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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Churchill Downs's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €-76.44.
The industry rank for Churchill Downs's Net-Net Working Capital or its related term are showing as below:
FRA:CHR's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Churchill Downs (FRA:CHR) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Churchill Downs Net-Net Working Capital Related Terms
Churchill Downs Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Churchill Downs's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:CHR vs LNWO, SGHC, RSI: Net-Net Working Capital Comparison
For the Gambling subindustry, Churchill Downs's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Churchill Downs Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Churchill Downs's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Churchill Downs's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of €-76.44 mean?
Churchill Downs (FRA:CHR) has a Net-Net Working Capital of €-76.44 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Churchill Downs According to the industry distribution chart, Churchill Downs ranks #999999 out of 214 companies in the Travel & Leisure industry.
Is Churchill Downs' Net-Net Working Capital too high?
Churchill Downs' current Net-Net Working Capital is €-76.44. Based on the distribution chart, Churchill Downs ranks #999999 out of 214 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Churchill Downs has a GF Score™ of 82/100, reflecting its overall financial health beyond just this single metric.
How does Churchill Downs' Net-Net Working Capital compare to LNWO and SGHC?
According to the Travel & Leisure industry distribution chart, Churchill Downs ranks #999999 out of 214 companies for Net-Net Working Capital. This places Churchill Downs in the lower half of its industry. The industry median Net-Net Working Capital is 6.99. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.99, based on 214 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Churchill Downs For the Travel & Leisure industry, the median Net-Net Working Capital is 6.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Churchill Downs's current Net-Net Working Capital is €-76.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Churchill Downs stock overvalued right now?
Churchill Downs (FRA:CHR) has a current Net-Net Working Capital of €-76.44. The stock's GF Value™ is €136.31, compared to a current price of €71.50 — trading 47.5% below its estimated fair value. The current Net-Net Working Capital is €-76.44. Churchill Downs' overall GF Score™ is 82/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Churchill Downs (FRA:CHR), the current Net-Net Working Capital is €-76.44 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Churchill Downs (FRA:CHR) Overvalued in 2026?
Based on GuruFocus' analysis, Churchill Downs stock appears to be undervalued.
The current stock price of €71.50 is trading 47.5% below its estimated GF Value™ of €136.31.
Key valuation signals for FRA:CHR:
Net-Net Working Capital: €-76.44
GF Value™: €136.31 vs. price of €71.50 (47.5% below fair value)
No single metric tells the full story. See the FRA:CHR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
82GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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