Churchill Downs Inc vs Vail Resorts, Inc., two Entertainment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two operators built around a physical destination: Churchill Downs owns racetracks and regional casinos, Vail owns ski mountains. Both carry heavy debt against their real estate, 4.5 times equity at Churchill and 3.3 at Vail, the shape of businesses that own big fixed assets. Churchill converts better on the way down the income statement, a 13.2% net margin and a 35.49% return on equity versus Vail's 5.54% margin and 17.12% return. Free cash yields sit near each other, 4.74% and 3.56%. Vail pays a 6.43% dividend, a far larger payout than Churchill's 0.49%. Seasonal snow risk on one side, wagering and casino cycles on the other.
Comparison updated 2026-07-11.
| Metric | CHDN | MTN |
|---|---|---|
| Price | $85.44 | $150.34 |
| Market cap | $6.0B | $5.4B |
| Sector | Entertainment | Entertainment |
| Stage | Mature | Mature |
| Implied growth (priced in) | -3.8% | -4.1% |
| P/E | — | 32.4 |
| P/B | 5.46 | 5.86 |
| P/S | 2.03 | 1.89 |
| EV/EBITDA | 11.6 | 11.0 |
| Revenue growth | +5.8% | -1.3% |
| Operating margin | 21.6% | 41.0% |
| Net margin | 13.2% | 5.5% |
| Return on equity | 35.5% | 17.1% |
| Return on assets | 5.2% | 2.8% |
| Return on invested capital | 8.4% | 8.3% |
| FCF yield | 4.9% | 3.3% |
| Dividend yield | 0.5% | 5.9% |
| Debt / equity | 4.50 | 3.30 |
| Current ratio | 0.54 | 0.91 |
| Altman Z (solvency) | 1.17 | 1.64 |
| Piotroski F (quality) | 6 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.