Boyd Gaming Corporation (BYD)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	929,412	822,953	803,206	821,969	885,564	973,811	994,576	954,925	913,267	858,037	843,885	889,588	824,139	786,421	711,472	372,850	79,359	43,783	25,148	238,951
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	1,581,510	1,631,800	1,711,710	1,754,960	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
Return on total capital		58.77%	50.43%	46.92%	46.84%	50.77%	55.06%	56.87%	57.49%	57.42%	55.69%	55.19%	57.35%	53.56%	52.15%	52.38%	30.30%	7.06%	4.19%	2.50%	21.49%

December 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $929,412K ÷ ($—K + $1,581,510K)
= 58.77%

Boyd Gaming Corporation's return on total capital has shown fluctuations over the periods provided in the data. The ratio indicates how effectively the company is generating profits from the capital invested in the business.

From March 2020 to June 2020, there was a significant drop in the return on total capital, from 21.49% to 2.50%, indicating a decrease in profitability relative to the capital employed. However, there was a gradual improvement in the following quarters, reaching 7.06% by December 2020.

The return on total capital saw a substantial increase in the first half of 2021, rising to over 50% by June 2021, indicative of a significant increase in profitability relative to capital investment. This high level of return was sustained through September and December 2021.

In 2022, the return on total capital remained relatively stable, fluctuating around the mid-50% range, demonstrating a consistent ability to generate profits relative to the financial resources employed.

As of the most recent data provided, the return on total capital for Boyd Gaming Corporation stood at 58.77% by December 2024, showing a strong performance in terms of generating returns on the total capital invested in the business. Overall, the trend indicates that the company has been effectively utilizing its capital to generate profits during the periods outlined in the data.