Churchill Downs Inc
In the published model solve dated 2026-Q2, anchored at $89.90, Churchill Downs Inc (CHDN) is priced for -3.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Historical racing is now the single largest revenue line at about 35% of the mix, ahead of casino gaming at roughly 31%, with live and simulcast racing down to about 17%: the racetrack company is mostly a machine-gaming company that happens to own the Kentucky Derby. • Leverage is the defining feature of the balance sheet, with net debt at roughly 7.0 times operating profit and trailing operating income covering the interest bill only about 2.4 times, which leaves little room if the venue expa
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430 institutional managers reported holding CHDN in 13F filings for the quarter ended 2026-03-31. Together they hold about 79% of the company; the top 10 hold 36%. 67 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 4.1M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (5.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CHDN has cut its share count 9.6% over the past five years, spending $948.20M on repurchases. It pays a dividend, and has for 12 years running, raised 6 years straight; the current rate is $0.44 a share annually. Cash returned over the past three years: $91.40M in dividends and $669.20M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CHDN over the trailing three years: 2024: 1 buy totaling $495k; 2025: 3 buys totaling $1.30M. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CHDN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-27 | -8.9% | -3.2% |
| 2023-10-26 | -3.0% | +25.5% |
| 2024-02-22 | +3.1% | +7.8% |
| 2024-04-25 | +4.6% | +8.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CHDN's latest 8-K filings: 2026-07-29 (items 2.02, 9.01); 2026-07-29 (items 8.01, 9.01); 2026-04-22 (items 2.02, 9.01); 2026-04-21 (items 5.07); 2026-02-25 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.