Last 48 quarters of trend data · Industrials · Railroads
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Canadian National Railway Company's quarterly P/E stands at 13.7x, up 3.8% year-over-year. EV/EBITDA has expanded 6.6% YoY to 10.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 21.25 | 13.67 | 12.23 | 12.88 | 13.91 | 13.17 | 13.94 | 17.03 | 16.88 | 19.14 | 9.55 | 16.03 | 17.20 |
| — | +3.8% | -12.3% | -24.3% | -17.6% | -31.2% | +46.1% | +6.3% | -1.9% | +18.1% | -32.5% | +26.4% | +17.4% | |
| P/S Ratio | 5.68 | 3.58 | 3.41 | 3.52 | 3.82 | 3.48 | 3.67 | 4.49 | 4.34 | 4.97 | 4.55 | 4.45 | 4.95 |
| — | +3.0% | -6.9% | -21.7% | -11.9% | -30.1% | -19.4% | +0.9% | -12.3% | +8.6% | +2.7% | +8.8% | +10.5% | |
| P/B Ratio | 4.65 | 2.92 | 2.83 | 2.76 | 3.03 | 2.83 | 3.04 | 3.80 | 3.87 | 4.26 | 4.04 | 3.56 | 3.94 |
| — | +3.3% | -6.9% | -27.3% | -21.7% | -33.5% | -24.9% | +6.7% | -1.6% | +12.4% | +7.5% | +5.9% | +10.0% | |
| P/FCF | 29.00 | 18.98 | 15.27 | 18.16 | 17.38 | 23.73 | 15.20 | 30.88 | 19.57 | 39.07 | 13.75 | 29.84 | 18.08 |
| — | -20.0% | +0.4% | -41.2% | -11.2% | -39.3% | +10.5% | +3.5% | +8.2% | +17.5% | -7.6% | +121.0% | -6.5% | |
| EV / EBITDA | 14.05 | 10.41 | 9.41 | 9.53 | 10.09 | 9.76 | 10.02 | 11.88 | 11.81 | 12.97 | 10.94 | 11.30 | 11.83 |
| — | +6.6% | -6.1% | -19.8% | -14.5% | -24.7% | -8.3% | +5.1% | -0.2% | +14.6% | +7.6% | +19.9% | +12.7% | |
| EV / EBIT | 18.19 | 13.66 | 11.89 | 12.48 | 12.06 | 11.67 | 12.20 | 14.42 | 14.02 | 15.68 | 12.04 | 13.63 | 14.09 |
| — | +17.1% | -2.6% | -13.4% | -14.0% | -25.6% | +1.3% | +5.8% | -0.5% | +17.0% | +2.0% | +25.6% | +15.3% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Canadian National Railway Company's operating margin was 35.4% in Q1 2026, down 3.4 pp QoQ and down 1.2 pp YoY. The trailing four-quarter average of 37.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 6.1% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 42.8% | 46.3% | 44.9% | 42.8% | 40.4% | 41.5% | 40.4% | 41.3% | 40.2% | 44.0% | 41.3% | 42.4% |
| — | +6.1% | +11.5% | +11.0% | +3.6% | +0.3% | -5.7% | -2.2% | -2.7% | -4.3% | -1.4% | -9.8% | -4.2% | |
| Operating Margin | 38.1% | 35.4% | 38.8% | 38.5% | 38.3% | 36.6% | 37.4% | 36.9% | 36.0% | 36.4% | 40.7% | 38.0% | 39.4% |
| — | -3.3% | +3.9% | +4.5% | +6.5% | +0.5% | -8.1% | -3.1% | -8.7% | -5.6% | -3.4% | -11.1% | -3.2% | |
| Net Margin | 27.3% | 26.2% | 28.0% | 27.3% | 27.4% | 26.4% | 26.3% | 26.4% | 25.7% | 26.0% | 47.6% | 27.8% | 28.8% |
| — | -0.8% | +6.3% | +3.4% | +6.6% | +1.6% | -44.8% | -5.0% | -10.5% | -8.2% | +52.4% | -13.8% | -5.7% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.1% | 5.3% | 5.8% | 5.3% | 5.4% | 5.4% | 5.7% | 5.6% | 5.7% | 5.5% | 10.6% | 5.5% | 5.7% |
| — | -1.9% | +2.9% | -4.7% | -4.3% | -1.4% | -46.8% | +1.7% | +0.3% | -4.5% | +62.3% | -17.5% | -6.9% | |
| ROA | 8.2% | 1.9% | 2.1% | 2.0% | 2.1% | 2.0% | 2.1% | 2.0% | 2.1% | 2.1% | 4.1% | 2.2% | 2.3% |
| — | -4.1% | +4.5% | -0.5% | -0.9% | -2.4% | -49.5% | -7.0% | -9.6% | -13.5% | +45.9% | -25.7% | -15.6% | |
| ROIC | 11.6% | 2.7% | 3.0% | 2.8% | 2.9% | 2.9% | 3.0% | 2.8% | 2.9% | 3.0% | 3.6% | 3.0% | 3.2% |
| — | -5.7% | +1.7% | -0.2% | -1.5% | -3.9% | -16.4% | -6.0% | -8.6% | -11.4% | -7.9% | -23.5% | -13.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Canadian National Railway Company's Debt/EBITDA ratio is 11.1x, up from 10.0x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 7.7% YoY to 0.67x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.01 | 1.05 | 1.01 | 1.03 | 0.96 | 0.98 | 1.02 | 1.08 | 1.07 | 1.01 | 0.94 | 0.94 | 0.84 |
| — | +7.4% | -0.3% | -4.6% | -9.9% | -3.1% | +8.1% | +15.0% | +26.6% | +24.0% | +26.3% | +30.7% | +25.1% | |
| Debt / EBITDA | 2.56 | 11.08 | 9.98 | 10.36 | 9.76 | 10.05 | 10.09 | 10.52 | 10.26 | 9.97 | 8.28 | 9.47 | 8.41 |
| — | +10.2% | -1.2% | -1.5% | -4.9% | +0.8% | +21.9% | +11.1% | +21.9% | +24.0% | +23.1% | +42.3% | +25.5% | |
| Current Ratio | 0.67 | 0.67 | 0.67 | 0.60 | 0.82 | 0.62 | 0.66 | 0.64 | 0.63 | 0.60 | 0.61 | 0.72 | 0.93 |
| — | +7.7% | +1.5% | -6.6% | +28.7% | +3.6% | +7.4% | -10.9% | -31.9% | -19.0% | -26.7% | -28.3% | +32.3% | |
| Quick Ratio | 0.47 | 0.49 | 0.47 | 0.42 | 0.58 | 0.43 | 0.48 | 0.49 | 0.48 | 0.46 | 0.47 | 0.56 | 0.72 |
| — | +12.2% | -1.6% | -15.5% | +23.0% | -5.1% | +0.6% | -12.4% | -33.7% | -20.6% | -27.8% | -29.9% | +29.9% | |
| Interest Coverage | 7.86 | 6.62 | 7.41 | 9.87 | 8.13 | 7.55 | 7.53 | 7.13 | 7.75 | 7.91 | 10.41 | 8.84 | 9.95 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying CNI stock.
Canadian National Railway Company's current P/E is 21.3x. The average P/E over the last 4 quarters is 13.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Canadian National Railway Company's current operating margin is 38.1%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Canadian National Railway Company's business trajectory between earnings reports.