Churchill Downs, Incorporated: stock overview

CHDNNASDAQConsumer cyclical · Services-Racing, Including Track Operation

Price

$99.72

November 13, 2026Market cap $7.0B

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  • The full history: 15 fiscal years, from 2011
  • The estimated fair value, with its range and its certainty
  • The full analysis, 18 a month
  • More questions to the chat on its filings
  • Excel with every year
  • An email when it reports, changes its dividend or an officer buys

Sign in with a free account to see the last 5 fiscal years.

Notes on these figures

  • The share price has risen 22% since Oct 28, 2026, when the 10-Q these figures come from was filed ($81.95 then, $99.72 on Nov 13, 2026). The figures date from before that move.10-Q

In short

Churchill Downs had revenue of $3.0B over the last 12 months and net income of $455M, a net margin of 15.1%. Revenue grew by 22.7% a year on average over the last 5 years. At $99.72 the shares trade at a P/E of 15.5, against a median of 24.6 over the last 3 fiscal years. It has net debt of $4.6B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$7.0B
69.70M shares
P/E
15.5
Today15.5
Median24.6
Revenue, 12 months
$3.0B
+22.7% a year over 5 years
Net margin
15.1%
2025: 13.1%, above 90% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+9.0% a year over 2 years

  • 202510-K
    Revenue$2.9B
  • 202410-K
    Revenue$2.7B
  • 202310-K
    Revenue$2.5B

Fiscal years in figures

CHDN's revenue, profit, cash flow and dividend with each year-end price, from 2011 to 2022, 12 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $9.8B
$7.0B
Enterprise value 
$11.5B
P/E 
15.5
EV / EBIT 
15.0
EV / Revenue 
3.8
P/B 3-year median: 9.1
5.0
FCF yield 3-year median: 3.1%
8.7%
Earnings yield 
6.5%

Profitability

Operating margin 
25.5%
Net margin 3-year median: 15.6%
15.1%
ROIC 
9.0%
ROIC, 5-year average 
8.2%
ROE 
38.8%

Growth

Revenue, yearly change 
+7.0%
EPS, yearly change 
-3.9%
FCF, yearly change 
+83.3%
Revenue, average a year 
+22.7%
EPS, average a year 
+5.3%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$167M
Total debt 
$4.7B
Net debt 
$4.6B
Net debt / EBITDA 
4.6x
Interest cover 
2.7x
Current ratio 
0.32

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 3-year median: 0.3%
0.00%
Buybacks 
6.16%
Total returned 
6.16%
Shares, yearly change 
-5.2%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 79).

Operating margin

23.4%

Above 89% of the 32 companies in its industry, and 87% of all.

Net margin

13.1%

Above 90% of the 34 companies in its industry, and 72% of all.

ROE

37.9%

Above 83% of the 26 companies in its industry, and 95% of all.

ROA

5.1%

Above 75% of the 34 companies in its industry, and 73% of all.

Revenue growth

7.0%

Above 47% of the 35 companies in its industry, and 52% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
Churchill Downs Inc
CIK
20212
Exchange
NASDAQ
Industry (SIC)
7948 · Services-Racing, Including Track Operation
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
69.70M

Other companies: Consumer cyclical

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The full analysis

What do Churchill Downs's filings show?

These are Churchill Downs's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

  • A fair value range built from the filings
  • Earnings quality, debt and red flags
  • Insider and institutional moves
  • The case for and the case against

Questions about CHDN

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What is CHDN's market cap?

Churchill Downs, Incorporated's market cap is $7.0B, at a price of $99.72 on November 13, 2026 and 69.70M shares.

What is CHDN's P/E?

CHDN's P/E is 15.5, on earnings per share of $6.45 over the last 12 months. The median over the last 3 fiscal years was 24.6.

How much revenue does CHDN have?

Churchill Downs had revenue of $3.0B over the last 12 months. Over the last 5 years it changed by +22.7% a year on average.

Does CHDN pay a dividend?

No. Churchill Downs paid no regular dividend over the last 12 months.

Where do the figures come from?

From Churchill Downs, Incorporated's SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.