Churchill Downs Incorporated

NasdaqGS:CHDN Stock Report

Market Cap: US$6.0b

Churchill Downs Management

Management criteria checks 2/4

Churchill Downs' CEO is Bill Carstanjen, appointed in Aug 2014, has a tenure of 11.92 years. total yearly compensation is $19.17M, comprised of 9.4% salary and 90.6% bonuses, including company stock and options. directly owns 2.42% of the company’s shares, worth $144.15M. The average tenure of the management team and the board of directors is 5.6 years and 11 years respectively.

Key information

Bill Carstanjen

Chief executive officer

US$19.2m

Total compensation

CEO salary percentage9.39%
CEO tenure11.9yrs
CEO ownership2.4%
Management average tenure5.6yrs
Board average tenure11yrs

Recent management updates

Recent updates

Seeking Alpha • Jun 01

Churchill Downs: The Caesars Buyout Could Present An Opportunity

Summary Churchill Downs Incorporated has reported slowing earnings momentum, as the company hasn't found as many attractive CapEx projects. Fertitta's acquisition of Caesars Entertainment is expected to result in sector M&A, and CHDN is well-positioned to acquire potentially sold casino assets. I estimate CHDN stock to have a fair value of $95.2. Read the full article on Seeking Alpha
Narrative Update • Apr 14

CHDN: New Kentucky Venue And Buybacks Will Counter IGaming And HISA Pressures

The analyst price target for Churchill Downs has been reduced by about $0.75 to $134.75, as analysts factor in slightly softer margin assumptions and a higher discount rate, while still reflecting mixed but generally supportive recent Street research. Analyst Commentary Recent Street research on Churchill Downs shows a mix of cautious and constructive views, with price targets moving in both directions and investors focused on regulatory risk and future growth potential.
Narrative Update • Mar 31

CHDN: New Gaming Projects Will Offset Virginia IGaming And HISA Fee Risks

Narrative Update: Churchill Downs The analyst price target for Churchill Downs has seen a modest net reduction of $1, as analysts factor in iGaming expansion risks that some believe are already more than reflected in the current share price, while still seeing room for upside. Analyst Commentary Recent research has focused on how iGaming expansion risk, especially in Virginia, fits into the current valuation while still leaving room for upside if execution stays on track.
Narrative Update • Mar 17

CHDN: New Regional Gaming Venues Will Offset Virginia IGaming Uncertainty

Analysts have made only a modest tweak to their view of Churchill Downs, with the updated price target holding effectively steady near $135.50. They are weighing iGaming expansion risks against what they see as discounted upside in the current valuation.
Narrative Update • Mar 03

CHDN: Regional Casinos And New Venues Will Offset Virginia IGaming Risks

Analysts now see fair value for Churchill Downs edging up by $0.75 to $135.50, reflecting updated assumptions around discount rates, revenue growth, profit margins, and the price-to-earnings ratio relative to recent Street price target tweaks that incorporate both iGaming risk concerns and perceived upside. Analyst Commentary Recent Street research around Churchill Downs highlights a mix of optimism and caution, with price targets nudged both higher and lower as analysts refine their views on risk, growth, and execution.
Narrative Update • Dec 23

CHDN: Regional Casinos Will Drive Future Upside Despite Dumfries And Virginia Risks

Analysts have nudged their price target for Churchill Downs slightly lower, trimming it by about $1 to reflect a modestly higher discount rate and near term headwinds around slower property ramps and softer regional casino trends, even as they continue to view the shares as attractively valued. Analyst Commentary Analysts remain constructive on Churchill Downs despite trimming price targets, citing a combination of company specific execution challenges and broader softness in regional gaming trends.
Narrative Update • Dec 09

CHDN: Regional Casinos Will Drive Future Upside Despite Dumfries Ramp Headwinds

Analysts have nudged their average price target for Churchill Downs slightly lower to the mid $120s, trimming expectations by a few dollars per share as they factor in a slower than anticipated Dumfries ramp, uneven regulatory enforcement in Virginia, and softer regional casino trends, even while continuing to view the stock as attractively valued. Analyst Commentary Recent Street research reflects a nuanced view on Churchill Downs, with modestly lower price targets but continued conviction that the shares remain compelling on a risk reward basis.
Narrative Update • Nov 25

