Caesars Entertainment vs Penn Entertainment
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KIRA’s take AI analyst
I put Caesars Entertainment and Penn Entertainment side by side, using each one’s latest annual report. Here is what stands out:
- Caesars Entertainment is the larger business, with $11.5B of revenue in fiscal 2025 against $7.0B for Penn Entertainment, about 1.7 times as much.
- Penn Entertainment grew revenue faster (5.8%, against 2.1%).
- Caesars Entertainment kept more of each dollar of sales as operating profit (16.2% operating margin, against −9.7%).
- Caesars Entertainment turned more of its sales into free cash flow (4.3% FCF margin, against −2.0%).
- Caesars Entertainment earned a higher return on the capital invested in it (9.6%, against −8.1%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Caesars Entertainment
CZR
7/9
5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
Penn Entertainment
PENN
2/9
Revenue growthShare count change
Side by side
Best in the row
| Latest fiscal year | CZR FY25 | PENN FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $2.0B |
| Revenue | $11.5B | $7.0B |
| Free cash flow | $497M | −$140M |
| Net income | −$502M | −$843M |
| Growth | ||
| Revenue growth | 2.1% | 5.8% |
| 5-year growth | 25.9% | 14.2% |
| Share count change | −3.3% | −4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.2% | −9.7% |
| Net margin | −4.4% | −12.1% |
| FCF margin | 4.3% | −2.0% |
| Return on capital | 9.6% | −8.1% |
| Return on equity | −13.1% | −35.9% |
| Balance sheet | ||
| Net debt | $11.2B | $4.3B |
| Net debt / EBITDA | 3.4x | — |
| Dividends and buybacks | $229M | $354M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.