Churchill Downs Incorporated
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 Chur… Read more
Churchill Downs Incorporated (CHDN) - Net Assets
Latest net assets as of December 2025: $1.06 Billion USD
Based on the latest financial reports, Churchill Downs Incorporated (CHDN) has net assets worth $1.06 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($7.48 Billion) and total liabilities ($6.43 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.06 Billion |
| % of Total Assets | 14.11% |
| Annual Growth Rate | 11.04% |
| 5-Year Change | 244.13% |
| 10-Year Change | 54.13% |
| Growth Volatility | 27.86 |
Churchill Downs Incorporated - Net Assets Trend (1993–2025)
This chart illustrates how Churchill Downs Incorporated's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Churchill Downs Incorporated (1993–2025)
The table below shows the annual net assets of Churchill Downs Incorporated from 1993 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.06 Billion | -4.31% |
| 2024-12-31 | $1.10 Billion | +23.47% |
| 2023-12-31 | $893.60 Million | +62.03% |
| 2022-12-31 | $551.50 Million | +79.76% |
| 2021-12-31 | $306.80 Million | -16.43% |
| 2020-12-31 | $367.10 Million | -28.16% |
| 2019-12-31 | $511.00 Million | +7.97% |
| 2018-12-31 | $473.30 Million | -26.08% |
| 2017-12-31 | $640.30 Million | -6.53% |
| 2016-12-31 | $685.00 Million | +10.99% |
| 2015-12-31 | $617.20 Million | -11.83% |
| 2014-12-31 | $700.00 Million | -0.68% |
| 2013-12-31 | $704.79 Million | +9.39% |
| 2012-12-31 | $644.29 Million | +10.32% |
| 2011-12-31 | $584.03 Million | +15.37% |
| 2010-12-31 | $506.21 Million | +24.37% |
| 2009-12-31 | $407.02 Million | +3.33% |
| 2008-12-31 | $393.89 Million | +7.16% |
| 2007-12-31 | $367.56 Million | +4.99% |
| 2006-12-31 | $350.08 Million | +10.70% |
| 2005-12-31 | $316.23 Million | +32.63% |
| 2004-12-31 | $238.43 Million | -6.49% |
| 2003-12-31 | $254.98 Million | +8.50% |
| 2002-12-31 | $235.00 Million | +8.18% |
| 2001-12-31 | $217.24 Million | +7.28% |
| 2000-12-31 | $202.49 Million | +46.62% |
| 1999-12-31 | $138.10 Million | +111.81% |
| 1998-12-31 | $65.20 Million | +22.10% |
| 1997-12-31 | $53.40 Million | +11.72% |
| 1996-12-31 | $47.80 Million | +2.36% |
| 1995-12-31 | $46.70 Million | +10.93% |
| 1994-12-31 | $42.10 Million | +13.78% |
| 1993-12-31 | $37.00 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Churchill Downs Incorporated's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 2796.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.01 Billion | 100.10% |
| Other Comprehensive Income | $-1.00 Million | -0.10% |
| Total Equity | $1.01 Billion | 100.00% |
Churchill Downs Incorporated Competitors by Market Cap
The table below lists competitors of Churchill Downs Incorporated ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
China Oilfield Services Ltd Class A
SHG:601808
|
$5.65 Billion |
|
MGIC Investment Corp
NYSE:MTG
|
$5.66 Billion |
|
Sartorius Stedim Biotech S.A
PINK:SDMHF
|
$5.66 Billion |
|
F.N.B. Corp
NYSE:FNB
|
$5.66 Billion |
|
Amkor Technology Inc
NASDAQ:AMKR
|
$5.65 Billion |
|
ESAB Corp
NYSE:ESAB
|
$5.64 Billion |
|
Amer Sports, Inc.
NYSE:AS
|
$5.64 Billion |
|
AB Sagax (publ)
PINK:SAGXF
|
$5.64 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Churchill Downs Incorporated's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,083,600,000 to 1,009,700,000, a change of -73,900,000 (-6.8%).
