Canadian National Railway Company (CNI) 10-Year Financial Performance & Capital Metrics

CNI • • Industrial / General

IndustrialsRailroadsClass I RailroadsNorth American Class I Railroads

AboutCanadian National Railway Company, together with its subsidiaries, engages in the rail and related transportation business. The company's portfolio of goods includes petroleum and chemicals, grain and fertilizers, coal, metals and minerals, forest products, intermodal, and automotive products serving exporters, importers, retailers, farmers, and manufacturers. It operates a network of 19,500 route miles of track spanning Canada and the United States. The company also provides vessels and docks, transloading and distribution, automotive logistics, and freight forwarding and transportation management services. Canadian National Railway Company was incorporated in 1919 and is headquartered in Montreal, Canada.Show more

Revenue $17.05B +1.3%
EBITDA $8.14B -3.3%
Net Income $4.45B -20.9%
EPS (Diluted) 7.01 -17.8%
Gross Margin 40.87% -3.8%
EBITDA Margin 47.75% -4.5%
Operating Margin 36.65% -6.5%
Net Margin 26.09% -21.9%
ROE 21.61% -20.3%
ROIC 11.63% -11.3%
Debt/Equity 1.02 +8.1%
Interest Coverage 7.01 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.0%
✓FCF machine: 18.5% free cash flow margin
✓11 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.4%
✓Share count reduced 3.7% through buybacks