CHDN: Regional Casinos Will Drive Long-Term Upside Despite Dumphries Slowdown

Analysts have modestly reduced their price target for Churchill Downs, lowering it by $2 to reflect slower regional casino trends and economic headwinds that are impacting recent performance. Analyst Commentary Analyst review of Churchill Downs highlights both areas of optimism and ongoing concerns surrounding the company’s valuation and performance.
Analysis Article • Nov 14

Why We're Not Concerned About Churchill Downs Incorporated's (NASDAQ:CHDN) Share Price

With a median price-to-earnings (or "P/E") ratio of close to 18x in the United States, you could be forgiven for...
Analysis Article • Aug 23

There's Been No Shortage Of Growth Recently For Churchill Downs' (NASDAQ:CHDN) Returns On Capital

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...
Analysis Article • Aug 09

Churchill Downs Incorporated's (NASDAQ:CHDN) Business And Shares Still Trailing The Market

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...
Seeking Alpha • Mar 19

Churchill Downs: A Little Bit Of Everything Makes Something Attractive

Summary Churchill Downs Incorporated has a well-balanced portfolio of earnings strength. 78% institution holding is an insurance policy of a kind. Price in trading range attracts stronger buyers. Trades like common but feels like preferred. Read the full article on Seeking Alpha
Seeking Alpha • Mar 12

Churchill Downs: The Legendary Racing Operator Continues Thriving (Rating Upgrade)

Summary Churchill Downs continued its great track record in 2024 with strong racing interest, and a relatively good performance in regional casinos. The company still has significant growth investments ahead, with HRM gaming venues and multi-year growth investments in the legendary Churchill Downs racetrack. I estimate CHDN stock to have a fair value of $106.1. Read the full article on Seeking Alpha
Seeking Alpha • Sep 03

Churchill Downs: Still Under The Radar, Still An Excellent Business

Summary Churchill Downs Incorporated shows strong long-term performance, with improved business metrics and growth opportunities, making the stock attractive now. Q2 results exceeded expectations, with revenue and EPS ahead of estimates, and margins improving due to high-margin HRM machines and acquisitions. Management's disciplined capital allocation has led to high returns on equity and significant shareholder returns through dividends and share repurchases. Despite higher leverage, CHDN's growth prospects and fair valuation suggest it is at least fairly valued, if not undervalued. Read the full article on Seeking Alpha
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New Narrative • Aug 25

Racetrack Innovations And HRM Expansion Set To Sprint Ahead In Revenue Growth

Expansion projects and growing wagering activities at Churchill Downs Racetrack indicate strong potential for increased revenue from ticket sales, sponsorships, and betting.
Seeking Alpha • Jun 10

Churchill Downs: Solid Performing Gaming Stock Eschews Scale For EBITDA Growth

Summary Churchill Downs Incorporated has grown earnings in a masterly blend of keeping margins high, buying and selling assets with the skills of a great investment manager. Its revenue will hit $3b this year, nowhere near sector leaders, but its stock remains an unsung solid performer producing strong earnings. The company is a blend of stable, capital allocation opportunist outlook combined with savvy every day skill sets in running tracks and casinos. Read the full article on Seeking Alpha
Seeking Alpha • Apr 28

Churchill Downs: Making A Wager On This Proven Compounder

Summary Churchill Downs, owner of the iconic Kentucky Derby, is a diversified gaming operator with a strong historical record. The company has best in class operating margins, ROE, ROC and has exhibited consistent revenue and net income growth over the past 14 years. Despite a 3-year period of consolidation, the stock is undervalued and presents a good opportunity for long-term investors. Read the full article on Seeking Alpha
Seeking Alpha • Feb 06

Churchill Downs: Accelerating Growth Might Justify High Valuation

Summary Churchill Downs Incorporated is an entertainment and gaming company that owns the Kentucky Derby and operates online wagering businesses and casino resorts. The company's revenues have been accelerating in recent years, reaching $2.4 billion in 2023, up from $1 billion a few years ago, driven by investments and expansion into new businesses. CHDN's stock has outperformed the market, up 732% in the last 10 years, but its valuation appears to be at a premium compared to its peers. Whether this premium valuation is justified or not really depends on whether you are a growth investor or value investor and what your time horizon is. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Bill Carstanjen's remuneration changed compared to Churchill Downs's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

