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Rental & leasing services · Industrials · Fiscal year ends Dec 31
Boyd Group Services reported revenue of $3.1B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was $98M, an operating margin of 3.1%, and net income was $18M. Operating cash flow of $353M less capital expenditure of $54M left free cash flow of $299M. It held more cash than debt (net cash $868M).
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 3,070 | 3,143 |
| Cost of revenue | 1,674 | 1,684 |
| Gross profit | 1,397 | 1,459 |
| Operating incomederived: pre-tax income + interest | 101 | 98.4 |
| Interest expense | 68.9 | 69.7 |
| Pre-tax income | 31.7 | 28.7 |
| Income tax | 7.1 | 10.3 |
| Net income | 24.5 | 18.4 |
| Diluted EPS | 1.14 | 0.82 |
| Diluted shares | 21.5 | 22.5 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash & equivalents | 20.0 | 1,229 |
| Receivables | 121 | 137 |
| Inventory | 73.1 | 68.3 |
| Current assets | 271 | 1,498 |
| Net PP&E | 530 | 581 |
| Goodwill | 644 | 702 |
| Total assets | 2,464 | 3,860 |
| Current liabilities | 435 | 477 |
| Short-term debt | 9.0 | 8.8 |
| Long-term debt | 498 | 352 |
| Total liabilities | 1,633 | 2,140 |
| Shareholders' equity | 831 | 1,720 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating cash flow | 313 | 353 |
| Capital expenditure | 77.3 | 54.3 |
| Free cash flow | 236 | 299 |
| Stock-based compensation | 0.9 | 0.9 |
| Dividends paid | 9.4 | 9.4 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue growth (YoY) | – | 2.4% |
| Operating income growth (YoY) | – | −2.2% |
| EPS growth (YoY) | – | −28.1% |
| Gross margin | 45.5% | 46.4% |
| Operating margin | 3.3% | 3.1% |
| Net margin | 0.8% | 0.6% |
| Return on equityBlank when equity is negative | 3.0% | 1.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.0% | 2.9% |
| Free cash flow margin | 7.7% | 9.5% |
| Cash conversion (CFO ÷ net income) | 12.8x | 19.2x |
| Receivable days | 14 | 16 |
| Inventory days | 16 | 15 |
| Interest cover | 1.46x | 1.41x |
| Debt ÷ equity | 0.61x | 0.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 487 | −868 |
| Current ratio | 0.62x | 3.14x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.