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.46%

5Y2.7%

3Y5.6%

TTM0.63%

Profit (Net Income) CAGR

10Y3.46%

5Y1.08%

3Y-3.17%

TTM-16.33%

EPS CAGR

10Y6.18%

5Y3.65%

3Y0.53%

TTM-14.08%

ROCE

10Y Avg14.3%

5Y Avg13.18%

3Y Avg13.73%

Latest12.4%

Peer Comparison

North American Class I Railroads

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSCNorfolk Southern Corporation	65.24B	290.77	25.13	-0.27%	24.22%	19.56%	2.56%	1.22
UNPUnion Pacific Corporation	136.73B	230.51	20.79	0.54%	28.73%	40.75%	4.31%	1.92
CSXCSX Corporation	67.6B	36.30	20.28	-0.8%	19.21%	22.57%	4.02%	1.52
CPCanadian Pacific Kansas City Ltd.	65.21B	72.39	18.19	15.86%	28.38%	12.73%	3.69%	0.47
CNICanadian National Railway Company	61.08B	99.23	14.16	1.3%	26.62%	21.19%	5.16%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.61B	12.04B	13.04B	14.32B	14.92B	13.82B	14.48B	17.11B	16.83B	17.05B
Revenue Growth %	0.04%	-0.05%	0.08%	0.1%	0.04%	-0.07%	0.05%	0.18%	-0.02%	0.01%
Cost of Goods Sold+	6.95B	6.64B	7.37B	8.36B	8.83B	8.05B	8.41B	9.71B	9.68B	10.08B
COGS % of Revenue	0.55%	0.55%	0.56%	0.58%	0.59%	0.58%	0.58%	0.57%	0.58%	0.59%
Gross Profit+	5.66B	5.39B	5.67B	5.96B	6.08B	5.77B	6.07B	7.4B	7.15B	6.97B
Gross Margin %	0.45%	0.45%	0.44%	0.42%	0.41%	0.42%	0.42%	0.43%	0.42%	0.41%
Gross Profit Growth %	0.13%	-0.05%	0.05%	0.05%	0.02%	-0.05%	0.05%	0.22%	-0.03%	-0.03%
Operating Expenses+	394M	83M	117M	167M	171M	994M	453M	556M	554M	720M
OpEx % of Revenue	0.03%	0.01%	0.01%	0.01%	0.01%	0.07%	0.03%	0.03%	0.03%	0.04%
Selling, General & Admin	0	-280M	-315M	-302M	-321M	-292M	-407M	-498M	-479M	0
SG&A % of Revenue	-	-0.02%	-0.02%	-0.02%	-0.02%	-0.02%	-0.03%	-0.03%	-0.03%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	394M	363M	432M	469M	492M	1.29B	860M	1.05B	1.03B	720M
Operating Income+	5.27B	5.03B	5.24B	5.49B	5.59B	4.78B	5.62B	6.84B	6.6B	6.25B
Operating Margin %	0.42%	0.42%	0.4%	0.38%	0.37%	0.35%	0.39%	0.4%	0.39%	0.37%
Operating Income Growth %	0.14%	-0.04%	0.04%	0.05%	0.02%	-0.15%	0.18%	0.22%	-0.04%	-0.05%
EBITDA+	6.42B	6.26B	6.52B	6.82B	7.16B	6.37B	7.21B	8.57B	8.41B	8.14B
EBITDA Margin %	0.51%	0.52%	0.5%	0.48%	0.48%	0.46%	0.5%	0.5%	0.5%	0.48%
EBITDA Growth %	0.13%	-0.03%	0.04%	0.05%	0.05%	-0.11%	0.13%	0.19%	-0.02%	-0.03%
D&A (Non-Cash Add-back)	1.16B	1.23B	1.28B	1.33B	1.56B	1.59B	1.6B	1.73B	1.82B	1.89B
EBIT	5.31B	5.41B	5.57B	6.17B	5.97B	5.08B	6.95B	7.31B	7.21B	6.74B
Net Interest Income+	-439M	-480M	-481M	-489M	-538M	-554M	-610M	-548M	-722M	-891M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	439M	480M	481M	489M	538M	554M	610M	548M	722M	891M
Other Income/Expense	-392M	-105M	-154M	189M	-164M	-256M	726M	-77M	-109M	-395M
Pretax Income+	4.87B	4.93B	5.09B	5.68B	5.43B	4.52B	6.34B	6.76B	6.49B	5.85B
Pretax Margin %	0.39%	0.41%	0.39%	0.4%	0.36%	0.33%	0.44%	0.4%	0.39%	0.34%
Income Tax+	1.34B	1.29B	-395M	1.35B	1.21B	976M	1.44B	1.65B	863M	1.4B
Effective Tax Rate %	0.73%	0.74%	1.08%	0.76%	0.78%	0.78%	0.77%	0.76%	0.87%	0.76%
Net Income+	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Net Margin %	0.28%	0.3%	0.42%	0.3%	0.28%	0.26%	0.34%	0.3%	0.33%	0.26%
Net Income Growth %	0.12%	0.03%	0.51%	-0.21%	-0.03%	-0.16%	0.38%	0.04%	0.1%	-0.21%
Net Income (Continuing)	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.39	4.67	7.24	5.87	5.86	5.00	6.90	7.44	8.53	7.01
EPS Growth %	0.14%	0.06%	0.55%	-0.19%	-0%	-0.15%	0.38%	0.08%	0.15%	-0.18%
