Boyd Gaming Corporation (BYD)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	1,744,100	1,590,620	1,538,750	1,123,940	1,265,240
Debt-to-capital ratio		0.62	0.65	0.66	0.77	0.75

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $2,871,220K ÷ ($2,871,220K + $1,744,100K)
= 0.62

Boyd Gaming Corp.'s debt-to-capital ratio has shown a moderately decreasing trend over the past five years, indicating improvements in its capital structure. The ratio decreased from 0.75 in 2019 to 0.63 in 2023. This suggests that the company has been effectively managing its debt levels in relation to its total capital, which could enhance its financial stability and lower its financial risk. A lower debt-to-capital ratio signifies that the company relies less on debt financing and has a stronger equity base to support its operations and investments. Overall, the declining trend in Boyd Gaming Corp.'s debt-to-capital ratio signifies a positive financial performance in terms of debt management over the observed period.