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Upturn AI Summary - About
Churchill Downs Incorporated(CHDN)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for CHDN
09/25/2026: CHDN (1-star) is currently NOT-A-BUY. Pass it for now.
Churchill Downs Incorporated is a unique gaming and entertainment company best known as the owner of the iconic Kentucky Derby and a leading provider of digital wagering through TwinSpires. The company has successfully evolved into a significant player in the regional gaming market, utilizing high-margin Historical Racing Machines to drive consistent cash flow. Its primary growth opportunity lies in further expanding its gaming footprint and scaling digital wagering technology. Risks include intense competition from national sports betting platforms, potential economic downturns, and regulatory changes in the gaming industry. It is a suitable holding for growth-oriented investors looking for exposure to durable, high-quality assets in the leisure sector.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | CDI has a track record of expanding its footprint through strategic acquisitions and high-margin gaming assets. |
| Momentum investor | Mixed fit | Momentum appeal depends on positive price trends and broader market sentiment toward the gaming sector. |
| Value investor | Mixed fit | The company often trades at a premium due to the unique, irreplaceable nature of the Kentucky Derby asset. |
| Dividend investor | Weak fit | CDI prioritizes capital reinvestment for growth over high dividend yields. |
| Low-risk investor | Weak fit | The gaming industry is subject to regulatory and economic volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | Gaming stocks are sensitive to interest rates and consumer confidence cycles. |
| Valuation risk | Medium | The market often assigns a 'scarcity premium' to CDI's unique racing assets. |
| Competition risk (Gaming and Wagering) | Medium / high | Competition from regional casinos and mobile sportsbooks is intense. |
| Business quality | Strong | The Kentucky Derby is an iconic, durable asset that provides a significant competitive moat. |
| Dividend income | Low | Dividends are not the primary focus of the capital allocation strategy. |
| Execution risk | Medium | Successfully integrating large-scale acquisitions requires significant operational management. |
Price Behavior
Downtrend
The stock has experienced a sustained decline in price over recent periods.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit -18.05% | Avg. Invested days 33 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 09/25/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.56B USD | Price to earnings Ratio 13.54 | 1Y Target Price 130.83 |
Price to earnings Ratio 13.54 | 1Y Target Price 130.83 | ||
Volume (30-day avg) 1.0M shares | Beta 0.67 | 52 Weeks Range 78.08 - 118.35 | Updated Date 09/27/2026 |
52 Weeks Range 78.08 - 118.35 | Updated Date 09/27/2026 | ||
Dividends yield (FY) 0.55% | Basic EPS (TTM) 5.89 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Racing | Kentucky Derby revenue, race track operations, and commissions. | The historic core of the company, providing strong brand recognition and high-margin event revenue. |
| Gaming | Regional casinos and Historical Racing Machines (HRMs). | Provides stable, recurring cash flow through a diversified portfolio of physical gaming locations. |
| TwinSpires | Online horse racing wagering platform. | A digital-first segment that captures the shift toward online betting in the racing industry. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Valuation
Trailing PE 13.54 | Forward PE 22.94 | Enterprise Value 10.19B | Price to Sales(TTM) 1.86 |
Enterprise Value 10.19B | Price to Sales(TTM) 1.86 | ||
Enterprise Value to Revenue 3.41 | Enterprise Value to EBITDA 9.14 | Shares Outstanding 69.70M | Shares Floating 65.78M |
Shares Outstanding 69.70M | Shares Floating 65.78M | ||
Percent Insiders 5.91 | Percent Institutions 89.48 |
Upturn AI Summary
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.
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
About Churchill Downs Incorporated
Exchange NASDAQ | Headquarters Louisville, KY, United States | ||
IPO Launch date 1993-03-29 | CEO & Director Mr. William C. Carstanjen | ||
Sector Consumer Cyclical | Industry Gambling | Full time employees 6600 | |
Full time employees 6600 | |||
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, 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.
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