EPS (Basic)	4.42	4.69	7.28	5.89	5.85	5.01	8.81	10.02	8.53	7.02
Diluted Shares Outstanding	805.1M	779.2M	757.3M	737.7M	719.15M	713M	710.3M	688.3M	659.1M	634.5M
Basic Shares Outstanding	805.92M	779.44M	757.46M	737.31M	720.49M	713.28M	710M	687.9M	657.7M	633.5M
Dividend Payout Ratio	0.28%	0.32%	0.23%	0.31%	0.37%	0.46%	0.36%	0.39%	0.37%	0.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.15B	2.11B	2.19B	2.73B	2.83B	3.1B	3.43B	3.22B	3.09B	2.62B
Cash & Short-Term Investments	153M	176M	70M	266M	64M	569M	838M	328M	475M	389M
Cash Only	153M	176M	70M	266M	64M	569M	838M	328M	475M	389M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	878M	875M	984M	1.17B	1.43B	1.14B	1.07B	1.42B	1.3B	1.31B
Days Sales Outstanding	25.41	26.53	27.54	29.79	35.04	30.08	27.08	30.23	28.2	27.99
Inventory	355M	363M	424M	557M	611M	583M	589M	692M	699M	720M
Days Inventory Outstanding	18.64	19.95	21.01	24.32	25.25	26.44	25.57	26.01	26.37	26.07
Other Current Assets	767M	693M	712M	736M	581M	663M	783M	594M	482M	90M
Total Non-Current Assets+	34.25B	34.95B	35.44B	38.49B	40.95B	41.7B	45.11B	47.45B	49.58B	54.45B
Property, Plant & Equipment	32.62B	33.76B	34.19B	37.77B	40.19B	40.5B	41.62B	44.01B	45.04B	48.45B
Fixed Asset Turnover	0.39x	0.36x	0.38x	0.38x	0.37x	0.34x	0.35x	0.39x	0.37x	0.35x
Goodwill	0	0	0	0	77M	70M	70M	70M	70M	71M
Intangible Assets	71M	67M	62M	73M	152M	145M	139M	137M	131M	128M
Long-Term Investments	69M	68M	73M	70M	84M	83M	119M	94M	402M	428M
Other Non-Current Assets	1.49B	1.06B	1.11B	570M	452M	900M	3.16B	3.14B	3.25B	4.69B
Total Assets+	36.4B	37.06B	37.63B	41.21B	43.78B	44.8B	48.54B	50.66B	52.67B	57.07B
Asset Turnover	0.35x	0.32x	0.35x	0.35x	0.34x	0.31x	0.30x	0.34x	0.32x	0.30x
Asset Growth %	0.15%	0.02%	0.02%	0.1%	0.06%	0.02%	0.08%	0.04%	0.04%	0.08%
Total Current Liabilities+	3B	3.01B	3.98B	3.5B	4.29B	3.27B	3.12B	3.84B	5.04B	3.98B
Accounts Payable	391M	484M	738M	982M	866M	780M	903M	954M	968M	1.03B
Days Payables Outstanding	20.53	26.6	36.57	42.88	35.79	35.38	39.2	35.86	36.51	37.34
Short-Term Debt	1.44B	1.49B	2.08B	1.18B	1.93B	910M	508M	1.06B	2.34B	1.17B
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	456M	325M	433M	455M	144M	169M	127M	104M	166M	97M
Current Ratio	0.72x	0.70x	0.55x	0.78x	0.66x	0.95x	1.10x	0.84x	0.61x	0.66x
Quick Ratio	0.60x	0.58x	0.44x	0.62x	0.52x	0.77x	0.91x	0.66x	0.47x	0.48x
Cash Conversion Cycle	23.52	19.88	11.98	11.24	24.5	21.15	13.45	20.39	18.05	16.72
Total Non-Current Liabilities+	18.45B	19.21B	16.99B	20.07B	21.46B	21.88B	22.67B	25.44B	27.51B	32.04B
Long-Term Debt	8.98B	9.45B	8.75B	11.37B	11.87B	12B	11.98B	14.37B	16.13B	19.73B
Capital Lease Obligations	0	0	0	0	379M	311M	322M	341M	298M	343M
Deferred Tax Liabilities	0	0	0	0	7.84B	8.27B	9.3B	9.8B	10.07B	10.87B
Other Non-Current Liabilities	9.47B	9.76B	8.24B	8.71B	1.21B	1.22B	1.07B	911M	935M	909M
Total Liabilities	21.45B	22.22B	20.97B	23.57B	25.74B	25.15B	25.79B	29.28B	32.55B	36.02B
Total Debt+	10.43B	10.94B	10.83B	12.57B	14.3B	13.32B	12.91B	15.89B	18.89B	21.37B
Net Debt	10.27B	10.76B	10.76B	12.3B	14.23B	12.76B	12.08B	15.57B	18.41B	20.98B
Debt / Equity	0.70x	0.74x	0.65x	0.71x	0.79x	0.68x	0.57x	0.74x	0.94x	1.02x
Debt / EBITDA	1.62x	1.75x	1.66x	1.84x	2.00x	2.09x	1.79x	1.85x	2.24x	2.63x
Net Debt / EBITDA	1.60x	1.72x	1.65x	1.80x	1.99x	2.00x	1.67x	1.82x	2.19x	2.58x
Interest Coverage	12.00x	10.48x	10.90x	11.23x	10.40x	8.62x	9.21x	12.48x	9.14x	7.01x
Total Equity+	14.95B	14.84B	16.66B	17.64B	18.04B	19.65B	22.74B	21.38B	20.12B	21.05B
