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Churchill Downs (CHDN) Financials

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$103.48 +1.86 (+1.83%)
As of 12:52 PM Eastern
Annual Income Statements for Churchill Downs

Annual Income Statements for Churchill Downs

This table shows Churchill Downs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders
65 108 141 353 138 -82 249 439 417 427
Consolidated Net Income / (Loss)
65 108 141 353 137 -82 249 439 417 429
Net Income / (Loss) Continuing Operations
71 97 122 183 140 13 249 439 417 429
Total Pre-Tax Income
115 147 103 234 196 8.00 344 609 562 573
Total Operating Income
126 173 146 189 216 60 284 322 564 709
Total Gross Profit
558 822 883 290 1,673 194 446 566 796 939
Total Revenue
799 822 883 1,009 0.00 1,054 1,597 1,810 2,462 2,734
Operating Revenue
782 822 883 1,009 2,659 1,054 1,597 1,810 2,462 2,734
Total Cost of Revenue
241 0.00 0.00 719 987 861 1,151 1,243 1,666 1,796
Operating Cost of Revenue
241 - - 719 987 861 1,151 1,243 1,666 1,796
Total Operating Expenses
431 650 737 101 1,241 133 162 245 232 230
Selling, General & Admin Expense
92 96 159 91 1,236 115 139 164 202 238
Other Operating Expenses / (Income)
325 578 556 10 5.30 1.00 7.90 42 4.80 -12
Impairment Charge
0.00 0.00 22 0.00 0.00 18 15 38 25 3.90
Total Other Income / (Expense), net
-11 -25 -43 45 -39 -52 59 287 -2.20 -136
Interest Expense
29 44 70 40 71 80 85 147 268 290
Interest & Investment Income
11 17 26 30 51 28 143 153 146 145
Other Income / (Expense), net
6.50 1.20 1.30 56 -18 0.10 0.70 282 120 9.10
Income Tax Expense
45 51 -20 51 57 -5.30 95 169 145 144
Net Income / (Loss) Attributable to Noncontrolling Interest
- - 0.00 0.00 -0.30 -0.20 - 0.00 0.00 2.30
Basic Earnings per Share
$3.75 $2.17 $2.97 $8.54 $3.43 ($2.07) $3.22 $5.79 $5.55 $5.73
Weighted Average Basic Shares Outstanding
17.20M 49.30M 47.20M 41.30M 40.10M 39.60M 77.20M 75.90M 75.20M 74M
Weighted Average Diluted Shares Outstanding
17.60M 50.50M 48M 41.60M 40.10M 40.10M 78.40M 77M 76.10M 74.60M
Weighted Average Basic & Diluted Shares Outstanding
17.40M 16.60M 47.30M 41.30M 40.10M 39.60M 38.60M 37.38M 73.68M 73.55M
Cash Dividends to Common per Share
$1.15 $1.32 $1.52 $0.54 $0.58 $0.62 $0.67 $0.36 $0.38 $0.41

Quarterly Income Statements for Churchill Downs

This table shows Churchill Downs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Income / (Loss) Attributable to Common Shareholders
57 1.00 156 143 61 58 80 209 65 72
Consolidated Net Income / (Loss)
57 1.00 156 143 61 58 80 210 66 72
Net Income / (Loss) Continuing Operations
57 1.00 156 143 61 58 80 210 66 72
Total Pre-Tax Income
73 -3.10 209 199 82 72 102 294 86 91
Total Operating Income
63 12 120 226 112 106 126 330 126 127
Total Gross Profit
103 131 172 299 164 161 185 388 186 180
Total Revenue
383 480 560 769 573 561 591 891 629 624
Operating Revenue
383 480 560 769 573 561 591 891 629 624
Total Cost of Revenue
281 349 388 470 409 400 406 503 443 445
Operating Cost of Revenue
281 349 388 470 409 400 406 503 443 445
Total Operating Expenses
40 120 52 73 52 55 59 58 60 53
Selling, General & Admin Expense
38 52 52 48 50 52 55 57 60 66
Other Operating Expenses / (Income)
1.20 35 -0.20 0.50 1.50 3.00 4.10 0.60 -4.00 -13
Total Other Income / (Expense), net
10 -15 89 -26 -31 -34 -25 -36 -40 -36
Interest Expense
36 55 65 65 68 71 70 74 73 73
Interest & Investment Income
42 37 38 39 33 36 38 38 33 36
Other Income / (Expense), net
4.20 2.60 115 0.00 4.10 0.40 8.10 0.10 -0.10 1.00
Income Tax Expense
16 -4.10 53 56 21 14 21 84 20 19
Basic Earnings per Share
- $0.01 - - $0.81 $0.77 - - $0.87 $0.97
Weighted Average Basic Shares Outstanding
75.60M 75.90M 75.30M 75.30M 75.20M 75.20M 74.10M 73.90M 73.90M 74M
Diluted Earnings per Share
- $0.01 - - - $0.77 - - - $0.97
Weighted Average Diluted Shares Outstanding
76.70M 77M 76.10M 76.90M 77.10M 76.10M 74.70M 74.60M 74.60M 74.60M
Basic & Diluted Earnings per Share
- $0.01 - - - $0.77 - - - $0.97
Weighted Average Basic & Diluted Shares Outstanding
37.40M 37.38M 37.43M 74.87M 74.59M 73.68M 73.50M 73.42M 73.50M 73.55M
Cash Dividends to Common per Share
- - - - - - - - - $0.01

