Churchill Downs vs Red Rock Resorts
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The short version
- Churchill Downs is the larger business, with $2.9B of revenue in fiscal 2025 against $2.0B for Red Rock Resorts.
- Churchill Downs grew revenue faster (7.0%, against 3.7%).
- Red Rock Resorts kept more of each dollar of sales as operating profit (29.7% operating margin, against 23.4%).
- Churchill Downs turned more of its sales into free cash flow (23.9% FCF margin, against 14.4%).
- Red Rock Resorts earned a higher return on the capital invested in it (14.7%, against 8.4%).
| Latest fiscal year | CHDN · FY25 | RRR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $2.9B |
| Revenue | $2.9B | $2.0B |
| Free cash flow | $700M | $291M |
| Net income | $383M | $188M |
| Growth | ||
| Revenue growth | 7.0% | 3.7% |
| 5-year growth | 22.7% | 11.2% |
| Share count change | −3.8% | −1.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.4% | 29.7% |
| Net margin | 13.1% | 9.4% |
| FCF margin | 23.9% | 14.4% |
| Return on capital | 8.4% | 14.7% |
| Return on equity | 36.6% | 88.8% |
| Balance sheet | ||
| Net debt | $5.0B | $3.3B |
| Net debt / EBITDA | 5.4x | 4.1x |
| Dividends and buybacks | $459M | $200M |
| Valuation & quality | ||
| P/E | 14.3x | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CHDN $822M
RRR $1.5B
FY17
CHDN $883M
RRR $1.6B
FY18
CHDN $1.0B
RRR $1.7B
FY19
CHDN $1.3B
RRR $1.9B
FY20
CHDN $1.1B
RRR $1.2B
FY21
CHDN $1.6B
RRR $1.6B
FY22
CHDN $1.8B
RRR $1.7B
FY23
CHDN $2.5B
RRR $1.7B
FY24
CHDN $2.7B
RRR $1.9B
FY25
CHDN $2.9B
RRR $2.0B
CHDN
RRR
Operating margin
FY16
CHDN 21.0%
RRR 21.0%
FY17
CHDN 16.5%
RRR 20.2%
FY18
CHDN 18.7%
RRR 22.1%
FY19
CHDN 16.2%
RRR 10.0%
FY20
CHDN 5.7%
RRR 7.5%
FY21
CHDN 17.8%
RRR 24.8%
FY22
CHDN 17.8%
RRR 33.7%
FY23
CHDN 22.9%
RRR 32.4%
FY24
CHDN 25.9%
RRR 29.3%
FY25
CHDN 23.4%
RRR 29.7%
CHDN
RRR
Free cash flow
FY16
CHDN $201M
RRR $184M
FY17
CHDN $182M
RRR $41.5M
FY18
CHDN $168M
RRR −$233M
FY19
CHDN $207M
RRR −$36.6M
FY20
CHDN −$69.3M
RRR $154M
FY21
CHDN $420M
RRR $549M
FY22
CHDN $461M
RRR $214M
FY23
CHDN $528M
RRR −$205M
FY24
CHDN $688M
RRR $264M
FY25
CHDN $700M
RRR $291M
CHDN
RRR
Return on capital
FY16
CHDN 7.8%
RRR 10.7%
FY17
CHDN 8.9%
RRR 5.6%
FY18
CHDN 10.0%
RRR 10.2%
FY19
CHDN 9.9%
RRR 4.1%
FY20
CHDN 3.2%
RRR 2.0%
FY21
CHDN 10.5%
RRR 13.4%
FY22
CHDN 6.6%
RRR 18.2%
FY23
CHDN 7.9%
RRR 15.7%
FY24
CHDN 9.2%
RRR 14.5%
FY25
CHDN 8.4%
RRR 14.7%
CHDN
RRR
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.