Churchill Downs vs Rush Street Interactive
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KIRA’s take AI analyst
I put Churchill Downs and Rush Street Interactive 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 $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%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Churchill Downs
CHDN
5/7
Operating marginNet marginFCF marginReturn on equityShare count change
Rush Street Interactive
RSI
2/7
Revenue growth5-year growth
Side by side
Best in the row
| 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 | — |
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.