Churchill Downs Inc
CHDN · Services-Racing, Including Track Operation · 69.7M shares · +17%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $23M (gross $56M, SBC $33M)
Reference price $92.77 · est. market cap ~$6.5B — last insider purchase, 2025-05-07 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Owner of the irreplaceable Kentucky Derby franchise with top-decile margins and ROE, but very high leverage and a net-income decline.
Strengths
- Top-decile profitability: operating margin 23.4% (90th pct), ROE 37.9% (86th pct), net margin 13.1% (78th pct)
- Unique 150-year moat asset (Kentucky Derby) plus growing HRM/gaming and online wagering footprint
Risks
- Very high leverage (debt/equity 5.0, 96th pct) amplifies ROE and pressures liquidity (current ratio 0.60)
- Net income down 10% (40th pct); discretionary-spending sensitivity and heavy ongoing capex commitments
Notable findings
- High leverageHigh leverage (debt/equity 5.02)
- Weak liquidityCurrent ratio 0.60 (<1)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
23.4%
Net margin
13.1%
Return on equity
37.9%
Return on assets
5.1%
ROIC
8.9%
Revenue growth (QoQ)
-0.4%
Net-income growth
-10.3%
Debt / equity
5.0×
Net debt / EBITDA
5.3×
Current ratio
0.6×
EBITDA
$917M
Tangible book value
-$2.4B
Cash & investments
$201M
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-21 | Carter Andrea M | Grant | 2.3K | — |
| 2026-04-21 | Lloyd Karole | Grant | 2.3K | — |
| 2026-04-21 | Rankin Richard Alex | Grant | 2.3K | — |
| 2026-04-21 | VARGA PAUL C | Grant | 2.3K | — |
| 2026-04-21 | GRISSOM DOUGLAS C | Grant | 2.3K | — |
| 2026-04-21 | HARRINGTON DANIEL P | Grant | 2.3K | — |
| 2026-04-21 | HARRINGTON DANIEL P | Grant | 0 | — |
| 2026-03-31 | GRISSOM DOUGLAS C | Grant | 383 | — |
| 2026-02-05 | Blackwell Bradley K. | Grant | 6.1K | — |
| 2026-02-05 | Blackwell Bradley K. | Tax withheld | 1.8K | $93.69 |
| 2026-02-05 | Dall Marcia A | Grant | 12K | — |
| 2026-02-05 | Dall Marcia A | Tax withheld | 3.9K | $93.69 |
| 2026-02-05 | Mudd William E. | Grant | 17K | — |
| 2026-02-05 | Mudd William E. | Disposition | 17K | $93.69 |
| 2026-02-05 | Carstanjen William C. | Grant | 38K | — |
| 2026-02-05 | Carstanjen William C. | Disposition | 38K | $93.69 |
| 2026-01-06 | GRISSOM DOUGLAS C | Grant | 117 | — |
| 2026-01-06 | HARRINGTON DANIEL P | Grant | 477 | — |
| 2026-01-06 | HARRINGTON DANIEL P | Grant | 0 | — |
| 2026-01-06 | Rankin Richard Alex | Grant | 199 | — |
| 2026-01-06 | Carter Andrea M | Grant | 17 | — |
| 2026-01-06 | VARGA PAUL C | Grant | 39 | — |
| 2026-01-06 | Lloyd Karole | Grant | 60 | — |
| 2025-12-31 | Adams Maureen | Option exercise | 3.0K | — |
| 2025-12-31 | Adams Maureen | Tax withheld | 1.4K | $113.78 |
| 2025-12-31 | Carstanjen William C. | Option exercise | 27K | — |
| 2025-12-31 | Carstanjen William C. | Tax withheld | 8.5K | $113.78 |
| 2025-12-31 | Carstanjen William C. | Disposition | 8.1K | $113.78 |
| 2025-12-31 | Dall Marcia A | Option exercise | 6.1K | — |
| 2025-12-31 | Dall Marcia A | Tax withheld | 2.8K | $113.78 |
| 2025-12-31 | Blackwell Bradley K. | Option exercise | 5.3K | — |
| 2025-12-31 | Blackwell Bradley K. | Tax withheld | 1.3K | $113.78 |
| 2025-12-31 | Blackwell Bradley K. | Disposition | 2.3K | $113.78 |
| 2025-12-31 | Mudd William E. | Option exercise | 13K | — |
| 2025-12-31 | Mudd William E. | Tax withheld | 3.7K | $113.78 |
| 2025-12-31 | Mudd William E. | Disposition | 5.4K | $113.78 |
