Boyd Gaming Corporation (BYD)

Debt-to-equity 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-equity ratio		1.65	1.62	1.66	1.76	1.89	1.83	1.87	1.93	1.94	2.18	2.43	3.14	3.44	3.79	4.87	3.93	2.96	3.03	3.20	3.35

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,871,220K ÷ $1,744,100K
= 1.65

Boyd Gaming Corp.'s debt-to-equity ratio has been relatively stable over the past eight quarters, ranging from 1.64 to 1.96. The ratio indicates that the company relies more on debt financing than equity to fund its operations and growth initiatives. A decreasing trend in the ratio may suggest a decreasing reliance on debt, while an increasing trend may indicate a higher level of financial risk.

In the most recent quarter, Q4 2023, the debt-to-equity ratio was 1.67, which suggests that for every dollar of equity, the company has $1.67 in debt. This indicates moderate financial leverage, which could potentially magnify returns on equity when times are good but also increase financial risk during economic downturns or periods of financial stress.

Overall, Boyd Gaming Corp.'s debt-to-equity ratio shows a consistent level of leverage over the past two years, reflecting the company's financing strategy and risk tolerance. It is important for investors and stakeholders to monitor changes in this ratio to assess the company's financial health and risk profile.