Annual Cash Flow Statements for Churchill Downs

This table details how cash moves in and out of Churchill Downs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net Change in Cash & Equivalents
8.40 -21 2.00 89 -31 -22 235 -151 17 31
Net Cash From Operating Activities
265 231 215 198 290 143 336 537 606 773
Net Cash From Continuing Operating Activities
265 231 215 198 293 143 460 511 605 772
Net Income / (Loss) Continuing Operations
65 108 141 353 140 13 249 439 417 429
Consolidated Net Income / (Loss)
65 108 141 353 137 -82 249 439 417 429
Depreciation Expense
110 109 97 64 96 93 103 114 169 199
Amortization Expense
9.70 17 18 0.00 4.60 5.00 5.30 5.30 6.20 5.60
Non-Cash Adjustments To Reconcile Net Income
32 -48 39 -264 14 49 15 -193 -42 44
Changes in Operating Assets and Liabilities, net
48 46 -79 46 38 -17 87 145 55 94
Net Cash From Discontinued Operating Activities
- - - - -2.90 - -124 26 0.50 1.00
Net Cash From Investing Activities
-66 -51 -154 824 -781 -239 -100 -3,104 -718 -545
Net Cash From Continuing Investing Activities
-66 -51 -154 824 -781 -239 -100 -3,104 -718 -545
Purchase of Property, Plant & Equipment
-44 -55 -117 -149 -131 -234 -92 -424 -677 -547
Acquisitions
-26 -8.00 -48 0.00 -649 0.00 0.00 -2,952 -241 0.00
Sale of Property, Plant & Equipment
0.20 26 - - - 0.00 0.00 279 196 0.00
Other Investing Activities, net
3.70 -14 12 -10 -1.20 -5.20 -8.60 -7.40 4.10 1.80
Net Cash From Financing Activities
-191 -202 -60 -933 461 76 -0.50 2,416 129 -197
Net Cash From Continuing Financing Activities
-191 -202 -60 -933 461 76 -0.50 2,416 129 -197
Repayment of Debt
-990 -590 -1,866 -441 -647 -595 -446 -217 -1,548 -917
Repurchase of Common Equity
-148 -39 -181 -531 -95 -28 -298 -175 -56 -186
Payment of Dividends
-17 -19 -22 -24 -22 -23 -25 -26 -27 -29
Issuance of Debt
1,010 732 2,051 137 1,236 742 781 2,862 1,771 966
Other Financing Activities, net
-46 -288 -42 -74 -12 -19 -13 -28 -11 -30
Cash Interest Paid
25 40 48 31 62 80 78 134 284 307
Cash Income Taxes Paid
42 32 76 49 24 1.60 72 69 99 108

Quarterly Cash Flow Statements for Churchill Downs

This table details how cash moves in and out of Churchill Downs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Net Change in Cash & Equivalents
-206 -1,489 33 204 -248 29 0.20 8.90 0.50 21
Net Cash From Operating Activities
44 112 216 187 96 107 255 218 169 131
Net Cash From Continuing Operating Activities
44 86 216 187 96 107 255 217 169 131
Net Income / (Loss) Continuing Operations
57 1.00 156 143 61 58 80 210 66 72
Consolidated Net Income / (Loss)
57 1.00 156 143 61 58 80 210 66 72
Depreciation Expense
28 35 38 42 42 47 47 49 50 53
Amortization Expense
1.20 1.40 2.20 1.30 1.30 1.40 1.40 1.30 1.40 1.50
Non-Cash Adjustments To Reconcile Net Income
9.60 45 -97 43 13 -0.30 16 11 14 2.40
Changes in Operating Assets and Liabilities, net
-52 3.90 117 -42 -21 0.60 110 -55 38 1.00
Net Cash From Investing Activities
-212 -2,997 55 -174 -431 -169 -153 -137 -126 -129
Net Cash From Continuing Investing Activities
-212 -2,997 55 -174 -431 -169 -153 -137 -126 -129
Purchase of Property, Plant & Equipment
-97 -160 -135 -178 -186 -178 -155 -137 -126 -129
Net Cash From Financing Activities
-38 1,396 -238 190 86 91 -101 -72 -43 20
Net Cash From Continuing Financing Activities
-38 1,396 -238 190 86 91 -101 -72 -43 20
Repayment of Debt
0.60 -200 -801 -430 -76 -241 -267 -330 -172 -148
Repurchase of Common Equity
-59 -31 -0.50 - -35 -20 -142 -13 -4.00 -27
Payment of Dividends
- -0.30 -27 - -0.10 -0.30 -29 -0.20 0.10 -0.50
Issuance of Debt
20 1,642 601 622 198 350 347 271 133 215
Other Financing Activities, net
- -15 -11 -1.90 - 2.10 -10 -0.10 -0.10 -20
Cash Interest Paid
24 67 56 80 45 103 51 105 50 102
Cash Income Taxes Paid
38 15 0.80 35 43 20 0.20 33 49 26

Annual Balance Sheets for Churchill Downs

This table presents Churchill Downs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total Assets
2,277 2,254 2,359 1,725 2,551 2,686 2,982 6,207 6,956 7,276
Total Current Assets
220 246 256 242 221 235 502 345 401 412
Cash & Equivalents
75 45 52 133 96 67 291 130 145 176
Restricted Cash
30 34 0.00 40 46 54 64 75 77 77
Accounts Receivable
68 57 50 29 37 37 42 82 107 99
Current Deferred & Refundable Income Taxes
1.00 7.60 36 17 15 49 66 14 13 15
Other Current Assets
40 31 19 22 27 28 38 44 60 46
Plant, Property, & Equipment, net
573 561 608 758 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets
1,485 1,448 1,495 726 2,330 2,451 2,480 5,862 6,555 6,864
Long-Term Investments
130 139 171 108 635 631 664 659 656 661
Goodwill
842 302 318 338 367 367 367 724 900 900
Intangible Assets
499 174 169 264 370 351 348 2,392 2,418 2,409
Other Noncurrent Operating Assets
14 9.90 14 16 958 1,103 1,102 2,005 2,581 2,893
Total Liabilities & Shareholders' Equity
2,277 2,254 2,359 1,725 2,551 2,686 2,982 6,207 6,956 7,276
Total Liabilities
1,660 1,569 1,719 1,252 2,040 2,319 2,675 5,655 6,062 6,173
Total Current Liabilities
640 468 453 257 301 424 395 622 756 729
Short-Term Debt
296 14 4.00 4.00 4.00 4.00 7.00 47 68 63
Accounts Payable
51 62 67 47 58 71 82 146 159 180
Accrued Expenses
98 73 76 135 173 168 232 363 427 402
Dividends Payable
19 22 24 23 24 25 26 27 29 31
Current Deferred Revenue
155 64 71 48 43 33 48 39 73 53
Total Noncurrent Liabilities
1,020 1,101 1,266 995 1,739 1,895 2,280 5,034 5,306 5,443
Long-Term Debt
594 595 1,125 493 1,470 1,088 1,961 4,559 4,768 4,844
Noncurrent Deferred Revenue
16 24 29 21 17 17 13 12 12 20
Noncurrent Deferred & Payable Income Tax Liabilities
128 63 41 78 213 214 253 341 388 433
Other Noncurrent Operating Liabilities
282 327 16 403 39 576 53 122 138 147
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - - - - - 0.00 20
Total Equity & Noncontrolling Interests
617 685 640 473 511 367 307 552 894 1,084
Total Preferred & Common Equity
617 685 640 473 508 367 307 552 894 1,084
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
617 685 640 473 508 367 307 552 894 1,084
Common Stock
134 117 7.30 0.00 0.00 18 0.00 0.00 0.00 0.00
Retained Earnings
484 570 634 474 509 350 308 552 895 1,085
Accumulated Other Comprehensive Income / (Loss)
-0.60 -1.20 -1.30 -0.90 -0.90 -0.90 -0.90 -0.90 -0.90 -1.00

