CSX CORP
$52.05
−0.35 (−0.67%) · delayed · Nov 13, 2026
Five-year price
52w $33.63 to $53.60
- Market cap
- $95.9B
- Enterprise value
- $113.4B
- P/E
- 33.8×
- 30.3× on 3y avg EPS
- EV / EBIT
- 25.1×
- FCF yield
- 1.8%
- ROIC
- 11.3%
- Debt / equity
- 1.38
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 14.2%
- ●ROE > 15% (5y avg)5y avg ROE 28.3%
- ●Stable operating marginsMargin volatility 4.2% (σ, 5y)
- ○Earnings convert to cashFCF / net income 79% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.9%
- ●Shrinking share countDiluted shares -18.7% over 5y
Value
0
- ○P/E below 15P/E 33.8
- ○EV/EBIT below 12EV/EBIT 25.1
- ○FCF yield above 6%FCF yield 1.8%
- ○Price below Graham NumberGraham Number $15.73
- ○P/B below 3P/B 7.3
Safety
0
- ○Debt / equity below 0.5D/E 1.38
- ○Debt payable in < 4 yrs of earningsNet debt $17.5B
- ○Interest coverage > 8xCoverage 5.4x
- ○Current ratio > 1.5Current ratio 0.81
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $14.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.81
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -56%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 30.3
- ○P/E × P/B ≤ 22.5Product 221.1
Valuation lab
What do you have to believe?
At $52.05, the market is pricing in about 21.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $17.5B · 1843M shares · 5y revenue CAGR 5.9%
Intrinsic value
$9.57
Price
$52.05
Premium paid
444%
What the price implies
The market is paying for 21.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,069 | 11,408 | 12,250 | 11,937 | 10,583 | 12,522 | 14,853 | 14,657 | 14,540 | 14,092 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 3,413 | 3,720 | 4,869 | 4,965 | 4,362 | 5,594 | 5,954 | 5,499 | 5,245 | 4,521 |
| Operating margin | 30.8% | 32.6% | 39.7% | 41.6% | 41.2% | 44.7% | 40.1% | 37.5% | 36.1% | 32.1% |
| Pre-tax income | 2,741 | 3,142 | 4,304 | 4,316 | 3,627 | 4,951 | 5,345 | 4,829 | 4,555 | 3,769 |
| Income tax | 1,027 | (2,329) | 995 | 985 | 862 | 1,170 | 1,231 | 1,161 | 1,085 | 880 |
| Net income | 1,714 | 5,471 | 3,309 | 3,331 | 2,765 | 3,781 | 4,114 | 3,668 | 3,470 | 2,889 |
| EPS (diluted) | 1.81 | 5.99 | 3.84 | 1.39 | 1.20 | 1.68 | 1.92 | 1.82 | 1.79 | 1.54 |
| Diluted shares | 948 | 914 | 861 | 2,395 | 2,305 | 2,255 | 2,141 | 2,013 | 1,943 | 1,873 |
Who owns it