CHDNChurchill Downs Incorporated
Is the business good?
The checks split: margins widening, but returns that lean on debt.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 36% = margin × turnover × leverage.
All from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CHDN?
Churchill Downs Incorporated earns 9.6% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.63 points above what the capital costs: growth creates value
- Operating margin
- 24%
Operating margin · Gambling median 2.2% · 12 months to Q2 2026
- Share count, year on year
- −2.8%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 5.7% |
| FY2021 | 18% |
| FY2022 | 18% |
| FY2023 | 23% |
| FY2024 | 26% |
| FY2025 | 23% |
Details›
- Operating margin12 months to Q2 2026
- 24%
- Net margin12 months to Q2 2026
- 14%
- Revenue, trailing twelve months
- $2.99B
- Net income, trailing twelve months
- $413M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.