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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
MODINE MANUFACTURING CO is the larger business by last-quarter revenue ($805.0M vs $663.0M, roughly 1.2× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs -5.9%, a 18.4% gap on every dollar of revenue. On growth, MODINE MANUFACTURING CO posted the faster year-over-year revenue change (30.5% vs 3.1%). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% CAGR vs -13.7%).
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
CHDN vs MOD — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $805.0M |
| Net Profit | $83.0M | $-47.4M |
| Gross Margin | — | 23.1% |
| Operating Margin | 21.6% | 11.1% |
| Net Margin | 12.5% | -5.9% |
| Revenue YoY | 3.1% | 30.5% |
| Net Profit YoY | 7.8% | -215.6% |
| EPS (diluted) | $1.16 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $663.0M | — | ||
| Q4 25 | $665.9M | $805.0M | ||
| Q3 25 | $683.0M | $738.9M | ||
| Q2 25 | $934.4M | $682.8M | ||
| Q1 25 | $642.6M | $647.2M | ||
| Q4 24 | $624.2M | $616.8M | ||
| Q3 24 | $628.5M | $658.0M | ||
| Q2 24 | $890.7M | $661.5M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-47.4M | ||
| Q3 25 | $38.1M | $44.4M | ||
| Q2 25 | $216.9M | $51.2M | ||
| Q1 25 | $76.7M | $49.6M | ||
| Q4 24 | $71.7M | $41.0M | ||
| Q3 24 | $65.4M | $46.1M | ||
| Q2 24 | $209.3M | $47.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 24.6% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 11.1% | ||
| Q3 25 | 14.3% | 9.9% | ||
| Q2 25 | 35.1% | 11.1% | ||
| Q1 25 | 20.9% | 11.5% | ||
| Q4 24 | 20.3% | 9.6% | ||
| Q3 24 | 20.0% | 11.4% | ||
| Q2 24 | 37.0% | 11.2% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -5.9% | ||
| Q3 25 | 5.6% | 6.0% | ||
| Q2 25 | 23.2% | 7.5% | ||
| Q1 25 | 11.9% | 7.7% | ||
| Q4 24 | 11.5% | 6.6% | ||
| Q3 24 | 10.4% | 7.0% | ||
| Q2 24 | 23.5% | 7.2% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $0.83 | ||
| Q2 25 | — | $0.95 | ||
| Q1 25 | — | $0.92 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | — | $0.86 | ||
| Q2 24 | — | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $200.0M | $98.7M |
| Total DebtLower is stronger | $840.0M | $570.7M |
| Stockholders' EquityBook value | — | $1.1B |
| Total Assets | $7.5B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $98.7M | ||
| Q3 25 | $180.5M | $83.8M | ||
| Q2 25 | $182.4M | $124.5M | ||
| Q1 25 | $174.2M | $71.6M | ||
| Q4 24 | $175.5M | $83.8M | ||
| Q3 24 | $152.7M | $78.6M | ||
| Q2 24 | $140.3M | $72.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $525.8M | ||
| Q2 25 | — | $482.1M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | — | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $1.1B | $910.2M | ||
| Q4 24 | $1.1B | $855.1M | ||
| Q3 24 | $1.1B | $858.8M | ||
| Q2 24 | $1.0B | $788.4M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $2.5B | ||
| Q3 25 | $7.5B | $2.4B | ||
| Q2 25 | $7.4B | $2.2B | ||
| Q1 25 | $7.3B | $1.9B | ||
| Q4 24 | $7.3B | $1.8B | ||
| Q3 24 | $7.2B | $1.9B | ||
| Q2 24 | $7.2B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $295.0M | $24.7M |
| Free Cash FlowOCF − Capex | — | $-17.1M |
| FCF MarginFCF / Revenue | — | -2.1% |
| Capex IntensityCapex / Revenue | — | 5.2% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $24.7M | ||
| Q3 25 | $187.7M | $1.4M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | $246.5M | $54.8M | ||
| Q4 24 | — | $60.7M | ||
| Q3 24 | $169.4M | $57.3M | ||
| Q2 24 | — | $40.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-17.1M | ||
| Q3 25 | $166.3M | $-30.5M | ||
| Q2 25 | — | $200.0K | ||
| Q1 25 | $233.9M | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | $154.4M | $43.8M | ||
| Q2 24 | — | $13.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -2.1% | ||
| Q3 25 | 24.3% | -4.1% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | 36.4% | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 24.6% | 6.7% | ||
| Q2 24 | — | 2.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 5.2% | ||
| Q3 25 | 3.1% | 4.3% | ||
| Q2 25 | 2.0% | 4.0% | ||
| Q1 25 | 2.0% | 4.3% | ||
| Q4 24 | 5.4% | 2.6% | ||
| Q3 24 | 2.4% | 2.1% | ||
| Q2 24 | 2.5% | 4.1% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | 0.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | 3.21× | 1.10× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | 2.59× | 1.24× | ||
| Q2 24 | — | 0.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
