vs
Side-by-side financial comparison of AvalonBay Communities (AVB) and BOYD GAMING CORP (BYD). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $767.9M, roughly 1.3× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 9040.6% vs 10.5%, a 9030.1% gap on every dollar of revenue. On growth, AvalonBay Communities posted the faster year-over-year revenue change (3.7% vs 0.6%). Over the past eight quarters, AvalonBay Communities's revenue compounded faster (3.8% CAGR vs 1.5%).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
AVB vs BYD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $997.4M |
| Net Profit | $166.0M | $104.3M |
| Gross Margin | — | — |
| Operating Margin | 64.2% | 16.4% |
| Net Margin | 9040.6% | 10.5% |
| Revenue YoY | 3.7% | 0.6% |
| Net Profit YoY | -41.2% | -5.9% |
| EPS (diluted) | $1.18 | $1.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $997.4M | ||
| Q4 25 | $767.9M | $1.1B | ||
| Q3 25 | $766.8M | $1.0B | ||
| Q2 25 | $760.2M | $1.0B | ||
| Q1 25 | $745.9M | $991.6M | ||
| Q4 24 | $740.5M | $1.0B | ||
| Q3 24 | $734.3M | $961.2M | ||
| Q2 24 | $726.0M | $967.5M |
| Q1 26 | — | $104.3M | ||
| Q4 25 | $166.0M | $140.4M | ||
| Q3 25 | $381.3M | $1.4B | ||
| Q2 25 | $268.7M | $151.5M | ||
| Q1 25 | $236.6M | $111.4M | ||
| Q4 24 | $282.1M | $170.5M | ||
| Q3 24 | $372.5M | $131.1M | ||
| Q2 24 | $253.9M | $139.8M |
| Q1 26 | — | 16.4% | ||
| Q4 25 | 64.2% | 15.7% | ||
| Q3 25 | 65.7% | 13.9% | ||
| Q2 25 | 67.6% | 23.4% | ||
| Q1 25 | 68.5% | 20.2% | ||
| Q4 24 | 63.1% | 25.1% | ||
| Q3 24 | 65.4% | 22.9% | ||
| Q2 24 | 66.6% | 23.5% |
| Q1 26 | — | 10.5% | ||
| Q4 25 | 9040.6% | 13.2% | ||
| Q3 25 | 49.7% | 143.4% | ||
| Q2 25 | 35.3% | 14.6% | ||
| Q1 25 | 31.7% | 11.2% | ||
| Q4 24 | 38.1% | 16.4% | ||
| Q3 24 | 50.7% | 13.6% | ||
| Q2 24 | 35.0% | 14.5% |
| Q1 26 | — | $1.37 | ||
| Q4 25 | $1.18 | $1.60 | ||
| Q3 25 | $2.68 | $17.81 | ||
| Q2 25 | $1.88 | $1.84 | ||
| Q1 25 | $1.66 | $1.31 | ||
| Q4 24 | $1.99 | $1.89 | ||
| Q3 24 | $2.61 | $1.43 | ||
| Q2 24 | $1.78 | $1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | — |
| Total DebtLower is stronger | $9.3B | — |
| Stockholders' EquityBook value | $11.6B | — |
| Total Assets | $22.2B | — |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $187.2M | $353.4M | ||
| Q3 25 | $123.3M | $319.1M | ||
| Q2 25 | $102.8M | $320.1M | ||
| Q1 25 | $53.3M | $311.5M | ||
| Q4 24 | $108.6M | $316.7M | ||
| Q3 24 | $552.4M | $286.3M | ||
| Q2 24 | $545.8M | $280.8M |
| Q1 26 | — | — | ||
| Q4 25 | $9.3B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | $3.6B | ||
| Q1 25 | $8.3B | $3.5B | ||
| Q4 24 | $8.1B | $3.2B | ||
| Q3 24 | $8.4B | $3.1B | ||
| Q2 24 | $8.4B | $3.0B |
| Q1 26 | — | — | ||
| Q4 25 | $11.6B | $2.6B | ||
| Q3 25 | $11.9B | $2.7B | ||
| Q2 25 | $11.9B | $1.4B | ||
| Q1 25 | $11.9B | $1.3B | ||
| Q4 24 | $11.9B | $1.6B | ||
| Q3 24 | $11.9B | $1.6B | ||
| Q2 24 | $11.7B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $22.2B | $6.6B | ||
| Q3 25 | $21.9B | $6.5B | ||
| Q2 25 | $21.8B | $6.6B | ||
| Q1 25 | $21.2B | $6.5B | ||
| Q4 24 | $21.0B | $6.4B | ||
| Q3 24 | $21.3B | $6.3B | ||
| Q2 24 | $21.0B | $6.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | 2.56× | ||
| Q1 25 | 0.70× | 2.61× | ||
| Q4 24 | 0.68× | 2.01× | ||
| Q3 24 | 0.70× | 1.88× | ||
| Q2 24 | 0.71× | 1.73× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.7B | — |
| Free Cash FlowOCF − Capex | $1.4B | — |
| FCF MarginFCF / Revenue | 183.5% | — |
| Capex IntensityCapex / Revenue | 34.1% | — |
| Cash ConversionOCF / Net Profit | 10.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $275.3M | ||
| Q3 25 | $477.0M | $240.0M | ||
| Q2 25 | $377.8M | $205.0M | ||
| Q1 25 | $415.9M | $256.4M | ||
| Q4 24 | $1.6B | $262.1M | ||
| Q3 24 | $486.2M | $231.2M | ||
| Q2 24 | $380.0M | $213.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $127.0M | ||
| Q3 25 | $402.2M | $94.4M | ||
| Q2 25 | $317.1M | $80.6M | ||
| Q1 25 | $367.5M | $86.5M | ||
| Q4 24 | $1.4B | $150.9M | ||
| Q3 24 | $434.2M | $146.0M | ||
| Q2 24 | $333.0M | $98.7M |
| Q1 26 | — | — | ||
| Q4 25 | 183.5% | 12.0% | ||
| Q3 25 | 52.5% | 9.4% | ||
| Q2 25 | 41.7% | 7.8% | ||
| Q1 25 | 49.3% | 8.7% | ||
| Q4 24 | 191.0% | 14.5% | ||
| Q3 24 | 59.1% | 15.2% | ||
| Q2 24 | 45.9% | 10.2% |
| Q1 26 | — | — | ||
| Q4 25 | 34.1% | 14.0% | ||
| Q3 25 | 9.8% | 14.5% | ||
| Q2 25 | 8.0% | 12.0% | ||
| Q1 25 | 6.5% | 17.1% | ||
| Q4 24 | 26.1% | 10.7% | ||
| Q3 24 | 7.1% | 8.9% | ||
| Q2 24 | 6.5% | 11.8% |
| Q1 26 | — | — | ||
| Q4 25 | 10.07× | 1.96× | ||
| Q3 25 | 1.25× | 0.17× | ||
| Q2 25 | 1.41× | 1.35× | ||
| Q1 25 | 1.76× | 2.30× | ||
| Q4 24 | 5.70× | 1.54× | ||
| Q3 24 | 1.31× | 1.76× | ||
| Q2 24 | 1.50× | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