Quarterly Balance Sheets for Churchill Downs

This table presents Churchill Downs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Total Assets
4,674 6,274 6,579 6,751 7,067 7,170 7,173
Total Current Assets
1,806 378 583 371 416 436 387
Cash & Equivalents
111 174 374 130 149 140 153
Restricted Cash
1,583 64 67 63 73 91 79
Accounts Receivable
69 74 80 102 115 136 93
Current Deferred & Refundable Income Taxes
0.00 0.00 0.00 5.90 0.00 0.00 0.00
Other Current Assets
44 66 63 69 79 69 63
Plant, Property, & Equipment, net
1,241 2,095 2,230 2,384 2,669 2,752 2,806
Total Noncurrent Assets
1,627 3,801 3,766 3,996 3,982 3,982 3,980
Long-Term Investments
661 652 645 660 648 649 650
Goodwill
376 724 723 900 900 900 900
Intangible Assets
485 2,391 2,365 2,417 2,415 2,414 2,412
Other Noncurrent Operating Assets
105 34 33 19 19 18 18
Total Liabilities & Shareholders' Equity
4,674 6,274 6,579 6,751 7,067 7,170 7,173
Total Liabilities
4,061 5,569 5,725 5,862 6,240 6,123 6,058
Total Current Liabilities
492 694 648 670 837 763 710
Short-Term Debt
7.00 72 68 68 68 68 63
Accounts Payable
109 145 164 169 188 215 182
Accrued Expenses
300 348 359 401 423 419 430
Dividends Payable
0.00 0.50 1.00 1.00 0.70 0.60 0.60
Current Deferred Revenue
15 121 26 31 153 19 27
Current Deferred & Payable Income Tax Liabilities
61 7.60 30 - 4.10 41 7.10
Total Noncurrent Liabilities
3,570 4,875 5,077 5,192 5,403 5,360 5,348
Long-Term Debt
3,174 4,351 4,551 4,655 4,859 4,791 4,771
Noncurrent Deferred Revenue
12 12 9.50 9.50 12 20 20
Noncurrent Deferred & Payable Income Tax Liabilities
280 374 373 386 393 408 418
Other Noncurrent Operating Liabilities
104 138 143 142 139 141 139
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
- - - - - 16 18
Total Equity & Noncontrolling Interests
613 704 854 889 827 1,031 1,097
Total Preferred & Common Equity
613 704 854 889 827 1,031 1,097
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
613 704 854 889 827 1,031 1,097
Common Stock
0.00 4.70 8.00 0.00 0.00 0.00 1.70
Retained Earnings
614 700 847 890 828 1,032 1,096
Accumulated Other Comprehensive Income / (Loss)
-0.90 -0.90 -0.90 -0.90 -0.90 -1.00 -1.00

