Last 48 quarters of trend data · Consumer Cyclical · Gambling, Resorts & Casinos
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Churchill Downs Incorporated's quarterly P/E stands at 19.4x, down 28.9% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 17.9% YoY to 13.6x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 16.70 | 19.36 | 40.06 | 45.76 | 8.42 | 27.22 | 35.14 | 39.31 | 12.51 | 28.65 | 44.38 | 36.72 | 18.71 |
| — | -28.9% | +14.0% | +16.4% | -32.7% | -5.0% | -20.8% | +7.0% | -33.1% | +81.9% | -97.8% | +18.0% | +243.8% | |
| P/S Ratio | 2.12 | 2.37 | 3.07 | 2.52 | 1.95 | 3.21 | 3.99 | 4.01 | 2.92 | 3.91 | 4.56 | 3.91 | 3.48 |
| — | -26.2% | -23.1% | -37.2% | -33.2% | -17.8% | -12.4% | +2.7% | -16.0% | -10.6% | +8.6% | -15.3% | +9.7% | |
| P/B Ratio | 6.01 | 5.50 | 7.74 | 6.38 | 6.86 | 7.56 | 9.03 | 9.05 | 9.95 | 11.18 | 11.45 | 10.07 | 12.53 |
| — | -27.3% | -14.3% | -29.4% | -31.0% | -32.4% | -21.1% | -10.1% | -20.6% | -19.6% | -21.6% | -12.8% | +2.2% | |
| P/FCF | 12.51 | 5.33 | 128.45 | 6.43 | 11.79 | 12.42 | 2075.43 | 57.57 | 32.14 | 23.18 | — | — | 281.64 |
| — | -57.1% | -93.8% | -88.8% | -63.3% | -46.4% | — | — | -88.6% | -23.1% | — | — | +1941.8% | |
| EV / EBITDA | 11.38 | 13.63 | 17.54 | 18.92 | 7.84 | 16.60 | 21.98 | 20.87 | 9.94 | 20.08 | 24.11 | 21.74 | 13.91 |
| — | -17.9% | -20.2% | -9.3% | -21.2% | -17.3% | -8.8% | -4.0% | -28.5% | -8.5% | -4.6% | -21.4% | +23.3% | |
| EV / EBIT | 15.07 | 19.13 | 20.58 | 21.59 | 8.28 | 19.29 | 32.24 | 23.19 | 10.29 | 20.36 | 26.19 | 22.61 | 14.13 |
| — | -0.8% | -36.2% | -6.9% | -19.5% | -5.3% | +23.1% | +2.6% | -27.2% | +58.6% | -56.9% | -2.3% | +184.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Churchill Downs Incorporated's operating margin was 21.7% in Q1 2026, up 2.9 pp QoQ and up 0.8 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. Gross margin expanded 3.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.6% | 30.6% | 29.5% | 29.9% | 42.0% | 29.5% | 28.8% | 29.5% | 43.6% | 31.3% | 28.7% | 28.6% | 38.9% |
| — | +3.8% | +2.6% | +1.3% | -3.7% | -5.9% | +0.3% | +3.1% | +12.1% | +2.0% | +4.9% | +7.0% | -5.4% | |
| Operating Margin | 25.2% | 21.7% | 18.8% | 14.3% | 35.1% | 20.9% | 20.3% | 20.0% | 37.0% | 21.4% | 18.9% | 19.6% | 29.4% |
| — | +3.7% | -7.4% | -28.4% | -5.3% | -2.0% | +7.3% | +2.1% | +26.2% | -0.3% | +13.9% | +17.1% | -14.9% | |
| Net Margin | 13.0% | 12.5% | 7.5% | 5.5% | 23.2% | 11.9% | 11.5% | 10.2% | 23.5% | 13.6% | 10.3% | 10.7% | 18.6% |
| — | +4.9% | -34.9% | -45.8% | -1.2% | -12.3% | +11.9% | -3.8% | +26.3% | -51.1% | +4827.4% | -28.4% | -68.1% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.2% | 7.5% | 4.7% | 3.5% | 20.1% | 7.0% | 6.5% | 6.0% | 22.3% | 9.3% | 6.5% | 7.0% | 18.4% |
| — | +8.0% | -27.8% | -40.6% | -10.0% | -25.3% | +0.0% | -14.9% | +21.7% | -62.3% | +3662.3% | -25.3% | -75.1% | |
| ROA | 5.1% | 1.1% | 0.7% | 0.5% | 2.9% | 1.0% | 1.0% | 0.9% | 2.9% | 1.1% | 0.8% | 0.9% | 2.2% |
| — | +5.7% | -32.8% | -43.1% | +0.2% | -8.5% | +18.1% | -1.9% | +32.1% | -54.0% | +4467.9% | -25.4% | -74.9% | |
| ROIC | 9.4% | 1.8% | 1.6% | 1.2% | 4.2% | 1.7% | 1.6% | 1.6% | 4.4% | 1.7% | 1.4% | 1.6% | 3.4% |
| — | +5.3% | -4.0% | -24.4% | -3.5% | +2.4% | +13.6% | +2.6% | +29.3% | -6.1% | +4.7% | +18.0% | -39.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Churchill Downs Incorporated's Debt/EBITDA ratio is 24.4x, down from 27.9x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.92 | 4.31 | 4.92 | 4.73 | 4.71 | 4.47 | 4.46 | 4.34 | 4.64 | 5.96 | 5.42 | 5.31 | 5.41 |
| — | -3.6% | +10.5% | +9.1% | +1.5% | -25.0% | -17.8% | -18.4% | -14.2% | -5.1% | -35.1% | +2.4% | +3.2% | |
| Debt / EBITDA | 5.33 | 24.40 | 27.88 | 32.71 | 12.95 | 25.00 | 29.40 | 27.32 | 12.77 | 28.22 | 31.29 | 30.33 | 17.19 |
| — | -2.4% | -5.2% | +19.7% | +1.4% | -11.4% | -6.0% | -9.9% | -25.7% | +2.1% | -15.8% | -12.6% | +23.4% | |
| Current Ratio | 0.60 | 0.54 | 0.60 | 0.57 | 0.60 | 0.53 | 0.57 | 0.55 | 0.57 | 0.50 | 0.53 | 0.55 | 0.90 |
| — | +1.1% | +6.9% | +4.9% | +5.2% | +7.6% | +6.6% | -1.4% | -36.5% | -8.6% | -4.3% | -84.9% | -76.3% | |
| Quick Ratio | 0.60 | 0.54 | 0.60 | 0.57 | 0.58 | 0.52 | 0.55 | 0.55 | 0.57 | 0.50 | 0.51 | 0.55 | 0.90 |
| — | +3.8% | +10.0% | +4.9% | +2.3% | +4.8% | +8.3% | -1.4% | -36.5% | -8.6% | -8.4% | -84.9% | -76.3% | |
| Interest Coverage | 2.79 | 2.00 | 2.10 | 1.81 | 4.94 | 2.33 | 1.57 | 2.18 | 5.00 | 2.45 | 2.02 | 2.20 | 4.06 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Churchill Downs Incorporated's current P/E is 16.7x. The average P/E over the last 4 quarters is 28.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Churchill Downs Incorporated's current operating margin is 25.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Churchill Downs Incorporated's business trajectory between earnings reports.