CHDNChurchill Downs Inc

Services-Racing, Including Track Operation

Revenue: $2.9B; 7.0% YoY
Operating margin: 23.4%; 9.9% YoY
EBITDA: $917M; 1.0% YoY
Market cap: $6.6B
Employees: 130; $23M revenue each
Net debt / EBITDA: 5.4×; $5.0B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
201% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
60% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$23M · 93rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$1.8B	$2.5B	$2.7B	$2.9B	7.0%
Operating income	$284M	$322M	$564M	$709M	$684M	3.6%
Net income	$249M	$439M	$417M	$427M	$383M	10%
Operating cash flow	$460M	$511M	$605M	$772M	$770M	0.2%
Stock-based comp	$28M	$32M	$33M	$36M	$30M	16%
Buybacks	$298M	$175M	$56M	$186M	$428M	130%
Dividends	$25M	$26M	$27M	$29M	$31M	5.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 19, 2023	Duchossois Group, Inc.	SC 13D/A	4.1%	Passive
Mar 17, 2022	Duchossois Group, Inc.	SC 13D/A	5.3%	Passive
Feb 2, 2021	Duchossois Group, Inc.	SC 13D/A	6.8%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.