Annual Metrics and Ratios for Churchill Downs

This table displays calculated financial ratios and metrics derived from Churchill Downs' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Growth Metrics
- - - - - - - - - -
Revenue Growth
-1.67% 2.98% 7.32% 14.32% -100.00% 0.00% 51.54% 13.31% 36.02% 11.07%
EBITDA Growth
58.32% 18.76% -12.65% 17.74% -3.12% -46.98% 148.80% 83.54% 18.92% 7.41%
EBIT Growth
45.93% 30.80% -15.37% 66.26% -19.23% -69.45% 372.80% 111.65% 13.34% 5.00%
NOPAT Growth
41.32% 46.05% 53.74% -15.29% 4.02% -34.72% 106.01% 12.65% 80.37% 26.69%
Net Income Growth
40.52% 65.80% 29.97% 151.10% -61.11% -159.84% 403.41% 76.40% -5.03% 2.83%
EPS Growth
40.53% 65.80% 29.97% 151.10% -60.14% -161.54% 403.41% 0.00% 0.00% 0.00%
Operating Cash Flow Growth
86.79% -12.51% -7.04% -8.04% 46.41% -50.55% 134.29% 60.00% 12.85% 27.55%
Free Cash Flow Firm Growth
-350.72% 328.60% -123.58% 253.02% -212.65% 229.62% -146.14% -1,142.10% 91.76% 226.82%
Invested Capital Growth
57.60% -61.08% 76.91% -20.02% 73.10% -30.47% 49.70% 230.66% 15.18% 5.04%
Revenue Q/Q Growth
-27.92% -7.49% 78.02% 4.14% -100.00% 485.66% 5.73% 6.80% 3.41% 2.36%
EBITDA Q/Q Growth
19.53% 2.96% -13.43% 6.35% -2.58% 9.41% 2.82% -1.46% 13.85% 3.07%
EBIT Q/Q Growth
28.78% 4.45% -19.54% 11.09% -11.95% 47.07% 4.47% -3.33% 15.60% 3.04%
NOPAT Q/Q Growth
53.68% 3.16% 51.48% -21.19% -6.55% 248.72% 4.44% -6.92% 20.42% 3.09%
Net Income Q/Q Growth
48.40% 21.73% 8.83% -7.06% -5.31% 14.03% 11.75% -8.78% 15.69% 3.55%
EPS Q/Q Growth
47.22% 21.73% 8.83% -7.06% -6.63% 13.69% 11.75% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth
5.57% 0.48% 2.62% 7.91% -10.23% 99.17% -8.76% 8.88% -0.95% 3.22%
Free Cash Flow Firm Q/Q Growth
14.03% 626.76% -814.75% -43.92% -405.39% 405.26% -177.99% -3,654.72% 92.45% 37.89%
Invested Capital Q/Q Growth
-10.57% -64.84% -41.29% -36.58% 5.63% -36.59% 1.21% 194.46% 2.57% 1.18%
Profitability Metrics
- - - - - - - - - -
Gross Margin
69.81% 100.00% 100.00% 28.71% 0.00% 18.36% 27.93% 31.30% 32.32% 34.32%
EBITDA Margin
31.58% 36.42% 29.64% 30.53% 0.00% 15.01% 24.64% 39.92% 34.90% 33.75%
Operating Margin
15.82% 20.98% 16.51% 18.71% 0.00% 5.71% 17.81% 17.78% 22.91% 25.93%
EBIT Margin
16.63% 21.12% 16.66% 24.22% 0.00% 5.72% 17.85% 33.34% 27.78% 26.26%
Profit (Net Income) Margin
8.16% 13.14% 15.92% 34.97% 0.00% -7.79% 15.60% 24.28% 16.95% 15.69%
Tax Burden Percent
56.50% 73.34% 137.07% 150.83% 69.86% -1,026.25% 72.50% 72.17% 74.28% 74.86%
Interest Burden Percent
86.90% 84.86% 69.73% 95.70% 99.49% 13.27% 120.52% 100.89% 82.15% 79.82%
Effective Tax Rate
38.65% 34.40% -19.41% 21.93% 28.92% -66.25% 27.50% 27.83% 25.72% 25.14%
Return on Invested Capital (ROIC)
7.34% 12.61% 24.99% 18.41% 0.00% 9.59% 19.29% 8.42% 9.19% 10.61%
ROIC Less NNEP Spread (ROIC-NNEP)
4.25% 10.55% -74.97% 102.72% 0.00% -20.54% 25.15% 17.30% 9.15% 8.07%
Return on Net Nonoperating Assets (RNNOA)
2.56% 3.99% -3.79% 44.95% 0.00% -28.29% 54.64% 93.97% 48.57% 32.37%
Return on Equity (ROE)
9.90% 16.60% 21.20% 63.36% 27.88% -18.70% 73.93% 102.39% 57.75% 42.98%
Cash Return on Invested Capital (CROIC)
-37.38% 100.54% -30.56% 40.66% -37.75% 45.53% -20.52% -98.70% -4.92% 5.69%
Operating Return on Assets (OROA)
5.73% 7.67% 6.37% 11.97% 0.00% 2.30% 10.06% 13.13% 10.39% 10.09%
Return on Assets (ROA)
2.81% 4.77% 6.09% 17.27% 0.00% -3.14% 8.79% 9.56% 6.34% 6.03%
Return on Common Equity (ROCE)
9.90% 16.60% 21.20% 63.36% 27.80% -18.64% 73.93% 102.39% 57.75% 42.55%
Return on Equity Simple (ROE_SIMPLE)
10.56% 15.78% 21.94% 74.54% 26.99% -22.36% 81.19% 79.67% 46.70% 39.60%
Net Operating Profit after Tax (NOPAT)
77 113 174 147 153 100 206 232 419 531
NOPAT Margin
9.70% 13.76% 19.71% 14.61% 0.00% 9.50% 12.91% 12.83% 17.02% 19.41%
Net Nonoperating Expense Percent (NNEP)
3.09% 2.06% 99.96% -84.30% 3.36% 30.13% -5.86% -8.89% 0.04% 2.54%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 4.50% 7.31% 8.86%
Cost of Revenue to Revenue
30.19% 0.00% 0.00% 71.29% 0.00% 81.64% 72.07% 68.70% 67.68% 65.68%
SG&A Expenses to Revenue
11.51% 11.66% 18.06% 8.98% 0.00% 10.89% 8.67% 9.07% 8.22% 8.69%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
53.99% 79.02% 83.49% 10.00% 0.00% 12.65% 10.12% 13.52% 9.41% 8.39%
Earnings before Interest and Taxes (EBIT)
133 174 147 244 197 60 285 603 684 718
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
252 300 262 308 298 158 394 722 859 923
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
3.87 3.54 5.48 6.87 10.61 20.74 29.84 14.25 11.23 9.06
Price to Tangible Book Value (P/TBV)
0.00 11.57 22.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
2.99 2.95 3.97 3.22 0.00 7.22 5.73 4.34 4.08 3.59
Price to Earnings (P/E)
36.68 22.42 24.95 9.22 39.23 0.00 36.75 17.89 24.05 23.00
Dividend Yield
0.85% 0.90% 0.67% 0.68% 0.43% 0.32% 0.28% 0.34% 0.28% 0.31%
Earnings Yield
2.73% 4.46% 4.01% 10.85% 2.55% 0.00% 2.72% 5.59% 4.16% 4.35%
Enterprise Value to Invested Capital (EV/IC)
2.36 5.60 4.96 4.88 4.95 9.29 7.88 2.74 2.87 2.70
Enterprise Value to Revenue (EV/Rev)
3.82 3.42 5.00 3.44 0.00 7.54 6.33 6.41 5.68 5.06
Enterprise Value to EBITDA (EV/EBITDA)
12.08 9.40 16.87 11.26 20.42 50.27 25.67 16.06 16.29 14.98
Enterprise Value to EBIT (EV/EBIT)
22.94 16.20 30.01 14.19 30.87 131.88 35.44 19.23 20.46 19.26
Enterprise Value to NOPAT (EV/NOPAT)
39.32 24.86 25.36 23.53 39.74 79.46 49.00 49.95 33.41 26.05
Enterprise Value to Operating Cash Flow (EV/OCF)
11.52 12.16 20.51 17.54 21.04 55.53 30.11 21.61 23.10 17.90
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 3.12 0.00 10.66 0.00 16.73 0.00 0.00 0.00 48.58
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
1.44 0.89 1.76 1.05 2.88 2.97 6.41 8.35 5.41 4.45
Long-Term Debt to Equity
0.96 0.87 1.76 1.04 2.88 2.96 6.39 8.27 5.34 4.39
Financial Leverage
0.60 0.38 0.05 0.44 0.97 1.38 2.17 5.43 5.31 4.01
Leverage Ratio
