(CHDN) Churchill Downs - Overview

Sector: Consumer Cyclical | Industry: Gambling | Exchange: NASDAQ (USA) | Market Cap: 5.891m USD | Total Return: -22.4% in 12m

Stock Racing, Wagering, Casinos
Total Rating 32
Risk 68
Buy Signal -0.95
Gambling +2.3
Casinos & Gaming +4.2
Market Cap: 5,891m
Avg Trading Vol: 85.0M USD
ATR: 3.85%
Peers RS (IBD): 22.5
Risk 5d forecast
Volatility30.9%
Rel. Tail Risk-2.03%
Reward TTM
Sharpe Ratio-0.69
Alpha-34.22
Character TTM
Beta0.785
Beta Downside0.800
Drawdowns 3y
Max DD43.34%
CAGR/Max DD-0.28
EPS (Earnings per Share) EPS (Earnings per Share) of CHDN over the last years for every Quarter: "2021-03": 0.87, "2021-06": 2.96, "2021-09": 1.57, "2021-12": 1.11, "2022-03": 1.23, "2022-06": 3.9, "2022-09": 1.62, "2022-12": 1.46, "2023-03": 1.96, "2023-06": 2.24, "2023-09": 0.87, "2023-12": 0.86, "2024-03": 1.13, "2024-06": 2.89, "2024-09": 0.97, "2024-12": 0.92, "2025-03": 1.07, "2025-06": 3.1, "2025-09": 1.09, "2025-12": 0.97, "2026-03": 0,
EPS CAGR: -61.58%
EPS Trend: -51.8%
Last SUE: -4.00
Qual. Beats: 0
Revenue Revenue of CHDN over the last years for every Quarter: 2021-03: 324.3, 2021-06: 515.1, 2021-09: 393, 2021-12: 364.8, 2022-03: 364.1, 2022-06: 582.5, 2022-09: 383.1, 2022-12: 480.1, 2023-03: 559.5, 2023-06: 768.5, 2023-09: 572.5, 2023-12: 561.2, 2024-03: 590.9, 2024-06: 890.7, 2024-09: 628.5, 2024-12: 624.2, 2025-03: 642.6, 2025-06: 934.4, 2025-09: 683, 2025-12: 665.9, 2026-03: null,
Rev. CAGR: 17.47%
Rev. Trend: 68.7%
Last SUE: 0.68
Qual. Beats: 0
Description: CHDN Churchill Downs March 04, 2026

Churchill Downs Incorporated (CHDN) operates across three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The companys business model integrates horse racing, online wagering, and casino operations.

The Live and Historical Racing segment manages live and historical pari-mutuel racing venues, including Churchill Downs Racetrack, and offers related services such as admissions, sponsorships, and food and beverage. Pari-mutuel betting is a system where all wagers are pooled, and payouts are determined by the final odds after betting closes.

The Wagering Services and Solutions segment includes online horse racing wagering platforms like TwinSpires.com and BetAmerica.com. This segment also provides sports betting, pari-mutuel wagering systems through United Tote, and racing statistical data via Bloodstock Research Information Services. The online wagering sector has seen significant growth, driven by increased internet accessibility and mobile platforms.

The Gaming segment operates casino properties and associated racetracks, featuring slot machines, table games, video lottery terminals, and hotel services. Casino operations typically generate revenue from gaming activities, food and beverage sales, and accommodation.

For more detailed financial analysis, consider exploring CHDNs profile on ValueRay.

