CSX Corporation

Railroads, Line-Haul Operating

CSXStrained8 of 11 basics passed

$47.34

+0.00%

Market cap $87.7B

$47.34

+0.00%

Market cap $87.7B

Operating in the Eastern United States, Class I railroad CSX generated revenue of nearly $14 billion in 2025.

It is a $87.7B industrial company. Revenue grew 2.5% over the last year, it keeps 22¢ of every dollar of sales as profit, and its net debt equals ~6.7 years of free cash flow. It trades at 27.2× earnings — near the highest of its own history.

Website: csx.com
Location: Jacksonville, FL
Employees: 22 200
Sector: Industrials
Founded: 1980

Share price · 3 years

$31.54 → $47.34+50.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.5B
Profit: keeps 22¢ of every $1 sold; $3.22B
Free cash flow: cash left after running the business; $2.80B
Net debt: debt minus cash on hand; $18.9B
P/E: years of profit in the price; 27.2
EPS: earnings per share, TTM; $1.72
Dividend: pays out 31% of profit · 36% of FCF; 1.15%
Shares: down 34% since 2016 — buybacks; 1.87B
Volatility: beta vs the market — under 1 swings less; 1.13

Revenue, last 10 years

52-week range

Low $33.68$47.34High $53.23

Today's price is 70% of the way from the year's low to its high.

P/E vs its history5y

27.2×median 18.6×

Higher than 91% of past days — near the highest of its own history.

Valuation vs own history

P/E

27.2×

P/S

6.0×

17%

EV/EBITDA

21.3×

P/B

6.2×

11%

FCF yield

3.2%

23%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.28Mnet selling

Purchases$0

Sales$2.28M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$87.7Btop 12%
Revenue growth-2%top 80%
Net margin22%top 5%
Return on equity24%top 35%
P/E27.2×top 52%
Dividend yield1.15%top 50%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability, quality and moat; Valuation, Growth and Health lag behind.

Valuation36

P/E vs own history91th pct · 0/25
FCF yield3.2% · 12/25
P/S6.0x · 12/25
EV/EBITDA15.9x · 12/25

Growth38

Revenue CAGR3.0% · 6/25
Net income CAGR-6.5% · 0/25
EPS CAGR ~5Y5.1% · 12/25
Fwd implied growth28.2% · 20/25

Profitability82

ROIC9.0% · 12/25
ROE24.1% · 20/25
Net margin22.2% · 25/25
Operating margin34.1% · 25/25

Health29

Altman Zn/a · 0/25
Current ratio0.82 · 6/25
Interest coverage5.7x · 18/25
Net cash / debtD/A 43% · 5/25

Quality77

Piotroski F4/9 · 10/25
Beneish M-2.74 · 25/25
FCF conversion87% · 22/25
Margin stabilityσ 6.0% · 20/25

Moat90

ROIC >12% years8/10 yrs · 20/25
Median gross margin48.7% · 20/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 15.5% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2017Financial
Best year on record
$5.47B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$11.1B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2008Product
The company introduced its current slogan, "How Tomorrow Moves", in 2008
2003Acquisition
Previously based in Richmond, Virginia after the merger, the corporation moved its headquarters to Jacksonville,…
1986Milestone
The various railroads of the former Chessie System and Seaboard Coast Line Industries that are now owned by CSX…
1980Founded
The company was established in 1980 as part of the Chessie System and Seaboard Coast Line Industries merger
Nov 14, 1978Acquisition
CSX Corporation was organized on November 14, 1978, as a vehicle for the future merger of Chessie System and…

Achievements

Verifiable track record, straight from the reported numbers.

#16 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$15 521 today — price return only

$14.1B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

22 200 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (71.5%)
Strongly profitable — 22.2% net margin
Strong cash conversion — FCF is 19.3% of revenue
Interest covered 5.7× by operating earnings

Watch-outs

Net debt equals ~6.7 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+2.5% YoY
Profitable — makes more than it spends$3.22B TTM
Profit growing — earnings are higher than last year-7.5% YoY
Generates cash — cash left after running and investing$2.80B TTM
Debt under control — could handle its obligations~6.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$87.7B market cap
Not printing shares — share count not ballooning — you keep your slice-18.7% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 24/100
Pays a dividend — returns cash to shareholdersyield 1.15%
Valuation not extreme — price not wildly above earningsP/E 27.2

Peer comparisonCSX Corporation vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
CSX this company	$87.7B	27.2	+2.5%	22.2%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: CSX vs LRCX · CSX vs CAT · CSX vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 14Hold 8Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.5B · net income $3.22B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$14.5B

YoY 2.5%

Net income (TTM)

$3.22B

Margin 22.2%

Gross margin

71.5%

Operating margin

34.1%

P/E ratio

27.2

Dividend yield

1.15%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	10.6	12.5	14.9	14.7	14.5	14.1
Gross profit	—	6.7	7.3	7.1	7.1	6.4
Operating income (EBIT)	4.4	5.6	6.0	5.6	5.2	4.5
Net income	2.8	3.8	4.2	3.7	3.5	2.9
EPS (diluted)	1.20	1.68	1.95	1.85	1.79	1.54

Cash flowFree cash flow $2.80B · operating cash flow $5.32B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.80B

Margin 19.3%

Operating cash flow (TTM)

$5.32B

FCF margin

19.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	4.3	5.1	5.6	5.5	5.2	4.6
Capital expenditure	-1.6	-1.8	-2.1	-2.3	-2.5	-2.9
Free cash flow	2.6	3.3	3.5	3.3	2.7	1.7
FCF margin	24.9%	26.4%	23.5%	22.3%	18.7%	12.1%

Balance sheetAssets $43.7B · net debt $18.9B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $43.7B of assets is financed

70%

30%

Liabilities $30.5B — borrowed moneyEquity $13.2B — owners' stake

Cash vs debt

Total debt $18.9B − cash $5.00M = net debt $18.9B

Cash on hand covers 0% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

5.7x

EBIT ÷ interest expense

ROE

24.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	3.1	2.3	2.1	0.1	0.1	0.0
Total assets	39.8	40.5	41.9	42.4	42.8	43.7
Total liabilities	26.7	27.0	29.3	30.3	30.3	30.5
Total debt	16.7	16.4	18.0	18.5	18.5	18.9
Equity	13.1	13.5	12.6	12.1	12.5	13.2
Net debt	13.6	14.1	16.0	18.4	18.4	18.9

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of CSX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $47.34 · market cap $87.7B.