Boyd Gaming Corporation (BYD)
Profitability ratios
Return on sales
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Gross profit margin | 79.99% | 81.35% | 79.12% | 58.58% | 75.89% |
| Operating profit margin | 25.04% | 28.70% | 29.27% | 0.73% | 15.48% |
| Pretax margin | 20.90% | 24.24% | 19.64% | -8.79% | 6.62% |
| Net profit margin | 17.22% | 18.70% | 15.08% | -6.92% | 5.16% |
Boyd Gaming Corp.'s profitability ratios demonstrate varying trends over the past five years. The gross profit margin has fluctuated, showing a decrease from 2019 to 2020 before gradually increasing in subsequent years. This indicates the company's ability to control direct costs associated with generating revenue.
The operating profit margin has also displayed fluctuations, with a significant jump in 2020 followed by a slight decline in the most recent year. Despite this, the company has maintained a relatively stable operating profit margin over the period under review, reflecting its efficiency in managing operating expenses.
The pretax margin has shown significant volatility, swinging from negative values in 2020 to positive figures in the following years. This suggests fluctuations in the company's income levels before accounting for taxes. The trend may indicate factors such as changes in revenue, operating expenses, or non-operating items impacting the bottom line.
The net profit margin, representing the company's profitability after accounting for all expenses, exhibited a loss in 2020 but rebounded strongly in the subsequent years. This improvement indicates Boyd Gaming Corp.'s ability to generate profits relative to its revenue, with the company turning losses into profits and achieving higher margins in recent years.
Overall, Boyd Gaming Corp. has shown resilience and improvement in its profitability ratios over the past five years, with a focus on controlling costs, optimizing operations, and enhancing overall profitability.
Return on investment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Operating return on assets (Operating ROA) | 14.38% | 15.55% | 14.46% | 0.22% | 7.11% |
| Return on assets (ROA) | 9.88% | 10.13% | 7.45% | -2.05% | 2.37% |
| Return on total capital | 20.02% | 21.33% | 17.74% | 1.19% | 8.78% |
| Return on equity (ROE) | 35.55% | 40.20% | 30.14% | -11.98% | 12.46% |
Boyd Gaming Corp.'s profitability ratios depict varying levels of performance over the past five years.
1. Operating Return on Assets (Operating ROA): The company's operating ROA has remained relatively stable around 15-16% from 2021 to 2023, indicating efficient use of assets to generate operating income.
2. Return on Assets (ROA): ROA experienced fluctuations with a negative figure in 2020 (-2.05%) but rebounded in subsequent years, reaching 9.88% in 2023. This ratio reflects the company's ability to generate profits from its total assets.
3. Return on Total Capital: The return on total capital has shown an increasing trend, reaching 21.67% in 2023. This metric signifies the overall efficiency of the company in generating profits from both equity and debt capital.
4. Return on Equity (ROE): Boyd Gaming Corp.'s ROE has been volatile, with a significant negative return in 2020 (-11.98%) followed by substantial improvements in 2021 and 2022. In 2023, the ROE increased to 35.55%, indicating the company's capacity to generate earnings for its shareholders.
Overall, Boyd Gaming Corp.'s profitability ratios suggest a strong performance in recent years, characterized by efficient asset utilization and improved returns for both equity and capital providers. However, the negative ROA and ROE in 2020 highlight past challenges that the company has managed to overcome through subsequent improvements in profitability.