Canadian National Railway Company (CNI) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Railroads
EV/EBITDA
↓
14.06
↑+22% vs avg
5yr avg: 11.48
30Y Low4.7·High14.3
P/FCF
↓
29.02
↑+41% vs avg
5yr avg: 20.57
30Y Low9.7·High31.6
P/B Ratio
↓
4.65
↑+31% vs avg
5yr avg: 3.54
30Y Low0.9·High4.2
ROE
↓
22.1%
-6% vs avg
5yr avg: 23.4%
30Y Low6%·High36%
Debt/EBITDA
↑
2.56
+16% vs avg
5yr avg: 2.22
30Y Low1.5·High3.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CNI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Canadian National Railway Company trades at 21.3x earnings, 40% above its 5-year average of 15.2x, sitting at the 97th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 17%. On a free-cash-flow basis, the stock trades at 29.0x P/FCF, 41% above the 5-year average of 20.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $69.4B | $61.7B | $64.4B | $82.8B | $81.8B | $87.3B | $78.3B | $65.0B | $54.7B | $62.5B | $52.5B |
| Enterprise Value | $84.5B | $83.1B | $85.4B | $101.2B | $97.4B | $99.3B | $91.1B | $79.3B | $67.0B | $73.2B | $63.3B |
| P/E Ratio → | 21.27 | 13.08 | 14.48 | 14.73 | 15.98 | 17.81 | 21.97 | 15.44 | 12.63 | 11.40 | 14.43 |
| P/S Ratio | 5.69 | 3.57 | 3.78 | 4.92 | 4.78 | 6.03 | 5.67 | 4.36 | 3.82 | 4.79 | 4.36 |
| P/B Ratio | 4.65 | 2.86 | 3.06 | 4.12 | 3.83 | 3.84 | 3.99 | 3.61 | 3.10 | 3.75 | 3.54 |
| P/FCF | 29.02 | 18.20 | 20.45 | 21.92 | 20.89 | 21.39 | 23.72 | 31.61 | 22.90 | 21.98 | 20.95 |
| P/OCF | 13.96 | 8.75 | 9.61 | 11.89 | 12.27 | 12.52 | 12.70 | 10.98 | 9.24 | 11.33 | 10.10 |
P/E links to full P/E history page with 30-year chart
CNI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Canadian National Railway Company's enterprise value stands at 14.1x EBITDA, 22% above its 5-year average of 11.5x. This is roughly in line with the Industrials sector median of 13.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.81 | 5.01 | 6.01 | 5.69 | 6.86 | 6.59 | 5.31 | 4.68 | 5.62 | 5.26 |
| EV / EBITDA | 14.06 | 9.76 | 10.49 | 12.03 | 11.37 | 13.77 | 14.31 | 11.08 | 9.82 | 11.23 | 10.11 |
| EV / EBIT | 18.20 | 11.59 | 12.66 | 14.04 | 13.32 | 14.29 | 17.95 | 13.29 | 10.85 | 13.15 | 11.70 |
| EV / FCF | — | 24.53 | 27.11 | 26.79 | 24.86 | 24.35 | 27.58 | 38.52 | 28.06 | 25.76 | 25.24 |
CNI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Canadian National Railway Company earns an operating margin of 38.1%, significantly above the Industrials sector average of 4.3%. Operating margins have compressed from 39.2% to 38.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 22.1% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 11.6% represents solid returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 40.9% | 42.5% | 43.2% | 41.9% | 41.8% | 40.8% | 41.6% | 43.5% | 44.8% |
| Operating Margin | 38.1% | 38.1% | 36.6% | 39.2% | 40.0% | 38.8% | 34.6% | 37.5% | 38.4% | 40.2% | 41.8% |
| Net Profit Margin | 27.3% | 27.3% | 26.1% | 33.4% | 29.9% | 33.8% | 25.7% | 28.3% | 30.2% | 42.1% | 30.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.1% | 22.1% | 21.6% | 27.1% | 23.2% | 23.1% | 18.8% | 23.6% | 25.2% | 34.8% | 24.4% |
| ROA | 8.2% | 8.2% | 8.1% | 10.9% | 10.3% | 10.5% | 8.0% | 9.9% | 11.0% | 14.7% | 9.9% |
| ROIC | 11.6% | 11.6% | 11.6% | 13.1% | 14.3% | 12.5% | 11.1% | 13.5% | 14.4% | 14.8% | 14.9% |
| ROCE | 12.2% | 12.2% | 12.4% | 14.0% | 14.8% | 12.9% | 11.8% | 14.5% | 15.4% | 15.5% | 14.9% |
CNI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Canadian National Railway Company carries a Debt/EBITDA ratio of 2.6x, which is moderately leveraged (21% below the sector average of 3.2x). Net debt stands at $21.5B ($21.8B total debt minus $363M cash). Interest coverage of 7.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.01 | 1.02 | 0.94 | 0.74 | 0.57 | 0.68 | 0.79 | 0.71 | 0.65 | 0.74 |
| Debt / EBITDA | 2.56 | 2.56 | 2.63 | 2.24 | 1.85 | 1.79 | 2.09 | 2.00 | 1.84 | 1.66 | 1.75 |
| Net Debt / Equity | — | 1.00 | 1.00 | 0.92 | 0.73 | 0.53 | 0.65 | 0.79 | 0.70 | 0.65 | 0.73 |
| Net Debt / EBITDA | 2.52 | 2.52 | 2.58 | 2.19 | 1.82 | 1.67 | 2.00 | 1.99 | 1.80 | 1.65 | 1.72 |
| Debt / FCF | — | 6.33 | 6.66 | 4.87 | 3.97 | 2.96 | 3.86 | 6.92 | 5.15 | 3.78 | 4.29 |