3.52 3.48 3.48 3.67 4.34 5.96 8.41 10.71 9.11 7.13
Compound Leverage Factor
3.06 2.95 2.43 3.51 4.32 0.79 10.14 10.80 7.48 5.69
Debt to Total Capital
59.03% 47.06% 63.81% 51.22% 74.26% 74.84% 86.51% 89.31% 84.40% 81.64%
Short-Term Debt to Total Capital
19.63% 1.10% 0.23% 0.41% 0.20% 0.27% 0.31% 0.91% 1.19% 1.05%
Long-Term Debt to Total Capital
39.41% 45.96% 63.59% 50.81% 74.05% 74.56% 86.21% 88.39% 83.22% 80.59%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.14% 0.00% 0.00% 0.00% 0.00% 0.33%
Common Equity to Total Capital
40.97% 52.94% 36.19% 48.78% 25.61% 25.16% 13.49% 10.69% 15.60% 18.03%
Debt to EBITDA
3.53 2.03 4.32 1.61 4.94 6.90 5.00 6.38 5.63 5.32
Net Debt to EBITDA
2.60 1.30 3.46 0.70 2.34 2.15 2.41 5.18 4.61 4.33
Long-Term Debt to EBITDA
2.35 1.99 4.30 1.60 4.93 6.88 4.98 6.31 5.55 5.25
Debt to NOPAT
11.48 5.38 6.49 3.37 9.61 10.91 9.55 19.83 11.54 9.25
Net Debt to NOPAT
8.46 3.45 5.21 1.46 4.55 3.40 4.60 16.11 9.45 7.52
Long-Term Debt to NOPAT
7.66 5.26 6.47 3.34 9.59 10.87 9.51 19.63 11.38 9.13
Altman Z-Score
1.48 1.78 2.08 2.99 2.08 2.53 3.09 1.52 1.79 1.81
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.27% 0.31% 0.00% 0.00% 0.00% 0.99%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.34 0.53 0.57 0.94 0.73 0.55 1.27 0.55 0.53 0.57
Quick Ratio
0.22 0.22 0.22 0.63 0.44 0.24 0.84 0.34 0.33 0.38
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-395 902 -213 325 -367 475 -219 -2,724 -224 285
Operating Cash Flow to CapEx
610.85% 795.19% 184.00% 132.40% 220.73% 61.14% 365.47% 371.49% 126.00% 141.26%
Free Cash Flow to Firm to Interest Expense
-13.80 20.64 -3.04 8.12 -5.17 5.94 -2.59 -18.49 -0.84 0.98
Operating Cash Flow to Interest Expense
9.25 5.30 3.07 4.93 4.08 1.79 3.96 3.64 2.26 2.67
Operating Cash Flow Less CapEx to Interest Expense
7.73 4.63 1.40 1.21 2.23 -1.14 2.88 2.66 0.47 0.78
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.34 0.36 0.38 0.49 0.00 0.40 0.56 0.39 0.37 0.38
Accounts Receivable Turnover
11.12 13.22 16.62 25.74 0.00 28.56 40.54 29.24 26.13 26.60
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
1.37 1.45 1.51 1.48 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover
4.48 0.00 0.00 12.66 18.83 13.39 15.12 10.95 10.96 10.60
Days Sales Outstanding (DSO)
32.84 27.61 21.96 14.18 0.00 12.78 9.00 12.48 13.97 13.72
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
81.41 0.00 0.00 28.82 19.38 27.25 24.15 33.33 33.30 34.43
Cash Conversion Cycle (CCC)
-48.57 27.61 21.96 -14.64 0.00 -14.47 -15.14 -20.85 -19.33 -20.71
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
1,292 503 890 711 1,231 856 1,282 4,238 4,882 5,128
Invested Capital Turnover
0.76 0.92 1.27 1.26 0.00 1.01 1.49 0.66 0.54 0.55
Increase / (Decrease) in Invested Capital
472 -789 387 -178 520 -375 426 2,956 643 246
Enterprise Value (EV)
3,047 2,814 4,412 3,469 6,094 7,952 10,103 11,601 13,994 13,828
Market Capitalization
2,391 2,424 3,506 3,253 5,394 7,612 9,154 7,859 10,036 9,815
Book Value per Share
$35.12 $41.25 $41.51 $34.87 $12.76 $9.30 $8.02 $14.74 $11.98 $14.74
Tangible Book Value per Share
($41.19) $12.61 $9.94 ($9.48) ($5.74) ($8.88) ($10.67) ($68.55) ($32.50) ($30.28)
Total Capital
1,507 1,294 1,770 970 1,985 1,459 2,275 5,157 5,730 6,011
Total Debt
889 609 1,129 497 1,474 1,092 1,968 4,606 4,836 4,907
Total Long-Term Debt
594 595 1,125 493 1,470 1,088 1,961 4,559 4,768 4,844
Net Debt
656 390 906 216 697 340 949 3,742 3,959 3,993
Capital Expenditures (CapEx)
43 29 117 149 131 234 92 145 481 547
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-229 -288 -245 -184 -219 -306 -242 -435 -509 -507
Debt-free Net Working Capital (DFNWC)
-125 -208 -193 -11 -76 -185 114 -230 -287 -254
Net Working Capital (NWC)
-421 -222 -197 -15 -80 -189 107 -277 -355 -317
Net Nonoperating Expense (NNE)
12 5.07 33 -205 16 182 -43 -207 1.63 102
Net Nonoperating Obligations (NNO)
675 -182 249 238 720 489 975 3,687 3,988 4,024
Total Depreciation and Amortization (D&A)
119 126 115 64 101 98 109 119 175 205
Debt-free, Cash-free Net Working Capital to Revenue
-28.68% -34.96% -27.74% -18.28% 0.00% -29.04% -15.16% -24.02% -20.67% -18.53%
Debt-free Net Working Capital to Revenue
-15.63% -25.28% -21.88% -1.10% 0.00% -17.56% 7.11% -12.71% -11.66% -9.29%
Net Working Capital to Revenue
-52.65% -27.01% -22.33% -1.50% 0.00% -17.94% 6.67% -15.31% -14.42% -11.59%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.62 $1.09 $1.48 $4.27 $1.72 ($1.04) $3.23 $5.79 $5.55 $5.73
Adjusted Weighted Average Basic Shares Outstanding
103.35M 98.40M 94.20M 82.60M 80.20M 79.20M 77.20M 75.80M 75.20M 74M
Adjusted Diluted Earnings per Share
$0.62 $1.07 $1.46 $4.24 $1.69 ($1.04) $3.18 $5.71 $5.49 $0.00
Adjusted Weighted Average Diluted Shares Outstanding
105.46M 100.80M 96M 83.20M 81.20M 80.20M 77.20M 77M 76.10M 74.60M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $4.27 $1.72 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
99.57M 98.59M 81.05M 80.57M 79.24M 153.90M 77.20M 74.76M 73.68M 73.55M
Normalized Net Operating Profit after Tax (NOPAT)
86 98 117 147 153 54 217 260 437 534
Normalized NOPAT Margin
10.77% 11.87% 13.28% 14.61% 0.00% 5.16% 13.60% 14.36% 17.76% 19.52%
Pre Tax Income Margin
14.45% 17.92% 11.61% 23.18% 0.00% 0.76% 21.51% 33.64% 22.82% 20.96%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
4.64 3.97 2.10 6.09 2.78 0.75 3.37 4.10 2.55 2.48
NOPAT to Interest Expense
2.71 2.59 2.49 3.68 2.16 1.25 2.43 1.58 1.56 1.83
EBIT Less CapEx to Interest Expense
3.13 3.31 0.43 2.37 0.93 -2.17 2.28 3.12 0.76 0.59
NOPAT Less CapEx to Interest Expense
1.20 1.92 0.82 -0.05 0.31 -1.68 1.35 0.60 -0.23 -0.06
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
26.69% 17.67% 15.30% 6.72% 16.18% -28.50% 9.96% 5.92% 6.49% 6.80%
Augmented Payout Ratio
253.07% 53.75% 144.06% 157.34% 85.42% -63.09% 129.39% 45.72% 19.89% 50.15%

