Churchill Downs vs Red Rock Resorts
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KIRA’s take AI analyst
I put Churchill Downs and Red Rock Resorts side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Churchill Downs
CHDN
5/10
Revenue growth5-year growthNet marginFCF marginShare count change
Red Rock Resorts
RRR
5/10
Operating marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CHDN FY25 | RRR FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $3.0B |
| 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 |
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.