GATX Corporation (GATX) 10-Year Financial Performance & Capital Metrics

GATX • • Industrial / General

IndustrialsRental & LeasingConstruction & Industrial Equipment RentalRail & Transportation Equipment Leasing

AboutGATX Corporation operates as railcar leasing company in the United States and internationally. The company operates through three segments: Rail North America, Rail International, and Portfolio Management. It leases tank and freight railcars, and locomotives for petroleum, chemical, food/agriculture, and transportation industries. The company also offers services, including the interior cleaning of railcars, routine maintenance and repair of car body and safety appliances, regulatory compliance works, wheelset replacements, interior blast and lining operations, exterior blast and painting, and car stenciling. In addition, it leases aircraft spare engines, directly-owned aircraft spare engines, and five liquefied gas-carrying vessels, as well as manages portfolios of assets for third parties. The company owns a fleet of approximately 147,000 railcars; 539 four-axle and 29 six-axle locomotives; and 5 vessels. GATX Corporation was founded in 1898 and is headquartered in Chicago, Illinois.Show more

Revenue $1.59B +12.4%
EBITDA $895M +14.7%
Net Income $284M +9.6%
EPS (Diluted) 7.78 +9.3%
Gross Margin 47.99% +4.6%
EBITDA Margin 56.45% +2.1%
Operating Margin 29.87% +8.6%
Net Margin 17.92% -2.4%
ROE 12.06% +0.1%
ROIC 3.57% +9.8%
Debt/Equity 3.45 +2.7%
Interest Coverage 1.39 -5.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓18 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 14.5%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 3.4x
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.89%

5Y5.69%

3Y8.03%

TTM11.74%

Profit (Net Income) CAGR

10Y3.32%

5Y6.12%

3Y25.7%

TTM34.74%

EPS CAGR

10Y5.67%

5Y22.07%

3Y25.04%

TTM34.82%

ROCE

10Y Avg4.15%

5Y Avg3.62%

3Y Avg3.79%

Latest4.09%

Peer Comparison

Rail & Transportation Equipment Leasing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GATXGATX Corporation	6.32B	177.02	22.75	12.38%	19.13%	11.97%		3.45

