Latest Ratios: P/E Ratio 30.6x · EV/EBITDA 18.3x · ROE 22.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87.4B | $67.6B | $62.7B | $69.8B | $66.3B | $84.8B | $69.7B | $57.7B | $53.5B | $50.3B | $34.1B |
| Enterprise Value | $106.1B | $86.3B | $80.8B | $87.5B | $82.9B | $99.4B | $83.7B | $73.5B | $67.4B | $61.7B | $44.8B |
| P/E Ratio → | 30.64 | 23.54 | 18.03 | 19.05 | 15.89 | 22.38 | 25.21 | 17.35 | 16.18 | 9.17 | 19.97 |
| P/S Ratio | 6.20 | 4.79 | 4.31 | 4.76 | 4.47 | 6.77 | 6.59 | 4.84 | 4.37 | 4.41 | 3.08 |
| P/B Ratio | 6.68 | 5.13 | 5.01 | 5.82 | 5.25 | 6.28 | 5.32 | 4.86 | 4.25 | 3.41 | 2.91 |
| P/FCF | 51.09 | 39.49 | 23.07 | 21.43 | 19.03 | 25.63 | 26.43 | 18.08 | 18.47 | 35.12 | 52.99 |
| P/OCF | 18.95 | 14.65 | 11.95 | 12.66 | 11.80 | 16.63 | 16.35 | 11.91 | 11.53 | 14.48 | 11.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.12 | 5.55 | 5.97 | 5.58 | 7.94 | 7.91 | 6.16 | 5.50 | 5.41 | 4.04 |
| EV / EBITDA | 18.30 | 14.88 | 11.45 | 12.31 | 11.12 | 15.11 | 14.64 | 12.06 | 11.28 | 12.19 | 9.78 |
| EV / EBIT | 23.47 | 18.79 | 14.99 | 15.51 | 13.62 | 17.52 | 19.11 | 14.55 | 13.63 | 16.73 | 13.48 |
| EV / FCF | — | 50.41 | 29.71 | 26.85 | 23.78 | 30.05 | 31.75 | 23.02 | 23.27 | 43.08 | 69.61 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 33.2% | 33.2% | 37.9% | 38.2% | 38.5% | 42.2% | 42.0% | 40.6% | 38.7% | 33.9% | 30.5% |
| Operating Margin | 32.1% | 32.1% | 36.9% | 37.3% | 40.1% | 41.2% | 41.0% | 39.8% | 37.9% | 32.9% | 29.6% |
| Net Profit Margin | 20.5% | 20.5% | 23.9% | 25.0% | 27.7% | 30.2% | 26.1% | 27.9% | 27.0% | 47.9% | 15.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.5% | 22.5% | 28.3% | 29.8% | 31.5% | 28.4% | 22.1% | 27.2% | 24.2% | 41.4% | 14.6% |
| ROA | 6.7% | 6.7% | 8.2% | 8.7% | 10.0% | 9.4% | 7.1% | 8.9% | 9.1% | 15.4% | 4.9% |
| ROIC | 10.9% | 10.9% | 13.4% | 13.9% | 15.6% | 14.0% | 11.9% | 13.1% | 13.2% | 11.6% | 11.2% |
| ROCE | 11.3% | 11.3% | 13.7% | 13.9% | 15.3% | 13.6% | 11.7% | 13.4% | 13.5% | 11.2% | 9.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.52 | 1.59 | 1.47 | 1.25 | 1.31 | 1.41 | 1.17 | 0.80 | 0.96 |
| Debt / EBITDA | 3.34 | 3.34 | 2.69 | 2.68 | 2.49 | 2.56 | 3.00 | 2.75 | 2.47 | 2.33 | 2.47 |
| Net Debt / Equity | — | 1.42 | 1.44 | 1.47 | 1.31 | 1.08 | 1.07 | 1.33 | 1.10 | 0.77 | 0.91 |
| Net Debt / EBITDA | 3.22 | 3.22 | 2.56 | 2.49 | 2.22 | 2.22 | 2.45 | 2.59 | 2.33 | 2.25 | 2.34 |
| Debt / FCF | — | 10.92 | 6.64 | 5.43 | 4.76 | 4.42 | 5.32 | 4.94 | 4.80 | 7.97 | 16.63 |