Quarterly Metrics and Ratios for Churchill Downs

This table displays calculated financial ratios and metrics derived from Churchill Downs' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Growth Metrics
- - - - - - - - - -
Revenue Growth
-2.52% 31.61% 53.67% 31.93% 49.44% 16.89% 5.61% 15.90% 9.78% 11.23%
EBITDA Growth
0.74% -17.43% 273.17% -46.47% 66.63% 206.11% -33.66% 41.65% 10.64% 17.72%
EBIT Growth
-0.74% -59.26% 396.41% -52.46% 73.21% 645.45% -42.88% 46.32% 8.08% 19.89%
NOPAT Growth
3.37% -70.73% 162.43% 14.70% 71.17% 938.81% 11.62% 45.54% 15.59% 18.41%
Net Income Growth
-7.17% -97.69% 269.83% -57.85% 7.02% 5,660.00% -48.36% 46.99% 8.52% 25.52%
EPS Growth
0.00% -97.69% 0.00% 0.00% 0.00% 7,600.00% 0.00% 0.00% 0.00% 25.97%
Operating Cash Flow Growth
-22.93% 63.94% 59.69% -23.78% 120.14% -5.16% 17.97% 16.45% 76.09% 22.63%
Free Cash Flow Firm Growth
-194.55% -641.65% -2,742.90% -1,911.93% -2,510.30% 81.06% 81.01% 86.65% 93.46% 73.97%
Invested Capital Growth
13.65% 230.66% 233.92% 263.87% 230.66% 15.18% 15.26% 14.56% 6.48% 5.04%
Revenue Q/Q Growth
-34.23% 25.32% 16.54% 37.35% -25.50% -1.97% 5.29% 50.74% -29.44% -0.68%
EBITDA Q/Q Growth
-80.90% -47.13% 443.20% -2.43% -40.53% -2.88% 17.72% 108.32% -53.55% 3.34%
EBIT Q/Q Growth
-85.84% -78.72% 1,545.45% -4.12% -48.40% -8.42% 26.08% 145.61% -61.89% 1.59%
NOPAT Q/Q Growth
-65.35% -83.26% 991.15% 81.22% -48.29% 1.59% 17.24% 136.29% -58.93% 4.07%
Net Income Q/Q Growth
-83.20% -98.25% 15,470.00% -8.16% -57.34% -5.57% 39.58% 161.44% -68.51% 9.21%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth
-82.21% 156.98% 92.25% -13.29% -48.61% 10.71% 139.15% -14.41% -22.29% -22.90%
Free Cash Flow Firm Q/Q Growth
-174.37% -2,278.04% 2.33% -4.89% -7.15% 82.75% 2.05% 26.27% 47.52% 31.31%
Invested Capital Q/Q Growth
19.34% 194.46% 0.00% 3.54% 8.45% 2.57% 0.07% 2.92% 0.80% 1.18%
Profitability Metrics
- - - - - - - - - -
Gross Margin
26.78% 27.35% 30.74% 38.87% 28.65% 28.69% 31.34% 43.56% 29.53% 28.79%
EBITDA Margin
25.03% 10.56% 49.22% 34.96% 27.91% 27.66% 30.92% 42.73% 28.13% 29.27%
Operating Margin
16.44% 2.44% 21.43% 29.36% 19.62% 18.92% 21.37% 37.05% 20.03% 20.31%
EBIT Margin
17.54% 2.98% 42.06% 29.36% 20.33% 19.00% 22.75% 37.06% 20.02% 20.47%
Profit (Net Income) Margin
14.88% 0.21% 27.83% 18.61% 10.66% 10.26% 13.61% 23.60% 10.53% 11.58%
Tax Burden Percent
77.66% -32.26% 74.53% 71.79% 74.57% 80.11% 78.98% 71.42% 76.89% 79.45%
Interest Burden Percent
109.23% -21.68% 88.78% 88.30% 70.27% 67.45% 75.74% 89.15% 68.44% 71.21%
Effective Tax Rate
22.34% 0.00% 25.47% 28.21% 25.43% 19.89% 21.02% 28.58% 23.11% 20.55%
Return on Invested Capital (ROIC)
16.00% 1.12% 11.63% 16.51% 11.24% 8.18% 9.23% 14.70% 8.37% 8.82%
ROIC Less NNEP Spread (ROIC-NNEP)
16.92% 0.81% 14.59% 15.59% 10.27% 7.47% 8.72% 14.02% 7.59% 8.11%
Return on Net Nonoperating Assets (RNNOA)
31.19% 4.40% 64.03% 44.29% 32.12% 39.66% 43.22% 55.43% 29.64% 32.53%
Return on Equity (ROE)
47.18% 5.52% 75.66% 60.80% 43.36% 47.85% 52.45% 70.14% 38.01% 41.35%
Cash Return on Invested Capital (CROIC)
5.66% -98.70% -97.39% -102.57% -95.89% -4.92% -4.77% -2.90% 4.20% 5.69%
Operating Return on Assets (OROA)
7.77% 1.17% 18.12% 11.49% 8.47% 7.11% 8.50% 14.10% 7.68% 7.87%
Return on Assets (ROA)
6.59% 0.08% 11.99% 7.28% 4.44% 3.84% 5.09% 8.98% 4.04% 4.45%
Return on Common Equity (ROCE)
47.18% 5.52% 75.66% 60.80% 43.36% 47.85% 52.45% 69.54% 37.68% 40.94%
Return on Equity Simple (ROE_SIMPLE)
78.62% 0.00% 78.53% 41.78% 40.59% 0.00% 41.36% 39.69% 37.78% 0.00%
Net Operating Profit after Tax (NOPAT)
49 8.19 89 162 84 85 100 236 97 101
NOPAT Margin
12.77% 1.71% 15.97% 21.07% 14.63% 15.16% 16.88% 26.46% 15.40% 16.14%
Net Nonoperating Expense Percent (NNEP)
-0.92% 0.31% -2.96% 0.92% 0.97% 0.72% 0.51% 0.68% 0.78% 0.71%
Return On Investment Capital (ROIC_SIMPLE)
- 0.16% - - - 1.48% - - - 1.68%
Cost of Revenue to Revenue
73.22% 72.65% 69.26% 61.13% 71.35% 71.31% 68.66% 56.44% 70.47% 71.21%
SG&A Expenses to Revenue
10.02% 10.73% 9.35% 6.26% 8.77% 9.21% 9.27% 6.44% 9.51% 10.53%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
10.34% 24.91% 9.31% 9.51% 9.03% 9.76% 9.97% 6.51% 9.50% 8.47%
Earnings before Interest and Taxes (EBIT)
67 14 235 226 116 107 134 330 126 128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
96 51 275 269 160 155 183 381 177 183
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
11.26 14.25 13.60 12.16 9.74 11.23 11.16 9.95 9.05 9.06
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)
4.07 4.34 4.78 4.74 3.64 4.08 3.70 3.92 3.72 3.59
Price to Earnings (P/E)
14.32 17.89 17.32 29.11 24.01 24.05 26.99 25.13 24.05 23.00
Dividend Yield
0.36% 0.34% 0.28% 0.00% 0.00% 0.28% 0.31% 0.27% 0.28% 0.31%
Earnings Yield
6.98% 5.59% 5.77% 3.43% 4.17% 4.16% 3.70% 3.98% 4.16% 4.35%
Enterprise Value to Invested Capital (EV/IC)
5.37 2.74 3.09 3.17 2.63 2.87 2.72 2.84 2.74 2.70
Enterprise Value to Revenue (EV/Rev)
4.56 6.41 6.54 6.35 5.26 5.68 5.33 5.45 5.20 5.06
Enterprise Value to EBITDA (EV/EBITDA)
10.54 16.06 14.19 20.15 16.60 16.29 17.34 16.23 15.52 14.98
Enterprise Value to EBIT (EV/EBIT)
12.37 19.23 16.57 25.66 21.18 20.46 22.79 20.74 19.94 19.26
Enterprise Value to NOPAT (EV/NOPAT)
30.95 49.95 45.64 44.42 36.01 33.41 30.97 28.39 26.99 26.05
Enterprise Value to Operating Cash Flow (EV/OCF)
15.67 21.61 21.23 24.89 20.48 23.10 20.61 21.11 18.56 17.90
Enterprise Value to Free Cash Flow (EV/FCFF)
100.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 67.32 48.58
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
5.19 8.35 6.28 5.41 5.31 5.41 5.96 4.64 4.34 4.45
Long-Term Debt to Equity
5.18 8.27 6.18 5.33 5.24 5.34 5.88 4.58 4.28 4.39
Financial Leverage
1.84 5.43 4.39 2.84 3.13 5.31 4.96 3.95 3.90 4.01
Leverage Ratio
8.04 10.71 9.11 7.69 7.61 9.11 8.71 7.23 6.95 7.13
Compound Leverage Factor
8.78 -2.32 8.09 6.79 5.35 6.14 6.60 6.45 4.76 5.07
