vs
Side-by-side financial comparison of BOYD GAMING CORP (BYD) and ESAB Corp (ESAB). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $727.8M, roughly 1.4× ESAB Corp). BOYD GAMING CORP runs the higher net margin — 10.5% vs 7.5%, a 2.9% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 0.6%). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
BYD vs ESAB — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $727.8M |
| Net Profit | $104.3M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | 16.4% | 14.6% |
| Net Margin | 10.5% | 7.5% |
| Revenue YoY | 0.6% | 8.5% |
| Net Profit YoY | -5.9% | 2.1% |
| EPS (diluted) | $1.37 | $0.90 |
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 | $1.1B | $727.8M | ||
| Q3 25 | $1.0B | $715.6M | ||
| Q2 25 | $1.0B | $678.1M | ||
| Q1 25 | $991.6M | — | ||
| Q4 24 | $1.0B | $670.8M | ||
| Q3 24 | $961.2M | $673.3M | ||
| Q2 24 | $967.5M | $707.1M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $54.8M | ||
| Q3 25 | $1.4B | $66.9M | ||
| Q2 25 | $151.5M | $67.4M | ||
| Q1 25 | $111.4M | — | ||
| Q4 24 | $170.5M | $53.7M | ||
| Q3 24 | $131.1M | $68.2M | ||
| Q2 24 | $139.8M | $82.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 38.2% |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 14.6% | ||
| Q3 25 | 13.9% | 15.2% | ||
| Q2 25 | 23.4% | 16.2% | ||
| Q1 25 | 20.2% | — | ||
| Q4 24 | 25.1% | 16.6% | ||
| Q3 24 | 22.9% | 15.7% | ||
| Q2 24 | 23.5% | 16.9% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 7.5% | ||
| Q3 25 | 143.4% | 9.3% | ||
| Q2 25 | 14.6% | 9.9% | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 16.4% | 8.0% | ||
| Q3 24 | 13.6% | 10.1% | ||
| Q2 24 | 14.5% | 11.7% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.90 | ||
| Q3 25 | $17.81 | $1.09 | ||
| Q2 25 | $1.84 | $1.10 | ||
| Q1 25 | $1.31 | — | ||
| Q4 24 | $1.89 | $0.87 | ||
| Q3 24 | $1.43 | $1.11 | ||
| Q2 24 | $1.47 | $1.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $218.2M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | — | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $218.2M | ||
| Q3 25 | $319.1M | $258.2M | ||
| Q2 25 | $320.1M | $291.3M | ||
| Q1 25 | $311.5M | — | ||
| Q4 24 | $316.7M | $249.4M | ||
| Q3 24 | $286.3M | $253.7M | ||
| Q2 24 | $280.8M | $228.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $3.6B | $1.1B | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $3.1B | $1.1B | ||
| Q2 24 | $3.0B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $2.1B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.7B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $4.9B | ||
| Q3 25 | $6.5B | $4.4B | ||
| Q2 25 | $6.6B | $4.2B | ||
| Q1 25 | $6.5B | — | ||
| Q4 24 | $6.4B | $4.0B | ||
| Q3 24 | $6.3B | $4.1B | ||
| Q2 24 | $6.3B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | 2.56× | 0.55× | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | 0.60× | ||
| Q3 24 | 1.88× | 0.59× | ||
| Q2 24 | 1.73× | 0.63× |
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 | — | $81.5M |
| Free Cash FlowOCF − Capex | — | $70.3M |
| FCF MarginFCF / Revenue | — | 9.7% |
| Capex IntensityCapex / Revenue | — | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $81.5M | ||
| Q3 25 | $240.0M | $46.6M | ||
| Q2 25 | $205.0M | $35.4M | ||
| Q1 25 | $256.4M | — | ||
| Q4 24 | $262.1M | $126.9M | ||
| Q3 24 | $231.2M | $101.0M | ||
| Q2 24 | $213.1M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $70.3M | ||
| Q3 25 | $94.4M | $37.4M | ||
| Q2 25 | $80.6M | $28.1M | ||
| Q1 25 | $86.5M | — | ||
| Q4 24 | $150.9M | $102.2M | ||
| Q3 24 | $146.0M | $90.4M | ||
| Q2 24 | $98.7M | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 9.7% | ||
| Q3 25 | 9.4% | 5.2% | ||
| Q2 25 | 7.8% | 4.1% | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 14.5% | 15.2% | ||
| Q3 24 | 15.2% | 13.4% | ||
| Q2 24 | 10.2% | 10.5% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 1.5% | ||
| Q3 25 | 14.5% | 1.3% | ||
| Q2 25 | 12.0% | 1.1% | ||
| Q1 25 | 17.1% | — | ||
| Q4 24 | 10.7% | 3.7% | ||
| Q3 24 | 8.9% | 1.6% | ||
| Q2 24 | 11.8% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 1.49× | ||
| Q3 25 | 0.17× | 0.70× | ||
| Q2 25 | 1.35× | 0.53× | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | 2.36× | ||
| Q3 24 | 1.76× | 1.48× | ||
| Q2 24 | 1.52× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
