CHDNChurchill Downs Inc
Services-Racing, Including Track Operation
- Revenue
- $2.9B
- 7.0% YoY
- Operating margin
- 23.4%
- 9.9% YoY
- EBITDA
- $917M
- 1.0% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 5.4×
- $5.0B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear201% of net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear60% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear12% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $2.5B | $2.7B | $2.9B | 7.0% |
| Operating income | $284M | $322M | $564M | $709M | $684M | 3.6% |
| Net income | $249M | $439M | $417M | $427M | $383M | 10% |
| Operating cash flow | $460M | $511M | $605M | $772M | $770M | 0.2% |
| Stock-based comp | $28M | $32M | $33M | $36M | $30M | 16% |
| Buybacks | $298M | $175M | $56M | $186M | $428M | 130% |
| Dividends | $25M | $26M | $27M | $29M | $31M | 5.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.