Equity Growth %	0.11%	-0.01%	0.12%	0.06%	0.02%	0.09%	0.16%	-0.06%	-0.06%	0.05%
Book Value per Share	18.57	19.05	21.99	23.91	25.09	27.56	32.02	31.07	30.52	33.18
Total Shareholders' Equity	14.95B	14.84B	16.66B	17.64B	18.04B	19.65B	22.74B	21.38B	20.12B	21.05B
Common Stock	3.71B	3.73B	3.61B	3.63B	3.65B	3.7B	3.7B	3.61B	3.51B	3.47B
Retained Earnings	12.64B	13.24B	15.56B	16.62B	17.63B	19.16B	20.99B	19.53B	18.66B	18.35B
Treasury Stock	-100M	-137M	-168M	-175M	-163M	-115M	-103M	-170M	-144M	-129M
Accumulated OCI	-1.87B	-2.5B	-2.95B	-3.02B	-3.48B	-3.47B	-2.24B	-1.97B	-2.28B	-1.02B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.14B	5.2B	5.52B	5.92B	5.92B	6.17B	6.97B	6.67B	6.96B	6.7B
Operating CF Margin %	0.41%	0.43%	0.42%	0.41%	0.4%	0.45%	0.48%	0.39%	0.41%	0.39%
Operating CF Growth %	0.17%	0.01%	0.06%	0.07%	0%	0.04%	0.13%	-0.04%	0.04%	-0.04%
Net Income	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Depreciation & Amortization	1.16B	1.23B	1.28B	1.33B	1.56B	1.59B	1.6B	1.73B	1.82B	1.89B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	600M	704M	-1.2B	527M	569M	481M	513M	404M	-288M	325M
Other Non-Cash Items	-112M	-332M	-197M	-448M	136M	421M	-186M	-173M	-136M	-58M
Working Capital Changes	-44M	-35M	143M	182M	-560M	129M	147M	-411M	-53M	92M
Change in Receivables	188M	-3M	-125M	-91M	-7M	158M	-22M	-290M	71M	205M
Change in Inventory	4M	-2M	-70M	-120M	-60M	20M	-7M	-82M	-18M	-6M
Change in Payables	-282M	-51M	418M	379M	-498M	-49M	141M	-9M	-191M	-107M
Cash from Investing+	-2.77B	-2.65B	-2.74B	-3.4B	-4.19B	-2.95B	-2.87B	-2.51B	-3.47B	-3.61B
Capital Expenditures	-2.71B	-2.69B	-2.67B	-3.53B	-3.87B	-2.86B	-2.89B	-2.75B	-3.19B	-3.55B
CapEx % of Revenue	0.21%	0.22%	0.2%	0.25%	0.26%	0.21%	0.2%	0.16%	0.19%	0.21%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-61M	40M	-65M	127M	-66M	-75M	40M	240M	109M	-58M
Cash from Financing+	-2.22B	-2.54B	-2.9B	-2.31B	-1.9B	-2.71B	-3.86B	-4.67B	-3.41B	-3.62B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-996M	-1.16B	-1.24B	-1.33B	-1.54B	-1.63B	-1.74B	-2B	-2.07B	-2.14B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	528M	-4M	-14M	105M	-7M	34M	-117M	72M	36M	104M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.43B	2.51B	2.84B	2.39B	2.06B	3.3B	4.08B	3.92B	3.78B	3.15B
FCF Margin %	0.19%	0.21%	0.22%	0.17%	0.14%	0.24%	0.28%	0.23%	0.22%	0.18%
FCF Growth %	0.17%	0.03%	0.13%	-0.16%	-0.14%	0.6%	0.24%	-0.04%	-0.04%	-0.17%
FCF per Share	3.02	3.22	3.75	3.24	2.86	4.63	5.74	5.69	5.73	4.96
FCF Conversion (FCF/Net Income)	1.45x	1.43x	1.01x	1.37x	1.40x	1.74x	1.42x	1.30x	1.24x	1.51x
Interest Paid	432M	470M	477M	488M	521M	551M	512M	542M	776M	926M
Taxes Paid	725M	653M	712M	776M	822M	353M	759M	1.29B	1.2B	1.22B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.9%	24.44%	34.82%	25.24%	23.63%	18.81%	23.11%	23.2%	27.11%	21.61%
Return on Invested Capital (ROIC)	16.8%	14.85%	14.83%	14.37%	13.48%	11.08%	12.53%	14.3%	13.11%	11.63%
Gross Margin	44.88%	44.82%	43.52%	41.63%	40.79%	41.76%	41.92%	43.23%	42.49%	40.87%
Net Margin	28.05%	30.24%	42.05%	30.22%	28.26%	25.65%	33.84%	29.92%	33.43%	26.09%
Debt / Equity	0.70x	0.74x	0.65x	0.71x	0.79x	0.68x	0.57x	0.74x	0.94x	1.02x
Interest Coverage	12.00x	10.48x	10.90x	11.23x	10.40x	8.62x	9.21x	12.48x	9.14x	7.01x
FCF Conversion	1.45x	1.43x	1.01x	1.37x	1.40x	1.74x	1.42x	1.30x	1.24x	1.51x
Revenue Growth	3.93%	-4.55%	8.34%	9.82%	4.16%	-7.36%	4.76%	18.17%	-1.63%	1.3%

