Basics
A Consumer Discretionary company headquartered in Las Vegas, Nevada, listed on the NYSE, operating in an industry where the house always wins.
2
The Numbers
Annual revenues in the low single-digit billions, with properties spread across multiple U.S. states — a mid-cap player punching in a field of casino giants.
3
The History
The company traces its roots to a single Nevada property opened decades ago by a family that still bears an outsized influence on its identity today.
4
The Secret
Unlike Strip-focused rivals, this operator has long leaned into locals markets — targeting everyday gamblers who drive five minutes from home, not tourists flying in from Ohio.
5
The Lore
It has grown largely through acquisitions of regional casinos, building a footprint from Nevada to Mississippi to Indiana — the unglamorous backbone of American gambling.
6
The Giveaway
The founding Boyd family still holds a major stake, and the company's ticker — BYD — is one letter away from confusing every Tesla investor who glances too fast.

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What's Driving BYD's Business? Latest 10-Q Breakdown

AI-extracted from BOYD GAMING CORP's 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Boyd Gaming reported Q1 2026 total revenues of $997.4M, essentially flat YoY, with operating income declining 18% to $164.0M due to $26.8M higher depreciation from new properties and $21.8M higher development costs, partially offset by lower interest expense.

Biggest Revenue Drivers

Total revenue: $997.4M+0.6% YoY

Gaming$650.5M+1.8% YoY

Slot win increased 2.6% and slot handle increased 1.5%

Online Reimbursements$135.4M+4.5% YoY

Reimbursements of gaming taxes and other expenses paid on behalf of online partners

Food & Beverage$75.8M+2.2% YoY

Food covers increased 10.7%, offset by 8.4% decrease in average guest check

Room$45.9M-3.0% YoY

Decline in average daily rate of 2.6% offset by 1.9% increase in hotel occupancy rate

Largest Expense Items

Gaming Expense$254.8M+3.6% YoY

Includes gaming taxes of approximately $132.0M

Interest Expense, net$28.5M-41.4% YoY

$1.2B decrease in weighted average debt balance and 60-basis point decline in weighted average interest rate

Project Development, Preopening and Writedowns$20.3Mvs $(1.5)M benefit YoY

$18.2M demolition and asset writedowns plus $2.0M preopening costs

Margins: Operating margin compressed to 16.4% from 20.2% YoY, primarily due to increased depreciation from new property investments and Norfolk development costs. Gross gaming margin declined slightly to 60.8% from 61.5% as online market access margin deteriorated substantially to 32.7% from 59.0% following renegotiated agreements.

Watch Items from the Filing

Las Vegas Locals segment Adjusted EBITDAR declined 6.2% YoY amid softness in destination business beginning Q3 2025 and construction disruption at Suncoast property renovation.
Norfolk Virginia transitional casino opened November 2025; full resort with $750M total project cost expected in late 2027, with $300M anticipated spending in 2026.
Operating cash flow declined 47.6% to $134.3M from $256.4M YoY, primarily due to $73.8M payment for transferable federal energy tax credits and unfavorable working capital timing.
Available liquidity under Credit Facility totals $2.2B as of March 31, 2026, with $400M drawn on Term A Loan Facility and $1.0B senior notes due 2027 approaching maturity by September 2027 springing covenant deadline.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$997.4M

Net Income

Q1 2026

$105.5M

Free Cash Flow

Q1 2026

$-20.8M

Operating Margin

Q1 2026

16.4%

D/E Ratio

Q1 2026

0.90

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+5.1% YoY

$3.93BFY 2024

FY21 $753.3MFY22 $3.56BFY23 $3.74BFY24 $3.93B

Net Income

-6.8% YoY

$578.0MFY 2024

FY21 $463.8MFY22 $639.4MFY23 $620.0MFY24 $578.0M

Operating Income

+2.9% YoY

$927.8MFY 2024

FY21 $900.1MFY22 $981.2MFY23 $901.8MFY24 $927.8M

EPS (Diluted)

