CHDN
Churchill Downs Incorporated
CHDN has the edge over GME overall, supported by lower modeled downside and stronger modeled upside.
GME
GameStop Corp.
GME offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
CHDN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Weak |
CHDN's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
GME Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Unavailable |
GME's profitability and cash flow are currently strong, and its revenue is stable. There isn't enough data to rate its balance sheet.
CHDN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $99.62 | — |
| Current | 15x | $99.62 | — |
| Cheap | 17x | $107 | +7.6% |
| Fair | 22x | $143 | +44% |
| Expensive | 33x | $216 | +117% |
Historical ranges are pointers, not guarantees.
CHDN has the edge over GME in the historical PE scenario, which offers more potential upside but is not a forecast.
GME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 17x | $25.62 | — |
| Cheap | 18x | $27.96 | +9.1% |
| Forward | 38x | $25.62 | — |
| Fair | 43x | $66.84 | +161% |
| Expensive | 252x | $388 | +1414% |
Historical ranges are pointers, not guarantees.
GME's PE is in its cheap range at 17x. Analysts expect earnings to fall, which would put today's price at 38x next year's earnings, in its fair range.
CHDN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
CHDN has the edge over GME on the outlook, with more favorable valuation and earnings expectations.
GME Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect GME's earnings and revenue to decline, with profitability weakening.
CHDN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.24 | +12% |
| Q3 2026 | $6.47 | +18% |
| Q2 2026 | $5.86 | +0.7% |
| Q1 2026 | $5.43 | -3.4% |
| Q4 2025 | $5.29 | -6.9% |
| Q3 2025 | $5.50 | -0.5% |
| Q2 2025 | $5.82 | +6.6% |
| Q1 2025 | $5.62 | +24% |
| Q4 2024 | $5.68 | +3.5% |
CHDN earned $6.47 per share over the past year, up 18% from the year before. Its recent earnings include one-off gains.
GME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.67 | -56% |
| Q3 2026 | $1.54 | +93% |
| Q2 2026 | $1.34 | +153% |
| Q1 2026 | $0.77 | +133% |
| Q4 2025 | $0.89 | +394% |
| Q3 2025 | $0.80 | +515% |
| Q2 2025 | $0.53 | +563% |
| Q1 2025 | $0.33 | +1550% |
| Q4 2024 | $0.18 | +$0.21 |
GME has the edge over CHDN on earnings, with more consistent year-over-year improvement.
CHDN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $696M | +1.9% |
| Q2 2026 | $980M | +4.9% |
| Q1 2026 | $663M | +3.2% |
| Q4 2025 | $665.9M | +6.7% |
| Q3 2025 | $683M | +8.7% |
| Q2 2025 | $934.4M | +4.9% |
| Q1 2025 | $642.6M | +8.7% |
| Q4 2024 | $624.2M | +11% |
CHDN has the edge over GME on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +6.2 points |
| Q2 2026 | 36% | +1.4 points |
| Q1 2026 | 22% | +0.6 points |
| Q4 2025 | 19% | -1.8 points |
| Q3 2025 | 14% | -5.7 points |
| Q2 2025 | 35% | -2 points |
| Q1 2025 | 21% | -0.4 points |
| Q4 2024 | 20% | +1.4 points |
CHDN has the edge over GME on profitability, with a higher operating margin.
GME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $790.2M | -19% |
| Q2 2026 | $835.3M | +14% |
| Q1 2026 | $1.1B | -14% |
| Q4 2025 | $821M | -4.6% |
| Q3 2025 | $972.2M | +22% |
| Q2 2025 | $732.4M | -17% |
| Q1 2025 | $1.3B | -28% |
| Q4 2024 | $860.3M | -20% |
GME's revenue has slid since its 2022 peak: $790M last quarter, down 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +13 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 12% | +6 points |
| Q4 2025 | 5% | +8.9 points |
| Q3 2025 | 6.8% | +9.6 points |
| Q2 2025 | -1.5% | +4.3 points |
| Q1 2025 | 6.2% | +3.1 points |
| Q4 2024 | -3.9% | -2.5 points |
GME's operating margin was 20% last quarter, up 13 points from the same quarter a year ago, near the top of its range since 2019.
