Churchill Downs Incorporated (CHDN) Key Metrics
CHDN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.69B
- Enterprise value
- $10.19B
- P/E (TTM)
- 13.9 10-yr median 23.4
- Forward P/E
- 22.9
- PEG ratio
- 1.69
- Price / sales
- 1.9 10-yr median 4.2
- Price / book
- 4.2 10-yr median 10.1
- EV / EBITDA
- 9.1 10-yr median 14.7
- Dividend yield
- 0.54% $0.44 a year
- Beta
- 0.77
CHDN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCHDN valuation Price multiples at each fiscal year-end price.
CHDN returns How much profit the business earns on the capital it uses.
CHDN per-share figures Results divided by the shares outstanding at year-end.
CHDN financial health Debt, liquidity and how easily interest is covered.
CHDN efficiency & capital use Working capital cycle and where the cash goes.
CHDN valuation history
CHDN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CHDN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CHDN cash returned to shareholders
CHDN price vs earnings per share
CHDN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.12B | $9.96B | $10.27B | $8.14B | $9.44B | $7.71B | $5.57B | $3.38B | $3.72B | $2.53B |
| Enterprise value | $13.03B | $14.70B | $14.97B | $12.62B | $11.12B | $9.27B | $6.95B | $4.13B | $4.80B | $3.40B |
| P/E ratio | 21.4 | 23.3 | 24.6 | 18.5 | 37.9 | — | 40.5 | 9.6 | 26.5 | 23.4 |
| Price / sales | 2.8 | 3.6 | 4.2 | 4.5 | 5.9 | 7.3 | 4.2 | 3.4 | 4.2 | 1.9 |
| Price / book | 8.0 | 9.2 | 11.5 | 14.8 | 30.8 | 21.0 | 11.0 | 7.1 | 5.8 | 3.7 |
| Price / free cash flow | 26.2 | 44.1 | — | 101.8 | 38.7 | — | 44.1 | 69.9 | 36.8 | 14.9 |
| Price / operating cash flow | 10.6 | 12.9 | 16.9 | 15.2 | 28.1 | 54.4 | 19.2 | 17.1 | 17.1 | 11.1 |
| EV / sales | 4.5 | 5.4 | 6.1 | 7.0 | 7.0 | 8.8 | 5.2 | 4.1 | 5.4 | 2.6 |
| EV / EBITDA | 12.2 | 13.8 | 14.9 | 14.4 | 20.7 | 49.9 | 18.9 | 12.2 | 18.0 | 10.7 |
| EV / free cash flow | 42.1 | 65.1 | — | 157.7 | 45.6 | — | 55.0 | 85.4 | 47.4 | 20.1 |
| Earnings yield | 4.7% | 4.3% | 4.1% | 5.4% | 2.6% | −1.1% | 2.5% | 10.4% | 3.8% | 4.3% |
| Free cash flow yield | 3.8% | 2.3% | −0.7% | 1.0% | 2.6% | −1.2% | 2.3% | 1.4% | 2.7% | 6.7% |
| Dividend yield | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.7% | 0.6% | 0.8% |
| Shareholder yield (dividends + buybacks) | 5.6% | 2.2% | 0.8% | 2.5% | 3.4% | 0.7% | 2.1% | 16.9% | 5.7% | 2.3% |
| Share price at fiscal year-end | $113.78 | $133.54 | $134.93 | $105.72 | $120.45 | $97.39 | $68.60 | $40.66 | $38.78 | $25.07 |
| Per share | ||||||||||
| Revenue per share | $40.98 | $36.65 | $32.35 | $23.50 | $20.37 | $13.31 | $16.38 | $12.13 | $9.19 | $12.98 |
| Earnings per share | $5.32 | $5.72 | $5.48 | $5.71 | $3.18 | −$1.03 | $1.69 | $4.24 | $1.46 | $1.07 |
