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Held by 410 of 6,047 reporting institutions (96th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $70.04 today, the market must believe free cash flow compounds -1.5%/yr for a decade (off $495.2M on the 3-yr avg basis).
On the basis ($463.8M) the requirement is -0.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -1.5% is more conservative than its 9-yr track record.
Default is 8.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.07B shares (market data) · net debt $1.69B
mean 65.5% · volatility σ 208% · implied rate exceeded in 5/9 yrs
Central path = implied -1.5%/yr growth; shaded band = ±1σ (208%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 15% of free cash flow, leaving room to grow it and fund buybacks. Last year: $58.2M dividends + $778.3M buybacks = $836.5M returned on $388.5M FCF.
4 consecutive years of dividend increases · 29%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 40%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $353.4M covers the $0 due within a year 353413000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~7.7% on $2.05B of debt.
Cash of $353.4M fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.09B 100.0% | $3.93B 100.0% | $3.74B 100.0% | $3.56B 100.0% | $3.37B 100.0% | $2.18B 100.0% | $3.33B 100.0% | $2.63B 100.0% | $2.40B 100.0% | $2.20B 100.0% |
| Selling, General & Admin | $433.1M 10.6% | $427.2M 10.9% | $389.9M 10.4% | $374.0M 10.5% | $366.2M 10.9% | $350.4M 16.1% | $459.6M 13.8% | $369.3M 14.1% | $362.0M 15.1% | $322.3M 14.7% |
| Total Operating Expenses | $3.34B 81.7% | $3.00B 76.4% | $2.84B 75.9% | $2.57B 72.4% | $2.47B 73.3% | $2.16B 99.3% | $2.85B 85.8% | $1.37B 52.2% | $2.06B 85.7% | $1.94B 88.2% |
| Operating Income | $748.4M 18.3% | $927.8M 23.6% | $901.8M 24.1% | $981.2M 27.6% | $900.1M 26.7% | $14.3M 0.7% | $472.6M 14.2% | $355.3M 13.5% | $343.8M 14.3% | $260.4M 11.8% |
| Interest Expense | $157.6M 3.9% | $177.4M 4.5% | $171.2M 4.6% | $151.2M 4.3% | $199.4M 5.9% | $230.5M 10.6% | $237.5M 7.1% | $204.2M 7.8% | $173.1M 7.2% | $212.7M 9.7% |
| Interest & Investment Income | $4.8M 0.1% | $1.6M 0.0% | $23.9M 0.6% | $21.5M 0.6% | $1.8M 0.1% | $1.9M 0.1% | $1.9M 0.1% | $3.7M 0.1% | $1.8M 0.1% | $3.0M 0.1% |
| Other Income (Expense), net | $1.58B 38.6% | -$175.8M -4.5% | -$148.9M -4.0% | -$152.4M -4.3% | -$296.2M -8.8% | -$185.3M -8.5% | -$270.4M -8.1% | -$200.3M -7.6% | -$172.7M -7.2% | -$252.6M -11.5% |
| Pretax Income | $2.33B 56.9% | $752.0M 19.1% | $752.9M 20.1% | $828.8M 23.3% | $603.9M 17.9% | -$171.0M -7.9% | $202.1M 6.1% | $155.0M 5.9% | $171.1M 7.1% | $7.8M 0.4% |
| Income Tax Expense | $490.8M 12.0% | $174.1M 4.4% | $132.9M 3.6% | $189.4M 5.3% | $140.1M 4.2% | -$36.3M -1.7% | $44.5M 1.3% | $40.3M 1.5% | $3.1M 0.1% | -$199.9M -9.1% |
| Net Income | $1.84B 45.0% | $578.0M 14.7% | $620.0M 16.6% | $639.4M 18.0% | $463.8M 13.8% | -$134.7M -6.2% | $157.6M 4.7% | $115.0M 4.4% | $189.4M 7.9% | $420.2M 19.1% |
