Boyd Gaming vs Churchill Downs
Add, change or remove companies; up to four.
The short version
- Boyd Gaming is the larger business, with $4.1B of revenue in fiscal 2025 against $2.9B for Churchill Downs.
- Churchill Downs grew revenue faster (7.0%, against 4.1%).
- Churchill Downs kept more of each dollar of sales as operating profit (23.4% operating margin, against 18.3%).
- Churchill Downs turned more of its sales into free cash flow (23.9% FCF margin, against 9.5%).
- Boyd Gaming earned a higher return on the capital invested in it (13.5%, against 8.4%).
- Investors pay more for each dollar of Churchill Downs’s earnings: a P/E of 14.3x against 3.1x for Boyd Gaming.
| Latest fiscal year | BYD · FY25 | CHDN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $5.9B |
| Revenue | $4.1B | $2.9B |
| Free cash flow | $388M | $700M |
| Net income | $1.8B | $383M |
| Growth | ||
| Revenue growth | 4.1% | 7.0% |
| 5-year growth | 13.4% | 22.7% |
| Share count change | −12.5% | −3.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.3% | 23.4% |
| Net margin | 45.1% | 13.1% |
| FCF margin | 9.5% | 23.9% |
| Return on capital | 13.5% | 8.4% |
| Return on equity | 88.0% | 36.6% |
| Balance sheet | ||
| Net debt | $1.7B | $5.0B |
| Net debt / EBITDA | 1.6x | 5.4x |
| Dividends and buybacks | $837M | $459M |
| Valuation & quality | ||
| P/E | 3.1x | 14.3x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
BYD $2.2B
CHDN $822M
FY17
BYD $2.4B
CHDN $883M
FY18
BYD $2.6B
CHDN $1.0B
FY19
BYD $3.3B
CHDN $1.3B
FY20
BYD $2.2B
CHDN $1.1B
FY21
BYD $3.4B
CHDN $1.6B
FY22
BYD $3.6B
CHDN $1.8B
FY23
BYD $3.7B
CHDN $2.5B
FY24
BYD $3.9B
CHDN $2.7B
FY25
BYD $4.1B
CHDN $2.9B
BYD
CHDN
Operating margin
FY16
BYD 11.8%
CHDN 21.0%
FY17
BYD 14.3%
CHDN 16.5%
FY18
BYD 13.5%
CHDN 18.7%
FY19
BYD 14.2%
CHDN 16.2%
FY20
BYD 0.7%
CHDN 5.7%
FY21
BYD 26.7%
CHDN 17.8%
FY22
BYD 27.6%
CHDN 17.8%
FY23
BYD 24.1%
CHDN 22.9%
FY24
BYD 23.6%
CHDN 25.9%
FY25
BYD 18.3%
CHDN 23.4%
BYD
CHDN
Free cash flow
FY16
BYD $140M
CHDN $201M
FY17
BYD $232M
CHDN $182M
FY18
BYD $273M
CHDN $168M
FY19
BYD $341M
CHDN $207M
FY20
BYD $114M
CHDN −$69.3M
FY21
BYD $811M
CHDN $420M
FY22
BYD $707M
CHDN $461M
FY23
BYD $541M
CHDN $528M
FY24
BYD $557M
CHDN $688M
FY25
BYD $388M
CHDN $700M
BYD
CHDN
Return on capital
FY16
BYD 6.9%
CHDN 7.8%
FY17
BYD 8.5%
CHDN 8.9%
FY18
BYD 5.9%
CHDN 10.0%
FY19
BYD 7.6%
CHDN 9.9%
FY20
BYD 0.2%
CHDN 3.2%
FY21
BYD 15.8%
CHDN 10.5%
FY22
BYD 17.6%
CHDN 6.6%
FY23
BYD 17.1%
CHDN 7.9%
FY24
BYD 16.2%
CHDN 9.2%
FY25
BYD 13.5%
CHDN 8.4%
BYD
CHDN
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.