| Operating cash flow per share | $10.78 | $10.36 | $7.96 | $6.97 | $4.28 | $1.79 | $3.57 | $2.38 | $2.27 | $2.25 |
| Free cash flow per share | $4.34 | $3.03 | −$0.93 | $1.04 | $3.11 | −$1.17 | $1.56 | $0.58 | $1.06 | $1.68 |
| Cash per share | $4.04 | $2.35 | $1.90 | $1.69 | $3.72 | $0.85 | $1.18 | $1.60 | $0.54 | $0.45 |
| Book value per share | $14.14 | $14.53 | $11.74 | $7.16 | $3.91 | $4.64 | $6.26 | $5.69 | $6.67 | $6.80 |
| Tangible book value per share | −$33.69 | −$29.83 | −$31.86 | −$33.30 | −$5.21 | −$4.42 | −$2.82 | −$1.55 | $1.60 | −$5.94 |
| Dividends per share | $0.43 | $0.39 | $0.36 | $0.34 | $0.32 | $0.30 | $0.27 | $0.28 | $0.22 | $0.19 |
| Capex per share | $6.45 | $7.33 | $8.89 | $5.93 | $1.17 | $2.96 | $2.01 | $1.80 | $1.22 | $0.57 |
| Debt per share | $72.79 | $65.90 | $63.65 | $59.81 | $25.10 | $20.48 | $18.15 | $10.63 | $11.76 | $9.14 |
| Shares outstanding | 71.4M | 74.6M | 76.1M | 77.0M | 78.4M | 79.2M | 81.2M | 83.2M | 96.0M | 100.8M |
| Change in shares outstanding | −4.3% | −2.0% | −1.2% | −1.8% | −1.0% | −2.5% | −2.4% | −13.3% | −4.8% | −4.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 36.3% | 43.2% | 57.8% | 102.4% | 73.9% | −18.7% | 28.0% | 63.4% | 21.2% | 16.6% |
| Return on invested capital (ROIC) | 9.1% | 9.3% | 7.9% | 6.6% | 10.6% | 3.2% | 9.9% | 10.0% | 8.9% | 8.7% |
| Return on assets (ROA) | 5.1% | 6.0% | 6.3% | 9.6% | 8.8% | −3.1% | 6.4% | 17.3% | 6.1% | 4.8% |
| Return on tangible assets | 9.3% | 10.8% | 11.5% | 14.2% | 11.0% | −4.2% | 7.6% | 31.4% | 7.5% | 11.1% |
| Free cash flow margin | 10.6% | 8.3% | −2.9% | 4.4% | 15.3% | −8.8% | 9.5% | 4.8% | 11.5% | 13.0% |
| Income quality (OCF / net income) | 2.03 | 1.81 | 1.45 | 1.22 | 1.35 | — | 2.11 | 0.56 | 1.55 | 2.10 |
| Financial health | ||||||||||
| Total debt | $5.20B | $4.92B | $4.84B | $4.61B | $1.97B | $1.62B | $1.47B | $884.3M | $1.13B | $921.7M |
| Cash & short-term investments | $288.5M | $175.5M | $144.5M | $129.8M | $291.3M | $67.4M | $96.2M | $133.3M | $51.7M | $45.3M |
| Net debt | $4.91B | $4.74B | $4.70B | $4.48B | $1.68B | $1.55B | $1.38B | $751.0M | $1.08B | $876.4M |
| Debt / equity | 5.15 | 4.54 | 5.42 | 8.35 | 6.41 | 4.42 | 2.90 | 1.87 | 1.76 | 1.35 |
| Debt / assets | 0.69 | 0.68 | 0.70 | 0.74 | 0.66 | 0.60 | 0.58 | 0.51 | 0.48 | 0.41 |
| Net debt / EBITDA | 4.59 | 4.44 | 4.67 | 5.11 | 3.12 | 8.36 | 3.74 | 2.22 | 4.04 | 2.77 |
| Current ratio | 0.60 | 0.57 | 0.53 | 0.55 | 1.27 | 0.55 | 0.73 | 0.94 | 0.57 | 0.53 |
| Quick ratio | 0.59 | 0.55 | 0.51 | 0.43 | 1.11 | 0.43 | 0.58 | 0.79 | 0.34 | 0.45 |
| Interest coverage | 2.5 | 2.4 | 2.1 | 2.2 | 3.4 | 0.8 | 3.0 | 4.7 | 3.0 | 4.4 |
| Working capital | −$290.1M | −$317.0M | −$355.0M | −$277.1M | $106.5M | −$189.1M | −$80.0M | −$15.1M | −$197.1M | −$222.1M |
