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Side-by-side financial comparison of Churchill Downs Inc (CHDN) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
Churchill Downs Inc is the larger business by last-quarter revenue ($663.0M vs $625.1M, roughly 1.1× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs 12.5%, a 0.9% gap on every dollar of revenue. On growth, WATTS WATER TECHNOLOGIES INC posted the faster year-over-year revenue change (15.7% vs 3.1%). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (4.6% 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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
CHDN vs WTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $663.0M | $625.1M |
| Net Profit | $83.0M | $83.7M |
| Gross Margin | — | 49.5% |
| Operating Margin | 21.6% | 18.2% |
| Net Margin | 12.5% | 13.4% |
| Revenue YoY | 3.1% | 15.7% |
| Net Profit YoY | 7.8% | 24.0% |
| EPS (diluted) | $1.16 | $2.50 |
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 | $625.1M | ||
| Q3 25 | $683.0M | $611.7M | ||
| Q2 25 | $934.4M | $643.7M | ||
| Q1 25 | $642.6M | $558.0M | ||
| Q4 24 | $624.2M | $540.4M | ||
| Q3 24 | $628.5M | $543.6M | ||
| Q2 24 | $890.7M | $597.3M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $83.7M | ||
| Q3 25 | $38.1M | $82.2M | ||
| Q2 25 | $216.9M | $100.9M | ||
| Q1 25 | $76.7M | $74.0M | ||
| Q4 24 | $71.7M | $67.5M | ||
| Q3 24 | $65.4M | $69.1M | ||
| Q2 24 | $209.3M | $82.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% |
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 18.2% | ||
| Q3 25 | 14.3% | 18.2% | ||
| Q2 25 | 35.1% | 21.0% | ||
| Q1 25 | 20.9% | 15.7% | ||
| Q4 24 | 20.3% | 16.5% | ||
| Q3 24 | 20.0% | 17.1% | ||
| Q2 24 | 37.0% | 18.7% |
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 13.4% | ||
| Q3 25 | 5.6% | 13.4% | ||
| Q2 25 | 23.2% | 15.7% | ||
| Q1 25 | 11.9% | 13.3% | ||
| Q4 24 | 11.5% | 12.5% | ||
| Q3 24 | 10.4% | 12.7% | ||
| Q2 24 | 23.5% | 13.7% |
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $2.50 | ||
| Q3 25 | — | $2.45 | ||
| Q2 25 | — | $3.01 | ||
| Q1 25 | — | $2.21 | ||
| Q4 24 | — | $2.02 | ||
| Q3 24 | — | $2.06 | ||
| Q2 24 | — | $2.44 |
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 | $405.5M |
| Total DebtLower is stronger | $840.0M | — |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | $7.5B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $405.5M | ||
| Q3 25 | $180.5M | $457.7M | ||
| Q2 25 | $182.4M | $369.3M | ||
| Q1 25 | $174.2M | $336.8M | ||
| Q4 24 | $175.5M | $386.9M | ||
| Q3 24 | $152.7M | $303.9M | ||
| Q2 24 | $140.3M | $279.4M |
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.0B | $2.0B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $1.1B | $1.8B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.0B | $1.6B |
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $2.9B | ||
| Q3 25 | $7.5B | $2.7B | ||
| Q2 25 | $7.4B | $2.6B | ||
| Q1 25 | $7.3B | $2.5B | ||
| Q4 24 | $7.3B | $2.4B | ||
| Q3 24 | $7.2B | $2.4B | ||
| Q2 24 | $7.2B | $2.4B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | — | $140.3M |
| FCF MarginFCF / Revenue | — | 22.4% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | 3.55× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | — | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $154.7M | ||
| Q3 25 | $187.7M | $122.4M | ||
| Q2 25 | — | $69.7M | ||
| Q1 25 | $246.5M | $55.2M | ||
| Q4 24 | — | $139.5M | ||
| Q3 24 | $169.4M | $90.7M | ||
| Q2 24 | — | $85.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $140.3M | ||
| Q3 25 | $166.3M | $110.9M | ||
| Q2 25 | — | $59.5M | ||
| Q1 25 | $233.9M | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | $154.4M | $84.3M | ||
| Q2 24 | — | $78.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 22.4% | ||
| Q3 25 | 24.3% | 18.1% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | 36.4% | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | 24.6% | 15.5% | ||
| Q2 24 | — | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 2.3% | ||
| Q3 25 | 3.1% | 1.9% | ||
| Q2 25 | 2.0% | 1.6% | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 5.4% | 2.2% | ||
| Q3 24 | 2.4% | 1.2% | ||
| Q2 24 | 2.5% | 1.1% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 1.85× | ||
| Q3 25 | 4.93× | 1.49× | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | 3.21× | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | 2.59× | 1.31× | ||
| Q2 24 | — | 1.04× |
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% |
WTS
Segment breakdown not available.
