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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $665.5M, roughly 1.5× Natera, Inc.). BOYD GAMING CORP runs the higher net margin — 10.5% vs 7.1%, a 3.4% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 0.6%). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
BYD vs NTRA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $665.5M |
| Net Profit | $104.3M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | -3.4% |
| Net Margin | 10.5% | 7.1% |
| Revenue YoY | 0.6% | 39.8% |
| Net Profit YoY | -5.9% | 187.9% |
| EPS (diluted) | $1.37 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $1.0B | $592.2M | ||
| Q2 25 | $1.0B | $546.6M | ||
| Q1 25 | $991.6M | $501.8M | ||
| Q4 24 | $1.0B | $476.1M | ||
| Q3 24 | $961.2M | $439.8M | ||
| Q2 24 | $967.5M | $413.4M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $47.3M | ||
| Q3 25 | $1.4B | $-87.5M | ||
| Q2 25 | $151.5M | $-100.9M | ||
| Q1 25 | $111.4M | $-66.9M | ||
| Q4 24 | $170.5M | $-53.8M | ||
| Q3 24 | $131.1M | $-31.6M | ||
| Q2 24 | $139.8M | $-37.5M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -3.4% | ||
| Q3 25 | 13.9% | -16.5% | ||
| Q2 25 | 23.4% | -20.2% | ||
| Q1 25 | 20.2% | -15.8% | ||
| Q4 24 | 25.1% | -13.6% | ||
| Q3 24 | 22.9% | -8.9% | ||
| Q2 24 | 23.5% | -10.6% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 7.1% | ||
| Q3 25 | 143.4% | -14.8% | ||
| Q2 25 | 14.6% | -18.5% | ||
| Q1 25 | 11.2% | -13.3% | ||
| Q4 24 | 16.4% | -11.3% | ||
| Q3 24 | 13.6% | -7.2% | ||
| Q2 24 | 14.5% | -9.1% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.36 | ||
| Q3 25 | $17.81 | $-0.64 | ||
| Q2 25 | $1.84 | $-0.74 | ||
| Q1 25 | $1.31 | $-0.50 | ||
| Q4 24 | $1.89 | $-0.41 | ||
| Q3 24 | $1.43 | $-0.26 | ||
| Q2 24 | $1.47 | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | — | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | — | ||
| Q3 25 | $319.1M | $1.0M | ||
| Q2 25 | $320.1M | $16.0M | ||
| Q1 25 | $311.5M | $17.8M | ||
| Q4 24 | $316.7M | $22.7M | ||
| Q3 24 | $286.3M | $29.5M | ||
| Q2 24 | $280.8M | $90.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $878.5M | ||
| Q2 24 | $1.7B | $836.5M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $2.4B | ||
| Q3 25 | $6.5B | $1.8B | ||
| Q2 25 | $6.6B | $1.8B | ||
| Q1 25 | $6.5B | $1.7B | ||
| Q4 24 | $6.4B | $1.7B | ||
| Q3 24 | $6.3B | $1.6B | ||
| Q2 24 | $6.3B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 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 | — | $73.9M |
| Free Cash FlowOCF − Capex | — | $37.8M |
| FCF MarginFCF / Revenue | — | 5.7% |
| Capex IntensityCapex / Revenue | — | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $73.9M | ||
| Q3 25 | $240.0M | $59.4M | ||
| Q2 25 | $205.0M | $37.6M | ||
| Q1 25 | $256.4M | $44.5M | ||
| Q4 24 | $262.1M | $52.9M | ||
| Q3 24 | $231.2M | $51.8M | ||
| Q2 24 | $213.1M | $4.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $37.8M | ||
| Q3 25 | $94.4M | $37.0M | ||
| Q2 25 | $80.6M | $11.7M | ||
| Q1 25 | $86.5M | $22.6M | ||
| Q4 24 | $150.9M | $34.8M | ||
| Q3 24 | $146.0M | $35.5M | ||
| Q2 24 | $98.7M | $-7.7M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 5.7% | ||
| Q3 25 | 9.4% | 6.2% | ||
| Q2 25 | 7.8% | 2.1% | ||
| Q1 25 | 8.7% | 4.5% | ||
| Q4 24 | 14.5% | 7.3% | ||
| Q3 24 | 15.2% | 8.1% | ||
| Q2 24 | 10.2% | -1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 5.4% | ||
| Q3 25 | 14.5% | 3.8% | ||
| Q2 25 | 12.0% | 4.7% | ||
| Q1 25 | 17.1% | 4.3% | ||
| Q4 24 | 10.7% | 3.8% | ||
| Q3 24 | 8.9% | 3.7% | ||
| Q2 24 | 11.8% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 1.56× | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.52× | — |
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% |
NTRA
Segment breakdown not available.
