Boyd Group Services

L'entreprise

Boyd operates one of the largest non-franchised collision-repair networks in North America (Boyd Autobody & Glass in Canada; Gerber Collision & Glass in the U.S.), plus a glass business.

It grows by acquiring and building shops and by winning insurer direct-repair volume, converting scale into same-store growth and cost synergies (its 'Project 360' program).

Les avantages concurrentiels

Scale in a fragmented industry, dense shop networks, and deep insurer relationships (direct-repair programs) create real advantages new entrants can't easily match.

The roll-up flywheel — buy shops, integrate, expand margins — compounds over time.

Aperçu financier

Période déclarée la plus récente : Q1 FY2026 (ended March 31, 2026). Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈2.5% (est.)low — growth capex on new locations consumes most operating cash flow; ~C$3.8B market cap

Boyd is a reinvestment-led compounder: strong and growing EBITDA, but expansion (269 new locations in a quarter) consumes cash, so the current free-cash-flow yield is modest. The thesis is future cash flow, not today's.

The swing factor is margins — adjusted EBITDA margin expanded 200 bps to 12.3% as Project 360 and acquisition synergies landed; sustained margin recovery is what turns growth into rising free cash flow.

Sustainable growth: a long runway of tuck-in acquisitions in a fragmented market plus same-store growth — durable as long as claims volumes and integration hold up.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

Boyd is a growth roll-up and trades at a premium multiple; because it reinvests heavily in acquisitions and new shops, its free-cash-flow yield is low today.

The appeal is durable double-digit revenue growth and margin expansion (Project 360, Joe Hudson synergies), not a high starting yield — so valuation hinges on continued unit growth and margin recovery.

Dividende

Pays a small, largely symbolic dividend; Boyd reinvests its cash into acquisitions and new locations rather than income.

Risques et scénario baissier

• Long-term, safer vehicles (ADAS) and EVs could reduce collision frequency.
• Labour availability and repair-cost inflation.
• Integration risk and the capital intensity of rapid expansion.
• A premium multiple leaves little room for a growth or margin stumble.

Faits récents

Record Q1 FY2026 sales of C$996.7M (+28%) and adjusted EBITDA of C$122.4M (+52%), with margins up 200 bps and 269 locations added — a third straight quarter of same-store growth.

Verdict

A high-quality growth roll-up with a long acquisition runway and improving margins, priced at a premium and light on current free cash flow. The bull case is years of unit growth and margin expansion; the bear case is falling collision frequency and multiple compression. Conviction: quality growth compounder, valuation-sensitive.