US$388m

Dec 31 2025US$19mUS$2m

US$383m

Sep 30 2025n/an/a

US$404m

Jun 30 2025n/an/a

US$432m

Mar 31 2025n/an/a

US$422m

Dec 31 2024US$15mUS$2m

US$427m

Sep 30 2024n/an/a

US$415m

Jun 30 2024n/an/a

US$409m

Mar 31 2024n/an/a

US$342m

Dec 31 2023US$12mUS$2m

US$417m

Sep 30 2023n/an/a

US$361m

Jun 30 2023n/an/a

US$357m

Mar 31 2023n/an/a

US$553m

Dec 31 2022US$12mUS$2m

US$439m

Sep 30 2022n/an/a

US$482m

Jun 30 2022n/an/a

US$486m

Mar 31 2022n/an/a

US$255m

Dec 31 2021US$14mUS$2m

US$249m

Sep 30 2021n/an/a

US$222m

Jun 30 2021n/an/a

US$204m

Mar 31 2021n/an/a

US$72m

Dec 31 2020US$10mUS$1m

US$14m

Sep 30 2020n/an/a

US$2m

Jun 30 2020n/an/a

-US$26m

Mar 31 2020n/an/a

US$106m

Dec 31 2019US$11mUS$1m

US$140m

Compensation vs Market: Bill's total compensation ($USD19.17M) is above average for companies of similar size in the US market ($USD8.35M).

Compensation vs Earnings: Bill's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Bill Carstanjen (58 yo)

11.9yrs
Tenure
US$19,172,839
Compensation

Mr. William C. Carstanjen, also known as Bill, is Chief Executive Officer and Director of Churchill Downs Incorporated from August 2014 and July 2015 respectively. He joined the Churchill Downs Incorporate...

Leadership Team

NamePositionTenureCompensationOwnership
William Carstanjen
CEO & Director11.9yrsUS$19.17m2.42%
$ 144.2m
William Mudd
President & COO11.9yrsUS$7.21m1.05%
$ 62.6m
Marcia Dall
Executive VP & CFO10.8yrsUS$4.55m0.22%
$ 13.2m
Bradley Blackwell
Executive VP9.3yrsUS$3.41m0.044%
$ 2.6m
Jon Rauch
VP & Chief Accounting Officerno datano datano data
Nate Simon
Senior VP & CTO4.4yrsno datano data
Sam Ullrich
Vice President of Investor Relations2.1yrsno datano data
Jason Sauer
Senior Vice President of Corporate Development5.1yrsno datano data
M. Armstrong
Senior VP of Human Resources4.1yrsno datano data
Michael Anderson
Senior VP & President of Churchill Downs Racetrack5.6yrsUS$247.56kno data
Benjamin Murr
Senior VP and President of TwinSpires & Online Gaming4.5yrsno datano data
Michael Ziegler
Senior VP & GM of Churchill Downs Racetrack5.6yrsno datano data
5.6yrs
Average Tenure
55yo
Average Age

Experienced Management: CHDN's management team is seasoned and experienced (5.6 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
William Carstanjen
CEO & Director11yrsUS$19.17m2.42%
$ 144.2m
Douglas Grissom
Independent Director9yrsUS$342.50k0.014%
$ 855.3k
Darrell Wells
Director Emeritusno dataUS$43.00kno data
Thomas Meeker
Director Emeritusno dataUS$940.04kno data
Charles Bidwill
Director Emeritus21.1yrsno datano data
G. Humphrey
Director Emeritusno dataUS$41.59kno data
Carl Pollard
Director Emeritus15.1yrsUS$65.00kno data
Daniel Harrington
Independent Director28.5yrsUS$350.00k0%
$ 0
Paul Varga
Independent Director6.4yrsUS$337.50k0.031%
$ 1.9m
R. Rankin
Independent Chairman of the Board18.5yrsUS$465.00k0.068%
$ 4.1m
Andrea Carter
Independent Director3.6yrsUS$332.50k0.0018%
$ 107.9k
Karole Lloyd
Independent Director8.3yrsUS$355.00k0.030%
$ 1.8m
11.0yrs
Average Tenure
70.5yo
Average Age

Experienced Board: CHDN's board of directors are seasoned and experienced ( 11 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/12 00:50
End of Day Share Price 2026/07/10 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Churchill Downs Incorporated is covered by 19 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brandt MontourBarclays
Zachary SilverbergBerenberg
Shaun KelleyBofA Global Research