| Interest Coverage | 7.86 | 7.86 | 7.57 | 9.99 | 13.34 | 11.40 | 9.16 | 11.09 | 12.62 | 11.58 | 11.26 |
CNI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.67x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.61x to 0.67x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.67 | 0.67 | 0.66 | 0.61 | 0.84 | 1.10 | 0.95 | 0.66 | 0.78 | 0.55 | 0.70 |
| Quick Ratio | 0.47 | 0.47 | 0.48 | 0.47 | 0.66 | 0.91 | 0.77 | 0.52 | 0.62 | 0.44 | 0.58 |
| Cash Ratio | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.27 | 0.17 | 0.01 | 0.08 | 0.02 | 0.06 |
| Asset Turnover | — | 0.30 | 0.30 | 0.32 | 0.34 | 0.30 | 0.31 | 0.34 | 0.35 | 0.35 | 0.32 |
| Inventory Turnover | 13.00 | 13.00 | 14.00 | 13.84 | 14.03 | 14.28 | 13.80 | 14.45 | 15.01 | 17.37 | 18.30 |
| Days Sales Outstanding | — | 23.56 | 27.99 | 28.20 | 30.23 | 27.08 | 30.08 | 35.04 | 29.79 | 27.54 | 26.53 |
CNI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Canadian National Railway Company returns 4.4% to shareholders annually — split between a 2.2% dividend yield and 2.2% buyback yield. A payout ratio of 46.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 3.6% | 3.3% | 2.5% | 2.4% | 2.0% | 2.1% | 2.4% | 2.4% | 2.0% | 2.2% |
| Payout Ratio | 46.8% | 46.8% | 48.1% | 36.8% | 39.2% | 35.5% | 46.1% | 36.6% | 30.8% | 22.6% | 31.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 7.6% | 6.9% | 6.8% | 6.3% | 5.6% | 4.6% | 6.5% | 7.9% | 8.8% | 6.9% |
| FCF Yield | 3.4% | 5.5% | 4.9% | 4.6% | 4.8% | 4.7% | 4.2% | 3.2% | 4.4% | 4.6% | 4.8% |
| Buyback Yield | 2.2% | 3.4% | 4.1% | 5.5% | 5.9% | 1.8% | 0.5% | 2.7% | 3.8% | 3.4% | 3.9% |
| Total Shareholder Yield | 4.4% | 7.0% | 7.4% | 8.0% | 8.3% | 3.8% | 2.6% | 5.1% | 6.2% | 5.3% | 6.1% |
| Shares Outstanding | — | $624M | $635M | $659M | $688M | $710M | $713M | $719M | $738M | $757M | $779M |
Peer Comparison
Compare CNI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CNIYou | $69B | 21.3 | 14.1 | 29.0 | 44.9% | 38.1% | 22.1% | 11.6% | 2.6 |
 CP | $77B | 27.0 | 17.4 | 50.5 | 52.2% | 37.2% | 8.7% | 6.0% | 3.0 |
 UNP | $153B | 21.5 | 14.9 | 27.7 | 59.4% | 40.1% | 40.4% | 15.2% | 2.6 |
 CSX | $85B | 29.6 | 17.8 | 49.6 | 33.2% | 32.1% | 22.5% | 10.9% | 3.3 |
 NSC | $67B | 23.5 | 15.4 | 31.2 | 42.4% | 32.9% | 19.2% | 9.8% | 3.2 |
 WAB | $46B | 40.1 | 21.6 | 31.0 | 31.5% | 16.7% | 11.0% | 9.6% | 2.3 |
 GATX | $6B | 19.4 | 14.3 | — | 48.6% | 30.7% | 11.0% | 3.7% | 13.0 |
 TRN | $3B | 11.3 | 12.0 | — | 26.6% | 16.6% | 20.6% | 4.1% | 8.2 |
 CAT | $459B | 52.4 | 36.5 | 44.6 | 32.3% | 16.6% | 43.5% | 15.9% | 3.2 |
 GE | $374B | 43.8 | 38.2 | 51.4 | 36.8% | 19.1% | 45.3% | 24.7% | 2.1 |
 GNRC | $16B | 103.8 | 35.9 | 61.1 | 38.3% | 6.9% | 6.2% | 5.9% | 2.8 |
| Industrials Median | — | 25.6 | 13.9 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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CNI — Frequently Asked Questions
Quick answers to the most common questions about buying CNI stock.
What is Canadian National Railway Company's P/E ratio?
Canadian National Railway Company's current P/E ratio is 21.3x. The historical average is 12.0x. This places it at the 97th percentile of its historical range.
What is Canadian National Railway Company's EV/EBITDA?
Canadian National Railway Company's current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.6x.
What is Canadian National Railway Company's ROE?
Canadian National Railway Company's return on equity (ROE) is 22.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 21.0%.
Is CNI stock overvalued?
Based on historical data, Canadian National Railway Company is trading at a P/E of 21.3x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Canadian National Railway Company's dividend yield?
Canadian National Railway Company's current dividend yield is 2.20% with a payout ratio of 46.8%.
What are Canadian National Railway Company's profit margins?
Canadian National Railway Company has 44.9% gross margin and 38.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Canadian National Railway Company have?
Canadian National Railway Company's Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.