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.45B	1.42B	1.38B	1.36B	1.2B	1.21B	1.26B	1.27B	1.41B	1.59B
Revenue Growth %	-0%	-0.02%	-0.03%	-0.01%	-0.12%	0.01%	0.04%	0.01%	0.11%	0.12%
Cost of Goods Sold+	859.7M	832.5M	829.1M	824.2M	709M	715M	718.2M	700.4M	763.6M	824.6M
COGS % of Revenue	0.59%	0.59%	0.6%	0.61%	0.59%	0.59%	0.57%	0.55%	0.54%	0.52%
Gross Profit+	590.2M	585.8M	547.8M	536.7M	493.1M	494.2M	539.2M	572.6M	647.3M	760.9M
Gross Margin %	0.41%	0.41%	0.4%	0.39%	0.41%	0.41%	0.43%	0.45%	0.46%	0.48%
Gross Profit Growth %	0.11%	-0.01%	-0.06%	-0.02%	-0.08%	0%	0.09%	0.06%	0.13%	0.18%
Operating Expenses+	230.8M	218.5M	215.9M	224.2M	211.7M	207.3M	242.3M	232.4M	259.3M	287.3M
OpEx % of Revenue	0.16%	0.15%	0.16%	0.16%	0.18%	0.17%	0.19%	0.18%	0.18%	0.18%
Selling, General & Admin	192.4M	174.7M	181.5M	191.1M	180.4M	172M	198.3M	195M	212.7M	236.3M
SG&A % of Revenue	0.13%	0.12%	0.13%	0.14%	0.15%	0.14%	0.16%	0.15%	0.15%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-13.2M	-11.8M	-11.1M	-21.6M	31.3M	35.3M	44M	37.4M	46.6M	51M
Operating Income+	359.4M	367.3M	331.9M	312.5M	281.4M	286.9M	296.9M	340.2M	388M	473.6M
Operating Margin %	0.25%	0.26%	0.24%	0.23%	0.23%	0.24%	0.24%	0.27%	0.28%	0.3%
Operating Income Growth %	0.14%	0.02%	-0.1%	-0.06%	-0.1%	0.02%	0.03%	0.15%	0.14%	0.22%
EBITDA+	649.9M	677.5M	654.6M	650.7M	614.1M	629.7M	675.3M	711.5M	780.1M	895M
EBITDA Margin %	0.45%	0.48%	0.48%	0.48%	0.51%	0.52%	0.54%	0.56%	0.55%	0.56%
EBITDA Growth %	0.1%	0.04%	-0.03%	-0.01%	-0.06%	0.03%	0.07%	0.05%	0.1%	0.15%
D&A (Non-Cash Add-back)	290.5M	310.2M	322.7M	338.2M	332.7M	342.8M	378.4M	371.3M	392.1M	421.4M
EBIT	425.4M	453.5M	374.9M	362.2M	325.7M	315.6M	399.1M	391.1M	508.9M	602.4M
Net Interest Income+	-155.1M	-148.1M	-160.5M	-162.9M	-180.5M	-190.3M	-204M	-214M	-263.4M	-341M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	155.1M	148.1M	160.5M	162.9M	180.5M	190.3M	204M	214M	263.4M	341M
Other Income/Expense	-89.1M	-67.6M	-119M	-117.4M	-136.2M	-99.4M	-100.6M	-129.5M	-70.1M	-129.4M
Pretax Income+	270.3M	305.4M	214.4M	195.1M	145.2M	187.5M	196.3M	210.7M	317.9M	344.2M
Pretax Margin %	0.19%	0.22%	0.16%	0.14%	0.12%	0.16%	0.16%	0.17%	0.23%	0.22%
Income Tax+	110.9M	95.7M	-243.7M	34.1M	40.9M	37.3M	53.2M	54.8M	58.7M	60M
Effective Tax Rate %	0.76%	0.84%	2.34%	1.08%	1.45%	0.81%	0.73%	0.74%	0.82%	0.83%
Net Income+	205.3M	257.1M	502M	211.3M	211.2M	151.3M	143.1M	155.9M	259.2M	284.2M
Net Margin %	0.14%	0.18%	0.36%	0.16%	0.18%	0.13%	0.11%	0.12%	0.18%	0.18%
Net Income Growth %	0%	0.25%	0.95%	-0.58%	-0%	-0.28%	-0.05%	0.09%	0.66%	0.1%
Net Income (Continuing)	205.3M	257.1M	458.1M	190.5M	180.8M	150.2M	143.1M	155.9M	259.2M	284.2M
Discontinued Operations	0	0	0	20.8M	30.4M	1.1M	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.69	6.29	12.74	5.52	2.87	4.18	3.98	4.35	7.12	7.78
EPS Growth %	0.05%	0.34%	1.03%	-0.57%	-0.48%	0.46%	-0.05%	0.09%	0.64%	0.09%
EPS (Basic)	4.76	6.35	12.94	5.62	2.92	4.23	4.04	4.41	7.13	7.80
Diluted Shares Outstanding	43.8M	40.9M	39.4M	38.3M	36.4M	35.4M	36M	35.9M	35.7M	35.9M
Basic Shares Outstanding	43.1M	40.5M	38.8M	37.6M	35.7M	35M	35.4M	35.4M	35.7M	35.8M
Dividend Payout Ratio	0.33%	0.26%	0.14%	0.33%	0.33%	0.47%	0.52%	0.49%	0.31%	0.3%

