Latest Ratios: P/E Ratio 15.2x · EV/EBITDA 11.6x · ROE 35.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.8B | $8.1B | $10.0B | $10.3B | $8.1B | $9.4B | $7.7B | $5.6B | $3.4B | $3.7B | $2.5B |
| Enterprise Value | $11.7B | $13.0B | $14.7B | $15.0B | $12.6B | $11.1B | $9.3B | $6.9B | $4.1B | $4.8B | $3.4B |
| P/E Ratio → | 15.17 | 21.39 | 23.51 | 24.62 | 18.51 | 37.88 | — | 40.59 | 9.59 | 26.56 | 23.43 |
| P/S Ratio | 2.27 | 2.78 | 3.64 | 4.17 | 4.50 | 5.91 | 7.32 | 4.19 | 3.35 | 4.22 | 1.93 |
| P/B Ratio | 6.62 | 7.69 | 9.03 | 11.49 | 14.76 | 30.78 | 21.01 | 10.90 | 7.15 | 5.81 | 3.69 |
| P/FCF | 12.89 | 26.24 | 44.14 | — | 101.76 | 38.75 | — | 44.10 | 69.89 | 36.75 | 14.90 |
| P/OCF | 8.87 | 10.55 | 12.89 | 16.95 | 15.16 | 28.15 | 54.36 | 19.23 | 17.10 | 17.06 | 11.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.45 | 5.38 | 6.08 | 6.97 | 6.96 | 8.79 | 5.23 | 4.10 | 5.44 | 2.60 |
| EV / EBITDA | 11.63 | 13.35 | 16.09 | 20.25 | 28.62 | 28.30 | 58.63 | 21.94 | 16.35 | 18.44 | 10.64 |
| EV / EBIT | 15.94 | 15.70 | 17.04 | 18.03 | 16.69 | 25.96 | 105.33 | 25.99 | 15.09 | 31.62 | 17.81 |
| EV / FCF | — | 42.09 | 65.14 | — | 157.70 | 45.63 | — | 55.01 | 85.41 | 47.39 | 20.07 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.6% | 33.6% | 34.3% | 32.3% | 31.3% | 27.9% | 18.4% | 25.8% | 28.7% | 28.6% | 24.1% |
| Operating Margin | 25.2% | 25.2% | 25.9% | 22.9% | 17.8% | 17.8% | 5.7% | 16.2% | 18.7% | 16.5% | 14.8% |
| Net Profit Margin | 13.0% | 13.0% | 15.6% | 17.0% | 24.3% | 15.6% | -7.8% | 10.3% | 35.0% | 15.9% | 8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.2% | 35.2% | 42.7% | 57.8% | 102.4% | 73.9% | -18.7% | 27.9% | 63.4% | 21.2% | 16.6% |
| ROA | 5.1% | 5.1% | 6.0% | 6.3% | 9.6% | 8.8% | -3.1% | 6.4% | 17.3% | 6.1% | 4.8% |
| ROIC | 9.4% | 9.4% | 9.3% | 8.0% | 6.9% | 10.9% | 2.4% | 10.4% | 9.6% | 6.7% | 10.1% |
| ROCE | 11.1% | 11.1% | 11.1% | 9.6% | 7.9% | 11.7% | 2.7% | 11.6% | 11.2% | 7.9% | 11.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.92 | 4.92 | 4.46 | 5.42 | 8.35 | 6.41 | 4.42 | 2.88 | 1.87 | 1.76 | 1.35 |
| Debt / EBITDA | 5.33 | 5.33 | 5.38 | 6.55 | 10.45 | 5.01 | 10.26 | 4.65 | 3.50 | 4.34 | 2.88 |
| Net Debt / Equity | — | 4.65 | 4.30 | 5.26 | 8.12 | 5.47 | 4.24 | 2.70 | 1.59 | 1.68 | 1.28 |
| Net Debt / EBITDA | 5.03 | 5.03 | 5.19 | 6.36 | 10.15 | 4.27 | 9.83 | 4.35 | 2.97 | 4.14 | 2.74 |
| Debt / FCF | — | 15.85 | 21.00 | — | 55.95 | 6.88 | — | 10.91 | 15.52 | 10.64 | 5.17 |
| Interest Coverage | 2.79 | 2.79 | 2.98 | 3.09 | 5.13 | 5.06 | 1.10 | 3.77 | 6.83 | 3.08 | 4.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.60 | 0.60 | 0.57 | 0.53 | 0.55 | 1.27 | 0.55 | 0.73 | 0.94 | 0.57 | 0.53 |
| Quick Ratio | 0.60 | 0.60 | 0.55 | 0.51 | 0.55 | 1.27 | 0.55 | 0.73 | 0.94 | 0.57 | 0.53 |
| Cash Ratio | 0.39 | 0.39 | 0.24 | 0.19 | 0.21 | 0.74 | 0.16 | 0.32 | 0.52 | 0.11 | 0.10 |
| Asset Turnover | — | 0.39 | 0.38 | 0.35 | 0.29 | 0.54 | 0.39 | 0.52 | 0.58 | 0.37 | 0.58 |
| Inventory Turnover | — | — | 154.81 | 96.86 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 13.78 | 15.11 | 17.72 | 19.26 | 24.75 | 29.75 | 14.22 | 16.57 | 35.23 | 21.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.7% | 0.6% | 0.8% |
| Payout Ratio | 8.1% | 8.1% | 6.8% | 6.5% | 5.9% | 10.0% | — | 16.1% | 6.7% | 15.3% | 17.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.6% | 4.7% | 4.3% | 4.1% | 5.4% | 2.6% | — | 2.5% | 10.4% | 3.8% | 4.3% |
| FCF Yield | 7.8% | 3.8% | 2.3% | — | 1.0% | 2.6% | — | 2.3% | 1.4% | 2.7% | 6.7% |
| Buyback Yield | 6.3% | 5.3% | 1.9% | 0.5% | 2.1% | 3.2% | 0.4% | 1.7% | 16.2% | 5.1% | 1.5% |
| Total Shareholder Yield | 6.7% | 5.6% | 2.2% | 0.8% | 2.5% | 3.4% | 0.7% | 2.1% | 16.9% | 5.7% | 2.3% |
| Shares Outstanding | — | $71M | $75M | $76M | $77M | $78M | $79M | $81M | $83M | $96M | $101M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CHDN stock.
