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 financial data indicates a long-term improvement in short-term liquidity from 2005 to 2022. For much of the early period, the current ratio fluctuated near the 1.0 threshold, suggesting a tight balance between current assets and obligations. However, the latter portion of the timeframe reflects a substantial strengthening of the solvency position, characterized by a significant increase in the liquidity cushion.
- Early Period Volatility (2005–2008)
- During this initial phase, the current ratio remained unstable, dipping to 0.80 in 2005 and oscillating around the 1.0 mark. This period was marked by current assets and current liabilities that were closely matched, leaving minimal margin for short-term financial volatility.
- Intermediate Stabilization (2009–2017)
- A period of moderate liquidity growth began in 2009 with a ratio of 1.38, followed by several years of stabilization between 1.01 and 1.22. A notable contraction occurred in 2017, where the ratio fell to 1.01, coinciding with current assets dropping to a period low of $1.915 billion.
- Recent Liquidity Expansion (2018–2022)
- A significant upward shift is observed starting in 2018. The current ratio reached a peak of 2.20 in 2020, driven by current assets reaching a high of $4.441 billion. While the ratio moderated to 1.56 by 2022, it remains substantially higher than the historical averages recorded between 2005 and 2017.
- Asset and Liability Dynamics
- The overall improvement in the current ratio is primarily attributed to the growth in current assets rather than a reduction in current liabilities. While current liabilities remained relatively range-bound between approximately $1.8 billion and $2.9 billion over the 17-year span, current assets increased from $2.372 billion in 2005 to $3.849 billion in 2022.
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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).