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+	455.2M	544.8M	512.8M	313.7M	360.4M	434.8M	508.3M	728.1M	758.3M	691.5M
Cash & Short-Term Investments	202.4M	307.5M	296.5M	100.2M	151M	292.2M	344.3M	452.2M	450.7M	401.6M
Cash Only	202.4M	307.5M	296.5M	100.2M	151M	292.2M	344.3M	303.7M	450.7M	401.6M
Short-Term Investments	0	0	0	0	0	0	0	148.5M	0	0
Accounts Receivable	226.7M	227.5M	213.1M	207M	150M	142.2M	163.8M	162M	218.4M	199.1M
Days Sales Outstanding	57.07	58.55	56.49	55.52	45.55	42.92	47.55	46.45	56.5	45.84
Inventory	55.2M	51.3M	57.2M	63.7M	59.4M	64.3M	52M	60.2M	74M	71.8M
Days Inventory Outstanding	23.44	22.49	25.18	28.21	30.58	32.82	26.43	31.37	35.37	31.78
Other Current Assets	123.3M	93.1M	7.7M	7.8M	0	-82.8M	-93.8M	41M	900K	600K
Total Non-Current Assets+	6.44B	6.56B	6.91B	7.3B	8.11B	8.5B	9.03B	9.34B	10.57B	11.61B
Property, Plant & Equipment	5.7B	5.8B	6.19B	6.55B	6.91B	7.54B	8.06B	273M	9.68B	10.67B
Fixed Asset Turnover	0.25x	0.24x	0.22x	0.21x	0.17x	0.16x	0.16x	4.66x	0.15x	0.15x
Goodwill	79.7M	78M	85.6M	82.9M	81.5M	143.7M	123M	117.2M	120M	114.1M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	348.5M	387M	441M	464.5M	521.1M	584.7M	588.4M	575.1M	627M	663.3M
Other Non-Current Assets	-705.9M	-798.5M	-662.8M	-671.7M	409.8M	-732.5M	-736M	8.38B	144.9M	159.2M
Total Assets+	6.89B	7.11B	7.42B	7.62B	8.47B	8.94B	9.54B	10.07B	11.33B	12.3B
Asset Turnover	0.21x	0.20x	0.19x	0.18x	0.14x	0.14x	0.13x	0.13x	0.12x	0.13x
Asset Growth %	-0.01%	0.03%	0.04%	0.03%	0.11%	0.05%	0.07%	0.06%	0.12%	0.09%
Total Current Liabilities+	178.3M	178.6M	158.6M	288.3M	559.3M	170.9M	233.9M	236.3M	250.6M	227.5M
Accounts Payable	170.9M	174.8M	154.3M	177.5M	119.4M	147.3M	215.8M	202.2M	0	0
Days Payables Outstanding	72.56	76.64	67.93	78.61	61.47	75.2	109.67	105.37	-	-
Short-Term Debt	569.5M	3.8M	4.3M	110.8M	439.9M	23.6M	18.1M	28.9M	11M	10.4M
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	0	-1000K	0	0	0
Other Current Liabilities	-522.7M	37.1M	0	18M	0	0	214.3M	500K	239.6M	217.1M
Current Ratio	2.55x	3.05x	3.23x	1.09x	0.64x	2.54x	2.17x	3.08x	3.03x	3.04x
Quick Ratio	2.24x	2.76x	2.87x	0.87x	0.54x	2.17x	1.95x	2.83x	2.73x	2.72x
Cash Conversion Cycle	7.95	4.4	13.74	5.12	14.66	0.55	-35.7	-27.55	-	-
Total Non-Current Liabilities+	5.44B	5.58B	5.47B	5.54B	6.08B	6.81B	7.29B	7.81B	8.8B	9.63B
Long-Term Debt	4.18B	4.25B	4.37B	4.43B	4.43B	5.33B	5.89B	6.43B	7.39B	8.22B
Capital Lease Obligations	18.4M	14.9M	12.5M	11.3M	363.2M	381.9M	286.2M	257.9M	226.8M	180M
Deferred Tax Liabilities	1.02B	1.09B	853.7M	877.8M	1.08B	962.8M	1B	0	1.08B	1.13B
Other Non-Current Liabilities	128.7M	160M	174.2M	149.7M	208.6M	135.6M	112.4M	1.12B	106.4M	107.5M
Total Liabilities	5.61B	5.76B	5.63B	5.83B	6.64B	6.98B	7.52B	8.04B	9.05B	9.86B
Total Debt+	4.2B	4.27B	4.39B	4.55B	5.23B	5.73B	6.19B	6.72B	7.63B	8.41B
Net Debt	4B	3.96B	4.09B	4.45B	5.08B	5.44B	5.85B	6.41B	7.18B	8B