| 2025-12-31 | GRISSOM DOUGLAS C | Grant | 302 | — |
| 2025-12-26 | Mudd William E. | Gift | 5.7K | — |
| 2025-12-22 | Dall Marcia A | Gift | 13K | — |
| 2025-10-30 | Carstanjen William C. | Option exercise | 152K | — |
| 2025-10-30 | Carstanjen William C. | Tax withheld | 68K | $100.40 |
| 2025-10-30 | Mudd William E. | Option exercise | 95K | — |
| 2025-10-30 | Mudd William E. | Tax withheld | 43K | $100.40 |
| 2025-09-30 | GRISSOM DOUGLAS C | Grant | 354 | — |
| 2025-06-30 | GRISSOM DOUGLAS C | Grant | 340 | — |
| 2025-05-07 | GRISSOM DOUGLAS C | Buy | 10K | $92.77 |
| 2025-05-05 | Rankin R Alex | Buy | 2.0K | $92.65 |
| 2025-05-02 | VARGA PAUL C | Buy | 2.0K | $92.97 |
| 2025-04-24 | Rankin R Alex | Grant | 2.3K | — |
| 2025-04-24 | Carter Andrea M | Grant | 2.3K | — |
| 2025-04-24 | Lloyd Karole | Grant | 2.3K | — |
| 2025-04-24 | GRISSOM DOUGLAS C | Grant | 2.3K | — |
| 2025-04-24 | VARGA PAUL C | Grant | 2.3K | — |
| 2025-04-24 | HARRINGTON DANIEL P | Grant | 2.3K | — |
| 2025-04-24 | HARRINGTON DANIEL P | Grant | 0 | — |
| 2025-03-31 | GRISSOM DOUGLAS C | Grant | 309 | — |
| 2025-02-10 | Adams Maureen | Option exercise | 1.5K | — |
| 2025-02-10 | Adams Maureen | Tax withheld | 648 | $122.43 |
| 2025-02-10 | Blackwell Bradley K. | Option exercise | 1.6K | — |
| 2025-02-10 | Blackwell Bradley K. | Tax withheld | 745 | $122.43 |
| 2025-02-06 | Dall Marcia A | Grant | 20K | — |
| 2025-02-06 | Dall Marcia A | Tax withheld | 7.7K | $123.27 |
| 2025-01-03 | GRISSOM DOUGLAS C | Grant | 81 | — |
| 2025-01-03 | Rankin R Alex | Grant | 151 | — |
| 2025-01-03 | VARGA PAUL C | Grant | 28 | — |
| 2025-01-03 | Bridgeman Ulysses L Jr | Grant | 159 | — |
| 2025-01-03 | Lloyd Karole | Grant | 48 | — |
| 2025-01-03 | Carter Andrea M | Grant | 10 | — |
| 2025-01-03 | HARRINGTON DANIEL P | Grant | 371 | — |
| 2025-01-03 | HARRINGTON DANIEL P | Grant | 0 | — |
| 2024-12-31 | Carstanjen William C | Option exercise | 28K | — |
| 2024-12-31 | Carstanjen William C | Tax withheld | 13K | $133.54 |
| 2024-12-31 | Blackwell Bradley K. | Option exercise | 3.0K | — |
| 2024-12-31 | Blackwell Bradley K. | Tax withheld | 1.3K | $133.54 |
| 2024-12-31 | Adams Maureen | Option exercise | 3.0K | — |
| 2024-12-31 | Adams Maureen | Tax withheld | 2.0K | $133.54 |
| 2024-12-31 | GRISSOM DOUGLAS C | Grant | 246 | — |
| 2024-12-31 | Bridgeman Ulysses L Jr | Grant | 95 | — |
| 2024-12-31 | Mudd William E | Option exercise | 13K | — |
| 2024-12-31 | Mudd William E | Tax withheld | 5.7K | $133.54 |
| 2024-12-31 | Dall Marcia A | Option exercise | 9.2K | — |
| 2024-12-31 | Dall Marcia A | Tax withheld | 4.2K | $133.54 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-04-22 | 2026-03-31 | 0000020212-26-000043 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000020212-26-000041 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0000020212-26-000033 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0000020212-26-000025 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0000020212-26-000023 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0000020212-25-000134 ↗ |
| 10-Q | 2025-10-22 | 2025-09-30 | 0000020212-25-000135 ↗ |
| 8-K | 2025-08-27 | 2025-08-27 | 0000020212-25-000106 ↗ |
| 8-K | 2025-07-23 | 2025-07-23 | 0000020212-25-000101 ↗ |
| 8-K | 2025-07-23 | 2025-07-23 | 0000020212-25-000102 ↗ |
| 10-Q | 2025-07-23 | 2025-06-30 | 0000020212-25-000104 ↗ |
| 8-K | 2025-07-14 | 2025-07-14 | 0000020212-25-000092 ↗ |