| Per Share | ||||||||||
| EPS (Basic) | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 | -$1.19 | $1.39 | $1.01 | $1.65 | $3.67 |
| EPS (Diluted) | $22.56 | $6.19 | $6.12 | $5.87 | $4.07 | -$1.19 | $1.38 | $1.00 | $1.64 | $3.65 |
| Weighted Avg Shares (Basic) | 81.7M | 93.3M | 101.3M | 108.9M | 113.9M | 113.5M | 113.5M | 114.4M | 115.0M | 114.5M |
| Weighted Avg Shares (Diluted) | 81.7M | 93.3M | 101.4M | 109.0M | 114.1M | 113.5M | 113.9M | 115.1M | 115.6M | 115.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | $100.6B | 40.6× | 23.4× | 3.8× | 4.3% | — | 9.9% | -69.0% | -69.4% | -0.1× | 1,691 |
| HLT | $77.2B | 56.0× | 30.9× | 6.4× | 7.7% | — | 12.1% | -27.0% | 20.9% | 4.0× | 1,240 |
| LVS | $24.8B | 16.3× | — | 1.9× | 15.2% | — | 12.5% | 102% | 9.4% | — | 684 |
| H | $15.9B | — | 63.6× | 2.2× | 6.8% | — | -0.7% | -1.6% | -0.7% | 11.4× | 513 |
| WYNN | $7.9B | 24.5× | 10.1× | 1.1× | 0.1% | — | 4.6% | -119% | 3.2% | 5.4× | 492 |
| MGM | $7.5B | 38.8× | — | 0.4× | 1.7% | — | 1.2% | 8.5% | 2.4% | — | 646 |
| CZR | $6.0B | — | 5.2× | 0.5× | 2.1% | — | -4.4% | -14.3% | -3.3% | 3.3× | 418 |
| WH | $5.6B | 30.1× | 18.5× | 3.9× | 1.5% | — | 13.5% | 41.2% | 6.4% | 5.7× | 449 |
| BYD | $5.2B | 3.1× | 6.5× | 1.3× | 4.1% | — | 45.0% | 70.7% | 39.6% | 1.6× | 410 |
| CHH | $4.8B | 13.5× | 13.1× | 3.0× | 0.8% | — | 23.2% | 204% | 17.7% | 3.7× | 321 |
| ATAT | $4.6B | 60.8× | 12.4× | 3.3× | 41.0% | — | 16.6% | 45.1% | 42.2% | -1.3× | 178 |
| TNL | $4.0B | 19.0× | 13.8× | 1.0× | 4.1% | 93.2% | 5.7% | -23.4% | 5.0% | 7.9× | 466 |
| RRR | $3.0B | 16.2× | 7.8× | 1.5× | 3.7% | — | 9.3% | 90.3% | 5.2% | 4.1× | 237 |
| SHO | $2.2B | 296.8× | — | 2.3× | 6.0% | — | 2.6% | 1.3% | 0.9% | — | 260 |
| MCRI | $2.1B | 21.3× | 11.4× | 3.8× | 4.4% | 23.4% | 18.6% | 18.9% | 18.9% | 0.0× | 245 |
| XHR | $1.7B | 29.2× | 12.6× | 1.6× | 3.8% | 30.6% | 5.8% | 5.6% | 2.5% | 5.4× | 284 |
| MLCO | $1.6B | 28.1× | 6.8× | 0.3× | 11.3% | — | 3.6% | -14.8% | 3.4% | 5.3× | 162 |
Peers = companies sharing BYD's sector (Hotels & Motels) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 18th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 71% against ROIC 40% — 31% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 88.0% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 14.1 | 13.8 | 16.1 | 10.9 | 10.5 | 10.4 | 10.9 | 10.6 |
| Operating Income | 13.5 | 14.2 | 0.7 | 26.7 | 27.6 | 24.1 | 23.6 | 18.3 |
| Income Tax | 1.5 | 1.3 | -1.7 | 4.2 | 5.3 | 3.6 | 4.4 | 12.0 |
| Net Income | 4.4 | 4.7 | -6.2 | 13.8 | 18.0 | 16.6 | 14.7 | 45.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BYD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.6% | 8.0% (today's — no rate published for this year) | -1.4pts |
| FY2020 | 0.2% | 8.0% (today's — no rate published for this year) | -7.8pts |
| FY2021 | 13.8% | 8.3% | 5.5pts |
| FY2022 | 14.8% | 7.9% | 6.8pts |
| FY2023 | 13.7% | 7.8% | 5.9pts |
| FY2024 | 14.0% | 8.2% | 5.8pts |
