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Forensic Analysis · General / Diversified · as of Nov 10, 2026

Churchill Downs Inc (CHDN)

A forensic read on Churchill Downs Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
1.0
Distress distance
Clean
Earnings quality
1
Forensic signals
36.6%
ROE
7.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Churchill Downs Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.0, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.6%
FY2025
Return on invested capital. Return on invested capital is 7.6% in the latest fiscal year, against 6.8% in FY2023, having run between 6.8% and 8.5% across FY2023–FY2025 with no direction held. After-tax operating profit was $419M in FY2023 and $495M in FY2025, with operating income at 22.9% of revenue in FY2023, 25.9% in FY2024 and 23.4% in FY2025. The capital base behind it went from $6.1B in FY2023 to $6.5B in FY2025 (+7%), while the revenue it carried went from $2.5B to $2.9B.

Key fundamentals

Latest Revenue$2.93B
Revenue Growth YoY+7.0%
Revenue CAGR (2yr)+9.0%
Net Margin13.1%
Free Cash Flow$699.6M
Return on Equity36.6%
Debt / Equity5.08x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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