Churchill Downs Incorporated (CHDN) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Gambling, Resorts & Casinos
EV/EBITDA
↓
11.33
↓-47% vs avg
5yr avg: 21.32
30Y Low7.3·High58.6
P/FCF
↓
12.43
↓-75% vs avg
5yr avg: 50.26
30Y Low6.0·High134.7
P/B Ratio
↓
5.97
↓-60% vs avg
5yr avg: 14.75
30Y Low1.3·High30.8
ROE
↓
35.2%
↑-44% vs avg
5yr avg: 62.4%
30Y Low-19%·High102%
Debt/EBITDA
↑
5.33
↓-19% vs avg
5yr avg: 6.54
30Y Low0.1·High10.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CHDN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Churchill Downs Incorporated trades at 16.6x earnings, 34% below its 5-year average of 25.2x, sitting at the 14th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a discount of 22%. On a free-cash-flow basis, the stock trades at 12.4x P/FCF, 75% below the 5-year average of 50.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.2B | $8.1B | $10.0B | $10.3B | $8.1B | $9.4B | $7.7B | $5.6B | $3.4B | $3.7B | $2.5B |
| Enterprise Value | $11.1B | $13.0B | $14.7B | $15.0B | $12.6B | $11.1B | $9.3B | $6.9B | $4.1B | $4.8B | $3.4B |
| P/E Ratio → | 16.59 | 21.39 | 23.51 | 24.62 | 18.51 | 37.88 | 572.94 | 40.59 | 9.59 | 26.56 | 23.43 |
| P/S Ratio | 2.10 | 2.78 | 3.64 | 4.17 | 4.50 | 5.91 | 7.32 | 4.19 | 3.35 | 4.22 | 1.93 |
| P/B Ratio | 5.97 | 7.69 | 9.03 | 11.49 | 14.76 | 30.78 | 21.01 | 10.90 | 7.15 | 5.81 | 3.69 |
| P/FCF | 12.43 | 16.42 | 44.14 | — | 101.76 | 38.75 | — | 44.10 | 69.89 | 36.75 | 14.90 |
| P/OCF | 7.99 | 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
CHDN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Churchill Downs Incorporated's enterprise value stands at 11.3x EBITDA, 47% below its 5-year average of 21.3x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 7% discount on an enterprise-value basis.
| 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 | 11.33 | 13.35 | 16.09 | 20.25 | 28.62 | 28.30 | 58.63 | 21.94 | 16.35 | 21.91 | 12.61 |
| EV / EBIT | 15.02 | 15.70 | 17.04 | 18.03 | 16.69 | 25.96 | 105.33 | 25.99 | 15.09 | 31.62 | 17.81 |
| EV / FCF | — | 26.33 | 65.14 | — | 157.70 | 45.63 | — | 55.01 | 85.41 | 47.39 | 20.07 |
CHDN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Churchill Downs Incorporated earns an operating margin of 25.2%, significantly above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 22.9% to 25.2% over the past 3 years, signaling improving operational efficiency. Return on equity of 35.2% is exceptionally high — well above the sector median of 5.3%. ROIC of 9.4% represents adequate returns on invested capital versus a sector median of 5.2%.
Margins
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% |
Return on Capital
| 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% |
CHDN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Churchill Downs Incorporated carries a Debt/EBITDA ratio of 5.3x, which is highly leveraged (12% above the sector average of 4.8x). Net debt stands at $4.9B ($5.2B total debt minus $289M cash). Interest coverage of just 2.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 5.15 | 3.41 |
| 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 | 4.92 | 3.25 |
| Debt / FCF | — | 9.92 | 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 |
CHDN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.60x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.53x to 0.60x over the past 3 years.
| 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 |
CHDN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Churchill Downs Incorporated returns 7.4% to shareholders annually — split between a 0.5% dividend yield and 7.0% buyback yield. The payout ratio of 8.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 0.5% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 4.7% | 4.3% | 4.1% | 5.4% | 2.6% | 0.2% | 2.5% | 10.4% | 3.8% | 4.3% |
| FCF Yield | 8.0% | 6.1% | 2.3% | — | 1.0% | 2.6% | — | 2.3% | 1.4% | 2.7% | 6.7% |
| Buyback Yield | 7.0% | 5.3% | 1.9% | 0.5% | 2.1% | 3.2% | 0.4% | 1.7% | 16.2% | 5.1% | 1.5% |
| Total Shareholder Yield | 7.4% | 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 |
Peer Comparison
Compare CHDN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CHDNYou | $6B | 16.6 | 11.3 | 12.4 | 33.6% | 25.2% | 35.2% | 9.4% | 5.3 |
 PENN | $3B | -3.7 | 14.7 | — | 27.4% | 3.9% | -36.0% | 1.8% | 11.7 |
 BYD | $6B | 3.8 | 7.9 | 16.4 | 42.1% | 21.4% | 88.0% | 12.3% | 2.8 |
 RRR | $4B | 19.7 | 4.5 | 12.6 | 52.6% | 29.7% | 58.9% | 23.4% | 0.1 |
 DKNG | $13B | -3258.0 | 51.7 | 20.2 | 41.3% | -0.3% | 0.5% | -0.9% | 7.4 |
 CZR | $6B | -12.1 | 9.0 | 11.4 | 37.7% | 18.1% | -12.5% | 5.4% | 7.5 |
 MGM | $12B | 61.6 | 32.7 | 7.2 | 44.4% | 5.7% | 5.9% | 1.7% | 27.8 |
 FLUT | $18B | -58.9 | 10.7 | 16.4 | 45.2% | 6.3% | -3.0% | 4.5% | 5.3 |
 RSI | $3B | 207.8 | 21.9 | 18.9 | 34.6% | 7.7% | 13.3% | — | 0.1 |
 GENI | $2B | -13.9 | — | 24.3 | 23.0% | -15.6% | -17.2% | -16.6% | — |
 BALY | $681M | -1.0 | 18.4 | — | 43.0% | 1.1% | -54.4% | 0.3% | 18.7 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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CHDN — Frequently Asked Questions
Quick answers to the most common questions about buying CHDN stock.
What is Churchill Downs Incorporated's P/E ratio?
Churchill Downs Incorporated's current P/E ratio is 16.6x. The historical average is 25.9x. This places it at the 14th percentile of its historical range.
What is Churchill Downs Incorporated's EV/EBITDA?
Churchill Downs Incorporated's current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
What is Churchill Downs Incorporated's ROE?
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%.
Is CHDN stock overvalued?
Based on historical data, Churchill Downs Incorporated is trading at a P/E of 16.6x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Churchill Downs Incorporated's dividend yield?
Churchill Downs Incorporated's current dividend yield is 0.49% with a payout ratio of 8.1%.
What are Churchill Downs Incorporated's profit margins?
Churchill Downs Incorporated has 33.6% gross margin and 25.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Churchill Downs Incorporated have?
Churchill Downs Incorporated's Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.