Price to Earnings (P/E)
since 2005
Calculation
CSX Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 15.68 | = | 31.67 | ÷ | 2.02 | 2.02 | = | 4,166 | ÷ | 2,062,605,434 | |
| Feb 16, 2022 | 20.40 | = | 35.17 | ÷ | 1.72 | 1.72 | = | 3,781 | ÷ | 2,193,389,444 | |
| Feb 10, 2021 | 24.31 | = | 29.39 | ÷ | 1.21 | 1.21 | = | 2,765 | ÷ | 2,287,515,174 | |
| Feb 12, 2020 | 18.47 | = | 26.50 | ÷ | 1.43 | 1.43 | = | 3,331 | ÷ | 2,321,476,695 | |
| Feb 6, 2019 | 16.79 | = | 22.70 | ÷ | 1.35 | 1.35 | = | 3,309 | ÷ | 2,446,891,098 | |
| Feb 7, 2018 | 8.59 | = | 17.66 | ÷ | 2.06 | 2.06 | = | 5,471 | ÷ | 2,661,708,240 | |
| Feb 14, 2017 | 25.94 | = | 16.00 | ÷ | 0.62 | 0.62 | = | 1,714 | ÷ | 2,779,340,979 | |
| Feb 10, 2016 | 11.80 | = | 8.04 | ÷ | 0.68 | 0.68 | = | 1,968 | ÷ | 2,889,450,033 | |
| Feb 11, 2015 | 18.47 | = | 11.98 | ÷ | 0.65 | 0.65 | = | 1,927 | ÷ | 2,971,694,472 | |
| Feb 12, 2014 | 14.81 | = | 9.13 | ÷ | 0.62 | 0.62 | = | 1,864 | ÷ | 3,022,775,019 | |
| Feb 19, 2013 | 12.67 | = | 7.69 | ÷ | 0.61 | 0.61 | = | 1,859 | ÷ | 3,062,389,890 | |
| Feb 21, 2012 | 12.21 | = | 7.05 | ÷ | 0.58 | 0.58 | = | 1,822 | ÷ | 3,156,803,076 | |
| Feb 18, 2011 | 17.72 | = | 8.31 | ÷ | 0.47 | 0.47 | = | 1,563 | ÷ | 3,333,365,955 | |
| Feb 19, 2010 | 15.85 | = | 5.20 | ÷ | 0.33 | 0.33 | = | 1,152 | ÷ | 3,510,318,915 | |
| Feb 19, 2009 | 7.69 | = | 2.92 | ÷ | 0.38 | 0.38 | = | 1,365 | ÷ | 3,593,287,557 | |
| Feb 22, 2008 | 15.14 | = | 5.57 | ÷ | 0.37 | 0.37 | = | 1,336 | ÷ | 3,630,269,457 | |
| Feb 15, 2007 | 13.59 | = | 4.53 | ÷ | 0.33 | 0.33 | = | 1,310 | ÷ | 3,931,135,569 | |
| Feb 24, 2006 | 10.62 | = | 3.08 | ÷ | 0.29 | 0.29 | = | 1,145 | ÷ | 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.
A long-term analysis of financial performance from 2006 to 2023 reveals a general upward trajectory in both equity valuation and profitability, characterized by significant periods of volatility in valuation multiples.
- Share Price Trends
- The share price exhibited a consistent long-term increase, rising from 3.08 USD in 2006 to a peak of 35.17 USD in 2022. A notable contraction occurred in 2009, where the price fell to 2.92 USD, followed by a sustained recovery. The most aggressive growth phase occurred between 2016 and 2022, during which the price more than quadrupled.
- Earnings Per Share (EPS) Evolution
- Earnings per share demonstrated steady growth for the first decade, moving from 0.29 USD in 2006 to 0.68 USD by 2016. A substantial structural shift in profitability is observed between 2017 and 2018, where EPS increased from 0.62 USD to 2.06 USD. Following this surge, earnings remained elevated, fluctuating between 1.21 USD and 2.02 USD through 2023.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio displayed significant instability, reflecting alternating periods of market optimism and earnings adjustments. A sharp decline to 7.69 in 2009 indicates a period where price depreciation outpaced earnings stability. A valuation peak of 25.94 was reached in 2017, suggesting high investor expectations relative to current earnings. This was immediately followed by a correction to 8.59 in 2018, driven by the aforementioned surge in EPS which rapidly lowered the multiple.
