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Churchill Downs CHDN Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Operating margin24.1%-1.2pp23.5%-2.3pp23.4%-2.6pp23.8%-1.9pp25.3%-0.5pp
Net margin13.8%-1.4pp13.2%-2.0pp13.1%-2.5pp14%-1.5pp15.2%-0.4pp
Returns
Return on equity34.7%-6.9pp35.9%-8.7pp36.6%-6.6pp37.8%-3.7pp41.6%-1.8pp
Return on invested capital17%-3.8pp18.8%-2.5pp17.8%-2.5pp19.1%-1.6pp20.8%-1.3pp
Efficiency
Asset turnover0.4×0.0×0.4×0.0×0.4×0.0×0.4×0.0×0.4×0.0×
Liquidity
Current ratio0.4×-0.2×0.5×0.0×0.6×0.0×0.6×0.0×0.6×0.0×
Leverage
Debt-to-equity1.7×-0.1×1.7×0.0×2.1×+0.3×+0.4×1.8×+0.1×
Net debt / EBITDA2.1×+0.3×1.7×0.0×+0.2×1.9×+0.2×1.8×-0.1×
Per Share
Book value per share$19.16+33.0%$15.66+8.7%$14.06-3.2%$14.58-0.9%$14.41+4.3%
Valuation
Market capitalization$6.06B-15.6%$6.26B-23.3%$7.93B-19.2%$6.8B-31.5%$7.23B-29.6%
Price / earnings14.7×-2.0×16.1×-3.2×20.7×-2.3×16.9×-7.2×16.8×-8.3×
Price / sales-0.5×2.1×-0.8×2.7×-0.9×2.4×-1.4×2.6×-1.4×
Price / book4.5×-2.4×5.7×-1.9×7.9×-1.2×6.6×-2.5×6.9×-3.0×
EV / EBITDA8.5×-1.0×8.5×-2.0×10.6×-2.0×9.4×-3.6×9.5×-4.3×

FAQ

Where do Churchill Downs's ratios come from?
Every ratio is computed from Churchill Downs's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.