Churchill Downs Incorporated's current P/E ratio is 15.2x. The historical average is 25.9x. This places it at the 14th percentile of its historical range.
Churchill Downs Incorporated's current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
Churchill Downs Incorporated's return on equity (ROE) is 35.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.3%.
Based on historical data, Churchill Downs Incorporated is trading at a P/E of 15.2x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Churchill Downs Incorporated's current dividend yield is 0.44% with a payout ratio of 8.1%.
Churchill Downs Incorporated has 33.6% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Churchill Downs Incorporated's Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage Concentrated in Thin Liquidity
Metrics are mathematically derived from official filings.
Earnings Multiples Priced Above Cyclical Base
Based on the supplied multiples, CHDN trades at a trailing P/E of 18.45 and forward P/E of 14.42, with EV/EBITDA of 12.04 that compresses to 9.35 forward, implying the market expects earnings growth to lift the company out of its seasonal volatility.
The gap between trailing and forward P/E suggests analysts anticipate meaningful earnings recovery, though the reported quarterly EPS spread indicates forward estimates rest heavily on a few high-volume event quarters. A PEG of 0.19 looks unusually low and would only be meaningful if the growth assumption behind it is durable, which investors should monitor against reported Derby-driven revenue patterns. The P/B of 6.64 remains elevated relative to the equity base, reflecting that valuation is driven by earnings power rather than book value.
Debt Service Comfort Hinges on Seasonality
According to reported figures, CHDN's debt-to-equity fell from 4.92 in 2025Q4 to 3.37 in 2026Q3 while interest coverage in peak quarters reached 5.69x, yet trough-quarter coverage compressed to 1.81x, indicating debt service comfort varies sharply within the year.
The decline in debt-to-equity reflects equity rebuilding more than debt paydown, since total debt remained near $4.7 billion, which suggests the leverage profile has improved mainly through retained earnings. Interest coverage below 2.5x in several quarters leaves limited cushion if event revenue underperforms, and warrants further investigation into the refinancing schedule. Debt/EBITDA on a quarterly basis is not a reliable guide given seasonal EBITDA, so investors should weigh trailing-period coverage over single snapshots.
Thin Current Ratio Masks Seasonal Buffer
As reported in financial statements, CHDN's current ratio stood at 0.32 and quick ratio at 0.31 in 2026Q3 against $167.0 million in cash, a position that appears thin relative to near-term obligations during off-peak periods.
A current ratio well below 1.0 is common for gaming operators with customer deposits and deferred revenue, but the magnitude here suggests limited short-term coverage without reliance on incoming event cash. The quick ratio tracking the current ratio closely indicates the balance sheet carries little inventory distortion, so liquidity pressure is structural rather than inventory-driven. Under a severe revenue shortfall during a major event season, this position could tighten, and investors should monitor cash balances across quarters rather than a single period-end.
Returns Oscillate Rather Than Compound
Based on reported quarterly figures, CHDN's ROIC ranged from 1.2% in 2025Q3 to 4.5% in 2026Q2, with ROE swinging between 3.5% and 22.3%, indicating returns have not shown a sustained upward compounding trend.
The pattern of ROIC clustering near 1.6% to 1.8% in most quarters, with spikes only in high-margin periods, suggests the underlying capital base generates modest returns outside peak events. Returns appear driven primarily by margin fluctuation rather than asset efficiency, since asset turnover stayed roughly flat near 0.09 per quarter. Investors should treat the 2026Q2 peak as event-driven rather than evidence of a structural improvement in returns on invested capital.
Quarterly Ratios Mislead on Seasonal Economics
Based on the supplied quarterly data, the most commonly misapplied measure for CHDN is quarterly EV/EBITDA or debt-to-EBITDA, which may overstate leverage in trough periods and understate it in peak quarters.
Applying single-quarter EBITDA multiples to a business whose earnings are concentrated in a few event periods produces distorted signals in both directions. A trailing twelve-month or normalized-event EBITDA base, with explicit adjustment for the Derby quarter, would give a more representative view of debt capacity and valuation. Investors should weigh annualized coverage and seasonally adjusted multiples over any single quarter's ratio.