Boyd Gaming vs Churchill Downs
Boyd Gaming is the larger business, with $4.09bn of revenue in fiscal 2025 against $2.93bn for Churchill Downs (1.4 times as much). Churchill Downs grew faster (7.0% against 4.1%). Boyd Gaming kept more of each dollar of sales as profit: a net margin of 45.0% against 13.1%.
| Latest fiscal year | Boyd GamingBYD, 2025 | Churchill DownsCHDN, 2025 |
|---|---|---|
| Revenue | $4.09bn | $2.93bn |
| Revenue growth | 4.1% | 7.0% |
| Net income | $1.84bn | $383m |
| Operating margin | 18.3% | — |
| Net margin | 45.0% | 13.1% |
| Return on equity | 88.0% | 36.6% |
| Free cash flow | $388m | $565m |
| Cash | $353m | $201m |
| Total debt | $2.06bn | $5.16bn |
| Debt to equity | 79.0% | — |
| Dividend per share | $0.72 | $0.44 |
| Dividend yield | 1.1% | 0.5% |
| Share buybacks | $778m | $428m |
| Employees | 16,009 | 9,000 |
| Market value | $5.46bn | $6.80bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 64 (Moderate) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 11 sales | 0 buys, 0 sales |