Churchill Downs Incorporated Financial Ratios — CHDN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	11.81	9.49	8.14	6.61	9.9	16.6	21.2	63.36	28.02	-18.71	73.93	102.39	57.75	43.17	36.59
Return on Assets (%)	6.55	5.65	4.45	2.5	2.81	4.77	6.09	17.27	6.43	-3.13	8.79	9.56	6.34	6	5.19
Return on Capital (%)	9.28	7.76	6.09	4.65	5.78	9.1	- -	24.57	11.26	- -	14.56	14.69	11.32	10.91	9.76
Return on Invested Capital (%)	6.79	7.25	5.99	4.77	5.38	6.5	- -	9.94	9.4	- -	10.46	7.81	8.08	8.91	8.71
Gross Margin (%)	20.89	22.34	22.23	22.03	27.02	27.77	28.69	28.71	25.8	18.36	27.93	31.3	32.32	34.32	33.58
EBITDA Margin (%)	19.4	19.85	19.49	20.8	30.77	33.41	32.21	26.04	24.22	16.76	26.05	28.8	31.22	33.12	33.35
Operating Margin (%)	11.49	12.24	11.57	12.39	15.82	18.12	19.23	19.73	16.62	7.47	19.26	22.22	24.11	25.63	25.17
Incremental Operating Margin (%)	43.47	27.6	1.16	31.65	-188.97	95.38	34.39	23.26	6.83	51.61	42.14	44.5	29.33	39.4	18.58
Pretax Margin (%)	13.64	12.47	10.98	9.42	14.45	17.92	11.61	23.18	14.77	0.76	21.51	33.64	22.82	20.96	18.2
Profit Margin (%)	9.24	7.97	7.05	5.71	8.16	13.14	15.92	34.97	10.34	-7.77	15.6	24.28	16.95	15.61	13.09
Net Income to Common Margin (%)	9.24	7.97	7.05	5.71	8.16	13.14	15.92	34.97	10.34	-7.77	15.6	24.28	16.95	15.61	13.09
Effective Tax Rate (%)	36.06	36.26	35.64	39.35	38.65	34.4	- -	21.93	28.92	- -	27.5	27.83	25.72	25.14	27.59
Dvd Payout Ratio (%)	13.43	38.62	- -	32.76	24.58	19.75	17.57	12.98	15.94	178.63	9.96	5.92	6.49	6.77	7.94
Sustainable Growth Rate (%)	10.22	5.82	8.14	4.44	7.47	13.32	17.48	55.14	23.55	14.71	66.57	96.33	54	40.25	33.69

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	133	216	370	764	782	922	1,129	884	1,474	1,622	1,968	4,606	4,844	4,916	5,139
ST Debt	5	216	1	11	16	14	4	4	4	4	7	47	76	72	72
LT Debt	128	- -	369	753	766	908	1,125	880	1,470	1,618	1,961	4,559	4,768	4,844	5,067
Total Debt/EBITDA	0.98	1.49	2.44	4.52	3.18	3.35	3.97	3.37	4.58	9.19	4.73	8.84	6.3	5.43	5.27
Net Debt/EBITDA	0.78	1.23	2.14	4.12	2.88	3.19	3.79	2.86	4.28	8.8	4.03	8.59	6.1	5.23	5.05
Total Debt/EBIT	1.66	2.41	4.11	7.6	6.19	6.19	6.65	4.44	6.67	20.61	6.4	11.45	8.16	7.01	6.98
Net Debt/EBIT	1.32	1.99	3.61	6.92	5.6	5.88	6.35	3.77	6.23	19.76	5.45	11.13	7.91	6.75	6.69
EBITDA to Interest Expense	15.15	32.03	24.37	8.12	8.59	6.29	5.77	6.55	4.54	2.21	4.91	3.54	2.86	3.12	3.28
EBITDA-CapEx/Interest Expense	12.36	22.42	16.12	5.39	6.99	6.23	5.77	6.55	4.09	2.21	4.91	3.31	2.86	3.12	2.66