Frequently Asked Questions

Valuation & Price

Canadian National Railway Company (CNI) has a price-to-earnings (P/E) ratio of 14.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Canadian National Railway Company (CNI) reported $17.14B in revenue for fiscal year 2024. This represents a 90% increase from $9.03B in 2011.

Canadian National Railway Company (CNI) grew revenue by 1.3% over the past year. Growth has been modest.

Yes, Canadian National Railway Company (CNI) is profitable, generating $4.56B in net income for fiscal year 2024 (26.1% net margin).

Dividend & Returns

Yes, Canadian National Railway Company (CNI) pays a dividend with a yield of 3.40%. This makes it attractive for income-focused investors.

Canadian National Railway Company (CNI) has a return on equity (ROE) of 21.6%. This is excellent, indicating efficient use of shareholder capital.

Canadian National Railway Company (CNI) generated $3.23B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Canadian National Railway Company (CNI) 10-Year Financial Performance & Capital Metrics

CNI • • Industrial / General

IndustrialsRailroadsClass I RailroadsNorth American Class I Railroads

Revenue $17.05B +1.3%
EBITDA $8.14B -3.3%
Net Income $4.45B -20.9%
EPS (Diluted) 7.01 -17.8%
Gross Margin 40.87% -3.8%
EBITDA Margin 47.75% -4.5%
Operating Margin 36.65% -6.5%
Net Margin 26.09% -21.9%
ROE 21.61% -20.3%
ROIC 11.63% -11.3%
Debt/Equity 1.02 +8.1%
Interest Coverage 7.01 -23.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 24.0%
✓FCF machine: 18.5% free cash flow margin
✓11 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.4%
✓Share count reduced 3.7% through buybacks

