🚀 VC round data is live in beta, check it out!
Churchill Downs Valuation Multiples
Discover revenue and EBITDA valuation multiples for Churchill Downs and similar public comparables like Boyd Gaming, Light & Wonder, OPAP Holding, FDJ United and more.
Churchill Downs Overview
About Churchill Downs
Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, Wagering Services, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The Wagering Services segment includes the revenue and expenses from pari-mutuel wagers through TwinSpires, companies retail and online sports betting business and Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.
Founded
1928
HQ
Employees
9.0K
Financials (LTM)
EV
$11B
Churchill Downs Financials
Churchill Downs reported last 12-month revenue of $3B and EBITDA of $1B.
In the same LTM period, Churchill Downs generated $1B in EBITDA and $409M in net income.
Revenue (LTM)
Churchill Downs P&L
In the most recent fiscal year, Churchill Downs reported revenue of $3B and EBITDA of $1B.
Churchill Downs expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $3B | XXX | $3B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $983M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 34% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 41% | XXX | 41% | XXX | XXX | XXX |
| EBIT Margin | 25% | XXX | 25% | XXX | XXX | XXX |
| Net Profit | $409M | XXX | $383M | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 13% | XXX | XXX | XXX |
| Net Debt | — | — | $5B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Churchill Downs Stock Performance
Churchill Downs has current market cap of $6B, and enterprise value of $11B.
Market Cap Evolution
Churchill Downs' stock price is $92.21.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $11B | $6B | 0.0% | XXX | XXX | XXX | $5.50 |
Benchmark Trading Valuation Multiples by Industry
Sign up to access valuation multiples like growth-adjusted P/E, Rule of 40, next 12-month EV/Revenue, EBITDA multiples by industry, consensus analyst estimates and many more.
Start Free TrialChurchill Downs Valuation Multiples
Churchill Downs trades at 3.8x EV/Revenue multiple, and 9.3x EV/EBITDA.
EV / Revenue (LTM)
Churchill Downs Financial Valuation Multiples
As of April 20, 2026, Churchill Downs has market cap of $6B and EV of $11B.
Equity research analysts estimate Churchill Downs' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Churchill Downs has a P/E ratio of 15.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $6B | XXX | $6B | XXX | XXX | XXX |
| EV (current) | $11B | XXX | $11B | XXX | XXX | XXX |
| EV/Revenue | 3.8x | XXX | 3.9x | XXX | XXX | XXX |
| EV/EBITDA | 9.3x | XXX | 9.4x | XXX | XXX | XXX |
| EV/EBIT | 15.3x | XXX | 15.4x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 11.6x | XXX | XXX | XXX |
| P/E | 15.7x | XXX | 16.8x | XXX | XXX | XXX |
| EV/FCF | 18.2x | XXX | 18.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Churchill Downs Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Churchill Downs Margins & Growth Rates
Churchill Downs' revenue in the last 12 month grew by 4%.
Churchill Downs' revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.0M for the same period.
Churchill Downs' rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Churchill Downs' rule of X is 50% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Churchill Downs Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | 4% | XXX | XXX | XXX |
| EBITDA Margin | 41% | XXX | 41% | XXX | XXX | XXX |
| EBITDA Growth | 3% | XXX | 3% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 44% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 50% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 8% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Churchill Downs Public Comps
See public comps and valuation multiples for other Casinos & Gambling and Online Betting comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Churchill Downs | XXX | XXX | XXX | XXX | XXX | XXX |
| Boyd Gaming | XXX | XXX | XXX | XXX | XXX | XXX |
| Light & Wonder | XXX | XXX | XXX | XXX | XXX | XXX |
| OPAP Holding | XXX | XXX | XXX | XXX | XXX | XXX |
| FDJ United | XXX | XXX | XXX | XXX | XXX | XXX |
| Super Group SGHC | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Churchill Downs M&A Activity
Churchill Downs acquired XXX companies to date.
Last acquisition by Churchill Downs was on XXXXXXXX, XXXXX. Churchill Downs acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Churchill Downs
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Get Verified M&A Valuation Multiples
Sign up to see revenue and EBITDA valuation multiples for 150K+ M&A deals.
Start Free TrialChurchill Downs Investment Activity
Churchill Downs invested in XXX companies to date.
Churchill Downs made its latest investment on XXXXXXXX, XXXXX. Churchill Downs invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Churchill Downs
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAbout Churchill Downs
| When was Churchill Downs founded? | Churchill Downs was founded in 1928. |
| Where is Churchill Downs headquartered? | Churchill Downs is headquartered in United States. |
| How many employees does Churchill Downs have? | As of today, Churchill Downs has over 9K employees. |
| Who is the CEO of Churchill Downs? | Churchill Downs' CEO is William C. Carstanjen. |
| Is Churchill Downs publicly listed? | Yes, Churchill Downs is a public company listed on Nasdaq. |
| What is the stock symbol of Churchill Downs? | Churchill Downs trades under CHDN ticker. |
| When did Churchill Downs go public? | Churchill Downs went public in 1993. |
| Who are competitors of Churchill Downs? | Churchill Downs main competitors are Boyd Gaming, Light & Wonder, OPAP Holding, FDJ United. |
| What is the current market cap of Churchill Downs? | Churchill Downs' current market cap is $6B. |
| What is the current revenue of Churchill Downs? | Churchill Downs' last 12 months revenue is $3B. |
| What is the current revenue growth of Churchill Downs? | Churchill Downs revenue growth (NTM/LTM) is 4%. |
| What is the current EV/Revenue multiple of Churchill Downs? | Current revenue multiple of Churchill Downs is 3.8x. |
| Is Churchill Downs profitable? | Yes, Churchill Downs is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Churchill Downs? | Churchill Downs' last 12 months EBITDA is $1B. |
| What is Churchill Downs' EBITDA margin? | Churchill Downs' last 12 months EBITDA margin is 41%. |
| What is the current EV/EBITDA multiple of Churchill Downs? | Current EBITDA multiple of Churchill Downs is 9.3x. |
| What is the current FCF of Churchill Downs? | Churchill Downs' last 12 months FCF is $623M. |
| What is Churchill Downs' FCF margin? | Churchill Downs' last 12 months FCF margin is 21%. |
| What is the current EV/FCF multiple of Churchill Downs? | Current FCF multiple of Churchill Downs is 18.2x. |
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.