Latest Ratios: P/E Ratio 31.5x · EV/EBITDA 18.8x · 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 | $90.1B | $67.6B | $62.7B | $69.8B | $66.3B | $84.8B | $69.7B | $57.7B | $53.5B | $50.3B | $34.1B |
| Enterprise Value | $108.8B | $86.3B | $80.8B | $87.5B | $82.9B | $99.4B | $83.7B | $73.5B | $67.4B | $61.7B | $44.8B |
| P/E Ratio → | 31.50 | 23.54 | 18.03 | 19.05 | 15.89 | 22.38 | 25.21 | 17.35 | 16.18 | 9.17 | 19.97 |
| P/S Ratio | 6.40 | 4.79 | 4.31 | 4.76 | 4.47 | 6.77 | 6.59 | 4.84 | 4.37 | 4.41 | 3.08 |
| P/B Ratio | 6.87 | 5.13 | 5.01 | 5.82 | 5.25 | 6.28 | 5.32 | 4.86 | 4.25 | 3.41 | 2.91 |
| P/FCF | 52.68 | 39.49 | 23.07 | 21.43 | 19.03 | 25.63 | 26.43 | 18.08 | 18.47 | 35.12 | 52.99 |
| P/OCF | 19.54 | 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 | 18.77 | 14.88 | 11.45 | 12.31 | 11.12 | 15.11 | 14.64 | 12.06 | 11.28 | 12.19 | 9.78 |
| EV / EBIT | 24.07 | 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 | 3.2% | 4.2% | 5.5% | 5.2% | 6.3% | 4.5% | 4.0% | 5.8% | 6.2% | 10.9% | 5.0% |
| FCF Yield | 1.9% | 2.5% | 4.3% | 4.7% | 5.3% | 3.9% | 3.8% | 5.5% | 5.4% | 2.8% | 1.9% |
| Buyback Yield | 1.5% | 2.1% | 3.6% | 5.0% | 7.1% | 3.4% | 1.2% | 5.8% | 8.7% | 3.9% | 3.1% |
| Total Shareholder Yield | 2.6% | 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 |
Regulatory and Volume Sensitivity
Based on current market data, CSX trades at a forward P/E of 24.89, which appears elevated relative to its historical averages and suggests that investors are pricing in significant future margin expansion that may not be supported by the recent -3.08% revenue growth trend.
The current PEG ratio of 6.05 indicates that the market is paying a substantial premium for earnings growth that remains elusive in the current industrial environment. This valuation appears to rely on the assumption that PSR-driven efficiency gains will offset volume stagnation, a thesis that warrants skepticism given the company's recent operational performance.
According to recent financial statements, CSX's ROIC has remained suppressed in the 2.6% to 3.5% range over the last ten quarters, reflecting a persistent inability to generate returns on invested capital that meaningfully exceed the company's likely cost of capital in this high-rate environment.
The low ROIC trend suggests that the massive capital expenditures required to maintain the 19,500-mile network are not currently yielding incremental value-creating returns. Investors should monitor whether management's shift toward service reliability can improve asset utilization enough to reverse this multi-year trend of capital decay.
As reported in quarterly filings, CSX's asset turnover has remained stagnant at 0.08, indicating that the company's massive asset base is not being utilized more effectively to drive revenue growth despite the ongoing application of Precision Scheduled Railroading principles across the network.
The cash conversion cycle remains volatile, often hovering near zero or turning negative, which suggests that while the company manages its payables aggressively, it lacks the underlying volume growth to drive meaningful improvements in operational velocity. This lack of improvement in asset turnover implies that the network may be reaching a point of diminishing returns regarding efficiency-driven margin expansion.
Based on reported figures, CSX's current ratio has frequently dipped below 1.0, reaching a low of 0.77 in 2025Q2, which indicates that the company maintains a thin liquidity buffer relative to its short-term obligations and operational cash requirements in a volatile freight environment.
This reliance on tight working capital management leaves little room for error should a sudden, sustained downturn in industrial production occur. The company's liquidity position appears vulnerable to unexpected shocks, as the lack of a significant cash cushion necessitates a high degree of reliance on consistent, uninterrupted cash flow generation.
The market frequently over-relies on the Operating Ratio (OR) as the primary indicator of CSX's health, which obscures the reality that aggressive cost-cutting can lead to service degradation and long-term loss of market share to trucking competitors, as evidenced by recent STB scrutiny.
Investors should instead focus on 'Train Velocity' and 'Terminal Dwell Time' as more accurate proxies for the company's competitive standing and long-term viability. Relying solely on OR can be misleading, as it often ignores the hidden costs of deferred maintenance and the potential for regulatory intervention that arises when service levels are sacrificed for short-term margin gains.
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 31.5x. The historical average is 18.1x. This places it at the 93th percentile of its historical range.
CSX Corporation's current EV/EBITDA is 18.8x. 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 31.5x. This is at the 93th 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 1.07% 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.