Price to Book Value (P/BV)
since 2005
Calculation
CSX Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity, attributable to CSX1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 5.18 | = | 31.67 | ÷ | 6.12 | 6.12 | = | 12,615 | ÷ | 2,062,605,434 | |
| Feb 16, 2022 | 5.72 | = | 35.17 | ÷ | 6.15 | 6.15 | = | 13,490 | ÷ | 2,193,389,444 | |
| Feb 10, 2021 | 5.13 | = | 29.39 | ÷ | 5.73 | 5.73 | = | 13,101 | ÷ | 2,287,515,174 | |
| Feb 12, 2020 | 5.19 | = | 26.50 | ÷ | 5.10 | 5.10 | = | 11,848 | ÷ | 2,321,476,695 | |
| Feb 6, 2019 | 4.42 | = | 22.70 | ÷ | 5.13 | 5.13 | = | 12,563 | ÷ | 2,446,891,098 | |
| Feb 7, 2018 | 3.20 | = | 17.66 | ÷ | 5.52 | 5.52 | = | 14,705 | ÷ | 2,661,708,240 | |
| Feb 14, 2017 | 3.81 | = | 16.00 | ÷ | 4.20 | 4.20 | = | 11,679 | ÷ | 2,779,340,979 | |
| Feb 10, 2016 | 1.99 | = | 8.04 | ÷ | 4.03 | 4.03 | = | 11,652 | ÷ | 2,889,450,033 | |
| Feb 11, 2015 | 3.19 | = | 11.98 | ÷ | 3.75 | 3.75 | = | 11,152 | ÷ | 2,971,694,472 | |
| Feb 12, 2014 | 2.63 | = | 9.13 | ÷ | 3.47 | 3.47 | = | 10,483 | ÷ | 3,022,775,019 | |
| Feb 19, 2013 | 2.62 | = | 7.69 | ÷ | 2.93 | 2.93 | = | 8,988 | ÷ | 3,062,389,890 | |
| Feb 21, 2012 | 2.63 | = | 7.05 | ÷ | 2.68 | 2.68 | = | 8,455 | ÷ | 3,156,803,076 | |
| Feb 18, 2011 | 3.19 | = | 8.31 | ÷ | 2.61 | 2.61 | = | 8,686 | ÷ | 3,333,365,955 | |
| Feb 19, 2010 | 2.06 | = | 5.20 | ÷ | 2.52 | 2.52 | = | 8,846 | ÷ | 3,510,318,915 | |
| Feb 19, 2009 | 1.30 | = | 2.92 | ÷ | 2.24 | 2.24 | = | 8,048 | ÷ | 3,593,287,557 | |
| Feb 22, 2008 | 2.33 | = | 5.57 | ÷ | 2.39 | 2.39 | = | 8,685 | ÷ | 3,630,269,457 | |
| Feb 15, 2007 | 1.99 | = | 4.53 | ÷ | 2.27 | 2.27 | = | 8,942 | ÷ | 3,931,135,569 | |
| Feb 24, 2006 | 1.53 | = | 3.08 | ÷ | 2.01 | 2.01 | = | 7,954 | ÷ | 3,949,764,678 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of CSX Corp. Annual Report.
The Price to Book Value (P/BV) ratio demonstrates a long-term expansionary trend, reflecting a growing premium that the market assigns to the company's net asset value over nearly two decades. Although the book value per share grew consistently from 2.01 in 2006 to 6.12 in 2023, the share price experienced more volatile and aggressive growth, driving the P/BV ratio from a cyclical low of 1.30 to a peak of 5.72.
- Valuation Volatility (2006–2009)
- The P/BV ratio initially climbed from 1.53 to 2.33, followed by a sharp contraction to 1.30 in 2009. This decline was driven by a significant drop in share price, which fell to 2.92, while the book value per share remained relatively resilient.
- Recovery and Consolidation (2010–2016)
- A period of relative stabilization occurred between 2010 and 2016, with the ratio fluctuating primarily between 1.99 and 3.19. This phase indicates a period of recovery where market valuation began to align more consistently with the incremental growth of the book value.
- Rapid Valuation Expansion (2017–2022)
- A marked acceleration in the P/BV ratio is observed starting in 2017 at 3.81, reaching a peak of 5.72 in 2022. This suggests a significant shift in investor sentiment, where the market began pricing in substantial intangible value or future growth prospects that far exceeded the growth of the company's tangible net assets.
