Boyd Gaming Corporation (BYD)

Financial leverage 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
Total assets	US$ in thousands	6,273,130	6,311,610	6,304,480	6,324,590	6,311,130	6,055,870	6,050,150	6,250,420	6,224,170	6,500,120	6,291,910	6,703,450	6,558,950	6,567,640	7,436,020	7,016,860	6,650,140	6,678,080	6,710,450	6,715,610
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
Financial leverage ratio		3.60	3.57	3.61	3.81	3.97	3.93	3.96	4.03	4.04	4.31	4.63	5.45	5.84	6.29	7.40	6.31	5.26	5.35	5.53	5.74

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $6,273,130K ÷ $1,744,100K
= 3.60

The financial leverage ratio of Boyd Gaming Corp. has been fluctuating over the past several quarters. The ratio was at its lowest in Q3 2023 at 3.57 and increased slightly in Q4 2023 to 3.60. However, the ratio remains relatively high, indicating that the company relies heavily on debt to finance its operations and investments. This high level of leverage may pose risks, especially in volatile economic conditions or rising interest rate environments, as it can increase the company's financial vulnerability. It is important for Boyd Gaming Corp. to closely monitor and manage its leverage to maintain financial stability and sustainability.