Headlines to Watch Out For
  • Online wagering growth drives TwinSpires revenue
  • Regional casino expansion increases gaming profits
  • Regulatory changes impact historical racing operations
  • Live racing attendance affects event revenue
Piotroski VR‑10 (Strict, 0-10) 5.5
Net Income: 381.3m TTM > 0 and > 6% of Revenue
FCF/TA: 0.08 > 0.02 and ΔFCF/TA 4.98 > 1.0
NWC/Revenue: -9.91% < 20% (prev -11.59%; Δ 1.68% < -1%)
CFO/TA 0.10 > 3% & CFO 769.8m > Net Income 381.3m
Net Debt (4.91b) to EBITDA (1.07b): 4.59 < 3
Current Ratio: 0.60 > 1.5 & < 3
Outstanding Shares: last quarter (71.8m) vs 12m ago -3.75% < -2%
Gross Margin: 33.58% > 18% (prev 0.34%; Δ 3.32k% > 0.5%)
Asset Turnover: 39.65% > 50% (prev 37.58%; Δ 2.07% > 0%)
Interest Coverage Ratio: 2.79 > 6 (EBITDA TTM 1.07b / Interest Expense TTM 297.7m)
Altman Z'' 1.11
A: -0.04 (Total Current Assets 443.2m - Total Current Liabilities 733.3m) / Total Assets 7.48b
B: 0.14 (Retained Earnings 1.01b / Total Assets 7.48b)
C: 0.11 (EBIT TTM 830.1m / Avg Total Assets 7.38b)
D: 0.16 (Book Value of Equity 1.01b / Total Liabilities 6.43b)
Altman-Z'' Score: 1.11 = BB
Beneish M -2.70
DSRI: 0.91 (Receivables 110.5m/113.2m, Revenue 2.93b/2.73b)
GMI: 1.02 (GM 33.58% / 34.32%)
AQI: 1.64 (AQ_t 0.90 / AQ_t-1 0.55)
SGI: 1.07 (Revenue 2.93b / 2.73b)
TATA: -0.05 (NI 381.3m - CFO 769.8m) / TA 7.48b)
Beneish M-Score: -2.70 (Cap -4..+1) = A
What is the price of CHDN shares? As of March 31, 2026, the stock is trading at USD 85.86 with a total of 803,291 shares traded.
Over the past week, the price has changed by +1.47%, over one month by -6.60%, over three months by -25.10% and over the past year by -22.40%.
Is CHDN a buy, sell or hold? Churchill Downs has received a consensus analysts rating of 4.73. Therefore, it is recommended to buy CHDN.
  • StrongBuy: 8
  • Buy: 3
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the CHDN price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 135.5 57.8%
Analysts Target Price 135.5 57.8%
CHDN Fundamental Data Overview March 29, 2026
P/E Trailing = 15.9773
P/E Forward = 25.3165
P/S = 2.0133
P/B = 5.7796
P/EG = 1.5723
Revenue TTM = 2.93b USD
EBIT TTM = 830.1m USD
EBITDA TTM = 1.07b USD
Long Term Debt = 5.07b USD (from longTermDebt, last quarter)
Short Term Debt = 71.5m USD (from shortTermDebt, last quarter)
Debt = 5.20b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.91b USD (from netDebt column, last quarter)
Enterprise Value = 10.80b USD (5.89b + Debt 5.20b - CCE 288.5m)
Interest Coverage Ratio = 2.79 (Ebit TTM 830.1m / Interest Expense TTM 297.7m)
EV/FCF = 17.85x (Enterprise Value 10.80b / FCF TTM 605.0m)
FCF Yield = 5.60% (FCF TTM 605.0m / Enterprise Value 10.80b)
FCF Margin = 20.68% (FCF TTM 605.0m / Revenue TTM 2.93b)
Net Margin = 13.03% (Net Income TTM 381.3m / Revenue TTM 2.93b)
Gross Margin = 33.58% ((Revenue TTM 2.93b - Cost of Revenue TTM 1.94b) / Revenue TTM)
Gross Margin QoQ = 29.54% (prev 29.91%)
Tobins Q-Ratio = 1.44 (Enterprise Value 10.80b / Total Assets 7.48b)
Interest Expense / Debt = 1.45% (Interest Expense 75.6m / Debt 5.20b)
Taxrate = 38.18% (31.8m / 83.3m)
NOPAT = 513.2m (EBIT 830.1m * (1 - 38.18%))
Current Ratio = 0.60 (Total Current Assets 443.2m / Total Current Liabilities 733.3m)
Debt / Equity = 5.15 (Debt 5.20b / totalStockholderEquity, last quarter 1.01b)
Debt / EBITDA = 4.59 (Net Debt 4.91b / EBITDA 1.07b)
Debt / FCF = 8.11 (Net Debt 4.91b / FCF TTM 605.0m)
Total Stockholder Equity = 1.04b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.17% (Net Income 381.3m / Total Assets 7.48b)
RoE = 36.68% (Net Income TTM 381.3m / Total Stockholder Equity 1.04b)
RoCE = 13.59% (EBIT 830.1m / Capital Employed (Equity 1.04b + L.T.Debt 5.07b))
RoIC = 8.46% (NOPAT 513.2m / Invested Capital 6.07b)
WACC = 5.06% (E(5.89b)/V(11.09b) * Re(8.74%) + D(5.20b)/V(11.09b) * Rd(1.45%) * (1-Tc(0.38)))
Discount Rate = 8.74% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.67%
[DCF] Terminal Value 80.82% ; FCFF base≈453.3m ; Y1≈297.6m ; Y5≈136.1m
 [DCF] Fair Price = N/A (negative equity: EV 4.32b - Net Debt 4.91b = -588.5m; debt exceeds intrinsic value)
 EPS Correlation: -51.77 | EPS CAGR: -61.58% | SUE: -4.0 | # QB: 0
Revenue Correlation: 68.67 | Revenue CAGR: 17.47% | SUE: 0.68 | # QB: 0
EPS next Quarter (2026-06-30): EPS=3.36 | Chg7d=+0.011 | Chg30d=-0.058 | Revisions Net=+0 | Analysts=7
EPS current Year (2026-12-31): EPS=6.66 | Chg7d=-0.019 | Chg30d=-0.202 | Revisions Net=-7 | Growth EPS=+8.6% | Growth Revenue=+3.5%
EPS next Year (2027-12-31): EPS=7.42 | Chg7d=+0.000 | Chg30d=-0.488 | Revisions Net=-3 | Growth EPS=+11.5% | Growth Revenue=+3.7%
[Analyst] Revisions Ratio: +0.00 (3 Up / 3 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 2.5% (Discount Rate 8.7% - Earnings Yield 6.3%)
[Growth] Growth Spread = +2.1% (Analyst 4.6% - Implied 2.5%)
Additional Sources for CHDN Stock Fund Manager Positions: Dataroma · Stockcircle