Churchill Downs vs DraftKings
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The short version
- DraftKings is the larger business, with $6.1B of revenue in fiscal 2025 against $2.9B for Churchill Downs, about 2.1 times as much.
- DraftKings grew revenue faster (27.0%, against 7.0%).
- Churchill Downs kept more of each dollar of sales as operating profit (23.4% operating margin, against −0.3%).
- Churchill Downs turned more of its sales into free cash flow (23.9% FCF margin, against 10.7%).
- Churchill Downs earned a higher return on the capital invested in it (8.4%, against −0.7%).
| Latest fiscal year | CHDN · FY25 | DKNG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $10.4B |
| Revenue | $2.9B | $6.1B |
| Free cash flow | $700M | $648M |
| Net income | $383M | $3.7M |
| Growth | ||
| Revenue growth | 7.0% | 27.0% |
| 5-year growth | 22.7% | 58.0% |
| Share count change | −3.8% | 2.9% |
| Profitability | ||
| Gross margin | — | 41.3% |
| Operating margin | 23.4% | −0.3% |
| Net margin | 13.1% | 0.1% |
| FCF margin | 23.9% | 10.7% |
| Return on capital | 8.4% | −0.7% |
| Return on equity | 36.6% | 0.5% |
| Balance sheet | ||
| Net debt | $5.0B | $132M |
| Net debt / EBITDA | 5.4x | 0.5x |
| Dividends and buybacks | $459M | $572M |
| Valuation & quality | ||
| P/E | 14.3x | — |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
CHDN $822M
DKNG —
FY17
CHDN $883M
DKNG —
FY18
CHDN $1.0B
DKNG $226M
FY19
CHDN $1.3B
DKNG $323M
FY20
CHDN $1.1B
DKNG $615M
FY21
CHDN $1.6B
DKNG $1.3B
FY22
CHDN $1.8B
DKNG $2.2B
FY23
CHDN $2.5B
DKNG $3.7B
FY24
CHDN $2.7B
DKNG $4.8B
FY25
CHDN $2.9B
DKNG $6.1B
CHDN
DKNG
Operating margin
FY16
CHDN 21.0%
DKNG —
FY17
CHDN 16.5%
DKNG —
FY18
CHDN 18.7%
DKNG −33.9%
FY19
CHDN 16.2%
DKNG −45.3%
FY20
CHDN 5.7%
DKNG −137.2%
FY21
CHDN 17.8%
DKNG −120.5%
FY22
CHDN 17.8%
DKNG −67.5%
FY23
CHDN 22.9%
DKNG −21.5%
FY24
CHDN 25.9%
DKNG −12.8%
FY25
CHDN 23.4%
DKNG −0.3%
CHDN
DKNG
Free cash flow
FY16
CHDN $201M
DKNG —
FY17
CHDN $182M
DKNG —
FY18
CHDN $168M
DKNG −$59.3M
FY19
CHDN $207M
DKNG −$63.3M
FY20
CHDN −$69.3M
DKNG −$206M
FY21
CHDN $420M
DKNG −$435M
FY22
CHDN $461M
DKNG −$658M
FY23
CHDN $528M
DKNG −$22.7M
FY24
CHDN $688M
DKNG $408M
FY25
CHDN $700M
DKNG $648M
CHDN
DKNG
Return on capital
FY16
CHDN 7.8%
DKNG —
FY17
CHDN 8.9%
DKNG —
FY18
CHDN 10.0%
DKNG —
FY19
CHDN 9.9%
DKNG —
FY20
CHDN 3.2%
DKNG −176.2%
FY21
CHDN 10.5%
DKNG −155.4%
FY22
CHDN 6.6%
DKNG −117.2%
FY23
CHDN 7.9%
DKNG −59.7%
FY24
CHDN 9.2%
DKNG −41.8%
FY25
CHDN 8.4%
DKNG −0.7%
CHDN
DKNG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.