Boyd Group Services Inc. (BGSI)

Price$90.47Cached quoteAs of 2026-09-06 04:29 UTC

AI: Fair-priced

Price checkThe stock price reflects a demanding recovery, leaving limited room for execution mistakes.

At the observed market quote, equity value is roughly $2.4 billion using 27.8 million shares. That is about 31 times 2025 adjusted earnings per share of $2.78, but roughly 106 times reported earnings because acquisition and transformation costs depressed net income to $18.4 million. Adjusted earnings excludes specified acquisition and transformation costs. The latest quarter supports improvement: adjusted earnings per share was $0.80, up from $0.71, while adjusted operating cash profit rose 45%. Fair-priced fits better than cheap.

Big pictureRevenue and cash have grown, but earnings per share remain volatile after a large acquisition.

Revenue increased from $2.43 billion in 2022 to $3.14 billion in 2025, while operating cash flow rose from $264 million to $353 million. After capital spending, cash left for owners was about $299 million in 2025, close to the 2023 level. Yet reported net income fell from $86.7 million in 2023 to $18.4 million in 2025, and first-half 2026 remained a $6.6 million loss. This mix suggests the business is cash-generative but accounting earnings are currently cyclical and acquisition-heavy.

Business strengthScale, market share gains, and cost savings are improving profits faster than sales.

Boyd ended June with 1,321 collision locations, 33% more than a year earlier, after adding 258 Joe Hudson sites. Second-quarter sales rose 30% and adjusted EBITDA—operating profit before interest, taxes, depreciation, and amortization, with selected unusual costs removed—rose 45%, lifting its margin to 13.4% from 12.0%. Sales at established shops rose 2.9% while management estimated repairable claims were flat to down 2%, supporting a market-share gain inference. Debt leverage, debt compared with adjusted EBITDA, improved to 2.8 times from 3.1 times at 2025-end.

What could change the storyThe bull case needs lasting margins and claims recovery; the bear case is debt, dilution, and weak reported profits.

Upside depends on 14% or higher adjusted EBITDA margins, continued positive sales at established shops, and delivery of the raised $65 million 2026 cost-savings target, including $35 million from Joe Hudson. Downside is credible if integration disruptions persist, repairable claims remain weak, or interest expense and depreciation keep reported earnings near zero. The acquisition issued 6.36 million shares, lifting shares roughly 30%, and added debt. The modest $9.4 million 2025 dividend leaves cash available for reinvestment or debt reduction, but owners need both to overcome dilution and leverage.

AI: News

Q2 earnings surpriseStrong growth met weak per-share expectations, and the shares fell sharply afterward, though direct causation is uncertain.

On August 12, Boyd reported second-quarter sales of $1.014 billion, adjusted EBITDA of $135.9 million, and adjusted earnings per share of $0.80, versus $0.71 a year earlier. External earnings trackers reported the per-share result below consensus near $0.94. The stock fell about 12.5% on August 13. That timing is consistent with disappointment about expectations, but price movement alone does not prove the release caused the decline.

Joe Hudson closesThe largest acquisition added 258 repair centers, but financing increased shares and debt that now require successful integration.

On January 9, Boyd completed the roughly $1.3 billion Joe Hudson acquisition, adding 258 southeastern U.S. locations and expanding its footprint about 25%. Funding included a $897 million U.S. equity offering, C$525 million of senior notes, and revolving-credit borrowing. The transaction drove the 2026 share count to about 27.8 million from 21.5 million and raised goodwill materially. By June, Boyd said shop conversion was complete and reported $35 million of first-half Project 360 and acquisition savings, improving the payoff case while leaving integration and debt risks.

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$3.14B	$3.07B	$2.95B	$2.43B
Gross profit	$1.46B	$1.40B	$1.34B	$1.09B
Gross margin	46.41%	45.48%	45.49%	44.70%
Operating expenses	$1.08B	$1.06B	$1.16B	$989.4M
Operating income	$132.3M	$109.5M	$175.4M	$97.9M
Operating margin	4.21%	3.57%	5.95%	4.02%
EBITDA	$342.4M	$325.9M	$364.1M	$271.7M
EBITDA margin	10.89%	10.61%	12.36%	11.17%
Net income	$18.4M	$24.5M	$86.7M	$41.0M
Net profit margin	0.59%	0.80%	2.94%	1.68%
Basic EPSper basic share	$0.82	$1.14	$4.04	$1.91
Diluted EPSper diluted share	$0.82	$1.14	$4.04	$1.91

Review official source filings ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

@tickerstat17 hours ago
Boyd Group authorizes repurchases of up to 2.8 million shares
Boyd Group Services ($BGSI) received approval for a normal-course issuer bid covering up to 2,779,352 common shares, equivalent to approximately 10% of its public float. The program permits purchases in Canada and the United States, includi ...
0
0

Boyd Group Services Inc. (BGSI)

Financial charts

Financial statements

Insider buys & sells

Community posts

Boyd Group authorizes repurchases of up to 2.8 million shares