BYD vs VAC: Boyd Gaming and Marriot Vacations Worldwide compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Boyd Gaming is the larger company, worth $5.0B, about 1.4 times Marriot Vacations Worldwide.
- Marriot Vacations Worldwide grew revenue faster over the last year (+6.2% vs +0.0%).
- Boyd Gaming keeps more of each dollar of revenue as operating profit (16.4% vs -11.2%).
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 | VAC |
|---|---|---|
| Market cap | $5.0B | $3.7B |
| Share price | $68.93 | $105.34 |
| Revenue (last fiscal year) | $4.1B | $4.7B |
| Free cash flow (last fiscal year) | $388M | -$29M |
| Revenue growth, last year | +0.0% | +6.2% |
| Revenue growth per year, last 5 fiscal years | +5.0% | +6.6% |
| Operating margin | 16.4% | -11.2% |
| Net margin | 44.3% | -7.0% |
| Return on equity | 72.7% | -16.2% |
| P/E (trailing) | 2.99x | — |
| Price / free cash flow | 12.9x | — |
| EV / EBITDA | 2.92x | 407.6x |
| FCF growth the price implies | -0.72% | — |
| Dividend yield | 1.1% | 3.1% |
| Debt / equity | 1.67x | 3.61x |
| Fundamental grade | C | D |
| Superinvestors holding it | 5 | 2 |
| Insider purchases, last 12 months | 0 | 9 |
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% |
Marriot Vacations Worldwide
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.6B | $296M | 5.0% |
| 2022 | $4.4B | $457M | 11.3% |
| 2023 | $4.4B | $114M | 4.9% |
| 2024 | $4.6B | $148M | 3.2% |
| 2025 | $4.7B | -$29M | -11.5% |
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%
Marriot Vacations Worldwide · by segments, 2025
Vacation Ownership$4.8B96%
Exchange & Third-Party Management$213M4%
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 Marriot Vacations Worldwide?
Boyd Gaming (BYD), at $5.0B against $3.7B.
Which grows faster, BYD or VAC?
Marriot Vacations Worldwide: revenue grew +6.2% 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.