- Net income of 379,700,000 contributed positively to equity growth.
- Dividend payments of 30,800,000 reduced retained earnings.
- Share repurchases of 427,800,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $379.70 Million | +37.61% |
| Dividends Paid | $30.80 Million | -3.05% |
| Share Repurchases | $427.80 Million | -42.37% |
| Other Changes | $5.00 Million | +0.5% |
| Total Change | $- | -6.82% |
Book Value vs Market Value Analysis
This analysis compares Churchill Downs Incorporated's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 6.08x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 105.41x to 6.08x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1993-12-31 | $0.82 | $85.94 | x |
| 1994-12-31 | $0.93 | $85.94 | x |
| 1995-12-31 | $1.03 | $85.94 | x |
| 1996-12-31 | $1.07 | $85.94 | x |
| 1997-12-31 | $1.22 | $85.94 | x |
| 1998-12-31 | $1.44 | $85.94 | x |
| 1999-12-31 | $2.64 | $85.94 | x |
| 2000-12-31 | $3.08 | $85.94 | x |
| 2001-12-31 | $2.98 | $85.94 | x |
| 2002-12-31 | $2.50 | $85.94 | x |
| 2003-12-31 | $3.10 | $85.94 | x |
| 2004-12-31 | $2.99 | $85.94 | x |
| 2005-12-31 | $3.90 | $85.94 | x |
| 2006-12-31 | $4.27 | $85.94 | x |
| 2007-12-31 | $4.38 | $85.94 | x |
| 2008-12-31 | $4.68 | $85.94 | x |
| 2009-12-31 | $4.83 | $85.94 | x |
| 2010-12-31 | $5.39 | $85.94 | x |
| 2011-12-31 | $5.68 | $85.94 | x |
| 2012-12-31 | $6.14 | $85.94 | x |
| 2013-12-31 | $6.55 | $85.94 | x |
| 2014-12-31 | $6.63 | $85.94 | x |
| 2015-12-31 | $5.85 | $85.94 | x |
| 2016-12-31 | $6.80 | $85.94 | x |
| 2017-12-31 | $6.67 | $85.94 | x |
| 2018-12-31 | $5.69 | $85.94 | x |
| 2019-12-31 | $6.26 | $85.94 | x |
| 2020-12-31 | $4.64 | $85.94 | x |
| 2021-12-31 | $3.91 | $85.94 | x |
| 2022-12-31 | $7.16 | $85.94 | x |
| 2023-12-31 | $11.74 | $85.94 | x |
| 2024-12-31 | $14.53 | $85.94 | x |
| 2025-12-31 | $14.14 | $85.94 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Churchill Downs Incorporated utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 37.61%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 12.98%
- • Asset Turnover: 0.39x
- • Equity Multiplier: 7.41x
- Recent ROE (37.61%) is above the historical average (19.57%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1993 | 15.95% | 10.67% | 0.97x | 1.54x | $2.20 Million |
| 1994 | 14.76% | 9.41% | 0.94x | 1.67x | $2.00 Million |
| 1995 | 13.28% | 6.71% | 1.19x | 1.66x | $1.53 Million |
| 1996 | 16.95% | 7.51% | 1.34x | 1.69x | $3.32 Million |
| 1997 | 17.04% | 7.65% | 1.39x | 1.61x | $3.76 Million |
| 1998 | 16.10% | 7.13% | 1.28x | 1.76x | $3.98 Million |
| 1999 | 10.86% | 5.80% | 0.65x | 2.88x | $1.19 Million |
| 2000 | 9.46% | 5.29% | 0.77x | 2.32x | $-1.08 Million |
