Multiple-batch production is the most widely practiced method of raising channel catfish. Producers are increasingly adopting intensified production practices in multiple-batch systems by increasing stocking density and aeration rates as a means to improve cost efficiencies. Proven stocking recommendations are required for the efficient implementation of recent developments in multiple-batch production. Twelve 0.4-ha ponds were understocked with 17,484, 20,612, and 26,124 fingerlings/ha (mean weight = 40 g/fish) over equal weights of carryover fish (0.46 kg/fish @ 4,589 kg/ha). Fish were fed once daily to apparent satiation with a 28% protein floating feed and aerated with a single 7.4-kW electric paddlewheel aerator. Density-dependent significant differences were absent for gross, net, daily-net yields, marketable yields (≥0.54 kg), growth (g/d), and survival. Sub-marketable yield (<0.54 kg) and feeding rate increased significantly with increased understocking density. Economic analysis revealed increased breakeven prices and diminished net returns with increased stocking density when sub-marketable fish were not considered as revenue. These differences in production costs and profits among the three treatments became minimal when sub-marketable fish were included as revenue. All three density treatments attained positive annual net cash flows. This study validates channel catfish understocking densities of 17,000-26,000 fish/ha to improve cost efficiency in intensively aerated, multiple-batch production systems.