DraftKings
DKNG · Casinos & Gaming
$20.91
0.1%Penn Entertainment
PENN · Casinos & Gaming
$14.50
6.2%The short version
- Penn Entertainment is the larger business, with $7.0B of revenue in fiscal 2025 against $6.1B for DraftKings.
- DraftKings grew revenue faster (27.0%, against 5.8%).
- DraftKings kept more of each dollar of sales as operating profit (−0.3% operating margin, against −9.7% operating margin).
- DraftKings turned more of its sales into free cash flow (10.7% FCF margin, against −2.0% FCF margin).
- DraftKings earned a higher return on the capital invested in it (−0.7%, against −8.1%).
| Latest fiscal year | DKNG · FY25 | PENN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $2.0B |
| Revenue | $6.1B | $7.0B |
| Free cash flow | $648M | −$140M |
| Net income | $3.7M | −$843M |
| Growth | ||
| Revenue growth | 27.0% | 5.8% |
| 5-year growth | 58.0% | 14.2% |
| Share count change | 2.9% | −4.9% |
| Profitability | ||
| Gross margin | 41.3% | — |
| Operating margin | −0.3% | −9.7% |
| Net margin | 0.1% | −12.1% |
| FCF margin | 10.7% | −2.0% |
| Return on capital | −0.7% | −8.1% |
| Return on equity | 0.5% | −35.9% |
| Balance sheet | ||
| Net debt | $132M | $4.3B |
| Net debt / EBITDA | 0.5x | — |
| Dividends and buybacks | $572M | $354M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 8 | 4 |
FY16
DKNG —
PENN $3.0B
FY17
DKNG —
PENN $3.1B
FY18
DKNG $226M
PENN $3.6B
FY19
DKNG $323M
PENN $5.3B
FY20
DKNG $615M
PENN $3.6B
FY21
DKNG $1.3B
PENN $5.9B
FY22
DKNG $2.2B
PENN $6.4B
FY23
DKNG $3.7B
PENN $6.4B
FY24
DKNG $4.8B
PENN $6.6B
FY25
DKNG $6.1B
PENN $7.0B
DKNG
PENN
FY16
DKNG —
PENN 17.9%
FY17
DKNG —
PENN 14.2%
FY18
DKNG −33.9%
PENN 17.7%
FY19
DKNG −45.3%
PENN 10.8%
FY20
DKNG −137.2%
PENN −11.5%
FY21
DKNG −120.5%
PENN 17.9%
FY22
DKNG −67.5%
PENN 15.2%
FY23
DKNG −21.5%
PENN −10.9%
FY24
DKNG −12.8%
PENN 1.1%
FY25
DKNG −0.3%
PENN −9.7%
DKNG
PENN
FY16
DKNG —
PENN $311M
FY17
DKNG —
PENN $379M
FY18
DKNG −$59.3M
PENN $260M
FY19
DKNG −$63.3M
PENN $513M
FY20
DKNG −$206M
PENN $202M
FY21
DKNG −$435M
PENN $652M
FY22
DKNG −$658M
PENN $615M
FY23
DKNG −$22.7M
PENN $95.9M
FY24
DKNG $408M
PENN −$123M
FY25
DKNG $648M
PENN −$140M
DKNG
PENN
FY16
DKNG —
PENN 67.3%
FY17
DKNG —
PENN 44.8%
FY18
DKNG —
PENN 34.9%
FY19
DKNG —
PENN 8.5%
FY20
DKNG −176.2%
PENN −8.6%
FY21
DKNG −155.4%
PENN 18.7%
FY22
DKNG −117.2%
PENN 12.8%
FY23
DKNG −59.7%
PENN −6.5%
FY24
DKNG −41.8%
PENN 0.8%
FY25
DKNG −0.7%
PENN −8.1%
DKNG
PENN
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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.