Churchill Downs, Incorporated Financial Ratios — CHR 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 (%)	6.88	7.82	5.99	4.29	5.38	7.53	- -	9.43	9.17	- -	9.67	6.25	7.68	9.01	8.09
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 (%)	19.54	20.81	19.49	19.54	30.77	36.27	29.49	25.01	23.82	15	24.6	24.36	30.03	33.42	31.56
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	- -	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	1.42	2.44	4.81	3.18	3.09	4.34	3.5	4.65	10.26	5.01	10.45	6.55	5.38	5.57
Net Debt/EBITDA	0.78	1.17	2.14	4.39	2.88	2.94	4.14	2.98	4.35	9.83	4.27	10.15	6.35	5.18	5.34
Total Debt/EBIT	1.64	2.23	4.11	8.45	6.19	5.34	7.75	4.68	6.83	26.95	6.92	14.31	8.59	6.93	7.51
Net Debt/EBIT	1.3	1.85	3.61	7.7	5.6	5.08	7.4	3.98	6.39	25.83	5.9	13.91	8.32	6.67	7.21
EBITDA to Interest Expense	15.26	33.58	24.37	7.63	8.59	6.83	5.28	6.29	4.47	1.98	4.64	2.99	2.75	3.15	3.1
EBITDA-CapEx/Interest Expense	12.47	23.97	16.12	4.9	6.99	6.77	5.28	6.29	4.01	1.98	4.64	2.77	2.75	3.15	2.48
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	136	152	152	159	246	298	260	252	317	158	393	441	739	914	923
EBITDA-CapEx	111	109	100	102	200	296	260	252	285	158	393	408	739	914	738
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	124.71	165.39
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.93	2.21
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.57	10.66
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34.54	34.24
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-26.28	-27.55
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	27	37	45	68	75	45	52	133	96	67	291	130	145	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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	136	152	152	159	246	298	260	252	317	158	393	441	739	914	923
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	- -	229	340	- -	397	643	805	990	985
TTM Free Cash Flow to Firm	154	103	98	97	236	258	- -	229	308	- -	397	610	805	990	800

Multiples (USD)

Valuation Multiples API ChatGPT

No data availableFinancial data will appear here once available

Per Share Data Items (USD)

Per-Share Data 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

Shares Outstanding	103	105	108	105	100	99	92	81	79	79	76	75	75	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	1.36	1.49	1.46	1.53	2.38	3.03	2.76	3.06	3.95	2	5.09	5.82	9.83	12.35	12.93
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