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.46%

5Y2.7%

3Y5.6%

TTM0.63%

Profit (Net Income) CAGR

10Y3.46%

5Y1.08%

3Y-3.17%

TTM-16.33%

EPS CAGR

10Y6.18%

5Y3.65%

3Y0.53%

TTM-14.08%

ROCE

10Y Avg14.3%

5Y Avg13.18%

3Y Avg13.73%

Latest12.4%

Peer Comparison

North American Class I Railroads

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSCNorfolk Southern Corporation	65.24B	290.77	25.13	-0.27%	24.22%	19.56%	2.56%	1.22
UNPUnion Pacific Corporation	136.73B	230.51	20.79	0.54%	28.73%	40.75%	4.31%	1.92
CSXCSX Corporation	67.6B	36.30	20.28	-0.8%	19.21%	22.57%	4.02%	1.52
CPCanadian Pacific Kansas City Ltd.	65.21B	72.39	18.19	15.86%	28.38%	12.73%	3.69%	0.47
CNICanadian National Railway Company	61.08B	99.23	14.16	1.3%	26.62%	21.19%	5.16%	1.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.61B	12.04B	13.04B	14.32B	14.92B	13.82B	14.48B	17.11B	16.83B	17.05B
Revenue Growth %	0.04%	-0.05%	0.08%	0.1%	0.04%	-0.07%	0.05%	0.18%	-0.02%	0.01%
Cost of Goods Sold+	6.95B	6.64B	7.37B	8.36B	8.83B	8.05B	8.41B	9.71B	9.68B	10.08B
COGS % of Revenue	0.55%	0.55%	0.56%	0.58%	0.59%	0.58%	0.58%	0.57%	0.58%	0.59%
Gross Profit+	5.66B	5.39B	5.67B	5.96B	6.08B	5.77B	6.07B	7.4B	7.15B	6.97B
Gross Margin %	0.45%	0.45%	0.44%	0.42%	0.41%	0.42%	0.42%	0.43%	0.42%	0.41%
Gross Profit Growth %	0.13%	-0.05%	0.05%	0.05%	0.02%	-0.05%	0.05%	0.22%	-0.03%	-0.03%
Operating Expenses+	394M	83M	117M	167M	171M	994M	453M	556M	554M	720M
OpEx % of Revenue	0.03%	0.01%	0.01%	0.01%	0.01%	0.07%	0.03%	0.03%	0.03%	0.04%
Selling, General & Admin	0	-280M	-315M	-302M	-321M	-292M	-407M	-498M	-479M	0
SG&A % of Revenue	-	-0.02%	-0.02%	-0.02%	-0.02%	-0.02%	-0.03%	-0.03%	-0.03%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	394M	363M	432M	469M	492M	1.29B	860M	1.05B	1.03B	720M
Operating Income+	5.27B	5.03B	5.24B	5.49B	5.59B	4.78B	5.62B	6.84B	6.6B	6.25B
Operating Margin %	0.42%	0.42%	0.4%	0.38%	0.37%	0.35%	0.39%	0.4%	0.39%	0.37%
Operating Income Growth %	0.14%	-0.04%	0.04%	0.05%	0.02%	-0.15%	0.18%	0.22%	-0.04%	-0.05%
EBITDA+	6.42B	6.26B	6.52B	6.82B	7.16B	6.37B	7.21B	8.57B	8.41B	8.14B
EBITDA Margin %	0.51%	0.52%	0.5%	0.48%	0.48%	0.46%	0.5%	0.5%	0.5%	0.48%
EBITDA Growth %	0.13%	-0.03%	0.04%	0.05%	0.05%	-0.11%	0.13%	0.19%	-0.02%	-0.03%
D&A (Non-Cash Add-back)	1.16B	1.23B	1.28B	1.33B	1.56B	1.59B	1.6B	1.73B	1.82B	1.89B
EBIT	5.31B	5.41B	5.57B	6.17B	5.97B	5.08B	6.95B	7.31B	7.21B	6.74B
Net Interest Income+	-439M	-480M	-481M	-489M	-538M	-554M	-610M	-548M	-722M	-891M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	439M	480M	481M	489M	538M	554M	610M	548M	722M	891M
Other Income/Expense	-392M	-105M	-154M	189M	-164M	-256M	726M	-77M	-109M	-395M
Pretax Income+	4.87B	4.93B	5.09B	5.68B	5.43B	4.52B	6.34B	6.76B	6.49B	5.85B
Pretax Margin %	0.39%	0.41%	0.39%	0.4%	0.36%	0.33%	0.44%	0.4%	0.39%	0.34%
Income Tax+	1.34B	1.29B	-395M	1.35B	1.21B	976M	1.44B	1.65B	863M	1.4B
Effective Tax Rate %	0.73%	0.74%	1.08%	0.76%	0.78%	0.78%	0.77%	0.76%	0.87%	0.76%
Net Income+	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Net Margin %	0.28%	0.3%	0.42%	0.3%	0.28%	0.26%	0.34%	0.3%	0.33%	0.26%
Net Income Growth %	0.12%	0.03%	0.51%	-0.21%	-0.03%	-0.16%	0.38%	0.04%	0.1%	-0.21%
Net Income (Continuing)	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.39	4.67	7.24	5.87	5.86	5.00	6.90	7.44	8.53	7.01
EPS Growth %	0.14%	0.06%	0.55%	-0.19%	-0%	-0.15%	0.38%	0.08%	0.15%	-0.18%
EPS (Basic)	4.42	4.69	7.28	5.89	5.85	5.01	8.81	10.02	8.53	7.02
Diluted Shares Outstanding	805.1M	779.2M	757.3M	737.7M	719.15M	713M	710.3M	688.3M	659.1M	634.5M
Basic Shares Outstanding	805.92M	779.44M	757.46M	737.31M	720.49M	713.28M	710M	687.9M	657.7M	633.5M
Dividend Payout Ratio	0.28%	0.32%	0.23%	0.31%	0.37%	0.46%	0.36%	0.39%	0.37%	0.48%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.15B	2.11B	2.19B	2.73B	2.83B	3.1B	3.43B	3.22B	3.09B	2.62B