| Interest Coverage | 5.44 | 5.44 | 6.47 | 6.97 | 8.20 | 7.86 | 5.81 | 6.86 | 7.74 | 6.75 | 5.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.81 | 0.81 | 0.86 | 1.04 | 1.56 | 1.73 | 2.20 | 1.52 | 1.34 | 1.01 | 1.22 |
| Quick Ratio | 0.69 | 0.69 | 0.73 | 0.91 | 1.42 | 1.58 | 2.05 | 1.40 | 1.20 | 0.81 | 1.02 |
| Cash Ratio | 0.22 | 0.22 | 0.31 | 0.45 | 0.84 | 1.04 | 1.55 | 0.91 | 0.58 | 0.22 | 0.50 |
| Asset Turnover | — | 0.32 | 0.34 | 0.35 | 0.35 | 0.31 | 0.27 | 0.31 | 0.33 | 0.32 | 0.31 |
| Inventory Turnover | 24.12 | 24.12 | 21.82 | 20.58 | 26.79 | 21.34 | 20.33 | 27.15 | 28.55 | 20.28 | 18.91 |
| Days Sales Outstanding | — | 33.62 | 33.29 | 34.69 | 32.27 | 33.46 | 31.45 | 30.15 | 30.09 | 31.04 | 30.93 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.1% | 1.4% | 1.5% | 1.3% | 1.3% | 1.0% | 1.1% | 1.3% | 1.4% | 1.4% | 2.0% |
| Payout Ratio | 33.6% | 33.6% | 26.8% | 24.0% | 20.7% | 22.2% | 28.8% | 22.9% | 22.7% | 12.9% | 39.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 4.2% | 5.5% | 5.2% | 6.3% | 4.5% | 4.0% | 5.8% | 6.2% | 10.9% | 5.0% |
| FCF Yield | 2.0% | 2.5% | 4.3% | 4.7% | 5.3% | 3.9% | 3.8% | 5.5% | 5.4% | 2.8% | 1.9% |
| Buyback Yield | 1.6% | 2.1% | 3.6% | 5.0% | 7.1% | 3.4% | 1.2% | 5.8% | 8.7% | 3.9% | 3.1% |
| Total Shareholder Yield | 2.7% | 3.5% | 5.1% | 6.3% | 8.4% | 4.4% | 2.4% | 7.2% | 10.1% | 5.3% | 5.1% |
| Shares Outstanding | — | $1.9B | $1.9B | $2.0B | $2.1B | $2.3B | $2.3B | $2.4B | $2.6B | $2.7B | $2.8B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CSX stock.
CSX Corporation's current P/E ratio is 30.6x. The historical average is 18.1x. This places it at the 90th percentile of its historical range.
CSX Corporation's current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.7x.
CSX Corporation's return on equity (ROE) is 22.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.6%.
Based on historical data, CSX Corporation is trading at a P/E of 30.6x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CSX Corporation's current dividend yield is 1.10% with a payout ratio of 33.6%.
CSX Corporation has 33.2% gross margin and 32.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CSX Corporation's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Pricing pressure amid volume growth
Metrics are mathematically derived from official filings.
Margin Recovery Masks Structural Drag
Operating margin improved to 38.3% in Q2 2026 from 35.9% a year earlier, yet remains below the 38.7% peak in Q2 2024, according to recent SEC filings. This suggests a partial recovery, not a new high.
