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Churchill Downs, Incorporated (CHDN) vs DraftKings Inc. (DKNG)

Churchill Downs, Incorporated and DraftKings Inc. are both Gambling companies. DraftKings Inc. is the larger, with a market value of $20.9B against $6.7B — 3.1× the size. DraftKings Inc. has negative trailing earnings, so its P/E is not meaningful; Churchill Downs, Incorporated trades at 15.2×. DraftKings Inc. grew revenue faster over the last twelve months: 15.0% against 4.18%. Churchill Downs, Incorporated has the higher net margin (15.1% vs −2.68%) and the higher return on invested capital (8.20% vs −11.2%). Across the 20 metrics below, Churchill Downs, Incorporated leads on 11 and DraftKings Inc. on 9.

Valuation

Metric CHDN DKNG Gambling median
P/E 15.25 n/m 15.25
P/S 2.29 1.87 0.86
P/B 4.99 20.39 2.25
Price to free cash flow 22.11 23.35 15.25
EV/EBITDA 11.25 109.98 6.93
EV/Sales 3.77 1.94 1.43
Earnings yield 6.56% (1.45%) (1.45%)
Free cash flow yield 4.52% 4.28% 4.52%

Profitability

Metric CHDN DKNG Gambling median
Gross margin 34.13% 40.54% 48.54%
Operating margin 25.52% (2.93%) 0.00%
Net margin 15.14% (2.68%) (2.68%)
Free cash flow margin 17.63% 7.99% 7.20%
Return on equity 37.70% (21.14%) 11.84%
Return on assets 6.10% (3.81%) 0.00%
Return on invested capital 8.20% (11.21%) 0.00%

Growth

Metric CHDN DKNG Gambling median
Revenue growth (TTM) 4.18% 15.03% 9.84%
EPS growth (last fiscal year) (6.87%) 99.05% (11.41%)
Revenue growth, 5-year CAGR 22.65% 58.02% 23.46%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CHDN DKNG Gambling median
Debt to equity 3.42 3.22 0.20
Current ratio 0.32 1.02 1.10
Net debt to EBITDA 5.24 0.89 0.45

Dividend

Metric CHDN DKNG Gambling median
Dividend yield 0.45% — —
Payout ratio 0.07 — —

Size

Metric CHDN DKNG Gambling median
Market cap 6.73b 20.92b 1.09b

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