Churchill Downs Incorporated operates live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties in the United States. It operates through three segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. The Live and Historical Racing segment engages in live and historical pari-mutuel racing related activities at Churchill Downs Racetrack and its historical racing …
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Competitive advantage assessment
Key strengths
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.93), demonstrating pricing resilience across cycles.
ROIC Sustainably Above PeersROIC at 61.5th percentile exceeds peers and WACC, demonstrating superior capital allocation.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Churchill Downs, Incorporated ranks #2 of 20
scored companies in Gambling by moat score — the top 10%.
The widest moat in the group is Super Group (SGHC) Limited (SGHC)
at 73/100.
Moat scores for companies ranked near CHDN in Gambling
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 100
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 80
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 69
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 36
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 60
· 15% of the moat score
Scale matters only when it converts into economics.
What is Churchill Downs, Incorporated's moat score?
Churchill Downs, Incorporated (CHDN) scores 70 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #2 of 20 scored companies in Gambling, the top 10%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 19 companies in Gambling. Its strongest defense is Cost Advantage (100/100) and its weakest is Resilience (36/100).
How does Churchill Downs, Incorporated compare with other Gambling companies?
Churchill Downs, Incorporated ranks #2 of 20 scored companies in Gambling by moat score. The widest moat in Gambling is Super Group (SGHC) Limited (SGHC) at 73/100. The companies ranked closest are Super Group (SGHC) Limited (SGHC) at 73 just above it and Inspired Entertainment, Inc. (INSE) at 64 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 19 companies in Gambling. The defenses are then weighted to produce the overall score out of 100.
Why is Churchill Downs, Incorporated scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Churchill Downs, Incorporated?
The Corporate Default template measures 6 defenses, and CHDN scores: Pricing Power (77), Cost Advantage (100), Customer Stickiness (80), Capital Efficiency (69), Resilience (36), Scale & Market Position (60). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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