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Churchill Downs CHDN

Churchill Downs scores average on business quality (5.2 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$79.96Oct 10, 2026
Business qualityAverage
Next earningsOct 28, 2026, after the close
Insiders, 90 daysQuiet

Why it matters

  1. What Churchill Downs does

    Churchill Downs operates live horse racing tracks, historical racing machine facilities, and casinos, collecting wagers and gaming fees from consumers.

  2. What it does best

    Churchill Downs runs the premier horse racing ecosystem anchored by its iconic flagship event. It commands a 25.8 percent operating margin, easily outpacing MGM at 6.5 percent.

  3. The main risk

    Heavy debt accumulation threatens the balance sheet as net debt sits at $4.9B. With interest coverage at just 2.6x, earnings are vulnerable to rate changes or cash flow dips.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margin hits 25.8 percent alongside a 36.9 percent ROE, driven by high-margin gaming operations. Scale directly expands profitability here.

MoatWeak

Physical gaming licenses and the historic Kentucky Derby brand create steep regulatory barriers, placing operating margin in the top decile of its sector at 91st percentile.

GrowthSteady

Revenue rose to $2.9B with a 7.0 percent growth rate, pushing past past historical periods as expansion projects scale up.

Financial healthWeak

Debt-to-equity of 5.1x creates a heavy load, though free cash flow reached $384.0M. The balance sheet remains soft and highly leveraged.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

No open market buys or unplanned sales by executives or directors.

Our sealed record on CHDN

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is CHDN a good business?

Churchill Downs scores average on the Cluenex quality check (5.2 of 10), measured against its own industry. Profitability is strong, moat weak, growth steady and financial health weak.

Are insiders buying CHDN?

In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.

When does CHDN report earnings?

Oct 28, 2026, after the close.

For members

See CHDN today

  • Today's verdict on CHDN, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Churchill Downs (CHDN)”, https://cluenex.com/stocks/chdn/, data as of Oct 10, 2026.