Boyd Gaming Corp (BYD) is undervalued and Marriott Vacations Worldwide Corp (VAC) is slightly undervalued.
Against our estimates of intrinsic value, BYD trades at the wider discount: a margin of safety of +73%, against +15% for VAC.
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 7.5% (average of 2 methods) values the shares at $116.32; the price of $99.15 is 15% below that value, and 82% of that value comes from beyond year five.
Leak Score 30/100 on 2 of 12 signals
| Metric | BYD | VAC |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $72.08 | $99.15 |
| Intrinsic value | $270.05 | $116.32 |
| Margin of safety | +73% | +15% |
| Leak Score | 100/100 (3/12) | 30/100 (2/12) |
| Market cap | $5.2B | $3.4B |
| Revenue growth, 5 years | 13.4% | 11.8% |
| Operating margin | 18.7% | 10.4% |
| Net margin | 44.3% | -6.5% |
| Return on equity | 93.3% | -14.7% |
| Debt to equity | 1.30 | 2.69 |
| P/E | 3.2x | — |
| Forward P/E | 9.3x | 10.3x |
| P/B | 2.1x | 1.7x |
| Dividend yield | 1.1% | 2.7% |