Detailed financial statements for Boyd Group Services Inc. (BGSI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Boyd Group Services Inc. (BGSI) is a leading North American operator of wholly-owned collision repair centers. Its Canadian operations are conducted under the Boyd Autobody & Glass and Assured Automotive banners, while its United States locations primarily bear the Gerber Collision and Glass name.
Analysis Summary
Boyd Group Services Inc. reported revenue of $3.14B in the most recent fiscal year, growing at a 5-year CAGR of 15.0%. Net income reached $18.4M, with a -16.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.1%, operating margin 4.5%, net margin 0.3%. Free cash flow grew at 6.0% CAGR over 5 years.
At the current price of $78.17, BGSI trades at a P/E of 169.08 and an ROE of 0.61%. Market capitalisation stands at $2.2B.
Balance sheet quality for BGSI: current ratio of 3.1, net debt of $487.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $276.3M represents 1500% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.87B | $2.43B | $2.95B | $3.07B | $3.14B |
| Cost of Revenue | $847.7M | $1.03B | $1.34B | $1.61B | $1.67B | $1.68B |
| Gross Profit | $713.5M | $839.3M | $1.09B | $1.34B | $1.40B | $1.46B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $506.3M | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $506.3M | $773.4M | $989.4M | $1.16B | $1.29B | $1.33B |
| Operating Income | $207.3M | $65.8M | $97.9M | $175.4M | $109.5M | $132.3M |
| EBITDA | $130.3M | $213.6M | $271.7M | $364.1M | $325.9M | $342.4M |
| Interest Expense | $33.3M | $27.7M | $37.3M | $51.7M | $68.9M | $69.7M |
| Pre-tax Income | $59.0M | $32.2M | $58.7M | $119.5M | $31.7M | $28.7M |
| Income Tax | $14.8M | $8.7M | $17.8M | $32.9M | $7.1M | $10.3M |
| Net Income | $44.1M | $23.5M | $41.0M | $86.7M | $24.5M | $18.4M |
| EPS | $2.00 | $1.10 | $1.91 | $4.04 | $1.14 | $0.83 |
| EPS (Diluted) | $2.00 | $1.10 | $1.91 | $4.04 | $1.14 | $0.83 |
| Shares Outstanding (Diluted) | $21.0M | $21.5M | $21.5M | $21.5M | $21.5M | $22.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $790.2M | $793.9M | $982.9M | $1.01B |
| Gross Profit | $365.9M | $367.9M | $377.3M | $480.0M |
| Operating Income | $37.0M | $40.4M | $40.7M | $135.9M |
| EBITDA | $95.0M | $86.8M | $101.2M | $92.2M |
| Net Income | $10.8M | $4.8M | -$7.8M | $1.3M |
| EPS | $0.51 | $0.19 | $-0.28 | $0.05 |
| EPS (Diluted) | $0.50 | $0.20 | $-0.28 | $0.05 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $61.0M | $27.7M | $15.1M | $22.5M | $20.0M | $1.23B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $87.0M | $110.6M | $144.9M | $153.5M | $132.9M | $147.4M |
| Inventory | $32.1M | $66.8M | $78.8M | $78.5M | $73.1M | $68.2M |
| Total Current Assets | $206.4M | $234.7M | $275.3M | $296.3M | $270.7M | $1.50B |
| Property, Plant & Equipment | $619.9M | $834.2M | $883.0M | $1.09B | $1.20B | $1.27B |
| Goodwill | $463.7M | $602.0M | $601.7M | $634.0M | $643.9M | $701.2M |
| Intangible Assets | $276.4M | $348.7M | $332.9M | $342.8M | $336.9M | $355.7M |
| Total Assets | $1.57B | $2.03B | $2.10B | $2.38B | $2.46B | $3.85B |
| Accounts Payable | $210.2M | $258.4M | $307.7M | $339.8M | $306.9M | $338.7M |
| Short-term Debt | $15.6M | $13.9M | $15.4M | $22.0M | $9.0M | $134.0M |
| Total Current Liabilities | $306.1M | $367.7M | $424.3M | $472.0M | $435.1M | $475.8M |
| Long-term Debt | $164.6M | $428.2M | $344.8M | $399.7M | $498.3M | $927.5M |
| Total Liabilities | $859.9M | $1.30B | $1.36B | $1.55B | $1.63B | $2.14B |
| Retained Earnings | $42.9M | $56.7M | $88.2M | $165.4M | $180.6M | $188.4M |
