Saturday 17 October 2026
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Churchill Downs, Incorporated
CHDN Consumer Cyclical Gambling
Churchill Downs, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 7.01% from fiscal 2024. In the quarter to June 2026, revenue grew 4.93%, EPS grew 13.6%, free cash flow grew 2.58% and total debt fell 4.64%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.
81.70
0.45
−0.55%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
21.51 | 23.31 | 24.12 | 18.20 | 37.35 | 0.00 | 40.12 | 9.68 | 26.78 | 22.98 |
Piotroski F-Score |
6 | 8 | 6 | 6 | 8 | 4 | 5 | 8 | 8 | 8 |
Altman Z-Score |
1.59 | 1.81 | 1.74 | 1.39 | 3.12 | 2.56 | 2.66 | 2.93 | 2.13 | 1.80 |
P/S ratio |
2.78 | 3.61 | 4.09 | 4.41 | 5.82 | 7.32 | 4.14 | 3.33 | 4.13 | 2.03 |
P/FCF ratio |
29.40 | 54.48 | 124.00 | 24.70 | 27.92 | 0.00 | 43.42 | 81.32 | 39.98 | 12.42 |
Altman Z″-Score (non-manufacturers) |
0.96 | 1.04 | 0.78 | 0.45 | 1.33 | 0.28 | 1.28 | 1.97 | 1.13 | 1.15 |
Beneish M-Score |
(2.74) | (2.79) | (2.39) | (2.51) | (2.69) | (1.74) | (2.47) | (2.88) | (2.61) | (2.67) |
P/Operating CF |
84.62 | 75.67 | 94.54 | 92.46 | 135.75 | 1,676.97 | 170.33 | 53.82 | 76.05 | 57.16 |
Dividend Safety Score |
74 | — | — | — | — | — | — | — | — | — |
P/B ratio |
8.04 | 9.12 | 11.27 | 14.47 | 30.31 | 21.01 | 10.77 | 7.10 | 5.69 | 3.54 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 23.76 | 11.57 |
EV/Sales |
4.43 | 5.32 | 5.96 | 6.84 | 6.83 | 8.74 | 5.14 | 4.03 | 5.31 | 2.74 |
EV/EBITDA |
14.04 | 15.91 | 19.86 | 28.09 | 27.77 | 58.29 | 21.58 | 16.12 | 18.02 | 10.58 |
EV/Operating CF |
16.84 | 18.84 | 24.26 | 24.24 | 23.75 | 64.35 | 23.36 | 20.57 | 21.80 | 14.11 |
EV/FCF |
46.92 | 80.13 | 180.83 | 38.33 | 32.76 | (73.37) | 53.93 | 98.54 | 51.47 | 16.73 |
Quick Ratio |
0.54 | 0.50 | 0.45 | 0.48 | 1.17 | 0.49 | 0.65 | 0.85 | 0.37 | 0.34 |
Current Ratio |
0.60 | 0.57 | 0.53 | 0.55 | 1.27 | 0.55 | 0.73 | 0.94 | 0.57 | 0.53 |
Net Debt/EBITDA |
5.24 | 5.09 | 6.24 | 9.98 | 4.10 | 9.50 | 4.20 | 2.82 | 4.02 | 2.82 |
Debt/Assets |
68.54% | 67.44% | 69.53% | 74.20% | 66.00% | 60.39% | 57.78% | 51.26% | 47.86% | 40.88% |
Debt/Equity |
5.08 | 4.53 | 5.41 | 8.35 | 6.41 | 4.42 | 2.88 | 1.87 | 1.76 | 1.35 |
Asset Turnover |
0.40 | 0.38 | 0.37 | 0.39 | 0.56 | 0.40 | 0.62 | 0.49 | 0.38 | 0.36 |
Operating CF/Net income |
2.01 | 1.81 | 1.45 | 1.16 | 1.84 | (1.75) | 2.13 | 0.56 | 1.53 | 2.14 |
Capex/Depreciation |
(1.92) | (2.67) | (2.74) | (1.49) | (0.85) | (2.39) | (1.62) | (2.35) | (1.02) | (0.23) |
Interest Coverage |
2.30 | 2.45 | 2.10 | 2.18 | 3.36 | 0.75 | 3.04 | 4.71 | 2.96 | 3.95 |
| 36.59% | 43.17% | 57.75% | 102.39% | 73.93% | (18.65%) | 27.94% | 63.36% | 21.20% | 16.60% | |
| 5.19% | 6.00% | 6.34% | 9.56% | 8.79% | (3.13%) | 6.43% | 17.27% | 6.09% | 4.77% | |
ROIC |
7.30% | 7.72% | 6.40% | 4.06% | 9.26% | 2.01% | 7.32% | 9.96% | 5.40% | 7.06% |
Return on Tangible Assets |
14.57% | 16.69% | 18.91% | 25.83% | 22.62% | (9.17%) | 16.04% | 47.52% | 34.19% | 31.94% |
Average Days of Receivables |
13.78 | 15.11 | 17.72 | 19.26 | 24.75 | 29.75 | 14.22 | 16.57 | 35.23 | 34.53 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
8.41% | 8.69% | 8.22% | 9.07% | 8.67% | 10.89% | 9.18% | 8.98% | 9.46% | 9.65% |
