BYD vs MGM: Boyd Gaming and MGM Resorts International compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- MGM Resorts International is the larger company, worth $7.2B, about 1.4 times Boyd Gaming.
- MGM Resorts International grew revenue faster over the last year (+1.1% vs +0.0%).
- Boyd Gaming keeps more of each dollar of revenue as operating profit (16.4% vs 5.7%).
- On earnings, Boyd Gaming is the cheaper stock (3.0x vs 38.6x).
- Boyd Gaming's price assumes faster free cash flow growth: about -1% a year, against -14% for MGM Resorts International (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 | MGM |
|---|---|---|
| Market cap | $5.0B | $7.2B |
| Share price | $68.93 | $29.27 |
| Revenue (last fiscal year) | $4.1B | $17.5B |
| Free cash flow (last fiscal year) | $388M | $1.5B |
| Revenue growth, last year | +0.0% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +5.0% | +16.0% |
| Operating margin | 16.4% | 5.7% |
| Net margin | 44.3% | 2.4% |
| Return on equity | 72.7% | 16.9% |
| P/E (trailing) | 2.99x | 38.6x |
| Price / free cash flow | 12.9x | 4.33x |
| EV / EBITDA | 2.92x | 18.3x |
| FCF growth the price implies | -0.72% | -14.2% |
| Dividend yield | 1.1% | — |
| Debt / equity | 1.67x | 14.5x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 10 |
| Insider purchases, last 12 months | 0 | 5 |
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% |
MGM Resorts International
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.7B | $883M | 23.5% |
| 2022 | $13.1B | $991M | 11.0% |
| 2023 | $16.2B | $1.8B | 11.7% |
| 2024 | $17.2B | $1.2B | 8.6% |
| 2025 | $17.5B | $1.5B | 5.7% |
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%
MGM Resorts International · by segments, 2023
Las Vegas Strip Resorts$8.8B56%
Regional Operations$3.7B23%
MGM China$3.2B20%
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 MGM Resorts International?
MGM Resorts International (MGM), at $7.2B against $5.0B.
Is BYD or MGM cheaper?
By trailing P/E, Boyd Gaming (2.99x) is cheaper than MGM Resorts International (38.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, BYD or MGM?
MGM Resorts International: revenue grew +1.1% over the last year, against +0.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.