Churchill Downs vs Monarch Casino & Resort
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The short version
- Churchill Downs is the larger business, with $2.9B of revenue in fiscal 2025 against $545M for Monarch Casino & Resort, about 5.4 times as much.
- Churchill Downs grew revenue faster (7.0%, against 4.4%).
- Investors pay more for each dollar of Monarch Casino & Resort’s earnings: a P/E of 19.1x against 14.3x for Churchill Downs.
| Latest fiscal year | CHDN · FY25 | MCRI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $2.1B |
| Revenue | $2.9B | $545M |
| Free cash flow | $700M | $128M |
| Net income | $383M | $101M |
| Growth | ||
| Revenue growth | 7.0% | 4.4% |
| 5-year growth | 22.7% | 24.2% |
| Share count change | −3.8% | −1.6% |
| Profitability | ||
| Gross margin | — | 23.4% |
| Operating margin | 23.4% | — |
| Net margin | 13.1% | 18.6% |
| FCF margin | 23.9% | 23.6% |
| Return on capital | 8.4% | — |
| Return on equity | 36.6% | 19.2% |
| Balance sheet | ||
| Net debt | $5.0B | — |
| Net debt / EBITDA | 5.4x | — |
| Dividends and buybacks | $459M | $94.6M |
| Valuation & quality | ||
| P/E | 14.3x | 19.1x |
| Piotroski F-score | 6 | — |
Revenue
FY16
CHDN $822M
MCRI $217M
FY17
CHDN $883M
MCRI $231M
FY18
CHDN $1.0B
MCRI $240M
FY19
CHDN $1.3B
MCRI $249M
FY20
CHDN $1.1B
MCRI $184M
FY21
CHDN $1.6B
MCRI $395M
FY22
CHDN $1.8B
MCRI $478M
FY23
CHDN $2.5B
MCRI $502M
FY24
CHDN $2.7B
MCRI $522M
FY25
CHDN $2.9B
MCRI $545M
CHDN
MCRI
Operating margin
FY16
CHDN 21.0%
MCRI 17.8%
FY17
CHDN 16.5%
MCRI 17.6%
FY18
CHDN 18.7%
MCRI —
FY19
CHDN 16.2%
MCRI —
FY20
CHDN 5.7%
MCRI —
FY21
CHDN 17.8%
MCRI —
FY22
CHDN 17.8%
MCRI —
FY23
CHDN 22.9%
MCRI —
FY24
CHDN 25.9%
MCRI —
FY25
CHDN 23.4%
MCRI —
CHDN
MCRI
Free cash flow
FY16
CHDN $201M
MCRI $17.6M
FY17
CHDN $182M
MCRI −$0.5M
FY18
CHDN $168M
MCRI −$78.3M
FY19
CHDN $207M
MCRI −$62.1M
FY20
CHDN −$69.3M
MCRI −$57.2M
FY21
CHDN $420M
MCRI $81.2M
FY22
CHDN $461M
MCRI $100M
FY23
CHDN $528M
MCRI $124M
FY24
CHDN $688M
MCRI $93.3M
FY25
CHDN $700M
MCRI $128M
CHDN
MCRI
Return on capital
FY16
CHDN 7.8%
MCRI —
FY17
CHDN 8.9%
MCRI —
FY18
CHDN 10.0%
MCRI —
FY19
CHDN 9.9%
MCRI —
FY20
CHDN 3.2%
MCRI —
FY21
CHDN 10.5%
MCRI —
FY22
CHDN 6.6%
MCRI —
FY23
CHDN 7.9%
MCRI —
FY24
CHDN 9.2%
MCRI —
FY25
CHDN 8.4%
MCRI —
CHDN
MCRI
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.