Churchill Downs (XTER:CHR) Scaled Net Operating Assets: 0.80 (As of Mar. 2026)


XTER:CHR Churchill Downs Inc XTER:CHR
62 GF Score
Price €75.50
GF Value €139.08
Valuation Possible Value Trap
! 4 Warning Signs
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What is Churchill Downs Scaled Net Operating Assets?

Churchill Downs XTER:CHR -0.66% 62 Scaled Net Operating Assets is 0.80 as of Mar. 2026. GuruFocus rates XTER:CHR with a GF Score™ of 62/100 and a GF Value™ of €139.08 (Possible Value Trap). The stock has 4 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Churchill Downs's operating assets for the quarter that ended in Mar. 2026 was €6,302 Mil. Churchill Downs's operating liabilities for the quarter that ended in Mar. 2026 was €1,215 Mil. Churchill Downs's Total Assets for the quarter that ended in Dec. 2025 was €6,392 Mil. Therefore, Churchill Downs's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.80.

Churchill Downs Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Churchill Downs's Scaled Net Operating Assets 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.

Churchill Downs Scaled Net Operating Assets Chart

Churchill Downs Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.80 1.80 0.88 0.88 0.74

Churchill Downs Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.77 0.75 0.80 0.81 0.80

XTER:CHR vs : Scaled Net Operating Assets Comparison

For the Gambling subindustry, Churchill Downs's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Churchill Downs's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Churchill Downs's Scaled Net Operating Assets falls into.


XTER:CHR
62GF Score
Churchill Downs Inc XTER:CHR
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Churchill Downs Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Churchill Downs's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(6220.451-1101.746)/6948.485
=0.74

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6391.763 - 171.312
=6220.451

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=5490.11 - 4327.303 - 61.061
=1101.746

Churchill Downs's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(6301.525-1215.325)/6391.763
=0.80

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=6474.525 - 173
=6301.525

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=5484.965 - 4208.225 - 61.415
=1215.325

* 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.

What does a Scaled Net Operating Assets of 0.80 mean?
Churchill Downs (XTER:CHR) has a Scaled Net Operating Assets of 0.80 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Churchill Downs and its competitors.
Is Churchill Downs' Scaled Net Operating Assets too high?
Churchill Downs' current Scaled Net Operating Assets is 0.80. Overall, Churchill Downs has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Churchill Downs' Scaled Net Operating Assets compare to ?
Churchill Downs' Scaled Net Operating Assets of 0.80 can be compared against companies in the Travel & Leisure industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a Travel & Leisure company?
A good Scaled Net Operating Assets depends on the Travel & Leisure industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Churchill Downs and its competitors. Churchill Downs's current Scaled Net Operating Assets is 0.80. 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?
Based on GuruFocus' analysis, Churchill Downs (XTER:CHR) is currently considered Possible Value Trap. The stock's GF Value™ is €139.08, compared to a current price of €75.50 — trading 45.7% below its estimated fair value. The current Scaled Net Operating Assets is 0.80. Churchill Downs' overall GF Score™ is 62/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Churchill Downs (XTER:CHR), the current Scaled Net Operating Assets is 0.80 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 (XTER:CHR) Overvalued in 2026?

Based on GuruFocus' analysis, Churchill Downs stock appears to be undervalued. The current stock price of €75.50 is trading 45.7% below its estimated GF Value™ of €139.08. GuruFocus considers Churchill Downs to be Possible Value Trap.

Key valuation signals for XTER:CHR:

  • Scaled Net Operating Assets: 0.80
  • GF Value™: €139.08 vs. price of €75.50 (45.7% below fair value)
  • GF Score™: 62/100 with 4 warning signs

No single metric tells the full story. See the XTER:CHR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Churchill Downs Business Description

Comparable Companies
Other Exchanges CHDN:USAC2HD34:Brazil
Address 600 North Hurstbourne Parkway, Suite 400, Louisville, KY, USA, 40222
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.
62GF Score

Get the complete analysis for XTER:CHR

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€75.50
Price
€139.08
GF Value