Sifting through countless of stocks in the Hotels, Restaurants & Leisure industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated compare based on key financial metrics to determine which better meets your investment needs.

About Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated

Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals and video lottery terminals, including conversion kits and spare parts. This segment also leases or provides gaming content, gaming machines, and server-based system; electronic pull-tabs and related services to charitable gaming entities; sells and supports casino-management system based software and hardware; licenses proprietary table games content; and supplies Shufflers and other table product utilities to commercial, tribal, and governmental gaming operators. The SciPlay segment develops, markets, and operates a portfolio of social games on various online platforms. The iGaming segment provides a suite of digital gaming content, distribution platforms, player account management systems, and other iGaming content and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators full control over various areas of digital gaming operations. It also supplies, maintains, and sells table game products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment; and sells virtual coins, chips, or bingo cards, which players can use to play casino-style slot games, table games, and bingo games. Light & Wonder, Inc. was incorporated in 1984 and is headquartered in Las Vegas, Nevada.

Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals and video lottery terminals, including conversion kits and spare parts. This segment also leases or provides gaming content, gaming machines, and server-based system; electronic pull-tabs and related services to charitable gaming entities; sells and supports casino-management system based software and hardware; licenses proprietary table games content; and supplies Shufflers and other table product utilities to commercial, tribal, and governmental gaming operators. The SciPlay segment develops, markets, and operates a portfolio of social games on various online platforms. The iGaming segment provides a suite of digital gaming content, distribution platforms, player account management systems, and other iGaming content and services. This segment also offers the Open Platform System, which offers a range of reporting and administrative functions and tools providing operators full control over various areas of digital gaming operations. It also supplies, maintains, and sells table game products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment; and sells virtual coins, chips, or bingo cards, which players can use to play casino-style slot games, table games, and bingo games. Light & Wonder, Inc. was incorporated in 1984 and is headquartered in Las Vegas, Nevada.

Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States. It operates through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The Live and Historical Racing segment engages in live and historical pari-mutuel racing related activities at Churchill Downs Racetrack and its historical racing properties in Kentucky, Virginia, and New Hampshire; provides racing event-related services, including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, as well as food and beverages services. The Wagering Services and Solutions engages in pari-mutuel wagers through TwinSpires, which operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates dollar wagering; provides the Bloodstock Research Information Services platform for horse racing statistical data; offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides technology services to third parties. This segment also operates retail and online sports betting businesses, United Tote, which manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses, and Exacta, which provides central determinant system technology in HRMs. The Gaming segment operates the casino properties and associated racetracks, which include slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.

Latest Hotels, Restaurants & Leisure and Light & Wonder, Inc., Light & Wonder, Inc. Stock News

As of September 8, 2026, Light & Wonder, Inc. had a $6.9 billion market capitalization, compared to the Hotels, Restaurants & Leisure median of $2.3 million. Light & Wonder, Inc.’s stock is down 13.9% in 2026, down 2.8% in the previous five trading days and up 0.95% in the past year.

Currently, Light & Wonder, Inc.’s price-earnings ratio is 26.8. Light & Wonder, Inc.’s trailing 12-month revenue is $3.3 billion with a 8.1% net profit margin. Year-over-year quarterly sales growth most recently was 2.3%. Analysts expect adjusted earnings to reach $7.786 per share for the current fiscal year. Light & Wonder, Inc. does not currently pay a dividend.

As of September 8, 2026, Light & Wonder, Inc. had a $6.9 billion market cap, putting it in the 72nd percentile of all stocks. Light & Wonder, Inc.’s stock is down 13.9% in 2026, down 2.8% in the previous five trading days and up 0.95% in the past year.

Currently, Light & Wonder, Inc.’s price-earnings ratio is 26.8. Light & Wonder, Inc.’s trailing 12-month revenue is $3.3 billion with a 8.1% net profit margin. Year-over-year quarterly sales growth most recently was 2.3%. Analysts expect adjusted earnings to reach $7.786 per share for the current fiscal year. Light & Wonder, Inc. does not currently pay a dividend.

