Home 
Today's Top Picks 
Top Performers 
Watchlist 
My Robo Portfolios 
ETF Zone 
Help & Tutorial - Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
- About
CHDN 
Churchill Downs Incorporated (CHDN)
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)
Stock price based on last close (see disclosures)
- ALL
- 1Y
- 1M
- 1W
Upturn Advisory Summary
12/29/2025: CHDN (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
11 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $136.42
1 Year Target Price $136.42
| 8 | Strong Buy |
| 3 | Buy |
| 0 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 16.44% | Avg. Invested days 39 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  4.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/29/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 8.03B USD | Price to earnings Ratio 20.82 | 1Y Target Price 136.42 |
Price to earnings Ratio 20.82 | 1Y Target Price 136.42 | ||
Volume (30-day avg) 11 | Beta 0.7 | 52 Weeks Range 85.25 - 135.81 | Updated Date 12/29/2025 |
52 Weeks Range 85.25 - 135.81 | Updated Date 12/29/2025 | ||
Dividends yield (FY) 0.36% | Basic EPS (TTM) 5.5 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 13.99% | Operating Margin (TTM) 21.23% |
Management Effectiveness
Return on Assets (TTM) 6.2% | Return on Equity (TTM) 37.04% |
Valuation
Trailing PE 20.82 | Forward PE - | Enterprise Value 12919038246 | Price to Sales(TTM) 2.78 |
Enterprise Value 12919038246 | Price to Sales(TTM) 2.78 | ||
Enterprise Value to Revenue 4.48 | Enterprise Value to EBITDA 12.09 | Shares Outstanding 69728742 | Shares Floating 65834392 |
Shares Outstanding 69728742 | Shares Floating 65834392 | ||
Percent Insiders 6.07 | Percent Institutions 80.28 |
Upturn AI SWOT
Churchill Downs Incorporated
Company Overview
History and Background
Churchill Downs Incorporated (CDI) was founded in 1875, famously with the inaugural Kentucky Derby. It has evolved from a single racetrack to a diversified gaming and racing company. Significant milestones include expanding into casino operations, acquiring other racing circuits, and embracing historical racing machines (HRMs) and online wagering platforms.
Core Business Areas
- TwinSpires: Online and mobile wagering on horse racing, offering a comprehensive platform for bet placement, live streaming, and handicapping tools. This segment also includes pari-mutuel operations.
- Churchill Downs Racetrack: Home of the Kentucky Derby and Kentucky Oaks, the company's flagship property. It hosts live racing, events, and offers simulcasting.
- Casinos & Gaming: Operates a portfolio of casino properties across various states, offering slot machines, table games, and other gaming entertainment. This includes properties like Derby City Gaming, Ocean Downs Casino, and Riverwalk Casino.
- Retail & Hospitality: Includes food and beverage operations, merchandise, and hospitality services primarily associated with its racing and casino venues.
Leadership and Structure
Churchill Downs Incorporated is led by a Board of Directors and a senior executive management team. Key figures include the President and CEO, Chief Financial Officer, and heads of various operational segments. The company operates a decentralized structure with segment leaders responsible for their respective business units.
Top Products and Market Share
Key Offerings
- TwinSpires (Online Wagering): The premier online platform for horse racing. Offers a robust user experience for handicapping and wagering. Competitors include BetMGM, DraftKings, FanDuel (for broader sports betting, but also some horse racing). Specific market share for horse racing wagering is not publicly granular, but TwinSpires is a leading player in this niche. Revenue contribution is significant and growing.
- Kentucky Derby Experience: The annual premier event, drawing global attention and significant betting handle. Generates substantial revenue through ticketing, hospitality, sponsorships, and media rights. Competitors are other major sporting events for consumer attention and advertising dollars, but the Derby is unique in its history and prestige.
- Historical Racing Machines (HRMs): Electronic gaming terminals that utilize the outcome of past horse races to determine winners. These are a significant and growing revenue driver for CDI's casino segment, particularly in states where they are permitted. Competitors include other slot machine and electronic gaming providers. Market share for HRMs varies by state, but CDI is a major operator where they are deployed.
Market Dynamics
Industry Overview
The gaming and entertainment industry is characterized by evolving consumer preferences, regulatory landscapes, and technological advancements. The horse racing sector faces challenges with declining attendance but sees growth in online wagering and HRMs. The broader casino market is competitive, with a focus on customer experience and diverse gaming options.
Positioning
Churchill Downs Incorporated is uniquely positioned as a leader in both live horse racing (especially the iconic Kentucky Derby) and a growing diversified gaming operator, particularly with its strong presence in HRMs. Its TwinSpires platform provides a significant advantage in the online horse racing market.
Total Addressable Market (TAM)
The TAM for the US gaming and entertainment industry is in the hundreds of billions of dollars, encompassing casino gaming, sports betting, horse racing, and online entertainment. Churchill Downs Incorporated's TAM is primarily within the horse racing wagering market and the regional casino gaming market. CDI aims to capture a significant share of these markets through its integrated approach, leveraging its brand strength and diversified offerings.