Cash & Short-Term Investments	153M	176M	70M	266M	64M	569M	838M	328M	475M	389M
Cash Only	153M	176M	70M	266M	64M	569M	838M	328M	475M	389M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	878M	875M	984M	1.17B	1.43B	1.14B	1.07B	1.42B	1.3B	1.31B
Days Sales Outstanding	25.41	26.53	27.54	29.79	35.04	30.08	27.08	30.23	28.2	27.99
Inventory	355M	363M	424M	557M	611M	583M	589M	692M	699M	720M
Days Inventory Outstanding	18.64	19.95	21.01	24.32	25.25	26.44	25.57	26.01	26.37	26.07
Other Current Assets	767M	693M	712M	736M	581M	663M	783M	594M	482M	90M
Total Non-Current Assets+	34.25B	34.95B	35.44B	38.49B	40.95B	41.7B	45.11B	47.45B	49.58B	54.45B
Property, Plant & Equipment	32.62B	33.76B	34.19B	37.77B	40.19B	40.5B	41.62B	44.01B	45.04B	48.45B
Fixed Asset Turnover	0.39x	0.36x	0.38x	0.38x	0.37x	0.34x	0.35x	0.39x	0.37x	0.35x
Goodwill	0	0	0	0	77M	70M	70M	70M	70M	71M
Intangible Assets	71M	67M	62M	73M	152M	145M	139M	137M	131M	128M
Long-Term Investments	69M	68M	73M	70M	84M	83M	119M	94M	402M	428M
Other Non-Current Assets	1.49B	1.06B	1.11B	570M	452M	900M	3.16B	3.14B	3.25B	4.69B
Total Assets+	36.4B	37.06B	37.63B	41.21B	43.78B	44.8B	48.54B	50.66B	52.67B	57.07B
Asset Turnover	0.35x	0.32x	0.35x	0.35x	0.34x	0.31x	0.30x	0.34x	0.32x	0.30x
Asset Growth %	0.15%	0.02%	0.02%	0.1%	0.06%	0.02%	0.08%	0.04%	0.04%	0.08%
Total Current Liabilities+	3B	3.01B	3.98B	3.5B	4.29B	3.27B	3.12B	3.84B	5.04B	3.98B
Accounts Payable	391M	484M	738M	982M	866M	780M	903M	954M	968M	1.03B
Days Payables Outstanding	20.53	26.6	36.57	42.88	35.79	35.38	39.2	35.86	36.51	37.34
Short-Term Debt	1.44B	1.49B	2.08B	1.18B	1.93B	910M	508M	1.06B	2.34B	1.17B
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	456M	325M	433M	455M	144M	169M	127M	104M	166M	97M
Current Ratio	0.72x	0.70x	0.55x	0.78x	0.66x	0.95x	1.10x	0.84x	0.61x	0.66x
Quick Ratio	0.60x	0.58x	0.44x	0.62x	0.52x	0.77x	0.91x	0.66x	0.47x	0.48x
Cash Conversion Cycle	23.52	19.88	11.98	11.24	24.5	21.15	13.45	20.39	18.05	16.72
Total Non-Current Liabilities+	18.45B	19.21B	16.99B	20.07B	21.46B	21.88B	22.67B	25.44B	27.51B	32.04B
Long-Term Debt	8.98B	9.45B	8.75B	11.37B	11.87B	12B	11.98B	14.37B	16.13B	19.73B
Capital Lease Obligations	0	0	0	0	379M	311M	322M	341M	298M	343M
Deferred Tax Liabilities	0	0	0	0	7.84B	8.27B	9.3B	9.8B	10.07B	10.87B
Other Non-Current Liabilities	9.47B	9.76B	8.24B	8.71B	1.21B	1.22B	1.07B	911M	935M	909M
Total Liabilities	21.45B	22.22B	20.97B	23.57B	25.74B	25.15B	25.79B	29.28B	32.55B	36.02B
Total Debt+	10.43B	10.94B	10.83B	12.57B	14.3B	13.32B	12.91B	15.89B	18.89B	21.37B
Net Debt	10.27B	10.76B	10.76B	12.3B	14.23B	12.76B	12.08B	15.57B	18.41B	20.98B
Debt / Equity	0.70x	0.74x	0.65x	0.71x	0.79x	0.68x	0.57x	0.74x	0.94x	1.02x
Debt / EBITDA	1.62x	1.75x	1.66x	1.84x	2.00x	2.09x	1.79x	1.85x	2.24x	2.63x
Net Debt / EBITDA	1.60x	1.72x	1.65x	1.80x	1.99x	2.00x	1.67x	1.82x	2.19x	2.58x
Interest Coverage	12.00x	10.48x	10.90x	11.23x	10.40x	8.62x	9.21x	12.48x	9.14x	7.01x
Total Equity+	14.95B	14.84B	16.66B	17.64B	18.04B	19.65B	22.74B	21.38B	20.12B	21.05B
Equity Growth %	0.11%	-0.01%	0.12%	0.06%	0.02%	0.09%	0.16%	-0.06%	-0.06%	0.05%
Book Value per Share	18.57	19.05	21.99	23.91	25.09	27.56	32.02	31.07	30.52	33.18
Total Shareholders' Equity	14.95B	14.84B	16.66B	17.64B	18.04B	19.65B	22.74B	21.38B	20.12B	21.05B
Common Stock	3.71B	3.73B	3.61B	3.63B	3.65B	3.7B	3.7B	3.61B	3.51B	3.47B
Retained Earnings	12.64B	13.24B	15.56B	16.62B	17.63B	19.16B	20.99B	19.53B	18.66B	18.35B
Treasury Stock	-100M	-137M	-168M	-175M	-163M	-115M	-103M	-170M	-144M	-129M
Accumulated OCI	-1.87B	-2.5B	-2.95B	-3.02B	-3.48B	-3.47B	-2.24B	-1.97B	-2.28B	-1.02B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.14B	5.2B	5.52B	5.92B	5.92B	6.17B	6.97B	6.67B	6.96B	6.7B
