Current Ratio
since 2005
Calculation
CSX Corp., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.56 | = | 3,849) | ÷ | 2,471) |
| Dec 31, 2021 | 1.73 | = | 3,873) | ÷ | 2,233) |
| Dec 31, 2020 | 2.20 | = | 4,441) | ÷ | 2,019) |
| Dec 31, 2019 | 1.52 | = | 3,278) | ÷ | 2,151) |
| Dec 31, 2018 | 1.34 | = | 2,565) | ÷ | 1,915) |
| Dec 31, 2017 | 1.01 | = | 1,915) | ÷ | 1,894) |
| Dec 30, 2016 | 1.22 | = | 2,487) | ÷ | 2,040) |
| Dec 25, 2015 | 1.52 | = | 2,966) | ÷ | 1,952) |
| Dec 26, 2014 | 1.22 | = | 2,572) | ÷ | 2,107) |
| Dec 27, 2013 | 1.07 | = | 2,602) | ÷ | 2,424) |
| Dec 28, 2012 | 1.07 | = | 2,801) | ÷ | 2,627) |
| Dec 30, 2011 | 1.09 | = | 2,935) | ÷ | 2,687) |
| Dec 31, 2010 | 1.13 | = | 2,855) | ÷ | 2,537) |
| Dec 25, 2009 | 1.38 | = | 2,570) | ÷ | 1,865) |
| Dec 26, 2008 | 0.99 | = | 2,391) | ÷ | 2,404) |
| Dec 28, 2007 | 0.93 | = | 2,491) | ÷ | 2,671) |
| Dec 29, 2006 | 1.06 | = | 2,672) | ÷ | 2,522) |
| Dec 30, 2005 | 0.80 | = | 2,372) | ÷ | 2,979) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
1 US$ in millions
The analysis of current assets and liabilities from 2005 to 2022 reveals a significant long-term improvement in short-term liquidity and working capital management.
- Initial Liquidity Phase (2005–2013)
- During this period, the current ratio exhibited volatility, frequently fluctuating around the 1.0 threshold. The lowest point occurred in 2005 at 0.80, indicating a period where current liabilities exceeded current assets. While a peak of 1.38 was reached in 2009, the ratio generally remained lean, reflecting a tight liquidity position where current assets barely covered short-term obligations.
- Stabilization and Transition (2014–2017)
- A period of gradual improvement followed, with the current ratio rising to 1.52 by 2015. However, a notable contraction occurred in 2017, as current assets declined to 1,915 million US$, bringing the current ratio back down to 1.01. This suggests a temporary reduction in liquid resources relative to short-term liabilities.
- Liquidity Expansion (2018–2022)
- The most recent period is characterized by a substantial strengthening of the liquidity profile. Current assets grew significantly, peaking at 4,441 million US$ in 2020. This growth, coupled with relatively controlled increases in current liabilities, drove the current ratio to a peak of 2.20 in 2020. Although the ratio moderated in 2021 and 2022, it remained elevated at 1.73 and 1.56, respectively, establishing a much larger margin of safety than observed in previous decades.
- Asset and Liability Correlation
- The overall trend demonstrates a fundamental shift from a regime of tight working capital to one of surplus. While current liabilities have fluctuated within a general band of 1.8 billion to 3.0 billion US$, the marked increase in current assets since 2018 has enhanced the solvency profile, ensuring that short-term obligations are comfortably covered by liquid assets.