Upturn SWOT Analysis
Strengths
- Iconic brand recognition (Kentucky Derby)
- Leading online horse racing platform (TwinSpires)
- Diversified revenue streams (racing, casinos, online)
- Strong presence in the growing HRM market
- Experienced management team
Weaknesses
- Reliance on horse racing, which has declining traditional viewership
- Regulatory risks associated with gaming expansion
- Intense competition in the casino market
- Seasonality of live racing events
Opportunities
- Expansion of HRM legislation and deployment
- Growth in online sports betting and iGaming integration
- Further development and internationalization of TwinSpires
- Acquisition of synergistic gaming and racing assets
- Leveraging data analytics for enhanced customer experiences
Threats
- Increasing competition from large online sportsbooks
- Unfavorable regulatory changes impacting gaming operations
- Economic downturns affecting consumer discretionary spending
- Technological disruptions and evolving player preferences
- Cybersecurity risks
Competitors and Market Share
Key Competitors
- Penn Entertainment (PENN)
- Caesars Entertainment (CZR)
- Boyd Gaming (BYD)
- MGM Resorts International (MGM)
- DraftKings (DKNG)
- FanDuel (owned by Flutter Entertainment, not directly traded in US)
Competitive Landscape
CDI competes in a highly fragmented and competitive market. Its key advantages lie in its unique position at the intersection of horse racing and gaming, its strong brand equity, and its growing presence in the HRM space. However, it faces significant competition from larger, more diversified gaming operators and rapidly growing online sports betting platforms.
Major Acquisitions
FDG LLC (Riverwalk Casino)
- Year: 2022
- Acquisition Price (USD millions): 362
- Strategic Rationale: To expand its gaming presence in Mississippi and diversify its casino portfolio in a growing market.
Big Fish Casino
- Year: 2017
- Acquisition Price (USD millions): 885
- Strategic Rationale: To enter the rapidly growing social casino gaming market and diversify its digital offerings beyond horse racing.
Growth Trajectory and Initiatives
Historical Growth: CDI has demonstrated consistent historical growth, expanding its geographical footprint through casino acquisitions and enhancing its online wagering capabilities. The company's strategic shift towards gaming, particularly HRMs, has been a significant growth driver.
Future Projections: Analysts project continued revenue and earnings growth for CDI, driven by the expansion of its gaming operations, the robust performance of TwinSpires, and the potential for new market entries. Projections for 2024 and beyond indicate a positive outlook.
Recent Initiatives: Expansion of HRM installations in existing and new markets.,Ongoing investment in TwinSpires technology and user experience.,Exploration of new market opportunities for casino development.,Strategic acquisitions to broaden its gaming portfolio.
Summary
Churchill Downs Incorporated is a well-established company with a strong brand in horse racing and a growing diversified gaming portfolio. Its strengths lie in the iconic Kentucky Derby, its leading online horse racing platform, and its significant investment in historical racing machines. However, it faces intense competition and regulatory uncertainties. Continued focus on expanding its gaming footprint and enhancing its digital offerings will be crucial for future success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Churchill Downs Incorporated Investor Relations
- SEC Filings (10-K, 10-Q)
- Financial News Outlets (e.g., Wall Street Journal, Bloomberg)
- Industry Analysis Reports
Disclaimers:
This analysis is based on publicly available information and is for informational purposes only. It does not constitute financial advice. Market share data is estimated and may not reflect precise current figures. Investing in the stock market carries inherent risks.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Churchill Downs Incorporated
Exchange NASDAQ | Headquaters Louisville, KY, United States | ||
IPO Launch date 1993-03-29 | CEO & Director Mr. William C. Carstanjen | ||
Sector Consumer Cyclical | Industry Gambling | Full time employees 6480 | |
Full time employees 6480 | |||
Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States. It operates through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The Live and Historical Racing segment engages in live and historical pari-mutuel racing related activities at Churchill Downs Racetrack and its historical racing properties in Kentucky, Virginia, and New Hampshire; provides racing event-related services, including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, as well as food and beverages services. The Wagering Services and Solutions engages in pari-mutuel wagers through TwinSpires, which operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates dollar wagering; provides the Bloodstock Research Information Services platform for horse racing statistical data; offers streaming video of live horse races, replays, and an assortment of racing and handicapping information; and provides technology services to third parties. This segment also operates retail and online sports betting businesses, United Tote, which manufactures and operates pari-mutuel wagering systems for racetracks, OTBs, and other pari-mutuel wagering businesses, as well as provides totalizator services; and Exacta, which provides central determinant system technology in HRMs. The Gaming segment operates the casino properties and associated racetracks, which include slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations. Churchill Downs Incorporated was founded in 1875 and is headquartered in Louisville, Kentucky.
Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.