Operating CF Margin %	0.41%	0.43%	0.42%	0.41%	0.4%	0.45%	0.48%	0.39%	0.41%	0.39%
Operating CF Growth %	0.17%	0.01%	0.06%	0.07%	0%	0.04%	0.13%	-0.04%	0.04%	-0.04%
Net Income	3.54B	3.64B	5.48B	4.33B	4.22B	3.54B	4.9B	5.12B	5.63B	4.45B
Depreciation & Amortization	1.16B	1.23B	1.28B	1.33B	1.56B	1.59B	1.6B	1.73B	1.82B	1.89B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	600M	704M	-1.2B	527M	569M	481M	513M	404M	-288M	325M
Other Non-Cash Items	-112M	-332M	-197M	-448M	136M	421M	-186M	-173M	-136M	-58M
Working Capital Changes	-44M	-35M	143M	182M	-560M	129M	147M	-411M	-53M	92M
Change in Receivables	188M	-3M	-125M	-91M	-7M	158M	-22M	-290M	71M	205M
Change in Inventory	4M	-2M	-70M	-120M	-60M	20M	-7M	-82M	-18M	-6M
Change in Payables	-282M	-51M	418M	379M	-498M	-49M	141M	-9M	-191M	-107M
Cash from Investing+	-2.77B	-2.65B	-2.74B	-3.4B	-4.19B	-2.95B	-2.87B	-2.51B	-3.47B	-3.61B
Capital Expenditures	-2.71B	-2.69B	-2.67B	-3.53B	-3.87B	-2.86B	-2.89B	-2.75B	-3.19B	-3.55B
CapEx % of Revenue	0.21%	0.22%	0.2%	0.25%	0.26%	0.21%	0.2%	0.16%	0.19%	0.21%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-61M	40M	-65M	127M	-66M	-75M	40M	240M	109M	-58M
Cash from Financing+	-2.22B	-2.54B	-2.9B	-2.31B	-1.9B	-2.71B	-3.86B	-4.67B	-3.41B	-3.62B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-996M	-1.16B	-1.24B	-1.33B	-1.54B	-1.63B	-1.74B	-2B	-2.07B	-2.14B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	528M	-4M	-14M	105M	-7M	34M	-117M	72M	36M	104M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.43B	2.51B	2.84B	2.39B	2.06B	3.3B	4.08B	3.92B	3.78B	3.15B
FCF Margin %	0.19%	0.21%	0.22%	0.17%	0.14%	0.24%	0.28%	0.23%	0.22%	0.18%
FCF Growth %	0.17%	0.03%	0.13%	-0.16%	-0.14%	0.6%	0.24%	-0.04%	-0.04%	-0.17%
FCF per Share	3.02	3.22	3.75	3.24	2.86	4.63	5.74	5.69	5.73	4.96
FCF Conversion (FCF/Net Income)	1.45x	1.43x	1.01x	1.37x	1.40x	1.74x	1.42x	1.30x	1.24x	1.51x
Interest Paid	432M	470M	477M	488M	521M	551M	512M	542M	776M	926M
Taxes Paid	725M	653M	712M	776M	822M	353M	759M	1.29B	1.2B	1.22B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	24.9%	24.44%	34.82%	25.24%	23.63%	18.81%	23.11%	23.2%	27.11%	21.61%
Return on Invested Capital (ROIC)	16.8%	14.85%	14.83%	14.37%	13.48%	11.08%	12.53%	14.3%	13.11%	11.63%
Gross Margin	44.88%	44.82%	43.52%	41.63%	40.79%	41.76%	41.92%	43.23%	42.49%	40.87%
Net Margin	28.05%	30.24%	42.05%	30.22%	28.26%	25.65%	33.84%	29.92%	33.43%	26.09%
Debt / Equity	0.70x	0.74x	0.65x	0.71x	0.79x	0.68x	0.57x	0.74x	0.94x	1.02x
Interest Coverage	12.00x	10.48x	10.90x	11.23x	10.40x	8.62x	9.21x	12.48x	9.14x	7.01x
FCF Conversion	1.45x	1.43x	1.01x	1.37x	1.40x	1.74x	1.42x	1.30x	1.24x	1.51x
Revenue Growth	3.93%	-4.55%	8.34%	9.82%	4.16%	-7.36%	4.76%	18.17%	-1.63%	1.3%

Frequently Asked Questions

Valuation & Price

Canadian National Railway Company (CNI) has a price-to-earnings (P/E) ratio of 14.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Canadian National Railway Company (CNI) reported $17.14B in revenue for fiscal year 2024. This represents a 90% increase from $9.03B in 2011.

Canadian National Railway Company (CNI) grew revenue by 1.3% over the past year. Growth has been modest.

Yes, Canadian National Railway Company (CNI) is profitable, generating $4.56B in net income for fiscal year 2024 (26.1% net margin).

Dividend & Returns

Yes, Canadian National Railway Company (CNI) pays a dividend with a yield of 3.40%. This makes it attractive for income-focused investors.

Canadian National Railway Company (CNI) has a return on equity (ROE) of 21.6%. This is excellent, indicating efficient use of shareholder capital.

Canadian National Railway Company (CNI) generated $3.23B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.