BYD vs LVS: Boyd Gaming and Las Vegas Sands compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Las Vegas Sands is the larger company, worth $23.3B, about 4.6 times Boyd Gaming.
- Boyd Gaming grew revenue faster over the last year (+0.0% vs -0.7%).
- Las Vegas Sands keeps more of each dollar of revenue as operating profit (21.5% vs 16.4%).
- On earnings, Boyd Gaming is the cheaper stock (3.0x vs 14.1x).
- Boyd Gaming's price assumes faster free cash flow growth: about -1% a year, against -1% for Las Vegas Sands (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BYD | LVS |
|---|---|---|
| Market cap | $5.0B | $23.3B |
| Share price | $68.93 | $36.17 |
| Revenue (last fiscal year) | $4.1B | $13.0B |
| Free cash flow (last fiscal year) | $388M | $1.9B |
| Revenue growth, last year | +0.0% | -0.7% |
| Revenue growth per year, last 5 fiscal years | +5.0% | +32.4% |
| Operating margin | 16.4% | 21.5% |
| Net margin | 44.3% | 12.6% |
| Return on equity | 72.7% | 297.2% |
| P/E (trailing) | 2.99x | 14.1x |
| Price / free cash flow | 12.9x | 13.1x |
| EV / EBITDA | 2.92x | 8.34x |
| FCF growth the price implies | -0.72% | -1.1% |
| Dividend yield | 1.1% | 3.1% |
| Debt / equity | 1.67x | 32.7x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Boyd Gaming
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.4B | $811M | 26.7% |
| 2022 | $3.6B | $707M | 27.6% |
| 2023 | $3.7B | $541M | 24.1% |
| 2024 | $3.9B | $557M | 23.6% |
| 2025 | $4.1B | $388M | 18.3% |
Las Vegas Sands
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | -$1.1B | -16.3% |
| 2022 | $4.1B | -$1.6B | -19.3% |
| 2023 | $10.4B | $2.2B | 22.3% |
| 2024 | $11.3B | $1.6B | 21.3% |
| 2025 | $13.0B | $1.9B | 21.6% |
Where the revenue comes from
Boyd Gaming · by segments, 2025
Midwest and South$2.1B54%
Las Vegas Locals$890M23%
Online$708M18%
Downtown Las Vegas$229M6%
Las Vegas Sands · by products, 2025
Casino$9.8B75%
Rooms$1.4B11%
Mall$801M6%
Food and Beverage$644M5%
Convention, Retail and Other$361M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BYD in InvestinglyQuestions
Which is bigger, Boyd Gaming or Las Vegas Sands?
Las Vegas Sands (LVS), at $23.3B against $5.0B.
Is BYD or LVS cheaper?
By trailing P/E, Boyd Gaming (2.99x) is cheaper than Las Vegas Sands (14.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, BYD or LVS?
Boyd Gaming: revenue grew +0.0% over the last year, against -0.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.