Churchill Downs vs Penn Entertainment
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The short version
- Penn Entertainment is the larger business, with $7.0B of revenue in fiscal 2025 against $2.9B for Churchill Downs, about 2.4 times as much.
- Churchill Downs grew revenue faster (7.0%, against 5.8%).
- Churchill Downs kept more of each dollar of sales as operating profit (23.4% operating margin, against −9.7%).
- Churchill Downs turned more of its sales into free cash flow (23.9% FCF margin, against −2.0%).
- Churchill Downs earned a higher return on the capital invested in it (8.4%, against −8.1%).
| Latest fiscal year | CHDN · FY25 | PENN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $2.0B |
| Revenue | $2.9B | $7.0B |
| Free cash flow | $700M | −$140M |
| Net income | $383M | −$843M |
| Growth | ||
| Revenue growth | 7.0% | 5.8% |
| 5-year growth | 22.7% | 14.2% |
| Share count change | −3.8% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.4% | −9.7% |
| Net margin | 13.1% | −12.1% |
| FCF margin | 23.9% | −2.0% |
| Return on capital | 8.4% | −8.1% |
| Return on equity | 36.6% | −35.9% |
| Balance sheet | ||
| Net debt | $5.0B | $4.3B |
| Net debt / EBITDA | 5.4x | — |
| Dividends and buybacks | $459M | $354M |
| Valuation & quality | ||
| P/E | 14.3x | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
CHDN $822M
PENN $3.0B
FY17
CHDN $883M
PENN $3.1B
FY18
CHDN $1.0B
PENN $3.6B
FY19
CHDN $1.3B
PENN $5.3B
FY20
CHDN $1.1B
PENN $3.6B
FY21
CHDN $1.6B
PENN $5.9B
FY22
CHDN $1.8B
PENN $6.4B
FY23
CHDN $2.5B
PENN $6.4B
FY24
CHDN $2.7B
PENN $6.6B
FY25
CHDN $2.9B
PENN $7.0B
CHDN
PENN
Operating margin
FY16
CHDN 21.0%
PENN 17.9%
FY17
CHDN 16.5%
PENN 14.2%
FY18
CHDN 18.7%
PENN 17.7%
FY19
CHDN 16.2%
PENN 10.8%
FY20
CHDN 5.7%
PENN −11.5%
FY21
CHDN 17.8%
PENN 17.9%
FY22
CHDN 17.8%
PENN 15.2%
FY23
CHDN 22.9%
PENN −10.9%
FY24
CHDN 25.9%
PENN 1.1%
FY25
CHDN 23.4%
PENN −9.7%
CHDN
PENN
Free cash flow
FY16
CHDN $201M
PENN $311M
FY17
CHDN $182M
PENN $379M
FY18
CHDN $168M
PENN $260M
FY19
CHDN $207M
PENN $513M
FY20
CHDN −$69.3M
PENN $202M
FY21
CHDN $420M
PENN $652M
FY22
CHDN $461M
PENN $615M
FY23
CHDN $528M
PENN $95.9M
FY24
CHDN $688M
PENN −$123M
FY25
CHDN $700M
PENN −$140M
CHDN
PENN
Return on capital
FY16
CHDN 7.8%
PENN 67.3%
FY17
CHDN 8.9%
PENN 44.8%
FY18
CHDN 10.0%
PENN 34.9%
FY19
CHDN 9.9%
PENN 8.5%
FY20
CHDN 3.2%
PENN −8.6%
FY21
CHDN 10.5%
PENN 18.7%
FY22
CHDN 6.6%
PENN 12.8%
FY23
CHDN 7.9%
PENN −6.5%
FY24
CHDN 9.2%
PENN 0.8%
FY25
CHDN 8.4%
PENN −8.1%
CHDN
PENN
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.