Churchill Downs Inc vs SPHERE ENTERTAINMENT CO., two Entertainment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Churchill Downs and Sphere Entertainment both sell live experiences, one at racetracks and casinos, the other at the Las Vegas Sphere venue plus MSG Networks. Churchill runs hot and levered: a 35.49% return on equity, a 13.2% net margin, and debt at 4.5 times equity. Sphere is the opposite profile, lightly geared at 0.36 debt to equity but earning a thin 5.33% on equity and a 9.04% net margin. Sphere throws off more cash relative to price, a 6.13% free cash yield against Churchill's 4.74%. A proven wagering-and-casino cash machine on one side, a new-venue bet still finding its economics on the other.
Comparison updated 2026-07-11.
| Metric | CHDN | SPHR |
|---|---|---|
| Price | $85.44 | $148.34 |
| Market cap | $6.0B | $5.3B |
| Sector | Entertainment | Entertainment |
| Stage | Mature | Mature |
| Implied growth (priced in) | -3.8% | — |
| P/E | — | 50.0 |
| P/B | 5.46 | 2.37 |
| P/S | 2.03 | 4.01 |
| EV/EBITDA | 11.6 | 28.6 |
| Revenue growth | +5.8% | +10.9% |
| Operating margin | 21.6% | 1.9% |
| Net margin | 13.2% | 9.0% |
| Return on equity | 35.5% | 5.3% |
| Return on assets | 5.2% | 2.8% |
| Return on invested capital | 8.4% | -3.7% |
| FCF yield | 4.9% | 7.0% |
| Dividend yield | 0.5% | — |
| Debt / equity | 4.50 | 0.36 |
| Current ratio | 0.54 | 1.22 |
| Altman Z (solvency) | 1.17 | 1.92 |
| Piotroski F (quality) | 6 / 9 | 7 / 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.