+1.1% YoY

$6.19FY 2024

FY21 $4.07FY22 $5.87FY23 $6.12FY24 $6.19

Total Assets

+1.9% YoY

$6.39BFY 2024

FY21 $6.22BFY22 $6.31BFY23 $6.27BFY24 $6.39B

Total Debt

+8.8% YoY

$3.22BFY 2024

FY21 $3.07BFY22 $3.09BFY23 $2.96BFY24 $3.22B

Op. Cash Flow

+4.7% YoY

$957.1MFY 2024

FY21 $1.01BFY22 $976.1MFY23 $914.5MFY24 $957.1M

Metric	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Revenue	$3.93B +5.1%	$3.74B +5.2%	$3.56B +372.0%	$753.3M -65.4%	$2.18B -34.5%	$3.33B
Net Income	$578.0M -6.8%	$620.0M -3.0%	$639.4M +37.8%	$463.8M +444.4%	$-134.7M -185.5%	$157.6M
Operating Income	$927.8M +2.9%	$901.8M -8.1%	$981.2M +9.0%	$900.1M +6210.8%	$14.3M -97.0%	$472.6M
EPS (Diluted)	$6.19 +1.1%	$6.12 +4.3%	$5.87 +44.2%	$4.07 +442.0%	$-1.19 -186.2%	$1.38
Total Assets	$6.39B +1.9%	$6.27B -0.6%	$6.31B +1.4%	$6.22B -5.1%	$6.56B -1.4%	$6.65B
Total Debt	$3.22B +8.8%	$2.96B -4.3%	$3.09B +0.7%	$3.07B -21.8%	$3.93B +3.6%	$3.79B
Operating Cash Flow	$957.1M +4.7%	$914.5M -6.3%	$976.1M -3.4%	$1.01B +249.6%	$289.0M -47.4%	$549.0M

AI Insight: BYD Financial Trends

Debt fell sharply to $2,272M in Q1 2026 from a peak of $3,612M, but operating income has compressed to $164M — the lowest in the tracked period.

• Total debt declined from $3,612M in Q2 2025 to $2,272M in Q1 2026, a $1,340M reduction in three quarters.

• Equity strengthened from $1,349M in Q1 2025 to $2,536M in Q1 2026, aided by the Q3 2025 net income spike of $1,440M.

• Operating income contracted from $261M in Q4 2024 to $164M in Q1 2026, a meaningful multi-quarter compression.

• Operating cash flow fell to $134M in Q1 2026, the weakest reading across all eight quarters shown.

⚠ Op income dropped to $164M in Q4 2025 and held there in Q1 2026 — two consecutive quarters near cycle lows.

⚠ Q3 2025 net income of $1,440M appears non-recurring; underlying earnings power looks closer to $106–$151M.

⚠ Op CF of $134M in Q1 2026 vs. $256M a year prior signals potential pressure on debt-service and capital allocation capacity.

AI Insight: BYD Ratio Trends

Operating margin has compressed sharply to 16.4% in Q1 2026 from a peak of 25.1% in Q4 2024, while ROIC has fallen to 13.6% — the lowest quarterly reading outside the Q3 2025 anomaly.

• Operating margin contracted from 25.1% in Q4 2024 to 16.4% in Q1 2026, a ~870bp decline over five quarters.

• ROIC dropped from 21.8% in Q4 2024 to 13.6% in Q1 2026, erasing most gains made through mid-2024.

• D/E improved meaningfully from a peak of 2.64 in Q1 2025 to 0.90 in Q1 2026, suggesting significant debt reduction.

• Q3 2025 shows an anomalous 143.4% NPM and 88.4% ROA, indicating a large one-off gain distorting that quarter's results.

⚠ Operating margin has trended below 17% for three consecutive quarters through Q1 2026 — monitor whether this reflects structural cost pressure.

⚠ The Q3 2025 one-off that drove 143.4% NPM warrants identification; TTM NPM of 44.8% is inflated by it.

⚠ D/E falling to 0.90 in Q1 2026 is positive, but the mechanism (asset sale, debt paydown) driving the sharp drop needs confirmation.

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Available Research

13F Pro tracks comprehensive data for BOYD GAMING CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of BYD

BlackRock, Inc.
$456.3M5,551,866 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$228.2M2,776,554 sh
Boston Partners
$226.7M2,757,681 sh
VANGUARD CAPITAL MANAGEMENT LLC
$197.5M2,403,444 sh
ARIEL INVESTMENTS, LLC
$186.9M2,274,418 sh
STATE STREET CORP
$161.8M1,964,165 sh
GEODE CAPITAL MANAGEMENT, LLC
$132.9M1,616,387 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$111.4M1,356,008 sh
FMR LLC
$108.9M1,325,337 sh
Invesco Ltd.
$80.1M974,122 sh

Fund	Value	Shares
BlackRock, Inc.	$456.3M	5,551,866
VANGUARD PORTFOLIO MANAGEMENT LLC	$228.2M	2,776,554
Boston Partners	$226.7M	2,757,681
VANGUARD CAPITAL MANAGEMENT LLC	$197.5M	2,403,444
ARIEL INVESTMENTS, LLC	$186.9M	2,274,418
STATE STREET CORP	$161.8M	1,964,165
GEODE CAPITAL MANAGEMENT, LLC	$132.9M	1,616,387
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$111.4M	1,356,008
FMR LLC	$108.9M	1,325,337
Invesco Ltd.	$80.1M	974,122

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Is BYD a good stock to buy?

13F Pro's AI-powered analysis of BOYD GAMING CORP (BYD) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Consumer Discretionary sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BYD are available on the BYD stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own BYD?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BYD. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of BOYD GAMING CORP's investment landscape.