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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $335.6M, roughly 2.0× Natural Grocers by Vitamin Cottage, Inc.). Churchill Downs Inc runs the higher net margin — 12.5% vs 3.4%, a 9.1% gap on every dollar of revenue. On growth, Churchill Downs Inc posted the faster year-over-year revenue change (3.1% vs 1.6%). Over the past eight quarters, Natural Grocers by Vitamin Cottage, Inc.'s revenue compounded faster (4.4% 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
CHDN vs NGVC — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $335.6M |
| Net Profit | $83.0M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 21.6% | 4.4% |
| Net Margin | 12.5% | 3.4% |
| Revenue YoY | 3.1% | 1.6% |
| Net Profit YoY | 7.8% | 14.0% |
| EPS (diluted) | $1.16 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $683.0M | $336.1M | ||
| Q2 25 | $934.4M | $328.7M | ||
| Q1 25 | $642.6M | $335.8M | ||
| Q4 24 | $624.2M | $330.2M | ||
| Q3 24 | $628.5M | $322.7M | ||
| Q2 24 | $890.7M | $309.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $11.3M | ||
| Q3 25 | $38.1M | $11.8M | ||
| Q2 25 | $216.9M | $11.6M | ||
| Q1 25 | $76.7M | $13.1M | ||
| Q4 24 | $71.7M | $9.9M | ||
| Q3 24 | $65.4M | $9.0M | ||
| Q2 24 | $209.3M | $9.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 4.4% | ||
| Q3 25 | 14.3% | 4.6% | ||
| Q2 25 | 35.1% | 4.7% | ||
| Q1 25 | 20.9% | 5.2% | ||
| Q4 24 | 20.3% | 4.0% | ||
| Q3 24 | 20.0% | 3.7% | ||
| Q2 24 | 37.0% | 4.2% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 3.4% | ||
| Q3 25 | 5.6% | 3.5% | ||
| Q2 25 | 23.2% | 3.5% | ||
| Q1 25 | 11.9% | 3.9% | ||
| Q4 24 | 11.5% | 3.0% | ||
| Q3 24 | 10.4% | 2.8% | ||
| Q2 24 | 23.5% | 3.0% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.49 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | — | $0.50 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $0.43 | ||
| Q3 24 | — | $0.38 | ||
| Q2 24 | — | $0.40 |
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 | $23.2M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $220.0M |
| Total Assets | $7.5B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $23.2M | ||
| Q3 25 | $180.5M | $17.1M | ||
| Q2 25 | $182.4M | $13.2M | ||
| Q1 25 | $174.2M | $21.2M | ||
| Q4 24 | $175.5M | $6.3M | ||
| Q3 24 | $152.7M | $8.9M | ||
| Q2 24 | $140.3M | $13.9M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $220.0M | ||
| Q3 25 | $1.0B | $212.4M | ||
| Q2 25 | $1.0B | $202.5M | ||
| Q1 25 | $1.1B | $193.0M | ||
| Q4 24 | $1.1B | $181.9M | ||
| Q3 24 | $1.1B | $174.3M | ||
| Q2 24 | $1.0B | $167.8M |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $668.6M | ||
| Q3 25 | $7.5B | $670.5M | ||
| Q2 25 | $7.4B | $659.0M | ||
| Q1 25 | $7.3B | $664.6M | ||
| Q4 24 | $7.3B | $648.9M | ||
| Q3 24 | $7.2B | $655.5M | ||
| Q2 24 | $7.2B | $654.4M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | 3.55× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $21.1M | ||
| Q3 25 | $187.7M | $15.6M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | $246.5M | $34.1M | ||
| Q4 24 | — | $2.7M | ||
| Q3 24 | $169.4M | $24.5M | ||
| Q2 24 | — | $12.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $11.6M | ||
| Q3 25 | $166.3M | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | $233.9M | $27.6M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | $154.4M | $18.0M | ||
| Q2 24 | — | $3.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 24.3% | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | 36.4% | 8.2% | ||
| Q4 24 | — | -2.1% | ||
| Q3 24 | 24.6% | 5.6% | ||
| Q2 24 | — | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.9% | ||
| Q3 25 | 3.1% | 2.4% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 5.4% | 2.9% | ||
| Q3 24 | 2.4% | 2.0% | ||
| Q2 24 | 2.5% | 2.9% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.86× | ||
| Q3 25 | 4.93× | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | 3.21× | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | 2.59× | 2.72× | ||
| Q2 24 | — | 1.35× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
