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Churchill Downs Inc CHDN

Nasdaq · stock · Services-Racing, Including Track Operation · website · IPO 1993-03-29 · LEI

Churchill Downs Inc statistics & valuation

Market cap$6.2B
P / E16.2×
P / S2.1×
P / B6.1×
Dividend yield0.50%
Net margin13.1%
Return on equity37.9%
Net debt$4.9B
Net debt / EBITDA5.3×
Enterprise value USD$11.1B
EV / EBITDA12.1×
Earnings yield EBIT/EV6.2%
Return on capital10.1%

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports.

Profitability & efficiency

Net margin (%)
13.10% 15.90% 35.00% 10.30% -7.80% 15.60% 24.30% 17.00% 15.60% 13.10% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
21.00% 16.50% 18.70% 16.20% 5.70% 17.80% 17.80% 22.90% 25.90% 23.40% 2016201720182019202020212022202320242025
Return on equity (%)
15.80% 21.90% 74.50% 26.90% -22.30% 81.20% 79.70% 46.70% 39.40% 37.90% 2016201720182019202020212022202320242025
Shares outstanding
101.0M 96.0M 83.2M 81.2M 80.2M 78.4M 77.0M 76.1M 74.6M 71.8M 2016201720182019202020212022202320242025
Net debt ($)
$838.7M $1.08B $751.0M $1.38B $1.55B $1.68B $4.48B $4.62B $4.67B $4.87B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
4.80% 6.00% 20.40% 5.40% -2.70% 8.40% 7.10% 6.00% 5.90% 5.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
24.40% 20.60% 16.70% 2016201720182019202020212022202320242025
Debt / equity (×)
1.35× 1.76× 1.87× 2.88× 4.42× 6.41× 8.35× 5.34× 4.47× 5.02× 2016201720182019202020212022202320242025
EPS ($)
$1.07 $1.46 $4.24 $1.69 -$1.04 $3.18 $5.71 $5.49 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Churchill Downs Inc trades at about 16.1× earnings — below its 10-year norm (10-year range 10.8×–42.7×, median 29.6×).

10.8× 42.7×

Shaded band = 10-year range (10.8×–42.7×); dot = today's 16.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin23.4%25.9%22.9%17.8%17.8%5.7%16.2%18.7%16.5%21.0%
Net margin13.1%15.6%17.0%24.3%15.6%-7.8%10.3%35.0%15.9%13.1%
FCF margin———————16.7%20.6%24.4%
Return on assets5.1%5.9%6.0%7.1%8.4%-2.7%5.4%20.4%6.0%4.8%
Return on equity37.9%39.4%46.7%79.7%81.2%-22.3%26.9%74.5%21.9%15.8%
Debt / equity5.02×4.47×5.34×8.35×6.41×4.42×2.88×1.87×1.76×1.35×
Current ratio0.600.570.530.551.270.550.730.940.570.53

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.