| Total Equity | $711.7M | $726.4M | $746.6M | $828.3M | $830.9M | $1.72B |
| Total Debt | $599.5M | $985.4M | $978.1M | $1.14B | $1.25B | $1.71B |
| Net Debt | $538.5M | $957.7M | $963.0M | $1.11B | $1.23B | $487.2M |
| Working Capital | -$99.6M | -$133.0M | -$149.0M | -$175.7M | -$164.4M | $1.02B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $64.3M | $1.23B | $54.7M | $23.0M |
| Total Assets | $2.61B | $3.85B | $4.33B | $4.30B |
| Total Liabilities | $1.76B | $2.14B | $2.60B | $2.57B |
| Total Equity | $848.2M | $1.72B | $1.73B | $1.73B |
| Total Debt | $1.35B | $1.71B | $2.07B | $2.03B |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | $44.1M | $23.5M | $41.0M | $86.7M | $24.5M | $18.7M |
| Depreciation & Amortization | $131.8M | $153.7M | $175.6M | $192.9M | $225.3M | $248.2M |
| Stock-based Compensation | $2.6M | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $8.5M | -$14.1M | -$1.5M | $19.1M | -$5.9M | $5.9M |
| Operating Cash Flow | $230.9M | $196.7M | $264.2M | $357.5M | $313.3M | $331.6M |
| Capital Expenditure | -$24.1M | -$36.4M | -$33.6M | -$59.2M | -$80.5M | -$55.3M |
| Acquisitions | -$58.1M | -$317.5M | -$71.7M | -$180.3M | -$192.5M | -$221.5M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$7.1M | -$9.7M | -$9.5M | -$9.4M | -$9.4M | -$9.5M |
| Free Cash Flow | $206.8M | $160.3M | $230.6M | $298.4M | $232.9M | $276.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $102.5M | $75.7M | $109.1M | $99.8M |
| Capital Expenditure | -$18.8M | -$13.6M | -$13.1M | -$11.5M |
| Free Cash Flow | $83.7M | $62.1M | $96.0M | $88.3M |
| Dividends Paid | -$2.4M | -$2.4M | -$3.1M | -$3.2M |
| Stock-based Compensation | $954,000 | 0 | 0 | $2.4M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.9% | +29.9% | +21.1% | +4.2% | +2.4% | |
| Net Income Growth (YoY) | -46.6% | +74.0% | +111.6% | -71.7% | -25.0% | |
| EPS Growth (YoY) | -45.0% | +73.6% | +111.5% | -71.8% | -27.2% | |
| Shares Change (YoY) | +2.2% | +0.0% | +0.0% | +0.0% | +4.6% | |
| FCF Growth (YoY) | -22.5% | +43.9% | +29.4% | -22.0% | +18.7% | |
| Gross Margin | 45.7% | 44.8% | 44.7% | 45.5% | 45.5% | 46.4% |
| Operating Margin | 13.3% | 3.5% | 4.0% | 6.0% | 3.6% | 4.2% |
| EBITDA Margin | 8.3% | 11.4% | 11.2% | 12.4% | 10.6% | 10.9% |
| Net Margin | 2.8% | 1.3% | 1.7% | 2.9% | 0.8% | 0.6% |
| FCF Margin | 13.2% | 8.6% | 9.5% | 10.1% | 7.6% | 8.8% |
| Effective Tax Rate | 25.2% | 26.9% | 30.3% | 27.5% | 22.5% | 35.9% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $9.84 | $7.47 | $10.74 | $13.89 | $10.84 | $12.30 |
| Dividends Per Share | $0.34 | $0.45 | $0.44 | $0.44 | $0.44 | $0.42 |
| Shares Outstanding (Basic) | $21.0M | $21.5M | $21.5M | $21.5M | $21.5M | $22.5M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 0.61% |
| Return on Invested Capital | 2.10% |
| Return on Assets | 0.21% |
| Gross Margin | 40.12% |
| Operating Margin | 4.53% |
| Net Margin | 0.26% |
Financial Health
| Debt / Equity | 1.17 |
| Current Ratio | 0.58 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.32 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | 74.83 | 136.06 | 78.36 | 37.05 | 131.29 | 191.93 |
| P/B | 4.42 | 4.42 | 4.30 | 3.88 | 3.87 | 2.08 |
| P/S | 2.01 | 1.72 | 1.32 | 1.09 | 1.05 | 1.14 |
| Gross Margin | 45.7% | 44.8% | 44.7% | 45.5% | 45.5% | 46.4% |
| Operating Margin | 13.3% | 3.5% | 4.0% | 6.0% | 3.6% | 4.2% |
| Net Margin | 2.8% | 1.3% | 1.7% | 2.9% | 0.8% | 0.6% |
Related companies: ABG · CARG · CRMT · DRVN · KAR · LAD · PAG
Explore sector: Consumer Cyclical · Auto - Dealerships
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