Boyd Gaming Corporation (BYD)

Solvency ratios

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
Debt-to-assets ratio 0.46 0.45 0.46 0.46 0.48 0.47 0.47 0.48 0.48 0.51 0.52 0.58 0.59 0.60 0.66 0.62 0.56 0.57 0.58 0.58
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
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
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

Boyd Gaming Corp.'s solvency ratios provide insights into the company's financial stability and ability to meet its long-term financial obligations. Over the past eight quarters, the debt-to-assets ratio has remained relatively stable, ranging between 0.46 and 0.49. This indicates that Boyd Gaming has maintained a moderate level of debt compared to its total assets.

Similarly, the debt-to-capital ratio has also shown consistency, hovering around 0.62 to 0.66 during the same period. This suggests that the company relies on debt for approximately two-thirds of its capital structure on average.

In terms of the debt-to-equity ratio, there has been a fluctuation from 1.64 to 1.96 over the quarters under review. The upward trend indicates a gradual increase in debt relative to equity, which might raise concerns about the company's financial leverage and risk exposure.

Lastly, the financial leverage ratio, which reflects the company's overall debt level in relation to its equity, shows a pattern of increase from 3.57 to 4.03 during the period analyzed. This upward trajectory signifies a higher proportion of debt in Boyd Gaming's capital structure, potentially leading to increased financial risk and vulnerability to economic downturns.

Overall, while Boyd Gaming Corp. has maintained a reasonable debt-to-assets and debt-to-capital ratio, the rising debt-to-equity ratio and financial leverage ratio over time suggest a growing reliance on debt financing, which could pose challenges in the future with regards to debt repayment and financial flexibility.

Coverage ratios

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
Interest coverage 5.40 6.09 6.45 6.57 6.48 5.94 5.50 4.80 4.03 3.57 2.91 1.64 0.26 -0.05 -0.13 0.81 1.85 1.87 1.73 1.72

Boyd Gaming Corp.'s interest coverage ratio has shown consistent improvement over the past eight quarters, reflecting the company's increasing ability to meet its interest obligations. The ratio has been above 5 for all quarters, indicating that the company's earnings before interest and taxes (EBIT) are sufficient to cover its interest expenses.

The trend of increasing interest coverage ratios from Q1 2022 to Q4 2023 indicates that Boyd Gaming Corp. has been effectively managing its debt load and improving its profitability. This is a positive sign for investors and lenders as it suggests that the company is becoming more financially stable and capable of meeting its debt obligations.

With an interest coverage ratio above 5 for each quarter, Boyd Gaming Corp. demonstrates a healthy financial position in terms of its ability to service its debt. This indicates a lower risk of default and portrays the company as financially sound. The consistent upward trend in the interest coverage ratio is a positive signal for the company's financial health and stability.