Price to Operating Profit (P/OP)
since 2005
Calculation
CSX Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 10.85 | = | 31.67 | ÷ | 2.92 | 2.92 | = | 6,023 | ÷ | 2,062,605,434 | |
| Feb 16, 2022 | 13.79 | = | 35.17 | ÷ | 2.55 | 2.55 | = | 5,594 | ÷ | 2,193,389,444 | |
| Feb 10, 2021 | 15.41 | = | 29.39 | ÷ | 1.91 | 1.91 | = | 4,362 | ÷ | 2,287,515,174 | |
| Feb 12, 2020 | 12.39 | = | 26.50 | ÷ | 2.14 | 2.14 | = | 4,965 | ÷ | 2,321,476,695 | |
| Feb 6, 2019 | 11.41 | = | 22.70 | ÷ | 1.99 | 1.99 | = | 4,869 | ÷ | 2,446,891,098 | |
| Feb 7, 2018 | 12.82 | = | 17.66 | ÷ | 1.38 | 1.38 | = | 3,667 | ÷ | 2,661,708,240 | |
| Feb 14, 2017 | 13.12 | = | 16.00 | ÷ | 1.22 | 1.22 | = | 3,389 | ÷ | 2,779,340,979 | |
| Feb 10, 2016 | 6.48 | = | 8.04 | ÷ | 1.24 | 1.24 | = | 3,584 | ÷ | 2,889,450,033 | |
| Feb 11, 2015 | 9.85 | = | 11.98 | ÷ | 1.22 | 1.22 | = | 3,613 | ÷ | 2,971,694,472 | |
| Feb 12, 2014 | 7.95 | = | 9.13 | ÷ | 1.15 | 1.15 | = | 3,473 | ÷ | 3,022,775,019 | |
| Feb 19, 2013 | 6.81 | = | 7.69 | ÷ | 1.13 | 1.13 | = | 3,457 | ÷ | 3,062,389,890 | |
| Feb 21, 2012 | 6.51 | = | 7.05 | ÷ | 1.08 | 1.08 | = | 3,418 | ÷ | 3,156,803,076 | |
| Feb 18, 2011 | 9.02 | = | 8.31 | ÷ | 0.92 | 0.92 | = | 3,071 | ÷ | 3,333,365,955 | |
| Feb 19, 2010 | 7.99 | = | 5.20 | ÷ | 0.65 | 0.65 | = | 2,285 | ÷ | 3,510,318,915 | |
| Feb 19, 2009 | 3.79 | = | 2.92 | ÷ | 0.77 | 0.77 | = | 2,768 | ÷ | 3,593,287,557 | |
| Feb 22, 2008 | 8.96 | = | 5.57 | ÷ | 0.62 | 0.62 | = | 2,256 | ÷ | 3,630,269,457 | |
| Feb 15, 2007 | 8.33 | = | 4.53 | ÷ | 0.54 | 0.54 | = | 2,138 | ÷ | 3,931,135,569 | |
| Feb 24, 2006 | 7.85 | = | 3.08 | ÷ | 0.39 | 0.39 | = | 1,550 | ÷ | 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.
- Share Price Trends
- The share price demonstrates a general upward trajectory from 2006 through 2023, starting at $3.08 and reaching a peak of $35.17 in early 2022 before experiencing a slight decline to $31.67 in 2023. Notable fluctuations include an initial dip from $5.57 in 2008 to $2.92 in 2009, followed by a steady rise through 2015. A significant increase occurred between 2015 and 2022, indicating strong positive momentum in market valuation during this period.
- Operating Profit Per Share (OPPS) Development
- Operating profit per share showed consistent growth over the analyzed period. Beginning at $0.39 in 2006, the figure rose steadily with minor fluctuations, reaching $2.92 in 2023. The most prominent growth spurt happened from 2017 onwards, signifying enhanced operational profitability despite some variation in share price during the same periods.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio exhibits considerable variability throughout the timeframe. Early years between 2006 and 2008 showed relatively stable ratios around 7.85 to 8.96, followed by a sharp decline to 3.79 in 2009, reflective of the share price drop and aligning with the financial crisis period. From 2010 onwards, the ratio fluctuated markedly, reaching a high of 15.41 in 2021, then decreasing to 10.85 by 2023. This volatility suggests changing market perceptions of the company’s profitability relative to its share price, perhaps influenced by broader market conditions and company-specific factors.
- Overall Insights
- The company’s share price has generally increased significantly over the analyzed period, with some periods of volatility corresponding to wider economic events. Operating profit per share growth indicates improving operational efficiency or profitability sustained over time. However, the fluctuating P/OP ratio reveals varying investor sentiment or changing risk assessments reflected in the price willing to be paid per unit of operating profit. The highest P/OP ratios in recent years suggest market optimism or potentially stretched valuations relative to operating earnings, while prior lows correspond with more cautious or bearish perspectives.
Comparison to Competitors
CSX Corp., P/OP, 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 | 10.85 | 9.07 | — | 12.68 | 6.86 | 11.70 |
| Feb 16, 2022 | 13.79 | 13.46 | — | 16.53 | — | 14.20 |
| Feb 10, 2021 | 15.41 | 17.79 | — | 17.46 | — | 18.23 |
| Feb 12, 2020 | 12.39 | 9.92 | — | 14.83 | 4.07 | 11.72 |
| Feb 6, 2019 | 11.41 | 12.57 | — | 13.73 | 7.11 | 13.69 |
| Feb 7, 2018 | 12.82 | 11.48 | — | 12.30 | 5.43 | 11.98 |
| Feb 14, 2017 | 13.12 | 13.87 | — | 12.14 | 5.41 | 17.14 |
| Feb 10, 2016 | 6.48 | 25.90 | — | 7.89 | 3.61 | 11.27 |
| Feb 11, 2015 | 9.85 | 12.51 | — | 12.26 | 11.01 | 18.48 |
| Feb 12, 2014 | 7.95 | 12.87 | — | 10.81 | 13.59 | 12.57 |
| Feb 19, 2013 | 6.81 | 9.13 | — | 9.26 | 224.23 | 58.68 |
| Feb 21, 2012 | 6.51 | 12.54 | — | 9.74 | 3.82 | 12.11 |
| Feb 18, 2011 | 9.02 | 12.16 | — | 9.29 | 8.23 | 12.40 |
| Feb 19, 2010 | 7.99 | 23.98 | — | 9.25 | — | 15.34 |
| Feb 19, 2009 | 3.79 | 11.54 | — | 6.09 | — | 7.62 |
| Feb 22, 2008 | 8.96 | 11.05 | — | 9.75 | 3.48 | 125.70 |
| Feb 15, 2007 | 8.33 | 11.08 | — | 9.75 | 9.70 | 11.27 |
| Feb 24, 2006 | 7.85 | 10.21 | — | 13.19 | — | 13.88 |
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).