| Invested capital | $5.92B | $5.82B | $5.59B | $5.03B | $1.98B | $1.92B | $1.89B | $1.22B | $1.72B | $1.56B |
| Tangible asset value | −$2.36B | −$2.21B | −$2.42B | −$2.56B | −$408.1M | −$350.3M | −$225.9M | −$128.7M | $153.3M | −$599.2M |
| Net current asset value | −$5.99B | −$5.76B | −$5.66B | −$5.31B | −$2.17B | −$2.08B | −$1.82B | −$1.01B | −$1.46B | −$1.32B |
| Graham number | $41.13 | $43.24 | $38.06 | $30.33 | $16.73 | — | $15.44 | $23.30 | $14.82 | $12.81 |
| Graham net-net per share | −$84.75 | −$79.17 | −$76.47 | −$70.34 | −$28.96 | −$27.28 | −$23.17 | −$12.79 | −$16.18 | −$14.37 |
| Capital allocation | ||||||||||
| Dividends paid | $30.8M | $29.2M | $27.1M | $26.0M | $24.8M | $23.4M | $22.2M | $23.7M | $21.5M | $19.1M |
| Share buybacks (net) | $427.8M | $186.0M | $55.9M | $174.9M | $297.5M | $28.4M | $95.0M | $547.0M | $190.9M | $39.0M |
| Dividend payout ratio | 8.1% | 6.8% | 6.5% | 5.9% | 10.0% | — | 16.1% | 6.7% | 15.3% | 17.7% |
| Dividends + buybacks / free cash flow | 148.1% | 95.3% | — | 251.1% | 132.3% | — | 92.8% | — | 209.7% | 34.3% |
| Capex / revenue | 15.7% | 20.0% | 27.5% | 25.2% | 5.7% | 22.2% | 12.3% | 14.8% | 13.2% | 4.4% |
| Capex / operating cash flow | 59.8% | 70.8% | 111.7% | 85.1% | 27.4% | 165.0% | 56.4% | 75.5% | 53.6% | 25.2% |
| Capex / depreciation | 1.92 | 2.67 | 3.86 | 3.84 | 0.85 | 2.39 | 1.62 | 2.33 | 1.02 | 0.45 |
| Stock-based compensation / revenue | 1.0% | 1.3% | 1.3% | 1.8% | 1.7% | 2.2% | 1.8% | 2.1% | 3.1% | 1.4% |
| R&D / revenue | — | — | 0.5% | 0.6% | 0.6% | 0.9% | 0.7% | 0.7% | 2.0% | 3.0% |
| SG&A / revenue | 8.4% | 8.7% | 8.2% | 9.1% | 8.7% | 10.9% | 9.2% | 9.0% | 9.4% | 7.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 14.0 | 15.5 | 15.9 | 20.6 | 22.2 | 23.8 | 13.4 | 23.7 | 33.7 | 19.4 |
| Days of inventory on hand | 2.2 | 2.9 | 10.1 | 20.4 | 18.7 | 21.2 | 16.0 | 35.6 | 39.0 | 11.8 |
| Days payables outstanding | 34.2 | 34.4 | 33.3 | 33.3 | 24.1 | 27.3 | 19.4 | 25.6 | 30.0 | 16.3 |
| Cash conversion cycle (days) | -18.1 | -16.0 | -7.3 | 7.6 | 16.7 | 17.8 | 10.0 | 33.6 | 42.7 | 14.9 |
| Receivables turnover | 26.16 | 23.50 | 22.90 | 17.76 | 16.45 | 15.31 | 27.25 | 15.40 | 10.83 | 18.77 |
| Payables turnover | 10.66 | 10.60 | 10.96 | 10.95 | 15.12 | 13.39 | 18.83 | 14.23 | 12.16 | 22.42 |
| Inventory turnover | 165.39 | 124.71 | 36.18 | 17.86 | 19.53 | 17.23 | 22.87 | 10.26 | 9.36 | 31.04 |
| Asset turnover | 0.40 | 0.38 | 0.37 | 0.39 | 0.56 | 0.40 | 0.62 | 0.49 | 0.38 | 0.58 |
| Average receivables | $111.8M | $116.3M | $107.5M | $101.9M | $97.1M | $68.8M | $48.8M | $65.5M | $81.5M | $69.7M |
| Average payables | $182.3M | $169.4M | $152.0M | $113.5M | $76.2M | $64.2M | $52.4M | $50.5M | $51.8M | $44.3M |
