CHDN vs FLUT: Churchill Downs and Flutter Entertainment compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Flutter Entertainment is the larger company, worth $14.2B, about 2.5 times Churchill Downs.
- Churchill Downs grew revenue faster over the last year (+4.9% vs +3.3%).
- Churchill Downs keeps more of each dollar of revenue as operating profit (24.1% vs -3.7%).
- Flutter Entertainment's price assumes faster free cash flow growth: about 8% 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 | FLUT |
|---|---|---|
| Market cap | $5.6B | $14.2B |
| Share price | $79.96 | $79.78 |
| Revenue (last fiscal year) | $2.9B | $16.4B |
| Free cash flow (last fiscal year) | $700M | $569M |
| Revenue growth, last year | +4.9% | +3.3% |
| Revenue growth per year, last 5 fiscal years | +16.3% | +36.5% |
| Operating margin | 24.1% | -3.7% |
| Net margin | 13.8% | -4.4% |
| Return on equity | 30.8% | -8.6% |
| P/E (trailing) | 14.9x | — |
| Price / free cash flow | 11.4x | 24.9x |
| EV / EBITDA | 9.44x | 14.5x |
| FCF growth the price implies | -7.1% | 7.9% |
| Dividend yield | 0.55% | — |
| Debt / equity | 4.57x | 2.15x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 0 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
Flutter Entertainment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2019 | $2.5B | $618M | 10.4% |
| 2022 | $9.5B | $834M | -0.93% |
| 2023 | $11.8B | $510M | -4.7% |
| 2024 | $14.0B | $1.1B | 6.2% |
| 2025 | $16.4B | $569M | 0.22% |
Where the revenue comes from
Churchill Downs · by segments, 2025
Live and Historical Racing$1.4B48%
Gaming$1.0B35%
Wagering Services and Solutions$526M17%
Flutter Entertainment · by products, 2017
Poker$877M67%
Gaming$335M26%
Other$51M4%
Betting$49M4%
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 Flutter Entertainment?
Flutter Entertainment (FLUT), at $14.2B against $5.6B.
Which grows faster, CHDN or FLUT?
Churchill Downs: revenue grew +4.9% over the last year, against +3.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.