Boyd Gaming Corporation (BYD)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	2,871,220	3,005,130	2,989,920	3,866,740	3,738,940
Total assets	US$ in thousands	6,273,130	6,311,130	6,224,170	6,558,950	6,650,140
Debt-to-assets ratio		0.46	0.48	0.48	0.59	0.56

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $2,871,220K ÷ $6,273,130K
= 0.46

The debt-to-assets ratio for Boyd Gaming Corp. has shown a decreasing trend over the past five years, indicating an improved ability to finance its assets with less debt. In 2023, the ratio decreased to 0.46 from 0.48 in 2022. This suggests that the company relied less on debt financing relative to its total assets in 2023. Although the ratio fluctuated slightly in the preceding years, the overall downward trend reflects a more conservative approach to debt utilization by Boyd Gaming Corp. compared to previous years. This trend may indicate a stronger financial position and reduced financial risk for the company, as it signifies a higher proportion of assets being financed by equity rather than debt.