EBIT to Interest Expense	8.97	19.76	14.46	4.84	4.42	3.41	3.44	4.97	3.12	0.98	3.63	2.73	2.21	2.42	2.47
Interest Expense	9	5	6	21	29	44	49	40	71	80	85	147	268	290	298
Common Equity/Total Assets	61.61	57.82	52.12	29.71	27.1	30.39	27.14	27.43	19.93	13.67	10.29	8.89	12.85	14.89	13.49
Long-Term Debt/Equity (%)	21.84	- -	52.38	107.55	124.04	132.48	175.73	185.99	287.65	440.83	639.18	826.6	533.61	439.06	479.93
Long-Term Debt/Capital (%)	17.79	- -	34.34	51.42	54.72	56.48	63.59	64.84	74.05	81.35	86.21	88.39	83.1	80.48	81.8
Long-Term Debt/Total Assets (%)	13.46	- -	27.3	31.95	33.62	40.25	47.69	51.03	57.62	60.24	65.77	73.45	68.55	66.58	67.7
Total Debt/Equity (%)	22.78	33.49	52.52	109.16	126.67	134.55	176.35	186.84	288.43	441.92	641.46	835.12	542.09	445.56	486.7
Total Debt/Capital (%)	18.55	25.09	34.44	52.19	55.88	57.37	63.81	65.14	74.26	81.55	86.51	89.31	84.43	81.67	82.96
Total Debt/Total Assets (%)	14.03	19.36	27.37	32.43	34.33	40.88	47.86	51.26	57.78	60.39	66	74.2	69.64	67.56	68.66
Net Debt to Equity	18.1	27.72	46.18	99.45	114.6	127.94	168.28	158.67	269.61	423.56	546.51	811.59	525.04	428.87	466.91
Net Debt/Capital (%)	15.33	21.7	31.59	49.86	53.4	56.13	62.73	61.34	72.94	80.9	84.53	89.03	83.88	80.97	82.24
EBITDA	135	145	152	169	246	275	284	263	322	177	416	521	769	906	976
EBITDA-CapEx	110	102	100	112	200	272	284	263	290	177	416	488	769	906	791
Operating Income (Loss)	80	90	90	101	126	149	170	199	221	79	308	402	593	701	736

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.16	0.09	0.21	0.2	0.12	0.1	0.11	0.52	0.32	0.16	0.74	0.21	0.19	0.24	0.27
Current Ratio	0.83	0.36	0.75	0.72	0.34	0.53	0.57	0.94	0.73	0.55	1.27	0.55	0.53	0.57	0.6
Quick Ratio	0.47	0.21	0.49	0.52	0.22	0.26	0.3	0.7	0.49	0.36	1.01	0.36	0.35	0.4	0.42
CFO/Avg Current Liab	0.96	0.5	0.47	0.52	0.54	0.42	0.47	0.56	1.04	0.39	0.82	1.06	0.88	1.04	1.05
Common Equity/Total Assets	61.61	57.82	52.12	29.71	27.1	30.39	27.14	27.43	19.93	13.67	10.29	8.89	12.85	14.89	13.49
Long-Term Debt/Equity (%)	21.84	- -	52.38	107.55	124.04	132.48	175.73	185.99	287.65	440.83	639.18	826.6	533.61	439.06	479.93
Long-Term Debt/Capital (%)	17.79	- -	34.34	51.42	54.72	56.48	63.59	64.84	74.05	81.35	86.21	88.39	83.1	80.48	81.8
Long-Term Debt/Total Assets (%)	13.46	- -	27.3	31.95	33.62	40.25	47.69	51.03	57.62	60.24	65.77	73.45	68.55	66.58	67.7
Total Debt/Equity (%)	22.78	33.49	52.52	109.16	126.67	134.55	176.35	186.84	288.43	441.92	641.46	835.12	542.09	445.56	486.7
