Boyd Gaming Corp (BYD) is undervalued and MGM Resorts International (MGM) is undervalued.
Against our estimates of intrinsic value, BYD trades at the wider discount: a margin of safety of +73%, against +32% for MGM.
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 6.7% values the shares at $57.32; the price of $38.90 is 32% below that value, and 85% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
| Metric | BYD | MGM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $72.08 | $38.90 |
| Intrinsic value | $270.05 | $57.32 |
| Margin of safety | +73% | +32% |
| Leak Score | 100/100 (3/12) | 41/100 (3/12) |
| Market cap | $5.2B | $9.8B |
| Revenue growth, 5 years | 13.4% | 27.7% |
| Operating margin | 18.7% | 6.5% |
| Net margin | 44.3% | 2.4% |
| Return on equity | 93.3% | 15.4% |
| Debt to equity | 1.30 | 12.00 |
| P/E | 3.2x | 23.5x |
| Forward P/E | 9.3x | 19.5x |
| P/B | 2.1x | 3.9x |
| Dividend yield | 1.1% | — |