• Churchill Downs average debt/equity ratio for 2023 was 5.52, a 11.11% decline from 2022.
• Churchill Downs average debt/equity ratio for 2022 was 6.21, a 11.54% decline from 2021.
• Churchill Downs average debt/equity ratio for 2021 was 7.02, a 28.34% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.