Total Debt/Capital (%)	18.55	25.09	34.44	52.19	55.88	57.37	63.81	65.14	74.26	81.55	86.51	89.31	84.43	81.67	82.96
Total Debt/Total Assets (%)	14.03	19.36	27.37	32.43	34.33	40.88	47.86	51.26	57.78	60.39	66	74.2	69.64	67.56	68.66
CFO/Total Liabilities	47.53	30.66	22.38	8.55	15.93	14.74	12.51	15.8	14.2	6.12	12.54	9.49	9.99	12.52	11.97
CFO/CapEx	6.94	3.31	2.82	2.49	5.78	92.56	- -	- -	9.02	- -	- -	16.12	- -	- -	4.15
Altman's Z-Score	3.66	3.19	3.35	2.31	2.33	1.99	2.37	3.63	3.08	2.79	3.46	2	2.44	2.51	2.32

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	26.73	38.37	43.98	32.84	24.08	41.12	141.22	152.88	132.97	112.13	226.55	180.08	89.35	68.44	81.5
Days Sales Outstanding	13.65	9.51	8.3	11.12	15.16	8.88	2.58	2.39	2.74	3.26	1.61	2.03	4.08	5.33	4.48
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	193.72	124.71	165.39
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.88	2.93	2.21
Accounts Payable Turnover	10.58	10.89	13.33	14.34	13.83	13.41	12.15	14.23	18.83	13.39	15.12	10.95	11.07	10.57	10.66
Accounts Payable Turnover Days	34.5	33.52	27.39	25.45	26.39	27.22	30.04	25.65	19.38	27.25	24.15	33.33	32.96	34.54	34.24
Cash Conversion Cycle	-20.85	-24	-19.09	-14.33	-11.23	-18.34	-27.46	-23.26	-16.64	-24	-22.54	-31.31	-26.99	-26.28	-27.55
Inventory to Cash Days	13.65	9.51	8.3	11.12	15.16	8.88	2.58	2.39	2.74	3.26	1.61	2.03	2.2	2.41	2.27
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	12	12
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	12	12

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	896	1,159	1,609	1,665	2,349	2,482	3,583	3,285	5,447	7,695	9,178	7,908	10,052	9,815	7,919
- Cash & Cash Equivalents	27	37	45	68	74	45	52	133	96	67	291	130	144	176	201
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	3	- -	- -	- -	- -	20	46
+ Total Debt	133	216	370	764	782	922	1,129	884	1,474	1,622	1,968	4,606	4,844	4,916	5,139
Enterprise Value	1,001	1,337	1,934	2,361	3,056	3,358	4,661	4,036	6,827	9,250	10,855	12,384	14,752	14,575	12,903
Total Capital	717	860	1,075	1,464	1,399	1,607	1,770	1,358	1,985	1,989	2,275	5,157	5,738	6,019	6,194
Total Debt/Capital (%)	18.55	25.09	34.44	52.19	55.88	57.37	63.81	65.14	74.26	81.55	86.51	89.31	84.43	81.67	82.96
Total Debt / EV	0.13	0.16	0.19	0.32	0.26	0.27	0.24	0.22	0.22	0.18	0.18	0.37	0.33	0.34	0.4
EV/Sales	1.44	1.83	2.48	2.91	3.83	4.08	5.28	4	5.13	8.78	6.8	6.84	5.99	5.33	4.41