| Average inventory | $11.8M | $14.4M | $46.0M | $69.6M | $59.0M | $50.0M | $43.1M | $70.2M | $67.3M | $32.0M |
| Intangibles / total assets | 45.6% | 45.5% | 47.7% | 50.2% | 24.0% | 26.7% | 28.9% | 34.9% | 20.6% | 57.0% |
Computed from CHDN's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CHDN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Churchill Downs traded at 21.4 times earnings, against a 10-year median of 23.4. Based on the latest twelve months, the trailing P/E is 13.9 and the forward P/E is 22.9. Churchill Downs earned a return on equity of 36.3% and a return on invested capital of 9.1% in fiscal 2025. It ended the year with $5.2 billion of debt and $288.5 million in cash and short-term investments, net debt of $4.9 billion. It returned $458.6 million to shareholders: $30.8 million in dividends and $427.8 million in share buybacks, 148% of free cash flow. The share count fell 29.2% from 100.8M to 71.4M over 9 years.
See the CHDN income statement, the CHDN chart for price history, or the CHDN stock overview for the latest quote and news.
CHDN key metrics FAQ
What is Churchill Downs's P/E ratio?
Churchill Downs's trailing P/E ratio is 13.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.9. At the end of fiscal 2025 it was 21.4, compared with a 10-year median of 23.4.
What is Churchill Downs's EV/EBITDA?
Churchill Downs's enterprise value was 12.2 times EBITDA at the end of fiscal 2025 (enterprise value $13.0 billion, EBITDA $1.1 billion); the current EV/EBITDA is 9.1.
What is Churchill Downs's return on equity?
Churchill Downs's return on equity (ROE) was 36.3% in fiscal 2025: net income of $379.7 million on average shareholders' equity of $1.0 billion.
What is Churchill Downs's ROIC?
Churchill Downs's return on invested capital was 9.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Churchill Downs have?
Churchill Downs had total debt of $5.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.15 and $4.9 billion of net debt (4.59 times EBITDA).
What is Churchill Downs's dividend yield?
Churchill Downs's forward dividend yield is 0.54%. Churchill Downs paid $30.8 million in dividends in fiscal 2025 ($0.43 per share), a payout ratio of 8.1%.
Does Churchill Downs buy back its shares?
Yes. Churchill Downs spent $427.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.3% over the year, to 71.4M..
What is Churchill Downs's free cash flow yield?
Churchill Downs generated $309.6 million of free cash flow in fiscal 2025, a free cash flow yield of 3.8% on its market value at year-end ($8.1 billion).
What is Churchill Downs's current ratio?
Churchill Downs's current ratio was 0.60 at the end of fiscal 2025: current assets were 0.60 times current liabilities.