| FY2025 | 11.8% | 7.3% | 4.5pts |
| Now | 39.6% | 8.0% | 31.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 11.8% | 19.1% |
| FY2017 | not reported | 14.3% | 7.9% |
| FY2018 | not reported | 13.5% | 4.4% |
| FY2019 | not reported | 14.2% | 4.7% |
| FY2020 | not reported | 0.7% | -6.2% |
| FY2021 | not reported | 26.7% | 13.8% |
| FY2022 | not reported | 27.6% | 18.0% |
| FY2023 | not reported | 24.1% | 16.6% |
| FY2024 | not reported | 23.6% | 14.7% |
| FY2025 | not reported | 18.3% | 45.0% |
Leverage and buybacks account for 31 points of the 71% return on equity in FY2025. The business earns 40% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$990M of goodwill — 19% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 3 years running even as the spread stayed positive.
Converts 0.98x of reported profit into cash — adequate, without much margin.
Accruals are 13.18% of assets — profit is running ahead of cash, which is the earliest quality warning available.
Covers interest 3.3x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.75x |
| 5% | 4.51x |
| 10% | 4.27x |
| 15% | 4.04x |
| 20% | 3.80x |
| 25% | 3.56x |
| 30% | 3.32x |
| 35% | 3.09x |
| 40% | 2.85x |
| 45% | 2.61x |
| 50% | 2.37x |
| 55% | 2.14x |
| 60% | 1.90x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.8x today but falls to 3.3x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $70.97, free cash flow must compound -0.14%/yr for 10 years. It has done 2.18%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −66.6% | −0.1% |
| FY2021 | 611.4% | −0.1% |
| FY2022 | −12.8% | −0.1% |
| FY2023 | −23.5% | −0.1% |
| FY2024 | 3.0% | −0.1% |
| FY2025 | −30.2% | −0.1% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.84B | $1.84B |
| Share-based comp | $32M | $1.88B |
| Other non-cash & working capital | −$899M | $977M |
| Operating cash flow | $977M | $977M |
| Capex | −$588M | $388M |
| Free cash flow | $388M | $388M |
| FCF after SBC | $356M | $356M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -34.5% | -2.6% | 31.9 points |
| FY2021 | 54.7% | 67.4% | 12.7 points |
| FY2022 | 5.5% | 21.9% | 16.4 points |
| FY2023 | 5.2% | 26.4% | 21.3 points |
| FY2024 | 5.1% | -4.1% | -9.2 points |
| FY2025 | 4.1% | -36.2% | -40.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 6 days | not reported | not reported | not reported |
| FY2020 | 9 days | not reported | not reported | not reported |
| FY2021 | 9.7 days | not reported | not reported | not reported |
| FY2022 | 11.2 days | not reported | not reported | not reported |
| FY2023 | 13.5 days | not reported | not reported | not reported |
| FY2024 | 12.3 days | not reported | not reported | not reported |
| FY2025 | 7.5 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.9 percent |
| FY2020 | -6.5 percent |
| FY2021 | -8.8 percent |
| FY2022 | -5.3 percent |
| FY2023 | -4.7 percent |
| FY2024 | -5.9 percent |
| FY2025 | 13.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.