EV/EBITDA	7.41	9.21	12.74	13.98	12.44	12.22	16.39	15.36	21.2	52.38	26.09	23.76	19.19	16.1	13.22
EV/EBIT	12.51	14.94	21.47	23.47	24.2	22.54	27.46	20.27	30.89	117.53	35.29	30.79	24.86	20.8	17.52
EV/Cash Flow to Firm	5.6	9.1	12.99	15.31	10.83	12.91	17.01	17.62	20.08	33.65	27.35	19.26	18.32	14.73	13.09
EV/Free Cash Flow to Firm	4.92	7.02	9.65	11.19	9.32	12.79	17.01	17.62	18.35	33.65	27.35	18.31	18.32	14.73	11.02
Diluted Market Cap	893	1,161	1,608	1,676	2,487	2,527	3,723	3,383	5,570	7,811	9,443	8,140	10,268	9,962	8,169
Diluted Enterprise Value	999	1,339	1,933	2,372	3,194	3,403	4,800	4,134	6,951	9,366	11,120	12,616	14,968	14,722	13,154
EV per Share	9.72	12.78	17.96	22.52	30.68	33.92	50.44	49.95	85.99	117.08	142.45	165.56	198.01	198.31	185.39
TTM Sales	697	731	779	812	799	822	883	1,009	1,330	1,054	1,597	1,810	2,462	2,734	2,926
TTM EBITDA	135	145	152	169	246	275	284	263	322	177	416	521	769	906	976
TTM Operating Income	80	90	90	101	126	149	170	199	221	79	308	402	593	701	736
TTM Cash Flow to Firm	179	147	149	154	282	260	274	229	340	275	397	643	805	990	985
TTM Free Cash Flow to Firm	204	191	200	211	328	263	274	229	372	275	397	676	805	990	1,171

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	4.51	6.19	8.19	8.45	8.01	10.8	17.31	17.1	17.32	55.05	28.15	14.28	16.95	12.89	8.55
EV/EBIT	12.51	14.94	21.47	23.47	24.2	22.54	27.46	20.27	30.89	117.53	35.29	30.79	24.86	20.8	17.52
Enterprise Value	1,001	1,337	1,934	2,361	3,056	3,358	4,661	4,036	6,827	9,250	10,855	12,384	14,752	14,575	12,903
Low Price	6.11	8.3	10.6	13.95	15.09	19.79	23.5	37.21	38.69	26.45	87.51	86.38	104.32	111.1	85.58
EV/Sales	1.44	1.83	2.48	2.91	3.83	4.08	5.28	4	5.13	8.78	6.8	6.84	5.99	5.33	4.41
EV/EBITDA	7.41	9.21	12.74	13.98	12.44	12.22	16.39	15.36	21.2	52.38	26.09	23.76	19.19	16.1	13.22
Price/Earnings	13.48	19.43	28.24	35.47	37.38	22.82	26	9.52	40.01	- -	37.33	18.24	24.32	23.15	21.21
Price/Earnings Average	11.13	17.16	24.84	34.36	33.06	21.13	20.38	10.59	32.21	-70.19	33.56	17.97	22.52	22.95	19.73
Price/Earnings High	13.77	19.66	28.6	39.28	40.42	23.84	26.76	12.28	40.29	-102.8	40.63	21.51	27.11	26.04	25.42
Price/Earnings Low	9.48	14.57	20.03	31.15	23.92	18.01	15.76	8.71	22.57	-25.58	27.12	14.9	18.8	19.26	15.95
Price/Book Value	1.53	1.8	2.28	2.38	3.81	3.62	5.6	6.94	10.72	20.96	29.92	14.34	11.25	9.06	7.84
Price/Book Value Average	1.27	1.59	2.01	2.3	3.37	3.36	4.39	7.72	8.63	15.62	26.9	14.13	10.42	8.98	7.3
