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Churchill Downs Inc（CHDN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Churchill Downs Inc的1.8倍（$1.2B vs $663.0M），Churchill Downs Inc净利率更高（12.5% vs 9.1%，领先3.4%），利氏兄弟拍卖行同比增速更快（5.4% vs 3.1%），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs -13.7%）
丘吉尔唐斯股份有限公司是丘吉尔唐斯赛马场的母公司，起家于美国肯塔基州路易斯维尔的单一赛马场，现已发展为业务覆盖美国多州的上市企业，旗下拥有赛马场、赌场、线上投注平台等多元业务板块。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
CHDN vs RBA — 直观对比
营收规模更大
RBA
是对方的1.8倍
$663.0M
营收增速更快
RBA
高出2.3%
3.1%
净利率更高
CHDN
高出3.4%
9.1%
两年增速更快
RBA
近两年复合增速
-13.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $663.0M | $1.2B |
| 净利润 | $83.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 21.6% | 14.7% |
| 净利率 | 12.5% | 9.1% |
| 营收同比 | 3.1% | 5.4% |
| 净利润同比 | 7.8% | -7.4% |
| 每股收益（稀释后） | $1.16 | $0.53 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CHDNRBA
| Q1 26 | $663.0M | — | ||
| Q4 25 | $665.9M | $1.2B | ||
| Q3 25 | $683.0M | $1.1B | ||
| Q2 25 | $934.4M | $1.2B | ||
| Q1 25 | $642.6M | $1.1B | ||
| Q4 24 | $624.2M | $1.1B | ||
| Q3 24 | $628.5M | $981.8M | ||
| Q2 24 | $890.7M | $1.1B |
净利润CHDNRBA
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $109.7M | ||
| Q3 25 | $38.1M | $95.5M | ||
| Q2 25 | $216.9M | $109.8M | ||
| Q1 25 | $76.7M | $113.4M | ||
| Q4 24 | $71.7M | $118.5M | ||
| Q3 24 | $65.4M | $76.1M | ||
| Q2 24 | $209.3M | $111.1M |
营业利润率CHDNRBA
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | 14.7% | ||
| Q3 25 | 14.3% | 14.5% | ||
| Q2 25 | 35.1% | 15.9% | ||
| Q1 25 | 20.9% | 17.1% | ||
| Q4 24 | 20.3% | 18.1% | ||
| Q3 24 | 20.0% | 15.6% | ||
| Q2 24 | 37.0% | 18.4% |
净利率CHDNRBA
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | 9.1% | ||
| Q3 25 | 5.6% | 8.7% | ||
| Q2 25 | 23.2% | 9.3% | ||
| Q1 25 | 11.9% | 10.2% | ||
| Q4 24 | 11.5% | 10.4% | ||
| Q3 24 | 10.4% | 7.8% | ||
| Q2 24 | 23.5% | 10.1% |
每股收益（稀释后）CHDNRBA
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $200.0M | $531.5M |
| 总债务越低越好 | $840.0M | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | $7.5B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资CHDNRBA
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $531.5M | ||
| Q3 25 | $180.5M | $674.7M | ||
| Q2 25 | $182.4M | $710.2M | ||
| Q1 25 | $174.2M | $578.1M | ||
| Q4 24 | $175.5M | $533.9M | ||
| Q3 24 | $152.7M | $650.7M | ||
| Q2 24 | $140.3M | $599.5M |
总债务CHDNRBA
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B |
股东权益CHDNRBA
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $5.6B | ||
| Q3 25 | $1.0B | $5.5B | ||
| Q2 25 | $1.0B | $5.5B | ||
| Q1 25 | $1.1B | $5.3B | ||
| Q4 24 | $1.1B | $5.2B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.0B | $5.2B |
总资产CHDNRBA
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $12.1B | ||
| Q3 25 | $7.5B | $12.2B | ||
| Q2 25 | $7.4B | $12.2B | ||
| Q1 25 | $7.3B | $11.9B | ||
| Q4 24 | $7.3B | $11.8B | ||
| Q3 24 | $7.2B | $11.9B | ||
| Q2 24 | $7.2B | $12.1B |
负债/权益比CHDNRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $295.0M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | 3.55× | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流CHDNRBA
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $255.2M | ||
| Q3 25 | $187.7M | $239.7M | ||
| Q2 25 | — | $326.5M | ||
| Q1 25 | $246.5M | $156.8M | ||
| Q4 24 | — | $184.5M | ||
| Q3 24 | $169.4M | $285.4M | ||
| Q2 24 | — | $337.3M |
自由现金流CHDNRBA
| Q1 26 | — | — | ||
| Q4 25 | — | $186.5M | ||
| Q3 25 | $166.3M | $188.5M | ||
| Q2 25 | — | $241.7M | ||
| Q1 25 | $233.9M | $102.5M | ||
| Q4 24 | — | $127.9M | ||
| Q3 24 | $154.4M | $248.5M | ||
| Q2 24 | — | $308.6M |
自由现金流率CHDNRBA
| Q1 26 | — | — | ||
| Q4 25 | — | 15.5% | ||
| Q3 25 | 24.3% | 17.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | 36.4% | 9.2% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | 24.6% | 25.3% | ||
| Q2 24 | — | 28.2% |
资本支出强度CHDNRBA
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 5.7% | ||
| Q3 25 | 3.1% | 4.7% | ||
| Q2 25 | 2.0% | 7.2% | ||
| Q1 25 | 2.0% | 4.9% | ||
| Q4 24 | 5.4% | 5.0% | ||
| Q3 24 | 2.4% | 3.8% | ||
| Q2 24 | 2.5% | 2.6% |
现金转化率CHDNRBA
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | 2.33× | ||
| Q3 25 | 4.93× | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | 3.21× | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 2.59× | 3.75× | ||
| Q2 24 | — | 3.04× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