Debt to Total Capital
83.85% 89.31% 86.26% 84.40% 84.16% 84.40% 85.63% 82.27% 81.26% 81.64%
Short-Term Debt to Total Capital
0.18% 0.91% 1.40% 1.24% 1.21% 1.19% 1.18% 1.15% 1.06% 1.05%
Long-Term Debt to Total Capital
83.66% 88.39% 84.86% 83.16% 82.95% 83.22% 84.45% 81.12% 80.20% 80.59%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.27% 0.30% 0.33%
Common Equity to Total Capital
16.15% 10.69% 13.74% 15.60% 15.84% 15.60% 14.37% 17.45% 18.44% 18.03%
Debt to EBITDA
4.34 6.38 4.79 6.69 6.26 5.63 6.43 5.53 5.40 5.32
Net Debt to EBITDA
1.13 5.18 3.82 5.12 5.13 4.61 5.29 4.53 4.41 4.33
Long-Term Debt to EBITDA
4.33 6.31 4.71 6.59 6.17 5.55 6.34 5.46 5.33 5.25
Debt to NOPAT
12.75 19.83 15.40 14.74 13.58 11.54 11.48 9.68 9.39 9.25
Net Debt to NOPAT
3.31 16.11 12.30 11.28 11.12 9.45 9.46 7.92 7.68 7.52
Long-Term Debt to NOPAT
12.72 19.63 15.15 14.53 13.38 11.38 11.33 9.54 9.27 9.13
Altman Z-Score
1.95 1.20 1.57 1.70 1.43 1.52 1.40 1.67 1.57 1.54
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.85% 0.89% 0.99%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
3.67 0.55 0.54 0.90 0.55 0.53 0.50 0.57 0.55 0.57
Quick Ratio
0.37 0.34 0.36 0.70 0.35 0.33 0.32 0.36 0.35 0.38
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-124 -2,948 -2,880 -3,020 -3,236 -558 -547 -403 -212 -145
Operating Cash Flow to CapEx
45.24% 70.28% 0.00% 105.35% 51.80% 59.70% 164.32% 159.12% 134.87% 100.93%
Free Cash Flow to Firm to Interest Expense
-3.42 -53.90 -44.51 -46.32 -47.66 -7.91 -7.77 -5.49 -2.89 -2.00
Operating Cash Flow to Interest Expense
1.21 2.05 3.34 2.87 1.42 1.51 3.62 2.97 2.32 1.79
Operating Cash Flow Less CapEx to Interest Expense
-1.46 -0.87 4.28 0.15 -1.32 -1.02 1.42 1.10 0.60 0.02
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.44 0.39 0.43 0.39 0.42 0.37 0.37 0.38 0.38 0.38
Accounts Receivable Turnover
28.24 29.24 33.42 30.24 27.75 26.13 26.38 24.26 27.34 26.60
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
1.48 0.00 1.28 1.30 1.31 0.00 1.05 1.05 1.03 0.00
Accounts Payable Turnover
11.67 10.95 11.23 9.80 11.61 10.96 10.11 9.06 9.97 10.60
Days Sales Outstanding (DSO)
12.92 12.48 10.92 12.07 13.16 13.97 13.84 15.04 13.35 13.72
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
31.27 33.33 32.50 37.23 31.43 33.30 36.09 40.30 36.61 34.43
Cash Conversion Cycle (CCC)
-18.35 -20.85 -21.58 -25.17 -18.28 -19.33 -22.26 -25.26 -23.27 -20.71
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
1,439 4,238 4,238 4,388 4,759 4,882 4,885 5,027 5,068 5,128
Invested Capital Turnover
1.25 0.66 0.73 0.78 0.77 0.54 0.55 0.56 0.54 0.55
Increase / (Decrease) in Invested Capital
173 2,956 2,969 3,182 3,320 643 647 639 308 246
Enterprise Value (EV)
7,723 11,601 13,111 13,918 12,529 13,994 13,288 14,257 13,897 13,828
Market Capitalization
6,897 7,859 9,577 10,385 8,659 10,036 9,231 10,261 9,927 9,815
Book Value per Share
$16.25 $14.74 $18.84 $22.81 $11.87 $11.98 $11.16 $14.02 $14.94 $14.74
Tangible Book Value per Share
($6.58) ($68.55) ($64.48) ($59.68) ($32.44) ($32.50) ($33.58) ($31.07) ($30.17) ($30.28)
Total Capital
3,794 5,157 5,127 5,473 5,612 5,730 5,754 5,906 5,949 6,011
Total Debt
3,181 4,606 4,423 4,619 4,723 4,836 4,927 4,859 4,834 4,907
Total Long-Term Debt
3,174 4,559 4,351 4,551 4,655 4,768 4,859 4,791 4,771 4,844
Net Debt
827 3,742 3,533 3,534 3,870 3,959 4,057 3,980 3,952 3,993
Capital Expenditures (CapEx)
97 160 -61 178 186 178 155 137 126 129
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-372 -435 -482 -438 -425 -509 -575 -490 -491 -507
Debt-free Net Working Capital (DFNWC)
1,322 -230 -245 3.20 -231 -287 -353 -259 -260 -254
Net Working Capital (NWC)
1,315 -277 -317 -65 -299 -355 -421 -327 -323 -317
Net Nonoperating Expense (NNE)
-8.08 7.19 -66 19 23 27 19 25 31 28
Net Nonoperating Obligations (NNO)
827 3,687 3,534 3,535 3,871 3,988 4,058 3,980 3,953 4,024
Total Depreciation and Amortization (D&A)
29 36 40 43 43 49 48 51 51 55
Debt-free, Cash-free Net Working Capital to Revenue
-21.93% -24.02% -24.05% -19.98% -17.83% -20.67% -23.07% -18.74% -18.38% -18.53%
Debt-free Net Working Capital to Revenue
77.99% -12.71% -12.21% 0.15% -9.72% -11.66% -14.17% -9.91% -9.72% -9.29%
Net Working Capital to Revenue
77.58% -15.31% -15.80% -2.96% -12.57% -14.42% -16.89% -12.51% -12.08% -11.59%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.01 $0.00 $0.00 $0.00 $0.77 $0.00 $0.00 $0.87 $0.97
Adjusted Weighted Average Basic Shares Outstanding
75.60M 151.80M 75.20M 75.30M 75.20M 75.20M 74.10M 73.90M 73.90M 74M
Adjusted Diluted Earnings per Share
$0.00 $0.01 $0.00 $0.00 $0.00 $0.77 $0.00 $0.00 $0.00 $0.97
Adjusted Weighted Average Diluted Shares Outstanding
76.80M 154M 76.20M 76.90M 77.10M 76.10M 74.70M 74.60M 74.60M 74.60M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.01 $0.00 $0.00 $0.00 $0.77 $0.00 $0.00 $0.00 $0.97
Adjusted Weighted Average Basic & Diluted Shares Outstanding
74.81M 74.76M 74.87M 74.87M 74.59M 73.68M 73.50M 73.42M 73.50M 73.55M
Normalized Net Operating Profit after Tax (NOPAT)
49 32 89 180 84 85 100 236 100 101
Normalized NOPAT Margin
12.77% 6.58% 15.97% 23.36% 14.63% 15.16% 16.88% 26.46% 15.88% 16.14%
Pre Tax Income Margin
19.16% -0.65% 37.34% 25.92% 14.29% 12.81% 17.23% 33.04% 13.70% 14.58%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
1.86 0.26 3.64 3.46 1.71 1.51 1.91 4.49 1.72 1.76
NOPAT to Interest Expense
1.35 0.15 1.38 2.48 1.23 1.21 1.42 3.21 1.32 1.38
EBIT Less CapEx to Interest Expense
-0.81 -2.66 4.58 0.73 -1.02 -1.02 -0.29 2.63 0.00 -0.02
NOPAT Less CapEx to Interest Expense
-1.32 -2.77 2.32 -0.24 -1.50 -1.32 -0.78 1.34 -0.39 -0.39
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
5.34% 5.92% 4.88% 7.57% 7.51% 6.49% 8.48% 7.14% 7.00% 6.80%
Augmented Payout Ratio
46.56% 45.72% 32.21% 33.05% 26.14% 19.89% 66.11% 58.48% 50.14% 50.15%