Price/Book Value High	1.57	1.82	2.31	2.63	4.12	3.79	5.76	8.95	10.79	22.88	32.56	16.91	12.54	10.19	9.4
Price/Book Value Low	1.08	1.35	1.62	2.09	2.44	2.86	3.39	6.35	6.04	5.69	21.73	11.72	8.7	7.54	5.9
Price/Tangible Book Value	3.36	4.62	7.81	-2.41	-3.24	11.85	23.37	-25.53	-23.83	-21.97	-22.49	-3.08	-4.15	-4.41	-3.29
Price/Tangible Book Value Average	2.78	4.08	6.87	-2.33	-2.87	10.97	18.32	-28.4	-19.18	-16.37	-20.22	-3.04	-3.84	-4.37	-3.06
Price/Tangible Book Value High	3.43	4.68	7.91	-2.67	-3.51	12.38	24.06	-32.92	-23.99	-23.97	-24.48	-3.64	-4.62	-4.96	-3.94
Price/Tangible Book Value Low	2.36	3.47	5.54	-2.12	-2.08	9.35	14.16	-23.36	-13.44	-5.97	-16.34	-2.52	-3.21	-3.67	-2.48
Price/Sales	1.24	1.55	1.99	2.03	3.05	3	4.14	3.33	4.14	7.32	5.82	4.43	4.12	3.61	2.78
Price/Sales Average	1.03	1.37	1.75	1.96	2.7	2.78	3.24	3.7	3.33	5.45	5.23	4.36	3.82	3.58	2.58
Price/Sales High	1.27	1.57	2.02	2.24	3.3	3.13	4.26	4.29	4.17	7.99	6.34	5.22	4.6	4.07	3.33
Price/Sales Low	0.88	1.16	1.41	1.78	1.95	2.37	2.51	3.05	2.33	1.99	4.23	3.62	3.19	3.01	2.09
Price/Cash Flow	5.01	7.86	10.7	11.62	9.21	10.66	16.98	16.98	19	54.36	27.72	14.93	16.75	12.79	10.55
Price/Cash Flow Average	4.14	6.94	9.41	11.26	8.15	9.87	13.31	18.89	15.29	40.51	24.92	14.71	15.51	12.68	9.82
Price/Cash Flow High	5.12	7.95	10.83	12.87	9.96	11.14	17.48	21.89	19.13	59.33	30.17	17.6	18.68	14.39	12.65
Price/Cash Flow Low	3.53	5.89	7.59	10.21	5.9	8.42	10.29	15.54	10.71	14.76	20.14	12.2	12.95	10.64	7.94
Price/Free Cash Flow Average	3.73	5.46	7.2	8.18	7.09	10.01	13.56	19.03	13.94	41.02	25.31	14.07	15.7	12.78	7.96
Price/Free Cash Flow High	4.61	6.26	8.29	9.36	8.67	11.29	17.82	22.05	17.44	60.08	30.64	16.84	18.9	14.5	10.25
Price/Free Cash Flow Low	3.17	4.64	5.81	7.42	5.13	8.53	10.49	15.65	9.77	14.95	20.45	11.67	13.1	10.73	6.43
EV/Sales Average	1.21	1.64	2.23	2.84	3.49	3.86	4.4	4.37	4.34	6.92	6.22	6.78	5.69	5.3	4.22
EV/Sales High	1.47	1.85	2.51	3.13	4.07	4.22	5.4	4.94	5.16	9.44	7.3	7.63	6.46	5.78	4.95
EV/Sales Low	1.06	1.43	1.88	2.66	2.77	3.45	3.68	3.72	3.35	3.46	5.22	6.04	5.07	4.73	3.74
EV/EBITDA Average	6.25	8.28	11.46	13.67	11.33	11.55	13.67	16.77	17.91	41.27	23.86	23.54	18.23	16	12.66
EV/EBITDA High	7.55	9.31	12.87	15.04	13.22	12.62	16.76	18.98	21.32	56.36	28.04	26.48	20.7	17.45	14.83
EV/EBITDA Low	5.44	7.22	9.66	12.78	9	10.32	11.43	14.3	13.83	20.64	20.06	20.98	16.23	14.27	11.21
EV/EBIT Average	10.56	13.42	19.32	22.95	22.05	21.31	22.9	22.13	26.09	92.62	32.28	30.5	23.61	20.68	16.77