The sequential improvement in operating margin from 36.0% in Q1 2026 to 38.3% in Q2 2026 indicates that cost discipline, likely from PSR initiatives, is offsetting revenue softness. However, the margin is still 40 basis points below the Q2 2024 level, implying that the efficiency gains are not fully compensating for pricing or mix pressures. The gross margin anomaly (100% in Q2 2026) is a reporting artifact, so operating margin is the more reliable profitability gauge.
Return on Capital Stalls Below Peers
ROIC has hovered between 2.6% and 3.5% over the past ten quarters, with Q2 2026 at 3.5%, according to financial statements. This is far below Union Pacific's 15.2% and Norfolk Southern's 9.8%, indicating a structural capital efficiency gap.
The stability of ROIC around 3% despite margin improvements suggests that asset turnover is the binding constraint. With asset turnover at 0.09, CSX generates only $0.09 of revenue per dollar of assets, reflecting the heavy capital base of rail infrastructure. The gap to peers is not narrowing, which may indicate that CSX's network density or asset utilization is inferior, or that its capital expenditure is not yielding proportional returns. Investors should monitor whether new management can improve asset productivity without sacrificing service quality.
Working Capital Efficiency Shows Mixed Signals
Cash conversion cycle improved to -1 days in Q1 2026 from 2 days in Q4 2025, based on reported figures, but DSO remains elevated at 33-36 days. This suggests CSX is collecting receivables slower than peers, potentially indicating weaker customer payment terms.
The negative CCC in Q1 2026 is driven by a DPO of 56 days, which is higher than the typical 50 days seen in prior quarters, suggesting CSX is stretching payables. However, DSO has not improved, hovering around 35 days, which is higher than the rail industry average of ~30 days. This may reflect a customer mix with longer payment cycles or a deliberate strategy to offer credit terms to win volume. The efficiency gains from payables are offset by slower collections, leaving net working capital impact minimal.
Leverage Elevated but Stable
Debt-to-equity eased to 1.37 in Q2 2026 from a peak of 1.61 in Q1 2025, while interest coverage improved to 7.26 from 5.11, according to recent SEC filings. This suggests debt service is becoming more comfortable, though leverage remains above peers.
The decline in D/E is partly due to equity growth from retained earnings, not debt reduction, as total debt has stayed near $19.4B. Interest coverage of 7.26 is the highest in the ten-quarter period, indicating that operating income is covering interest expenses with a wider cushion. However, D/EBITDA of 10.10 is still high, and with revenue contracting, the capacity to absorb further debt or sustain buybacks may be limited. The balance sheet appears adequate but not fortress-like.
Thin Liquidity Relies on Cash Flow
Current ratio dipped to 0.82 in Q2 2026, with quick ratio at 0.72, according to financial statements. This indicates a reliance on operating cash flow and credit facilities to meet short-term obligations, a common trait for capital-intensive railroads.
The current ratio has been below 1.0 for most quarters, reflecting the low level of current assets relative to current liabilities. This is typical for railroads, which have minimal receivables and inventory but significant short-term payables and accrued expenses. The quick ratio of 0.72 suggests that even without inventory, CSX can cover 72% of current liabilities with liquid assets. The risk is manageable given the stable cash flow generation, but a severe downturn could strain liquidity if cash flow deteriorates.
P/E Misleads on Cyclical Earnings
The trailing P/E of 32.73 is inflated by depressed earnings, while forward P/E of 25.20 still appears rich, based on reported figures. For capital-intensive railroads, EV/EBITDA is a more reliable valuation metric, as it normalizes for depreciation and capital structure.
CSX's P/E is distorted by the cyclical downturn in earnings, making it appear expensive relative to historical averages. The PEG of 6.40 is meaningless given the low expected growth. EV/EBITDA of 19.33 is more informative, but it is also elevated compared to peers like UNP (16.58) and NSC (16.83). This suggests the market is pricing in a strong recovery, but the volume-price divergence indicates that recovery may be slower than expected. Investors should focus on EV/EBITDA and operating ratio trends rather than P/E.