Boyd Gaming Corp (BYD) is undervalued and Las Vegas Sands Corp (LVS) is undervalued.
Against our estimates of intrinsic value, BYD trades at the wider discount: a margin of safety of +73%, against +55% for LVS.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $270.05; the price of $72.08 is 73% below that value, and 78% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $88.35; the price of $39.70 is 55% below that value, and 80% of that value comes from beyond year five.
Leak Score 87/100 on 10 of 12 signals
| Metric | BYD | LVS |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $72.08 | $39.70 |
| Intrinsic value | $270.05 | $88.35 |
| Margin of safety | +73% | +55% |
| Leak Score | 100/100 (3/12) | 87/100 (10/12) |
| Market cap | $5.2B | $25.7B |
| Revenue growth, 5 years | 13.4% | 34.7% |
| Operating margin | 18.7% | 23.4% |
| Net margin | 44.3% | 12.6% |
| Return on equity | 93.3% | 134.3% |
| Debt to equity | 1.30 | 26.27 |
| P/E | 3.2x | 15.5x |
| Forward P/E | 9.3x | 11.3x |
| P/B | 2.1x | 44.3x |
| Dividend yield | 1.1% | 2.9% |