CHDN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $129M | -22% |
| Q2 2026 | $198M | -10% |
| Q1 2026 | $276M | +18% |
| Q4 2025 | $78.7M | -19% |
| Q3 2025 | $166.3M | +7.7% |
| Q2 2025 | $220.7M | +13% |
| Q1 2025 | $233.9M | -3.5% |
| Q4 2024 | $96.8M | +19% |
CHDN generated $682M in free cash flow over the past year, down 5% from the year before.
GME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $60.7M | -46% |
| Q2 2026 | $332.9M | +76% |
| Q1 2026 | $187.4M | +18% |
| Q4 2025 | $107M | +435% |
| Q3 2025 | $113.3M | +73% |
| Q2 2025 | $189.6M | +$304.3M |
| Q1 2025 | $158.8M | +$177.5M |
| Q4 2024 | $20M | +80% |
GME has the edge over CHDN on cash flow, with more consistent year-over-year improvement.
CHDN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.4% | -1M shares |
| 3 years | -9.2% | -7.1M shares |
| 5 years | -11% | -8.4M shares |
| Available history | -14% | -11.2M shares |
CHDN has the edge over GME on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $44M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $32M |
| Q3 2025 | $54.9M |
| Q2 2025 | $254.5M |
| Q1 2025 | $86.4M |
| Q4 2024 | $27.3M |
CHDN spent $76M buying back its own shares over the past year, down 82% from the year before.
GME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +300K shares |
| 1 year | +8.4% | +46.1M shares |
| 3 years | +94% | +288M shares |
| 5 years | +104% | +302M shares |
| Available history | +80% | +264M shares |
GME has 593M diluted shares, up 8.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2021 | — |
| Q4 2020 | — |
| Q1 2020 | $21.8M |
| Q4 2019 | $114M |
CHDN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.6x | High |
| Q2 2026 | 4.8x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 5.4x | High |
| Q3 2025 | 5.4x | High |
| Q2 2025 | 5.2x | High |
| Q1 2025 | 5.1x | High |
| Q4 2024 | 5.2x | High |
CHDN's net debt is about 4.5 years of its operating earnings (EBITDA), down from 5.4 years a year ago.
GME Net Leverage
CHDN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.8 | Neutral |
| Stochastic | 93.4 | Overbought |
CHDN's weekly RSI is 63 (neutral) and its Stochastic is 93 (overbought).
GME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 68.5 | Neutral |
GME's weekly RSI is 60 (neutral) and its Stochastic is 69 (neutral).
CHDN PE vs Consumer Cyclical Sector
| Metric | CHDN | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 18x | 15% below |
| PE % | 5 | 47 | 42 pts below |
CHDN has the edge over GME on valuation relative to its sector.
GME PE vs Consumer Cyclical Sector
| Metric | GME | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 18x | 7.7% below |
| PE % | 15 | 47 | 32 pts below |
GME is trading at 17x earnings, in line with the Consumer Cyclical sector's median of 18x.
CHDN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $86.7 | 15% above |
| 20 week MA | $87.0 | 15% above |
| 50 week MA | $92.0 | 8.3% above |
| 100 week MA | $99.2 | 0.5% above |
| 200 week MA | $114.2 | 13% below |
CHDN has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 13% below its 200-week average.
GME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.2 | 1.8% above |
| 20 week MA | $22.4 | 15% above |
| 50 week MA | $22.6 | 13% above |
| 100 week MA | $24.0 | 7% above |
| 200 week MA | $21.8 | 17% above |
GME has the edge over CHDN on trend strength, trading above more of its moving averages.
CHDN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $68.1 | $103.5 | +52% |
| 2021 | $103.5 | $118.2 | +14% |
| 2022 | $118.2 | $105.5 | -11% |
| 2023 | $105.5 | $134.9 | +28% |
| 2024 | $134.9 | $132.6 | -1.7% |
| 2025 | $132.6 | $114.5 | -14% |
| 2026 YTD | $114.5 | $99.6 | -13% |
CHDN has finished lower in three of the last six years. It's down 13% so far in 2026.
GME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.48 | $5.04 | +241% |
| 2021 | $5.04 | $38.0 | +655% |
| 2022 | $38.0 | $20.1 | -47% |
| 2023 | $20.1 | $17.5 | -13% |
| 2024 | $17.5 | $32.2 | +84% |
| 2025 | $32.2 | $21.1 | -35% |
| 2026 YTD | $21.1 | $25.6 | +21% |
GME has the edge over CHDN on returns for 2026, with the stronger performance.