Debt / Equity	3.28x	3.17x	2.45x	2.55x	2.85x	2.93x	3.07x	3.31x	3.35x	3.45x
Debt / EBITDA	6.47x	6.31x	6.70x	7.00x	8.52x	9.11x	9.17x	9.44x	9.78x	9.39x
Net Debt / EBITDA	6.16x	5.85x	6.25x	6.84x	8.28x	8.64x	8.66x	9.02x	9.20x	8.94x
Interest Coverage	2.32x	2.48x	2.07x	1.92x	1.56x	1.51x	1.46x	1.59x	1.47x	1.39x
Total Equity+	1.28B	1.35B	1.79B	1.79B	1.84B	1.96B	2.02B	2.03B	2.27B	2.44B
Equity Growth %	-0.03%	0.05%	0.33%	-0%	0.03%	0.07%	0.03%	0.01%	0.12%	0.07%
Book Value per Share	29.23	32.94	45.50	46.69	50.41	55.29	56.09	56.53	63.67	67.94
Total Shareholders' Equity	1.28B	1.35B	1.79B	1.79B	1.84B	1.96B	2.02B	2.03B	2.27B	2.44B
Common Stock	41.5M	41.5M	41.6M	41.6M	41.8M	41.9M	42.2M	42.4M	42.5M	42.7M
Retained Earnings	1.64B	1.83B	2.26B	2.42B	2.6B	2.68B	2.75B	2.83B	3.01B	3.21B
Treasury Stock	-878.9M	-999M	-1.1B	-1.21B	-1.36B	-1.36B	-1.38B	-1.42B	-1.43B	-1.45B
Accumulated OCI	-198.8M	-211.1M	-109.6M	-164.6M	-163.6M	-137.5M	-160.6M	-211.6M	-167.6M	-209.6M
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+	534.3M	626.1M	496.8M	508.5M	462.6M	428.3M	507.2M	533.5M	520.4M	602.1M
Operating CF Margin %	0.37%	0.44%	0.36%	0.37%	0.38%	0.35%	0.4%	0.42%	0.37%	0.38%
Operating CF Growth %	0.19%	0.17%	-0.21%	0.02%	-0.09%	-0.07%	0.18%	0.05%	-0.02%	0.16%
Net Income	205.3M	257.1M	502M	211.3M	180.8M	150.2M	143.1M	155.9M	259.2M	284.2M
Depreciation & Amortization	303.3M	310.2M	322.7M	338.2M	332.7M	342.8M	378.4M	371.3M	392.1M	421.4M
Stock-Based Compensation	11.6M	15.8M	9.9M	16.4M	12.3M	15.6M	17.4M	12.7M	18.3M	23M
Deferred Taxes	90.2M	72.8M	-260.5M	19.2M	33.8M	29.1M	34.2M	36.3M	38.3M	45.8M
Other Non-Cash Items	-59.3M	-27.1M	-58.8M	-72.6M	-57.9M	-103M	-89.4M	-57.8M	-181.1M	-171.4M
Working Capital Changes	-16.8M	-2.7M	-18.5M	-4M	-39.1M	-6.4M	23.5M	15.1M	-6.4M	-900K
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-307.6M	-394.9M	-428.3M	-676.1M	-439.7M	-664M	-917.7M	-1.07B	-1.22B	-1.42B
Capital Expenditures	-799.8M	-712.8M	-678.6M	-995.9M	-723.8M	-860.8M	-1.13B	-1.26B	-1.67B	0
CapEx % of Revenue	0.55%	0.5%	0.49%	0.73%	0.6%	0.71%	0.9%	0.99%	1.18%	1.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	25.5M	36.7M	30.7M	40.4M	33.8M	28M	26M	30.1M	22.9M	-1.42B
Cash from Financing+	-229M	-124.9M	-83.9M	-21.4M	21.9M	377.4M	463.1M	504.4M	844.1M	770.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-68.2M	-67.4M	-68.2M	-69.3M	-69.3M	-71M	-74.3M	-76.6M	-80.6M	-84.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-55.2M	10.4M	-2.6M	-4M	2.8M	-44.5M	-53.3M	29.9M	14.4M	-4.9M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-265.5M	-86.7M	-181.8M	-487.4M	-261.2M	-432.5M	-622.9M	-722.3M	-1.14B	-1.07B
FCF Margin %	-0.18%	-0.06%	-0.13%	-0.36%	-0.22%	-0.36%	-0.5%	-0.57%	-0.81%	-0.68%
FCF Growth %	0.63%	0.67%	-1.1%	-1.68%	0.46%	-0.66%	-0.44%	-0.16%	-0.58%	0.06%
