Churchill Downs Incorporated

CHDN

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$93.71

+0.59 (+0.63%)

Market Cap

$6.53B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−8.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 78.4M (2021) → 71.4M (2025)

Winston Score History

The full picture

Churchill Downs Incorporated owns and operates some of the most well-known horse racing and gambling venues in the United States. Its most famous property is Churchill Downs racetrack in Louisville, Kentucky — home of the Kentucky Derby, one of the oldest and most-watched sporting events in America. The company also runs a growing network of regional casinos, historical racing machine (HRM) facilities, and the TwinSpires online horse racing wagering platform.

The company makes money through a mix of gaming revenue, wagering fees, live event ticket sales, and hospitality. It operates across more than a dozen states, with HRM facilities in Kentucky being a particularly fast-growing segment. Churchill Downs has a strong competitive moat built around the Kentucky Derby brand, which generates significant annual revenue and media attention that most competitors cannot replicate. The main risk is regulatory — state governments can restrict or ban historical racing machines, which have faced legal challenges and could limit a key growth engine.

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3 trades / 12mo

0 Congressional buys and 3 sells on CHDN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

5.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$886M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Churchill Downs Incorporated is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

36.4%

Excellent — 36.4% operating margin

Return on the money invested

ROCE

11.8%

Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.7%

Slow sales growth (+5.7% YoY)

Profit growth

EPS YoY

-0.3%

Earnings shrinking (-0.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

194%

Turns 194% of profit into real cash

Spare cash per sale

FCF Margin

19.0%

Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

3.56

Heavy debt load (3.56)

Covers its interest

Interest Cover

4.73x

Adequate interest coverage (4.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.0x

Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 12.5)

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Dividends

Dividend

Dividend Yield

0.49%

Small dividend — 0.49% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-44.5%

Dividend cut (-44.5% YoY) — warning sign

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