CHDN vs DKNG: Churchill Downs and DraftKings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- DraftKings is the larger company, worth $9.7B, about 1.7 times Churchill Downs.
- Churchill Downs grew revenue faster over the last year (+4.9% vs -4.6%).
- Churchill Downs keeps more of each dollar of revenue as operating profit (24.1% vs -2.9%).
- On earnings, Churchill Downs is the cheaper stock (14.9x vs 217.3x).
- DraftKings's price assumes faster free cash flow growth: about 4% a year, against -7% for Churchill Downs (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CHDN | DKNG |
|---|---|---|
| Market cap | $5.6B | $9.7B |
| Share price | $79.96 | $19.58 |
| Revenue (last fiscal year) | $2.9B | $6.1B |
| Free cash flow (last fiscal year) | $700M | $516M |
| Revenue growth, last year | +4.9% | -4.6% |
| Revenue growth per year, last 5 fiscal years | +16.3% | +47.0% |
| Operating margin | 24.1% | -2.9% |
| Net margin | 13.8% | -2.7% |
| Return on equity | 30.8% | -29.3% |
| P/E (trailing) | 14.9x | 217.3x |
| Price / free cash flow | 11.4x | 15.0x |
| EV / EBITDA | 9.44x | 89.5x |
| FCF growth the price implies | -7.1% | 4.2% |
| Dividend yield | 0.55% | — |
| Debt / equity | 4.57x | 6.51x |
| Fundamental grade | C | F |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Churchill Downs
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.6B | $420M | 17.8% |
| 2022 | $1.8B | $461M | 17.8% |
| 2023 | $2.5B | $528M | 22.9% |
| 2024 | $2.7B | $688M | 25.9% |
| 2025 | $2.9B | $700M | 23.4% |
DraftKings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | -$482M | -120.5% |
| 2022 | $2.2B | -$722M | -67.5% |
| 2023 | $3.7B | -$103M | -21.5% |
| 2024 | $4.8B | $312M | -12.8% |
| 2025 | $6.1B | $516M | -0.26% |
Where the revenue comes from
Churchill Downs · by segments, 2025
Live and Historical Racing$1.4B48%
Gaming$1.0B35%
Wagering Services and Solutions$526M17%
DraftKings · by products, 2025
Sportsbook$3.8B63%
iGaming$1.8B30%
Other$423M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CHDN in InvestinglyQuestions
Which is bigger, Churchill Downs or DraftKings?
DraftKings (DKNG), at $9.7B against $5.6B.
Is CHDN or DKNG cheaper?
By trailing P/E, Churchill Downs (14.9x) is cheaper than DraftKings (217.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, CHDN or DKNG?
Churchill Downs: revenue grew +4.9% over the last year, against -4.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.