Boyd Gaming Corporation (BYD)

Debt-to-capital ratio

		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
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
Debt-to-capital ratio		0.62	0.62	0.62	0.64	0.65	0.65	0.65	0.66	0.66	0.69	0.71	0.76	0.77	0.79	0.83	0.80	0.75	0.75	0.76	0.77

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

The debt-to-capital ratio for Boyd Gaming Corp. has been relatively stable over the past eight quarters, ranging between 0.62 and 0.66. This ratio indicates the proportion of the company's capital structure that is funded by debt. A decreasing trend in the debt-to-capital ratio would suggest that the company is relying less on debt to finance its operations and investments. Conversely, an increasing trend would indicate a higher reliance on debt financing.

With the debt-to-capital ratio consistently hovering around 0.63 to 0.66, Boyd Gaming Corp. appears to maintain a moderate level of debt in its capital structure. It is important to compare this ratio with industry benchmarks and peer companies to gain further insights into Boyd Gaming Corp.'s leverage position and financial health. Additionally, monitoring any significant deviations from the historical trend in the debt-to-capital ratio can provide valuable information for investors and analysts assessing the company's financial risk and stability.