| 2001 | 10.16% | 5.17% | 0.91x | 2.17x | $352.50K |
| 2002 | 8.92% | 4.77% | 0.94x | 2.00x | $-2.53 Million |
| 2003 | 9.41% | 5.66% | 0.84x | 1.98x | $-1.50 Million |
| 2004 | 3.81% | 1.96% | 0.72x | 2.69x | $-14.75 Million |
| 2005 | 24.95% | 19.30% | 0.79x | 1.63x | $47.28 Million |
| 2006 | 8.52% | 7.91% | 0.69x | 1.56x | $-5.20 Million |
| 2007 | 4.28% | 3.83% | 0.66x | 1.70x | $-21.02 Million |
| 2008 | 7.25% | 6.63% | 0.68x | 1.62x | $-10.84 Million |
| 2009 | 4.13% | 3.83% | 0.61x | 1.78x | $-23.87 Million |
| 2010 | 3.23% | 2.79% | 0.58x | 2.01x | $-34.27 Million |
| 2011 | 11.02% | 9.24% | 0.74x | 1.62x | $5.95 Million |
| 2012 | 9.04% | 7.96% | 0.66x | 1.73x | $-6.15 Million |
| 2013 | 7.79% | 7.04% | 0.58x | 1.92x | $-15.58 Million |
| 2014 | 6.62% | 5.70% | 0.34x | 3.37x | $-23.64 Million |
| 2015 | 10.56% | 5.38% | 0.53x | 3.69x | $3.48 Million |
| 2016 | 15.78% | 8.26% | 0.58x | 3.29x | $39.60 Million |
| 2017 | 21.94% | 15.92% | 0.37x | 3.68x | $76.47 Million |
| 2018 | 74.54% | 34.97% | 0.58x | 3.65x | $305.47 Million |
| 2019 | 27.05% | 10.34% | 0.52x | 5.02x | $86.67 Million |
| 2020 | -22.31% | -7.77% | 0.39x | 7.32x | $-118.61 Million |
| 2021 | 81.19% | 15.60% | 0.54x | 9.72x | $218.42 Million |
| 2022 | 79.67% | 24.28% | 0.29x | 11.25x | $384.25 Million |
| 2023 | 46.70% | 16.95% | 0.35x | 7.78x | $327.94 Million |
| 2024 | 39.39% | 15.61% | 0.38x | 6.71x | $318.44 Million |
| 2025 | 37.61% | 12.98% | 0.39x | 7.41x | $278.73 Million |
Industry Comparison
This section compares Churchill Downs Incorporated's net assets metrics with peer companies in the Gambling industry.
Industry Context
- Industry: Gambling
- Average net assets among peers: $801,162,083
- Average return on equity (ROE) among peers: 8.72%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Churchill Downs Incorporated (CHDN) | $1.06 Billion | 15.95% | 6.09x | $5.65 Billion |
| Apple iSports Group Inc (AAPI) | $-5.31 Million | 0.00% | 0.00x | $44.40 Million |
| Accel Entertainment Inc (ACEL) | $-43.01 Million | 0.00% | 0.00x | $465.17 Million |
| PlayAGS Inc (AGS) | $135.80 Million | -15.35% | 4.39x | $436.80 Million |
| AGTech Holdings Limited (AGTEF) | $2.30 Billion | 14.45% | 0.75x | $48.64 Million |
| Ainsworth Game Technology Limited (AINSF) | $320.24 Million | 1.65% | 0.33x | $27.14 Million |
| Aristocrat Leisure Limited (ARLUF) | $1.73 Billion | 31.32% | 2.37x | $20.17 Billion |
| Bragg Gaming Group Inc (BRAG) | $70.25 Million | -5.46% | 0.47x | $32.17 Million |
| Brightstar Lottery PLC (BRSL) | $1.98 Billion | 13.90% | 4.27x | $116.29K |
| Betsson AB (BTSBF) | $759.20 Million | 23.35% | 0.58x | $1.61 Billion |
| Betsson AB (publ) (BTSNY) | $759.20 Million | 23.35% | 0.58x | $1.39 Billion |