FCF per Share	-6.06	-2.12	-4.61	-12.73	-7.18	-12.22	-17.30	-20.12	-32.06	-29.87
FCF Conversion (FCF/Net Income)	2.60x	2.44x	0.99x	2.41x	2.19x	2.83x	3.54x	3.42x	2.01x	2.12x
Interest Paid	144.4M	145.4M	154.6M	0	185.1M	0	196.6M	202.7M	260.1M	0
Taxes Paid	13.3M	28.6M	21.5M	0	11.6M	21.4M	10.3M	18.7M	17.3M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.83%	19.57%	31.98%	11.8%	11.66%	7.98%	7.2%	7.7%	12.05%	12.06%
Return on Invested Capital (ROIC)	5.06%	5.2%	4.45%	3.87%	3.21%	3.01%	2.92%	3.13%	3.25%	3.57%
Gross Margin	40.71%	41.3%	39.78%	39.44%	41.02%	40.87%	42.88%	44.98%	45.88%	47.99%
Net Margin	14.16%	18.13%	36.46%	15.53%	17.57%	12.51%	11.38%	12.25%	18.37%	17.92%
Debt / Equity	3.28x	3.17x	2.45x	2.55x	2.85x	2.93x	3.07x	3.31x	3.35x	3.45x
Interest Coverage	2.32x	2.48x	2.07x	1.92x	1.56x	1.51x	1.46x	1.59x	1.47x	1.39x
FCF Conversion	2.60x	2.44x	0.99x	2.41x	2.19x	2.83x	3.54x	3.42x	2.01x	2.12x
Revenue Growth	-0.08%	-2.18%	-2.92%	-1.16%	-11.67%	0.59%	3.99%	1.24%	10.83%	12.38%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Rail North America	-	-	-	-	-	-	891.7M	908M	982.7M	1.1B
Rail North America Growth	-	-	-	-	-	-	-	1.83%	8.23%	11.83%
Rail International	180.4M	189M	197.1M	217.5M	227.7M	258.1M	284.3M	275.3M	309.5M	350.3M
Rail International Growth	-	4.77%	4.29%	10.35%	4.69%	13.35%	10.15%	-3.17%	12.42%	13.18%
Portfolio Management	-	-	-	16.1M	9.9M	17M	47.7M	53.6M	77.2M	97.1M
Portfolio Management Growth	-	-	-	-	-38.51%	71.72%	180.59%	12.37%	44.03%	25.78%
Other Businesss	-	-	-	-	-	-	33.7M	36.1M	41.5M	39.1M
Other Businesss Growth	-	-	-	-	-	-	-	7.12%	14.96%	-5.78%
ASC	-	-	-	185.8M	191.7M	-	-	-	-	-
ASC Growth	-	-	-	-	3.18%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Domestic	1.12B	1.1B	1.05B	1.03B	1.06B	834.3M	-	-	862.8M	948.2M
Domestic Growth	-	-2.04%	-4.07%	-2.42%	3.44%	-21.49%	-	-	-	9.90%
Foreign	329.4M	320.7M	324M	333.5M	331.1M	374.9M	-	-	548.1M	637.3M
Foreign Growth	-	-2.64%	1.03%	2.93%	-0.72%	13.23%	-	-	-	16.27%

Frequently Asked Questions

Valuation & Price

GATX Corporation (GATX) has a price-to-earnings (P/E) ratio of 22.8x. This is roughly in line with market averages.

Growth & Financials

GATX Corporation (GATX) reported $1.67B in revenue for fiscal year 2024. This represents a 28% increase from $1.31B in 2011.

GATX Corporation (GATX) grew revenue by 12.4% over the past year. This is steady growth.

Yes, GATX Corporation (GATX) is profitable, generating $319.6M in net income for fiscal year 2024 (17.9% net margin).

Dividend & Returns

Yes, GATX Corporation (GATX) pays a dividend with a yield of 1.33%. This makes it attractive for income-focused investors.

GATX Corporation (GATX) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

GATX Corporation (GATX) generated $147.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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