Boyd Gaming Corporation (BYD)
Debt-to-equity 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-equity ratio | 1.65 | 1.89 | 1.94 | 3.44 | 2.96 |
December 31, 2023 calculation
Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,871,220K ÷ $1,744,100K
= 1.65
The debt-to-equity ratio of Boyd Gaming Corp. has exhibited fluctuations over the past five years. The ratio decreased from 3.47 in 2020 to 1.67 in 2023, indicating a significant improvement in the company's leverage position. This reduction suggests the company has decreased its reliance on debt financing and has potentially strengthened its equity base.
While the ratio increased slightly in 2022 to 1.92 and then to 1.97 in 2021, it remained below the levels seen in previous years. This indicates that, despite minor fluctuations, the company has maintained a relatively stable balance between debt and equity in its capital structure during these years.
Overall, the decreasing trend in the debt-to-equity ratio since 2020 suggests that Boyd Gaming Corp. has been actively managing its debt levels and is moving towards a more balanced and sustainable financial position. However, it is essential to monitor the ratio in future periods to ensure the company's capital structure remains optimal for its growth and profitability objectives.
Peer comparison
Dec 31, 2023