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Comparison to Competitors
CSX Corp., current ratio, long-term trends, comparison to competitors
| CSX Corp. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 1.56 | 1.43 | 1.04 | 0.72 | 1.00 | 1.22 |
| Dec 31, 2021 | 1.73 | 1.51 | 0.98 | 0.62 | 1.19 | 1.42 |
| Dec 31, 2020 | 2.20 | 1.58 | 1.44 | 1.01 | 1.16 | 1.19 |
| Dec 31, 2019 | 1.52 | 1.45 | 2.47 | 0.79 | 0.55 | 1.11 |
| Dec 31, 2018 | 1.34 | 1.39 | — | 0.90 | 0.54 | 1.15 |
| Dec 31, 2017 | 1.01 | 1.59 | — | 1.02 | 0.56 | 1.22 |
| Dec 30, 2016 | 1.22 | 1.50 | — | 0.99 | 0.59 | 1.18 |
| Dec 25, 2015 | 1.52 | 1.84 | — | 1.29 | 0.63 | 1.23 |
| Dec 26, 2014 | 1.22 | 1.82 | — | 1.24 | 0.65 | 1.37 |
| Dec 27, 2013 | 1.07 | 1.96 | — | 1.05 | 0.72 | 1.88 |
| Dec 28, 2012 | 1.07 | 1.69 | — | 1.16 | 0.78 | 1.86 |
| Dec 30, 2011 | 1.09 | 1.70 | — | 1.12 | 0.97 | 1.89 |
| Dec 31, 2010 | 1.13 | 1.57 | — | 1.16 | 0.95 | 1.96 |
| Dec 25, 2009 | 1.38 | 1.57 | — | 1.37 | 0.79 | 1.49 |
| Dec 26, 2008 | 0.99 | 1.35 | — | 0.98 | 0.67 | 1.13 |
| Dec 28, 2007 | 0.93 | 1.22 | — | 0.85 | 0.76 | 1.20 |
| Dec 29, 2006 | 1.06 | 1.18 | — | 0.68 | 0.79 | 1.40 |
| Dec 30, 2005 | 0.80 | 1.11 | — | 0.69 | 0.81 | 1.62 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Sector (Transportation)
CSX Corp., current ratio, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Dec 31, 2022 | 1.56 | 1.14 |
| Dec 31, 2021 | 1.73 | 1.24 |
| Dec 31, 2020 | 2.20 | 1.28 |
| Dec 31, 2019 | 1.52 | 1.13 |
| Dec 31, 2018 | 1.34 | 0.98 |
| Dec 31, 2017 | 1.01 | 1.06 |
| Dec 30, 2016 | 1.22 | 1.03 |
| Dec 25, 2015 | 1.52 | 1.12 |
| Dec 26, 2014 | 1.22 | 1.14 |
| Dec 27, 2013 | 1.07 | 1.30 |
| Dec 28, 2012 | 1.07 | 1.29 |
| Dec 30, 2011 | 1.09 | 1.35 |
| Dec 31, 2010 | 1.13 | 1.31 |
| Dec 25, 2009 | 1.38 | 1.26 |
| Dec 26, 2008 | 0.99 | 1.02 |
| Dec 28, 2007 | 0.93 | 1.03 |
| Dec 29, 2006 | 1.06 | 1.04 |
| Dec 30, 2005 | 0.80 | 1.13 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Industry (Industrials)
CSX Corp., current ratio, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 1.56 | 1.20 |
| Dec 31, 2021 | 1.73 | 1.29 |
| Dec 31, 2020 | 2.20 | 1.41 |
| Dec 31, 2019 | 1.52 | 1.16 |
| Dec 31, 2018 | 1.34 | 1.13 |
| Dec 31, 2017 | 1.01 | 1.24 |
| Dec 30, 2016 | 1.22 | 1.22 |
| Dec 25, 2015 | 1.52 | 1.24 |
| Dec 26, 2014 | 1.22 | 1.26 |
| Dec 27, 2013 | 1.07 | 1.33 |
| Dec 28, 2012 | 1.07 | 1.30 |
| Dec 30, 2011 | 1.09 | 1.30 |
| Dec 31, 2010 | 1.13 | 1.28 |
| Dec 25, 2009 | 1.38 | 1.23 |
| Dec 26, 2008 | 0.99 | 1.06 |
| Dec 28, 2007 | 0.93 | 1.07 |
| Dec 29, 2006 | 1.06 | 1.05 |
| Dec 30, 2005 | 0.80 | 1.05 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-30), 10-K (reporting date: 2015-12-25), 10-K (reporting date: 2014-12-26), 10-K (reporting date: 2013-12-27), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-25), 10-K (reporting date: 2008-12-26), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).