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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $997.4M, roughly 1.4× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs 1.4%, a 9.0% gap on every dollar of revenue. On growth, SELECT MEDICAL HOLDINGS CORP posted the faster year-over-year revenue change (6.4% vs 0.6%). Over the past eight quarters, SELECT MEDICAL HOLDINGS 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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
BYD vs SEM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.4B |
| Net Profit | $104.3M | $20.2M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | 4.6% |
| Net Margin | 10.5% | 1.4% |
| Revenue YoY | 0.6% | 6.4% |
| Net Profit YoY | -5.9% | 225.7% |
| EPS (diluted) | $1.37 | $0.17 |
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 | $1.4B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $991.6M | $1.4B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $961.2M | $1.3B | ||
| Q2 24 | $967.5M | $1.3B |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $20.2M | ||
| Q3 25 | $1.4B | $28.8M | ||
| Q2 25 | $151.5M | $40.6M | ||
| Q1 25 | $111.4M | $56.7M | ||
| Q4 24 | $170.5M | $-16.1M | ||
| Q3 24 | $131.1M | $55.6M | ||
| Q2 24 | $139.8M | $77.6M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | 4.6% | ||
| Q3 25 | 13.9% | 5.4% | ||
| Q2 25 | 23.4% | 6.5% | ||
| Q1 25 | 20.2% | 8.3% | ||
| Q4 24 | 25.1% | 1.6% | ||
| Q3 24 | 22.9% | 4.3% | ||
| Q2 24 | 23.5% | 5.8% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | 1.4% | ||
| Q3 25 | 143.4% | 2.1% | ||
| Q2 25 | 14.6% | 3.0% | ||
| Q1 25 | 11.2% | 4.2% | ||
| Q4 24 | 16.4% | -1.2% | ||
| Q3 24 | 13.6% | 4.4% | ||
| Q2 24 | 14.5% | 6.1% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $0.17 | ||
| Q3 25 | $17.81 | $0.23 | ||
| Q2 25 | $1.84 | $0.32 | ||
| Q1 25 | $1.31 | $0.44 | ||
| Q4 24 | $1.89 | $-0.12 | ||
| Q3 24 | $1.43 | $0.43 | ||
| Q2 24 | $1.47 | $0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $26.5M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | — | $5.9B |
| Debt / EquityLower = less leverage | — | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $26.5M | ||
| Q3 25 | $319.1M | $60.1M | ||
| Q2 25 | $320.1M | $52.3M | ||
| Q1 25 | $311.5M | $53.2M | ||
| Q4 24 | $316.7M | $59.7M | ||
| Q3 24 | $286.3M | $191.5M | ||
| Q2 24 | $280.8M | $111.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $3.6B | $1.8B | ||
| Q1 25 | $3.5B | $1.8B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.0B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.7B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.9B | ||
| Q2 24 | $1.7B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $5.9B | ||
| Q3 25 | $6.5B | $5.7B | ||
| Q2 25 | $6.6B | $5.7B | ||
| Q1 25 | $6.5B | $5.7B | ||
| Q4 24 | $6.4B | $5.6B | ||
| Q3 24 | $6.3B | $8.0B | ||
| Q2 24 | $6.3B | $7.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | 2.56× | 1.10× | ||
| Q1 25 | 2.61× | 1.03× | ||
| Q4 24 | 2.01× | 1.01× | ||
| Q3 24 | 1.88× | 1.62× | ||
| Q2 24 | 1.73× | 2.54× |
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 | — | $64.3M |
| Free Cash FlowOCF − Capex | — | $5.2M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $64.3M | ||
| Q3 25 | $240.0M | $175.3M | ||
| Q2 25 | $205.0M | $110.3M | ||
| Q1 25 | $256.4M | $-3.5M | ||
| Q4 24 | $262.1M | $125.4M | ||
| Q3 24 | $231.2M | $181.0M | ||
| Q2 24 | $213.1M | $278.2M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $5.2M | ||
| Q3 25 | $94.4M | $122.2M | ||
| Q2 25 | $80.6M | $45.6M | ||
| Q1 25 | $86.5M | $-55.8M | ||
| Q4 24 | $150.9M | $62.0M | ||
| Q3 24 | $146.0M | $130.3M | ||
| Q2 24 | $98.7M | $222.6M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | 0.4% | ||
| Q3 25 | 9.4% | 9.0% | ||
| Q2 25 | 7.8% | 3.4% | ||
| Q1 25 | 8.7% | -4.1% | ||
| Q4 24 | 14.5% | 4.7% | ||
| Q3 24 | 15.2% | 10.2% | ||
| Q2 24 | 10.2% | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 4.2% | ||
| Q3 25 | 14.5% | 3.9% | ||
| Q2 25 | 12.0% | 4.8% | ||
| Q1 25 | 17.1% | 3.9% | ||
| Q4 24 | 10.7% | 4.8% | ||
| Q3 24 | 8.9% | 4.0% | ||
| Q2 24 | 11.8% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | 3.19× | ||
| Q3 25 | 0.17× | 6.09× | ||
| Q2 25 | 1.35× | 2.72× | ||
| Q1 25 | 2.30× | -0.06× | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | 3.25× | ||
| Q2 24 | 1.52× | 3.59× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