- Recent Valuation Adjustment (2023)
- The ratio experienced a slight moderation to 5.18 in 2023. While this represents a minor correction from the 2022 peak, the valuation remains historically high compared to the averages observed between 2006 and 2016.
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Comparison to Competitors
CSX Corp., P/BV, long-term trends, comparison to competitors
| CSX Corp. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Feb 15, 2023 | 5.18 | 2.27 | 9.36 | 10.34 | 2.32 | 7.75 |
| Feb 16, 2022 | 5.72 | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Feb 10, 2021 | 5.13 | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Feb 12, 2020 | 5.19 | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Feb 6, 2019 | 4.42 | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Feb 7, 2018 | 3.20 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Feb 14, 2017 | 3.81 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Feb 10, 2016 | 1.99 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Feb 11, 2015 | 3.19 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Feb 12, 2014 | 2.63 | 1.89 | — | 3.79 | 5.69 | 13.65 |
| Feb 19, 2013 | 2.62 | 1.98 | — | 3.14 | 18.18 | 16.94 |
| Feb 21, 2012 | 2.63 | 1.96 | — | 3.00 | 3.85 | 10.46 |
| Feb 18, 2011 | 3.19 | 1.76 | — | 2.61 | 4.65 | 9.13 |
| Feb 19, 2010 | 2.06 | 1.31 | — | 1.85 | — | 7.64 |
| Feb 19, 2009 | 1.30 | 1.65 | — | 1.61 | — | 6.05 |
| Feb 22, 2008 | 2.33 | 2.86 | — | 2.11 | 1.49 | 5.96 |
| Feb 15, 2007 | 1.99 | 2.90 | — | 1.84 | 2.02 | 4.83 |
| Feb 24, 2006 | 1.53 | 2.63 | — | 1.73 | — | 5.05 |
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).
Comparison to Sector (Transportation)
CSX Corp., P/BV, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Feb 15, 2023 | 5.18 | 5.91 |
| Feb 16, 2022 | 5.72 | 6.92 |
| Feb 10, 2021 | 5.13 | 8.09 |
| Feb 12, 2020 | 5.19 | 5.19 |
| Feb 6, 2019 | 4.42 | 5.63 |
| Feb 7, 2018 | 3.20 | 5.25 |
| Feb 14, 2017 | 3.81 | 5.80 |
| Feb 10, 2016 | 1.99 | 4.60 |
| Feb 11, 2015 | 3.19 | 6.55 |
| Feb 12, 2014 | 2.63 | 4.55 |
| Feb 19, 2013 | 2.62 | 4.51 |
| Feb 21, 2012 | 2.63 | 3.90 |
| Feb 18, 2011 | 3.19 | 3.67 |
| Feb 19, 2010 | 2.06 | 3.12 |
| Feb 19, 2009 | 1.30 | 2.64 |
| Feb 22, 2008 | 2.33 | 3.39 |
| Feb 15, 2007 | 1.99 | 3.16 |
| Feb 24, 2006 | 1.53 | 9.45 |
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., P/BV, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Feb 15, 2023 | 5.18 | 5.50 |
| Feb 16, 2022 | 5.72 | 5.44 |
| Feb 10, 2021 | 5.13 | 5.89 |
| Feb 12, 2020 | 5.19 | 6.28 |
| Feb 6, 2019 | 4.42 | 5.96 |
| Feb 7, 2018 | 3.20 | 5.37 |
| Feb 14, 2017 | 3.81 | 4.89 |
| Feb 10, 2016 | 1.99 | 3.68 |
| Feb 11, 2015 | 3.19 | 3.70 |
| Feb 12, 2014 | 2.63 | 3.14 |
| Feb 19, 2013 | 2.62 | 3.06 |
| Feb 21, 2012 | 2.63 | 3.09 |
| Feb 18, 2011 | 3.19 | 3.05 |
| Feb 19, 2010 | 2.06 | 2.43 |
| Feb 19, 2009 | 1.30 | 2.01 |
| Feb 22, 2008 | 2.33 | 3.45 |
| Feb 15, 2007 | 1.99 | 3.75 |
| Feb 24, 2006 | 1.53 | 3.95 |
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).