Boyd Gaming vs Penn Entertainment
Penn Entertainment reported revenue of $7.0 billion in fiscal 2025, 1.7 times Boyd Gaming's $4.1 billion in fiscal 2025. Boyd Gaming's revenue grew 4.1% in its latest year, and Penn Entertainment's grew 5.8%. Boyd Gaming had an operating margin of 18.3%, against -9.7% at Penn Entertainment. Free cash flow was $388 million at Boyd Gaming and −$140 million at Penn Entertainment.
Side by side
| Boyd Gaming | Penn Entertainment | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $4.1B | $7.0B |
| Revenue growth | 4.1% | 5.8% |
| Revenue growth a year, last 5 years | 13.4% | 14.2% |
| Gross margin | — | — |
| Operating margin | 18.3% | −9.7% |
| Net margin | 45.0% | −12.1% |
| Free cash flow | $388M | −$140M |
| Free cash flow margin | 9.5% | −2.0% |
| Return on capital | 13.5% | −8.1% |
| Net debt to EBITDA | 1.6x | — |
| Dividends and buybacks | $836M | $354M |
| Change in diluted share count | −12.5% | −4.9% |
| Last close | $72.46 | $14.90 |
| P/E at the last close | 3.2× | — |
| Insider trades, last 12 months | sold $26.4 million | bought $1.0 million, sold $115,891 |
| Piotroski F-score | 6 of 8 | 4 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Boyd GamingPenn Entertainment
Operating margin
Percent of revenue
Boyd GamingPenn Entertainment
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Boyd GamingPenn Entertainment
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Boyd Gaming and Penn Entertainment pages.