Churchill Downs Incorporated Net Assets

Latest as of June 2026: $1.39 Billion USD

Churchill Downs Incorporated net assets. Based on the latest financial reports, Churchill Downs Incorporated (CHDN) has net assets worth $1.39 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($7.52 Billion) and total liabilities ($6.13 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. Also explore CHDN shareholders equity momentum to track the company's year-over-year net asset growth rate.

Key Net Assets Metrics

Metric	Value
Current Net Assets	$1.39 Billion
% of Total Assets	18.49%
Annual Growth Rate	11.04%
5-Year Change	244.13%
10-Year Change	54.13%
Growth Volatility	27.86

Net Assets of Churchill Downs Incorporated (1993–2025)

Net assets of Churchill Downs Incorporated from 1993 to 2025. This chart illustrates how Churchill Downs Incorporated's net assets have evolved over time, based on quarterly financial data. See CHDN equity financing ratio to measure how much of total assets are equity-financed.

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. For live market cap and overall valuation, see Churchill Downs Incorporated stock valuation.

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.

Churchill Downs Incorporated Net Assets Breakdown (December 2025)

Churchill Downs Incorporated net assets breakdown by equity component as of 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
Fortnox AB ST:FNOX	$5.87 Billion
MRF Limited NSE:MRF	$5.87 Billion
GRINM Semiconductor Materials Co. Ltd. A SHG:688432	$5.88 Billion
Outfront Media Inc NYSE:OUT	$5.88 Billion
Shanxi LuAn Environmental Energy Development Co Ltd SHG:601699	$5.86 Billion
Genesis Minerals Ltd AU:GMD	$5.86 Billion
Compagnie du Cambodge PA:CBDG	$5.86 Billion
Wyndham Hotels & Resorts Inc NYSE:WH	$5.86 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: 7.05x
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 122.32x to 7.05x 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	$99.72	x
1994-12-31	$0.93	$99.72	x
1995-12-31	$1.03	$99.72	x
1996-12-31	$1.07	$99.72	x
1997-12-31	$1.22	$99.72	x
1998-12-31	$1.44	$99.72	x
1999-12-31	$2.64	$99.72	x
2000-12-31	$3.08	$99.72	x
2001-12-31	$2.98	$99.72	x
2002-12-31	$2.50	$99.72	x
2003-12-31	$3.10	$99.72	x
2004-12-31	$2.99	$99.72	x
2005-12-31	$3.90	$99.72	x
2006-12-31	$4.27	$99.72	x
2007-12-31	$4.38	$99.72	x
2008-12-31	$4.68	$99.72	x
2009-12-31	$4.83	$99.72	x
2010-12-31	$5.39	$99.72	x
2011-12-31	$5.68	$99.72	x
2012-12-31	$6.14	$99.72	x
2013-12-31	$6.55	$99.72	x
2014-12-31	$6.63	$99.72	x
2015-12-31	$5.85	$99.72	x
2016-12-31	$6.80	$99.72	x
2017-12-31	$6.67	$99.72	x
2018-12-31	$5.69	$99.72	x
2019-12-31	$6.26	$99.72	x
2020-12-31	$4.64	$99.72	x
2021-12-31	$3.91	$99.72	x
2022-12-31	$7.16	$99.72	x
2023-12-31	$11.74	$99.72	x
2024-12-31	$14.53	$99.72	x
2025-12-31	$14.14	$99.72	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: $370,046,444
Average return on equity (ROE) among peers: -1.03%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Churchill Downs Incorporated (CHDN)	$1.39 Billion	15.95%	4.41x	$5.86 Billion
Accel Entertainment Inc (ACEL)	$259.31 Million	13.59%	3.04x	$1.02 Billion
PlayAGS Inc (AGS)	$49.36 Million	-16.28%	12.87x	$518.40 Million
Brightstar Lottery PLC (BRSL)	$1.97 Billion	24.45%	4.74x	$1.77 Billion
Codere Online US Corp (CDRO)	$-31.33 Million	0.00%	0.00x	$379.67 Million
DraftKings Inc (DKNG)	$840.31 Million	-95.46%	3.69x	$9.22 Billion
Everi Holdings Inc (EVRI)	$132.26 Million	20.12%	3.45x	$1.24 Billion
Gambling.com Group Ltd (GAMB)	$34.21 Million	44.29%	0.33x	$11.77 Million
Gan Ltd (GAN)	$-4.60 Million	0.00%	0.00x	$91.53 Million
Grandstand Limited (GRSD)	$79.91 Million	0.00%	0.14x	$29.43 Million

About Churchill Downs Incorporated

NASDAQ:CHDN USA Gambling

Market Cap

$6.95 Billion

Market Cap Rank

#3147 Global

#1135 in USA

Share Price

$99.72

Change (1 day)

+0.10%

52-Week Range

$73.95 - $117.59

All Time High

$148.59