How We Compare Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated’s stock grades to see how they measure up against one another.

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Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated Stock Value Grades

Company	Ticker	Value
Light & Wonder, Inc.	LNWO	C
Light & Wonder, Inc.	LNWO	C
Churchill Downs Incorporated	CHDN	B

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection.

Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

AAII’s A+ Investor Value Grade derives from a stock’s value score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are a good value and so on.

Light & Wonder, Inc. has a Value Score of 50, which is Average. Light & Wonder, Inc. has a Value Score of 50, which is Average. Churchill Downs Incorporated has a Value Score of 61, which is Value.

The Value Stock Winner: No Clear Winner

Neither Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated has a high enough value grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolio. It’s important to look at a wide range of financial metrics in order to determine if Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated is the better investment when it comes to value.

Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated’s Quality Grades

Company	Ticker	Quality
Light & Wonder, Inc.	LNWO	A
Light & Wonder, Inc.	LNWO	A
Churchill Downs Incorporated	CHDN	A

Like the Value Grade, AAII’s A+ Investor Quality Grade comes from the percentile rank of key metrics. Specifically, the Quality Score is the percentile rank of the average of the percentile ranks of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and the F-Score.

The score is variable, meaning it can consider all eight measures or, should any of the eight measures not be valid, the remaining measures that are valid. To be assigned a Quality Score, stocks must have a valid (non-null) measure and corresponding ranking for at least four of the eight quality measures.

The Quality Score is used to assess the underlying “quality” of a particular stock. A higher-quality stock possesses traits associated with upside potential and reduced downside risk. Backtesting of the Quality Grade shows that stocks with higher grades, on average, outperformed stocks with lower grades over the period of 1998 through 2019.

Stocks receive better grades (higher scores) for having higher scores for the quality subcomponents and worse grades (lower scores) for lower scores for the subcomponents.

Light & Wonder, Inc. has a Quality Score of 92, which is Very Strong. Light & Wonder, Inc. has a Quality Score of 92, which is Very Strong. Churchill Downs Incorporated has a Quality Score of 86, which is Very Strong.

The Quality Grade Winner: It’s a Tie!

Looking at the Quality Grade breakdown above, both Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated have a grade of A. For investors who focus solely on a company’s overall quality, you will need to conduct further research into both companies to see if they are a good fit for your portfolio. As a good rule of thumb, you should always analyze multiple factors based on a wide range of metrics before choosing a company to invest in.

Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated’s Momentum Grades

Company	Ticker	Momentum
Light & Wonder, Inc.	LNWO	C
Light & Wonder, Inc.	LNWO	C
Churchill Downs Incorporated	CHDN	D

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Light & Wonder, Inc. has a Momentum Score of 46, which is Average. Light & Wonder, Inc. has a Momentum Score of 46, which is Average. Churchill Downs Incorporated has a Momentum Score of 30, which is Weak.

The Momentum Stock Winner: No Clear Winner

Neither Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated has a strong enough Momentum Grade to be considered a “winner.” Investors considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolios. It’s important to look at a wide range of financial metrics in order to determine if Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated is the better investment when it comes to momentum.

Other Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated Grades

In addition to Momentum, Value and Quality, A+ Investor also provides grades for Growth and Estimate Revisions.

Earnings estimate revisions scores take into account the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Growth investing builds on the idea that stocks of companies exhibiting strong, consistent and prolonged growth outperform those of slower-growth companies. AAII measures growth through consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Light & Wonder, Inc., Light & Wonder, Inc. or Churchill Downs Incorporated Stock?

Overall, Light & Wonder, Inc. stock has a Value Score of 50, Momentum Score of 46 and Quality Score of 92.

Light & Wonder, Inc. stock has a Value Score of 50, Momentum Score of 46 and Quality Score of 92.

Churchill Downs Incorporated stock has a Value Score of 61, Momentum Score of 30 and Quality Score of 86.

Comparing Light & Wonder, Inc., Light & Wonder, Inc. and Churchill Downs Incorporated’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.