Boyd Gaming Corporation (BYD)

Operating return on assets (Operating ROA)

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Operating income (ttm)	US$ in thousands	938,277	935,327	933,214	950,137	1,005,131	994,417	1,014,004	1,015,045	981,224	950,468	936,155	957,427	900,104	794,522	698,449	345,759	185,363	188,923	175,241	388,281
Total assets	US$ in thousands	6,391,820	6,302,430	6,261,420	6,227,890	6,522,980	6,311,610	6,304,480	6,324,590	6,311,130	6,055,870	6,050,150	6,250,420	6,224,170	6,500,120	6,291,910	6,703,450	6,558,950	6,567,640	7,436,020	7,016,860
Operating ROA		14.68%	14.84%	14.90%	15.26%	15.41%	15.76%	16.08%	16.05%	15.55%	15.69%	15.47%	15.32%	14.46%	12.22%	11.10%	5.16%	2.83%	2.88%	2.36%	5.53%

December 31, 2024 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $938,277K ÷ $6,391,820K
= 14.68%

The operating return on assets (ROA) of Boyd Gaming Corporation has shown fluctuating trends over the data period provided. The company's operating ROA started at 5.53% as of March 31, 2020, then decreased to 2.36% by June 30, 2020. Subsequently, there was a slight improvement in the metric, recording 2.88% as of September 30, 2020.

From December 31, 2020, the operating ROA continued to show variability, with a slight decrease to 2.83%, followed by an increase to 5.16% by March 31, 2021. The metric then exhibited a significant improvement, reaching 11.10% on June 30, 2021, indicating a period of notable operational efficiency.

The upward trend continued as the operating ROA climbed to 12.22% by September 30, 2021, and further to 14.46% by December 31, 2021, showcasing the company's ability to generate profits from its assets efficiently.

As of March 31, 2022, the operating ROA further increased to 15.32%, and it reached its peak at 16.08% by June 30, 2023. However, the metric experienced a slight decline to 14.68% by December 31, 2024, indicating a slight decrease in operational efficiency compared to the peak period.

Overall, the operating ROA of Boyd Gaming Corporation demonstrates a mix of fluctuations and improvements over the period, showcasing the company's varying levels of profitability generated from its assets during different quarters.