Intangible Assets out of Total Assets |
0.46 | 0.45 | 0.48 | 0.50 | 0.24 | 0.27 | 0.29 | 0.35 | 0.21 | 0.21 |
Share Based Compensation of Revenue |
1.03% | 1.32% | 1.34% | 1.76% | 1.74% | 2.25% | 1.79% | 2.09% | 3.07% | 2.30% |
Graham Net Nets |
(0.74) | (0.58) | (0.56) | (0.67) | (0.23) | (0.27) | (0.33) | (0.30) | (0.40) | (0.55) |
Graham Number |
41.03 | 43.45 | 38.52 | 30.73 | 16.98 | 0.00 | 15.66 | 23.27 | 15.25 | 13.04 |
Earnings Yield |
4.65% | 4.29% | 4.15% | 5.49% | 2.68% | (1.06%) | 2.49% | 10.33% | 3.73% | 4.35% |
Free Cash Flow Yield |
3.40% | 1.84% | 0.81% | 4.05% | 3.58% | (1.63%) | 2.30% | 1.23% | 2.50% | 8.05% |
Revenue per Share |
40.98 | 36.95 | 32.74 | 23.84 | 20.69 | 13.31 | 16.58 | 12.22 | 9.35 | 8.34 |
Operating CF per Share |
10.78 | 10.43 | 8.05 | 6.73 | 5.95 | 1.81 | 3.65 | 2.39 | 2.28 | 2.35 |
Capex per Share |
(6.45) | (7.39) | (6.39) | (2.34) | (1.19) | (2.96) | (2.04) | (1.81) | (1.24) | (0.30) |
Free Cash Flow per Share |
4.34 | 3.04 | 1.66 | 4.39 | 4.76 | (1.15) | 1.61 | 0.59 | 1.04 | 2.05 |
Cash per Share |
4.04 | 3.41 | 2.95 | 2.70 | 4.61 | 1.53 | 1.78 | 2.10 | 0.88 | 0.81 |
Shareholders Equity per Share |
14.14 | 14.64 | 11.88 | 7.27 | 3.97 | 4.64 | 6.37 | 5.73 | 6.78 | 6.95 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
14.14 | 14.64 | 11.88 | 7.27 | 3.97 | 4.64 | 6.37 | 5.73 | 6.78 | 6.95 |
Free Cash Flow |
309.60 | 224.70 | 124.50 | 333.00 | 367.70 | (91.00) | 129.20 | 48.40 | 98.20 | 202.30 |
Working Capital |
(290.10) | (317.00) | (355.00) | (277.10) | 106.50 | (189.10) | (80.00) | (15.10) | (197.10) | (222.10) |
Capital Expenditures |
(460.20) | (547.00) | (480.80) | (177.80) | (91.80) | (234.20) | (163.30) | (149.40) | (116.90) | (29.10) |
Net Current Asset Value |
(6,031.60) | (5,780.00) | (5,661.10) | (5,310.80) | (2,173.30) | (2,084.20) | (1,818.80) | (1,010.40) | (1,463.00) | (1,323.40) |
EV/EBIT |
18.96 | 20.50 | 26.03 | 38.47 | 38.37 | 153.08 | 31.68 | 21.55 | 32.20 | 17.86 |
Capex to Sales |
0.16 | 0.20 | 0.20 | 0.10 | 0.06 | 0.22 | 0.12 | 0.15 | 0.13 | 0.04 |
Price to Operating Income |
11.88 | 13.94 | 17.85 | 24.80 | 32.70 | 128.14 | 25.51 | 17.79 | 25.02 | 13.26 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.08 | 0.07 | 0.07 | 0.06 | 0.11 | 0.09 | 0.11 | 0.08 | 0.19 | 0.22 |
Cash ROIC |
4.82% | 3.60% | 2.09% | 6.21% | 13.98% | (4.31%) | 6.07% | 3.16% | 5.30% | 12.00% |
Accounts Receivable Turnover |
26.16 | 23.50 | 22.90 | 17.76 | 16.45 | 15.31 | 27.25 | 15.40 | 10.83 | 11.22 |
Accounts Payable Turnover |
10.66 | 10.60 | 10.96 | 10.95 | 15.12 | 13.39 | 18.83 | 14.23 | 12.15 | 13.41 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
34.62 | 36.65 | 34.73 | 42.71 | 25.87 | 29.99 | 21.38 | 23.85 | 31.37 | 30.42 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
111.85 | 116.35 | 107.50 | 101.90 | 97.10 | 68.85 | 48.80 | 65.50 | 81.50 | 73.30 |
Average Payables |
182.30 | 169.40 | 152.00 | 113.55 | 76.15 | 64.25 | 52.40 | 50.55 | 51.80 | 44.30 |
Average Assets |
7,380.20 | 7,115.70 | 6,581.15 | 4,594.20 | 2,834.00 | 2,618.70 | 2,138.10 | 2,042.30 | 2,306.90 | 2,265.90 |
Average Common Equity |
1,046.65 | 988.60 | 722.55 | 429.15 | 336.95 | 439.05 | 492.15 | 556.80 | 662.65 | 651.10 |
Columns are period end dates