Boyd Gaming Corporation (BYD)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	924,154	1,035,597	1,055,472	1,034,544	980,055	899,644	883,709	859,500	803,381	767,648	676,326	388,935	59,470	-10,305	-28,940	184,821	439,591	453,667	411,938	381,634
Long-term debt	US$ in thousands	2,871,220	2,864,850	2,899,690	2,924,310	3,005,130	2,825,050	2,864,590	2,989,860	2,989,920	3,292,860	3,300,230	3,859,500	3,866,740	3,958,370	4,893,880	4,368,100	3,738,940	3,780,750	3,882,220	3,922,520
Total stockholders’ equity	US$ in thousands	1,744,100	1,768,480	1,748,810	1,660,970	1,590,620	1,540,800	1,529,160	1,551,130	1,538,750	1,507,940	1,358,270	1,230,720	1,123,940	1,043,910	1,005,480	1,111,770	1,265,240	1,248,150	1,212,720	1,170,110
Return on total capital		20.02%	22.35%	22.71%	22.56%	21.33%	20.61%	20.11%	18.93%	17.74%	15.99%	14.52%	7.64%	1.19%	-0.21%	-0.49%	3.37%	8.78%	9.02%	8.09%	7.49%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $924,154K ÷ ($2,871,220K + $1,744,100K)
= 20.02%

Based on the data provided, Boyd Gaming Corp.'s return on total capital has remained relatively stable over the past eight quarters, ranging from 21.38% to 22.91%. This indicates that the company has been effectively utilizing its capital to generate returns for its shareholders.

The consistency of Boyd Gaming Corp.'s return on total capital suggests that the company has been efficient in managing its capital investments and operational performance. A return on total capital consistently above 20% is generally considered favorable, indicating that the company is generating strong returns relative to the total capital employed in its operations.

Overall, Boyd Gaming Corp.'s consistent and relatively high return on total capital reflects its strong operational efficiency and effective capital allocation strategies. This metric underscores the company's ability to generate profits from its investments, which is a positive signal for investors and stakeholders.