The Science of Speed — Understanding Racing’s Rating Systems

Every race has a winner. But in a sport where conditions, distances, and surfaces vary from track to track, how can you truly compare performances? That’s where speed figures come in.

Speed figures use math, physics, and decades of data to quantify how fast a horse really ran — adjusted for the day’s conditions, track bias, and pace. They turn a final time into a meaningful performance rating that allows handicappers, trainers, and owners to measure progress.

Let’s break down the most common systems you’ll see and how they differ.

1. Beyer Speed Figures: The Benchmark

If you’ve looked at a Daily Racing Form (DRF), you’ve seen a Beyer Speed Figure (BSF). Created by racing columnist Andrew Beyer in the 1970s, it remains the most widely recognized performance number in U.S. racing.

How it works:

Beyer figures start with a horse’s final time and then adjust for:

• Track speed on that specific day (known as a track variant),
  

• The race’s distance,
  

• And the relative difficulty compared to other races run on the same card.

The higher the number, the faster the performance.

• A 100 BSF represents a strong stakes-level effort,
  

• Average allowance horses often earn in the 80–90 range, and
  

• Maiden winners might earn figures in the 70s.

Beyers are designed so that a horse earning the same number at different tracks likely ran about the same race, even if conditions vary. They’re published exclusively in DRF and used throughout the industry as a quick reference for form and ability.

Mage earned a Beyer Speed Figure of 105 in the 2023 Kentucky Derby G1.

2. Equibase Speed Figures: The Official Standard

Equibase Speed Figures (ESFs) are the official speed ratings used in most track programs and on Equibase’s digital platforms.

Developed to provide a standardized, universal scale, they factor in:

• Final time,
  

• Distance,
  

• Surface,
  

• And the overall class of the race.

Unlike Beyers, which are based on a private algorithm, Equibase figures are proprietary and consistent across every track in North America.

Equibase also produces Pace Figures, which break a race into segments—showing how quickly a horse ran early, mid-race, and late. This helps reveal running style: a horse that posts a 110 early pace figure but finishes with a 95 final might be fast early but fade late.

Typical scale:

• 120+ – elite Grade 1 performance
  

• 100–110 – strong allowance or stakes-level effort
  

• 80–90 – solid mid-level performance

Because Equibase figures are published in nearly every track program, they’re often the most accessible tool for casual fans.

3. Timeform Ratings: The Global Standard

Used widely in Europe and increasingly in the U.S., Timeform Ratings offer a more international approach to evaluating performance.

Timeform combines final time, class, and subjective evaluation—factoring in pace, weight carried, ground conditions, and even race shape. Each horse’s performance is converted into a number typically between 0–140, where higher is better.

Typical scale:

• 140+ – All-time greats (e.g., Frankel rated 147)
  

• 120–130 – Top Group/Grade 1 level
  

• 100–110 – Competitive stakes horses
  

• 85–95 – Mid-level allowance form

Because Timeform adjusts for global race conditions (turf, weather, course undulation), it’s especially useful for comparing U.S. runners with international competition—valuable context for events like the Breeders’ Cup or overseas campaigns.

Country Grammer earned a Timeform Rating of 126 in the 2022 Dubai World Cup G1.

4. The Ragozin Sheets (“The Sheets”): Precision Handicapping

The Ragozin Sheets (often just called “The Sheets”) are a more complex system that transforms raw times and positions into a numerical scale of efficiency.

Developed by Len Ragozin, these figures factor in:

• Distance and pace
  

• Track variant
  

• Ground loss (how much distance a horse covered compared to ideal path)
  

• Weight carried
  

• Wind conditions
  

Unlike Beyers or Equibase figures—where higher is better—Ragozin numbers work in reverse:

• Lower numbers mean a faster, better race.
  

• A top-class performance might earn a “2” or “3”, while an average race could rate a “10”–“15.”
  

Professional handicappers value “The Sheets” because they capture nuances others miss—like a horse running wide or facing a difficult pace setup. They require experience to interpret but are prized for accuracy and insight into effort, not just speed.

5. Why These Systems Matter

Speed figures let us measure performance objectively across:

• Different tracks
  

• Surfaces (dirt vs. turf)
  

• Distances

They help trainers spot improvement, identify ideal conditions, and determine logical next steps—whether that’s moving up in class or trying a new distance.

No single number tells the whole story, but together, they provide a more complete picture of a horse’s ability and trajectory.

6. Quick Comparison Chart

7. The Takeaway

Speed figures combine art and science—a mix of raw data, adjustment, and interpretation. They’re not infallible, but they give structure to a sport built on split seconds and fine margins.

Whether you’re a data-driven analyst or simply a fan following your Commonwealth horse’s progress, understanding these numbers helps you see what’s really behind a “fast race.”

Important Disclosures:

This article is provided for informational and educational purposes only and is not intended as a recommendation, offer, or solicitation to buy or sell any security or interest in a horse. References to trainers, purse programs, or race outcomes are for illustrative purposes only and do not represent or predict future results. Past performance of any trainer, horse, or partnership is not indicative of future outcomes. Any testimonials or statements of opinion reflect the views. 

Mage

Country Grammer