Frequently Asked Questions About Churchill Downs' Financials

When does Churchill Downs's financial year end?

According to the most recent income statement we have on file, Churchill Downs' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Churchill Downs' net income changed over the last 9 years?

Churchill Downs' net income appears to be on an upward trend, with a most recent value of $429.10 million in 2024, rising from $65.20 million in 2015. The previous period was $417.30 million in 2023.

What is Churchill Downs's operating income?
Churchill Downs's total operating income in 2024 was $709 million, based on the following breakdown:
  • Total Gross Profit: $938.50 million
  • Total Operating Expenses: $229.50 million
How has Churchill Downs revenue changed over the last 9 years?

Over the last 9 years, Churchill Downs' total revenue changed from $798.60 million in 2015 to $2.73 billion in 2024, a change of 242.4%.

How much debt does Churchill Downs have?

Churchill Downs' total liabilities were at $6.17 billion at the end of 2024, a 1.8% increase from 2023, and a 271.8% increase since 2015.

How much cash does Churchill Downs have?

In the past 9 years, Churchill Downs' cash and equivalents has ranged from $45.30 million in 2016 to $291.30 million in 2021, and is currently $175.50 million as of their latest financial filing in 2024.

How has Churchill Downs' book value per share changed over the last 9 years?

Over the last 9 years, Churchill Downs' book value per share changed from 35.12 in 2015 to 14.74 in 2024, a change of -58.0%.

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This page (NASDAQ:CHDN) was last updated on 4/15/2025 by MarketBeat.com Staff
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