Churchill Downs, Incorporated (CHDN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Churchill Downs, Incorporated

NasdaqGS•Consumer Cyclical•Gambling

$97.65-1.36(-0.01%)Pre-market

Market Cap

$6.84B

P/E

15.0x

P/S

2.3x

P/B

5.0x

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.

How this company scores

GoodMetricSide Score: 74/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability22/25

Growth17/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROECash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 15.0x5y range 14.5x – 36.6x

Currently below its 20-quarter median.

P/S · 2.3x5y range 2.0x – 5.7x

Currently below its 20-quarter median.

P/B · 5.0x5y range 4.7x – 29.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

D/E ratio of 2.9 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $6.84B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.00B
Q. Revenue: $696.00M
TTM EBITDA: $1.00B
TTM Op. Income: $766.50M
Q. Op. Income: $143.00M
TTM Net Income: $455.30M
Q. Net Income: $80.00M
EPS: $1.15
Shares Out.: $70.00M

$3.00B in TTM revenue grew 4.2% YoY, reaching $696.00M last quarter. TTM EBITDA of $1.00B and TTM operating income of $766.50M show growth is flowing through to the bottom line. TTM net income of $455.30M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 29.3%
Op. Margin: 20.5%
Net Margin: 11.5%

Op. margin of 20.5% is up 6.2% YoY — cost efficiency is improving. Net margin at 11.5% Over the past year, operating margin is up 43% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 15.0x
P/S Ratio: 2.3x
P/B Ratio: 5.0x

At 15.0x P/E, the stock trades within typical market levels. P/S of 2.3x and P/B of 5.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $7.47B
Cash: $167.00M
Long-Term Debt: $4.06B
Book Value: $1.38B
D/E Ratio: 2.9
Debt/EBITDA: 19.9

With $7.47B in assets and $4.06B in long-term debt, D/E is 2.9and book value is $1.38B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $148.00M
TTM Free Cash Flow: $604.00M
FCF Margin: 20.1%
FCF / Net Income: 1.3

TTM FCF of $604.00M on $148.00M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 12% — a weakening trend.