CHDN NASDAQ
Churchill Downs Incorporated
1W: -1.8%
1M: +7.7%
3M: -7.9%
YTD: -27.2%
1Y: -19.0%
3Y: -25.7%
5Y: -34.9%
$81.52
-2.52 (-3.00%)
Weekly Expected Move ±5.5%
$75
$79
$84
$88
$93
Credit Risk of going bust: higher than 54% of companies Debt: 45.7% of company value Bonds: $507.5M held by 283 funds, 146 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $4.46 (down 95%), Churchill Downs Incorporated would be worth roughly what it owes.
Total debt $4.78B against a stock market value of $5.68B.
Distance to default 4.79 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $2.72B (short-term plus half of long-term), stock volatility 34.4%; Altman Z'' 0.83. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $4.46 (down 95%), Churchill Downs Incorporated would be worth roughly what it owes.
Total debt $4.78B against a stock market value of $5.68B.
Distance to default 4.79 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $2.72B (short-term plus half of long-term), stock volatility 34.4%; Altman Z'' 0.83. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$770M
-0.4% ▼
5Y CAGR: +40.2%
Capital Expenditures
$275M
+49.7% ▲
5Y CAGR: +3.3%
Free Cash Flow
$495M
+119.3% ▲
Dividends Paid
$31M
-5.5% ▼
Buybacks
$428M
-130.0% ▼
Net Change in Cash
$36M
+15.9% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $249M | $439M | $417M | $429M | $386M |
| Depreciation & Amort. | $108M | $119M | $175M | $205M | $240M |
| Stock-Based Comp. | $28M | $32M | $33M | $36M | $30M |
| Change in Working Capital | $78M | $37M | $8M | $50M | -$5M |
| Other Non-Cash Items | -$137M | -$199M | -$75M | $8M | $33M |
| Operating Cash Flow | $336M | $537M | $606M | $773M | $770M |
| — Investing Activities — | |||||
| Capital Expenditures | -$92M | -$457M | -$676M | $0 | $0 |
| Acquisitions (Net) | $0 | -$2.9B | -$241M | $0 | -$185M |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | -$9M | $272M | $200M | -$545M | -$286M |
| Investing Cash Flow | -$100M | -$3.1B | -$718M | -$545M | -$472M |
| — Financing Activities — | |||||
| Net Debt Issuance | $339M | $2.7B | $237M | $54M | $214M |
| Stock Repurchased | -$298M | -$175M | -$56M | -$186M | -$428M |
| Dividends Paid | -$25M | -$26M | -$27M | -$29M | -$31M |
| Other Financing | -$18M | -$53M | -$25M | -$35M | -$18M |
| Financing Cash Flow | -$500K | $2.4B | $129M | -$197M | -$262M |
| Net Change in Cash | $235M | -$151M | $17M | $31M | $36M |
| Cash End of Period | $356M | $205M | $222M | $253M | $288M |
| Free Cash Flow | $244M | $80M | -$71M | $226M | $495M |