COMP <GO>

ENHA vs CHDN // FORWARD P/E MULTIPLE

Enhanced Group Inc. (Class A) (NYSE) VS. Churchill Downs Incorporated (NASDAQ) • 15-METRIC TALLY: ENHA 0 — CHDN 6

■ METRIC PARITY

LAST: $9.43 (-26.96%) • MKT CAP: $5.11B

forward-pe

—

LAST: $94.83 (+4.03%) • MKT CAP: $6.25B

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15.2x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ENHA VS. CHDN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ENHA	CHDN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-8.30%	9.20%	-17.50	CHDN	/roic <GO>
EV/EBITDA & P/E Valuation	—	14.0x	—	TIE	/valuation <GO>
Free Cash Flow Yield	-0.49%	4.88%	-5.37	CHDN	/fcf-yield <GO>
Operating Margin	—	23.40%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	13.10%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	7.00%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.49%	-0.49	CHDN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	1.42	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	2/9	6/9	-4.00	CHDN	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	50.4	63.9	-13.50	CHDN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.93	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	15.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$5.11B	$6.25B	-$1.14B	CHDN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ENHA REV	CHDN REV	ENHA GROSS %	CHDN GROSS %	ENHA FCF	CHDN FCF
FY 2025	$0	$2.93B	—	—	-$24.8M	—
FY 2024	$0	$2.73B	—	—	-$3.1M	—
FY 2023	—	$2.46B	—	—	—	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ENHA // BETA —

CHDN // BETA 0.93