EV/EBIT High	12.76	15.09	21.7	25.25	25.71	23.28	28.09	25.05	31.06	126.46	37.93	34.31	26.81	22.55	19.65
EV/EBIT Low	9.19	11.7	16.28	21.46	17.5	19.03	19.14	18.87	20.15	46.31	27.13	27.19	21.02	18.44	14.86
Last Price	8.69	11.07	14.94	15.88	23.58	25.07	38.78	40.66	68.6	97.4	120.45	105.72	134.93	133.54	113.78
High Price	8.88	11.2	15.13	17.59	25.5	26.19	39.92	52.43	69.08	106.3	131.1	124.67	150.45	150.21	136.34
Enterprise Value Average	846	1,202	1,741	2,309	2,785	3,175	3,886	4,406	5,766	7,289	9,928	12,267	14,009	14,490	12,350
Enterprise Value High	1,021	1,351	1,955	2,540	3,247	3,469	4,766	4,987	6,865	9,953	11,667	13,801	15,908	15,800	14,473
Enterprise Value Low	735	1,047	1,467	2,159	2,210	2,836	3,249	3,758	4,452	3,644	8,345	10,937	12,471	12,926	10,940

Shares Outstanding	103	105	108	105	100	99	92	81	79	79	76	75	74	73	70
Diluted Weighted Avg Shares	103	105	108	106	105	101	96	83	81	80	78	77	76	75	72
Basic Weighted Avg Shares	100	102	104	104	103	98	94	83	80	79	77	76	75	74	71
Revenue per Share	6.98	7.15	7.51	7.84	7.73	8.36	9.37	12.22	16.58	13.31	20.69	23.88	32.74	36.95	40.98
EBITDA per Share	1.35	1.42	1.46	1.63	2.38	2.79	3.02	3.18	4.01	2.23	5.39	6.88	10.22	12.24	13.67
Operating Income per Share	0.8	0.88	0.87	0.97	1.22	1.51	1.8	2.41	2.76	0.99	3.98	5.31	7.89	9.47	10.31
Basic EPS, GAAP	0.64	0.57	0.53	0.45	0.63	1.1	1.49	4.27	1.71	-1.03	3.23	5.8	5.55	5.77	5.36
Basic EPS from Cont Ops	0.61	0.57	0.53	0.45	0.69	0.98	1.3	2.21	1.74	0.17	3.23	5.8	5.55	5.8	5.4
Diluted EPS, GAAP	0.63	0.56	0.51	0.44	0.62	1.07	1.46	4.24	1.69	-1.02	3.18	5.71	5.48	5.72	5.33
Diluted EPS from Cont Ops	0.59	0.55	0.51	0.44	0.67	0.96	1.27	2.19	1.72	0.17	3.18	5.71	5.48	5.75	5.37
Dividend per Share	0.08	0.22	- -	0.15	0.17	0.19	0.23	0.29	0.28	0.3	0.32	0.34	0.36	0.39	0.43
Cash Flow per Share	1.73	1.41	1.4	1.37	2.56	2.35	2.28	2.39	3.61	1.79	4.35	7.08	8.06	10.44	10.78
Free Cash Flow per Basic Share	1.48	0.98	0.9	0.82	2.12	2.33	2.28	2.39	3.21	1.79	4.35	6.64	8.06	10.44	8.19
Cash & Equivalents per Share	0.27	0.36	0.42	0.65	0.75	0.46	0.56	1.65	1.21	0.85	3.82	1.74	1.94	2.39	2.88
Book Value per Share	5.67	6.15	6.54	6.68	6.2	6.92	6.93	5.86	6.4	4.65	4.03	7.37	11.99	14.74	14.51
Tangible Book Value per Share	2.59	2.4	1.91	-6.59	-7.27	2.12	1.66	-1.59	-2.88	-4.43	-5.36	-34.28	-32.55	-30.28	-34.57

Churchill Downs Incorporated

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)