• Churchill Downs average price/book ratio for 2023 was 11.69, a 26.62% decline from 2022.
• Churchill Downs average price/book ratio for 2022 was 15.93, a 48.33% decline from 2021.
• Churchill Downs average price/book ratio for 2021 was 30.83, a 95.25% decline from 2020.

Price/book ratio can be defined as