- Valuation Correlation and Recent Trends
- In the most recent period from 2019 to 2023, the P/E ratio experienced another expansion, peaking at 24.31 in 2021 before contracting to 15.68 by 2023. This recent downward trend in the P/E ratio, coinciding with a share price of 31.67 USD and EPS of 2.02 USD, suggests a normalization of valuation as earnings growth has begun to align more closely with the market price.
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Comparison to Competitors
CSX Corp., P/E, 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 | 15.68 | 14.80 | — | 17.97 | 21.74 | 13.27 |
| Feb 16, 2022 | 20.40 | 15.07 | — | 23.67 | — | 14.11 |
| Feb 10, 2021 | 24.31 | 33.43 | — | 25.57 | — | 104.33 |
| Feb 12, 2020 | 18.47 | 82.00 | — | 21.44 | 5.82 | 20.59 |
| Feb 6, 2019 | 16.79 | 13.39 | — | 19.60 | 11.00 | 20.07 |
| Feb 7, 2018 | 8.59 | 19.29 | — | 9.26 | 8.91 | 18.37 |
| Feb 14, 2017 | 25.94 | 23.45 | — | 20.86 | 10.37 | 27.32 |
| Feb 10, 2016 | 11.80 | 46.06 | — | 13.31 | 2.54 | 17.84 |
| Feb 11, 2015 | 18.47 | 20.56 | — | 20.72 | 23.08 | 30.28 |
| Feb 12, 2014 | 14.81 | 21.03 | — | 18.35 | 29.73 | 20.22 |
| Feb 19, 2013 | 12.67 | 14.32 | — | 15.85 | — | 97.65 |
| Feb 21, 2012 | 12.21 | 20.54 | — | 16.93 | 8.28 | 19.35 |
| Feb 18, 2011 | 17.72 | 20.51 | — | 16.65 | 31.74 | 20.89 |
| Feb 19, 2010 | 15.85 | 182.81 | — | 16.53 | — | 27.10 |
| Feb 19, 2009 | 7.69 | 21.29 | — | 10.61 | — | 13.65 |
| Feb 22, 2008 | 15.14 | 17.96 | — | 17.75 | 8.95 | 190.19 |
| Feb 15, 2007 | 13.59 | 18.49 | — | 17.51 | 0.19 | 17.80 |
| Feb 24, 2006 | 10.62 | 17.42 | — | 23.08 | — | 22.04 |
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/E, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Feb 15, 2023 | 15.68 | 30.10 |
| Feb 16, 2022 | 20.40 | 22.48 |
| Feb 10, 2021 | 24.31 | — |
| Feb 12, 2020 | 18.47 | 62.33 |
| Feb 6, 2019 | 16.79 | 17.05 |
| Feb 7, 2018 | 8.59 | 12.83 |
| Feb 14, 2017 | 25.94 | 21.13 |
| Feb 10, 2016 | 11.80 | 12.05 |
| Feb 11, 2015 | 18.47 | 23.46 |
| Feb 12, 2014 | 14.81 | 20.08 |
| Feb 19, 2013 | 12.67 | 29.57 |
| Feb 21, 2012 | 12.21 | 17.70 |
| Feb 18, 2011 | 17.72 | 19.66 |
| Feb 19, 2010 | 15.85 | 31.59 |
| Feb 19, 2009 | 7.69 | 80.82 |
| Feb 22, 2008 | 15.14 | 31.23 |
| Feb 15, 2007 | 13.59 | 4.61 |
| Feb 24, 2006 | 10.62 | — |
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 Industry (Industrials)
CSX Corp., P/E, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Feb 15, 2023 | 15.68 | 36.06 |
| Feb 16, 2022 | 20.40 | 35.59 |
| Feb 10, 2021 | 24.31 | — |
| Feb 12, 2020 | 18.47 | 43.95 |
| Feb 6, 2019 | 16.79 | 33.70 |
| Feb 7, 2018 | 8.59 | 29.83 |
| Feb 14, 2017 | 25.94 | 22.92 |
| Feb 10, 2016 | 11.80 | 22.89 |
| Feb 11, 2015 | 18.47 | 18.79 |
| Feb 12, 2014 | 14.81 | 19.13 |
| Feb 19, 2013 | 12.67 | 17.77 |
| Feb 21, 2012 | 12.21 | 15.75 |
| Feb 18, 2011 | 17.72 | 18.72 |
| Feb 19, 2010 | 15.85 | 19.17 |
| Feb 19, 2009 | 7.69 | 9.73 |
| Feb 22, 2008 | 15.14 | 16.93 |
| Feb 15, 2007 | 13.59 | 11.65 |
| Feb 24, 2006 | 10.62 | 50.62 |
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).