Churchill Downs vs Rush Street Interactive
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The short version
- Churchill Downs is the larger business, with $2.9B of revenue in fiscal 2025 against $1.1B for Rush Street Interactive, about 2.6 times as much.
- Rush Street Interactive grew revenue faster (22.8%, against 7.0%).
- Churchill Downs kept more of each dollar of sales as operating profit (23.4% operating margin, against 7.7%).
- Churchill Downs turned more of its sales into free cash flow (23.9% FCF margin, against 14.5%).
| Latest fiscal year | CHDN · FY25 | RSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $1.8B |
| Revenue | $2.9B | $1.1B |
| Free cash flow | $700M | $164M |
| Net income | $383M | $33.3M |
| Growth | ||
| Revenue growth | 7.0% | 22.8% |
| 5-year growth | 22.7% | 32.4% |
| Share count change | −3.8% | 167.1% |
| Profitability | ||
| Gross margin | — | 34.6% |
| Operating margin | 23.4% | 7.7% |
| Net margin | 13.1% | 2.9% |
| FCF margin | 23.9% | 14.5% |
| Return on capital | 8.4% | — |
| Return on equity | 36.6% | 29.5% |
| Balance sheet | ||
| Net debt | $5.0B | — |
| Net debt / EBITDA | 5.4x | — |
| Dividends and buybacks | $459M | $7.6M |
| Valuation & quality | ||
| P/E | 14.3x | — |
| Piotroski F-score | 6 | — |
Revenue
FY16
CHDN $822M
RSI —
FY17
CHDN $883M
RSI —
FY18
CHDN $1.0B
RSI —
FY19
CHDN $1.3B
RSI $63.7M
FY20
CHDN $1.1B
RSI $279M
FY21
CHDN $1.6B
RSI $488M
FY22
CHDN $1.8B
RSI $592M
FY23
CHDN $2.5B
RSI $691M
FY24
CHDN $2.7B
RSI $924M
FY25
CHDN $2.9B
RSI $1.1B
CHDN
RSI
Operating margin
FY16
CHDN 21.0%
RSI —
FY17
CHDN 16.5%
RSI —
FY18
CHDN 18.7%
RSI —
FY19
CHDN 16.2%
RSI −35.1%
FY20
CHDN 5.7%
RSI −47.9%
FY21
CHDN 17.8%
RSI −19.3%
FY22
CHDN 17.8%
RSI −21.1%
FY23
CHDN 22.9%
RSI −7.5%
FY24
CHDN 25.9%
RSI 2.7%
FY25
CHDN 23.4%
RSI 7.7%
CHDN
RSI
Free cash flow
FY16
CHDN $201M
RSI —
FY17
CHDN $182M
RSI —
FY18
CHDN $168M
RSI —
FY19
CHDN $207M
RSI −$2.9M
FY20
CHDN −$69.3M
RSI $14.3M
FY21
CHDN $420M
RSI −$52.0M
FY22
CHDN $461M
RSI −$64.5M
FY23
CHDN $528M
RSI −$7.2M
FY24
CHDN $688M
RSI $106M
FY25
CHDN $700M
RSI $164M
CHDN
RSI
Return on capital
FY16
CHDN 7.8%
RSI —
FY17
CHDN 8.9%
RSI —
FY18
CHDN 10.0%
RSI —
FY19
CHDN 9.9%
RSI —
FY20
CHDN 3.2%
RSI —
FY21
CHDN 10.5%
RSI —
FY22
CHDN 6.6%
RSI —
FY23
CHDN 7.9%
RSI —
FY24
CHDN 9.2%
RSI —
FY25
CHDN 8.4%
RSI —
CHDN
RSI
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.