Boyd Gaming Corporation (BYD)

Return on assets (ROA)

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income (ttm)	US$ in thousands	620,023	700,102	721,871	676,180	639,377	576,475	557,647	524,613	463,846	437,351	337,293	115,020	-134,700	-193,691	-192,402	-35,374	157,636	156,207	128,639	119,100
Total assets	US$ in thousands	6,273,130	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	6,650,140	6,678,080	6,710,450	6,715,610
ROA		9.88%	11.09%	11.45%	10.69%	10.13%	9.52%	9.22%	8.39%	7.45%	6.73%	5.36%	1.72%	-2.05%	-2.95%	-2.59%	-0.50%	2.37%	2.34%	1.92%	1.77%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $620,023K ÷ $6,273,130K
= 9.88%

To analyze Boyd Gaming Corp.'s return on assets (ROA) based on the provided data:

1. Trend Analysis: The ROA has shown a generally increasing trend from Q1 2022 to Q4 2023, with some fluctuations along the way. This suggests that the company has been generating more profit relative to its assets over time.

2. Performance Comparison: The ROA figures range from 8.39% to 11.45%. The higher ROA values indicate that the company has been more efficient in generating profit from its assets during these periods.

3. Average ROA: Calculating the average ROA over the eight quarters provides a more holistic view of the company's performance. The average ROA can be calculated as (9.88% + 11.09% + 11.45% + 10.69% + 10.13% + 9.52% + 9.22% + 8.39%)/8 = 10.24%.

4. Comparison to Industry and Peers: To further assess Boyd Gaming Corp.'s performance, comparing its ROA to industry benchmarks or peers' ROA would provide additional insights. A higher ROA relative to competitors may indicate better asset utilization and profitability.

5. Factors Impacting ROA: Various factors could influence ROA, such as revenue growth, cost management, asset efficiency, and overall business performance. Analyzing the company's financial statements and disclosures can provide more context on what drove changes in ROA over time.

Overall, Boyd Gaming Corp.'s ROA has shown improvement over the quarters analyzed, indicating a positive trend in generating profit relative to its assets. However, further analysis and comparison to industry peers would provide a more comprehensive understanding of the company's performance in utilizing its assets efficiently.