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CPHC

Canterbury Park Holding Corporation

CPHC

Canterbury Park Holding Corporation • NASDAQ
$15.09 ▼ -1.05% (-0.16)
Market Cap $76.95 M
52w High $22.93
52w Low $15.09
Dividend Yield 0.28%
P/E -53.89
Volume 262
Outstanding Shares 5.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $18.315M ▲ $9.99M ▼ $487.283K ▲ 2.661% ▲ $0.1 ▲ $1.67M ▲
Q2-2025 $15.666M ▲ $11.891M ▲ $-327.406K ▼ -2.09% ▲ $-0.065 ▼ $1.418M ▼
Q1-2025 $13.142M ▲ $10.266M ▲ $-299.21K ▲ -2.277% ▲ $-0.059 ▲ $1.581M ▲
Q4-2024 $11.978M ▼ $9.687M ▼ $-1.245M ▼ -10.398% ▼ $-0.25 ▼ $896.291K ▼
Q3-2024 $19.284M $11.195M $2.022M 10.484% $0.4 $2.85M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.705M ▼ $114.381M ▼ $30.256M ▼ $84.125M ▲
Q2-2025 $16.942M ▲ $114.93M ▲ $31.33M ▲ $83.601M ▼
Q1-2025 $15.353M ▲ $112.358M ▲ $28.61M ▲ $83.748M ▼
Q4-2024 $15.076M ▼ $109.923M ▼ $25.834M ▼ $84.089M ▼
Q3-2024 $21.713M $114.227M $29.038M $85.19M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $487.283K ▲ $1.248M ▼ $-2.278M ▼ $-362.936K ▼ $-1.393M ▼ $-395.275K ▼
Q2-2025 $-327.406K ▼ $4.382M ▲ $-1.486M ▼ $-253.376K ▲ $2.642M ▲ $3.208M ▲
Q1-2025 $-299.21K ▲ $3.374M ▲ $-890.849K ▲ $-429.713K ▼ $2.054M ▲ $2.516M ▲
Q4-2024 $-1.245M ▼ $-2.756M ▼ $-5.748M ▼ $-235.563K ▲ $-8.74M ▼ $-6.66M ▼
Q3-2024 $2.022M $2.27M $-4.948M $-360.756K $-3.039M $-2.44M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Food and Beverage
Food and Beverage
 $0 ▲$0 ▲$0 ▲$0 ▲
Parimutuel
Parimutuel
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue over the last few years has been relatively steady, with only modest ups and downs. The more encouraging sign is that profitability at the operating level has held up, suggesting the core business remains healthy even when sales are not surging. However, earnings per share have come down sharply from the unusually strong results seen in prior years, which likely reflected a mix of one‑time benefits and especially favorable conditions. The latest year looks more like a “normalized” earnings picture: solid, but not spectacular, and showing that growth will probably need to come from new projects and better utilization of existing assets rather than simple revenue momentum.

Balance Sheet

Balance Sheet The balance sheet looks conservative and sturdy. Total assets and shareholders’ equity have been rising steadily, which points to ongoing investment and a gradual build‑up of the company’s asset base. Importantly, the company is effectively debt‑free, which reduces financial risk and gives management more flexibility through economic cycles. Cash on hand has dipped from the prior year, but this appears to be tied to investment spending rather than operating stress. Overall, Canterbury Park appears to be funding growth largely from its own resources and maintaining a clean, low‑leverage financial profile.

Cash Flow

Cash Flow The business consistently generates cash from operations, which is a good sign that reported profits are backed by real cash coming in the door. Free cash flow, however, turned negative in the most recent year because the company stepped up its capital spending. This shift suggests Canterbury Park is in an investment phase, putting money into projects like property development and facility upgrades that are intended to drive future growth. While this temporarily weighs on free cash flow, it is qualitatively different from a situation where cash flow is weak due to poor operations; here, the pressure is coming from deliberate long‑term investment choices.

Competitive Edge

Competitive Edge Canterbury Park occupies a distinctive niche in its region. It is the only thoroughbred and quarter horse racing facility in Minnesota, which gives it a unique draw and a strong local brand built over decades. On top of racing, it operates a 24/7 card casino, food and beverage offerings, and a growing portfolio of real estate developments. This blend of gaming, live events, and property income reduces reliance on any single revenue stream. The Canterbury Commons development, in particular, is a key strategic asset: by turning underused land around the track into a mixed‑use “live, work, play” district, the company is effectively building an ecosystem that supports its entertainment business while adding long‑duration real estate value. The main competitive risks are broader: changing consumer preferences, regulatory shifts in gaming, and rising competition for leisure spending, but its local monopoly in live racing and deep community roots provide some cushion.

Innovation and R&D

Innovation and R&D While not a technology company, Canterbury Park is innovating in practical, business‑focused ways. It has leaned into digital wagering and mobile platforms, where it has been seeing strong growth, showing an ability to adapt to more online and app‑based customer behavior. At the same time, it is modernizing its physical assets—upgrading stables, track safety, and lighting—to improve the experience for both racing participants and visitors. The Canterbury Commons project is itself a form of strategic “R&D”: an ongoing experiment in transforming a traditional racetrack into a year‑round destination with residences, retail, hospitality, and, soon, a major outdoor amphitheater. The planned amphitheater and surrounding entertainment district could meaningfully change the scale and seasonality of the business if they attract the expected level of events and foot traffic. Overall, innovation here is less about cutting‑edge tech and more about reimagining land use, enhancing facilities, and expanding event programming to keep the venue relevant and busy throughout the year.

Summary

Canterbury Park has evolved from a primarily racing‑driven business into a more diversified entertainment and real estate platform. Its income statement shows a stable core business with normalized earnings that are lower than the standout years but still supported by solid operations. The balance sheet is conservative, with growing assets, rising equity, and essentially no debt, giving it room to navigate industry and economic swings. Cash flows from operations are dependable, and the recent strain on free cash flow stems from purposeful investment rather than operational weakness. Strategically, the company’s main strengths are its unique position in Minnesota’s gaming and racing market, its strong local brand, and the long‑term potential of the Canterbury Commons development. Future performance will likely hinge on how successfully it can ramp up new venues like the amphitheater, fill out the entertainment district, and continue to grow digital wagering and event programming. The picture that emerges is of a company trading near‑term cash comfort for long‑term growth potential, using a strong balance sheet and valuable land to try to build a year‑round destination rather than a purely seasonal racetrack.

NEWS

November 6, 2025 · 4:05 PM UTC

Canterbury Park Holding Corporation Reports Third Quarter Results

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September 10, 2025 · 4:05 PM UTC

Canterbury Park Holding Corporation Announces Quarterly Cash Dividend

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