Price to Sales (P/S)
since 2005
Calculation
CSX Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 4.40 | = | 31.67 | ÷ | 7.20 | 7.20 | = | 14,853 | ÷ | 2,062,605,434 | |
| Feb 16, 2022 | 6.16 | = | 35.17 | ÷ | 5.71 | 5.71 | = | 12,522 | ÷ | 2,193,389,444 | |
| Feb 10, 2021 | 6.35 | = | 29.39 | ÷ | 4.63 | 4.63 | = | 10,583 | ÷ | 2,287,515,174 | |
| Feb 12, 2020 | 5.15 | = | 26.50 | ÷ | 5.14 | 5.14 | = | 11,937 | ÷ | 2,321,476,695 | |
| Feb 6, 2019 | 4.53 | = | 22.70 | ÷ | 5.01 | 5.01 | = | 12,250 | ÷ | 2,446,891,098 | |
| Feb 7, 2018 | 4.12 | = | 17.66 | ÷ | 4.29 | 4.29 | = | 11,408 | ÷ | 2,661,708,240 | |
| Feb 14, 2017 | 4.02 | = | 16.00 | ÷ | 3.98 | 3.98 | = | 11,069 | ÷ | 2,779,340,979 | |
| Feb 10, 2016 | 1.97 | = | 8.04 | ÷ | 4.09 | 4.09 | = | 11,811 | ÷ | 2,889,450,033 | |
| Feb 11, 2015 | 2.81 | = | 11.98 | ÷ | 4.26 | 4.26 | = | 12,669 | ÷ | 2,971,694,472 | |
| Feb 12, 2014 | 2.29 | = | 9.13 | ÷ | 3.98 | 3.98 | = | 12,026 | ÷ | 3,022,775,019 | |
| Feb 19, 2013 | 2.00 | = | 7.69 | ÷ | 3.84 | 3.84 | = | 11,756 | ÷ | 3,062,389,890 | |
| Feb 21, 2012 | 1.90 | = | 7.05 | ÷ | 3.72 | 3.72 | = | 11,743 | ÷ | 3,156,803,076 | |
| Feb 18, 2011 | 2.60 | = | 8.31 | ÷ | 3.19 | 3.19 | = | 10,636 | ÷ | 3,333,365,955 | |
| Feb 19, 2010 | 2.02 | = | 5.20 | ÷ | 2.58 | 2.58 | = | 9,041 | ÷ | 3,510,318,915 | |
| Feb 19, 2009 | 0.93 | = | 2.92 | ÷ | 3.13 | 3.13 | = | 11,255 | ÷ | 3,593,287,557 | |
| Feb 22, 2008 | 2.02 | = | 5.57 | ÷ | 2.76 | 2.76 | = | 10,030 | ÷ | 3,630,269,457 | |
| Feb 15, 2007 | 1.86 | = | 4.53 | ÷ | 2.43 | 2.43 | = | 9,566 | ÷ | 3,931,135,569 | |
| Feb 24, 2006 | 1.41 | = | 3.08 | ÷ | 2.18 | 2.18 | = | 8,618 | ÷ | 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 Sales (P/S) ratio exhibits a long-term upward trajectory from 2006 to 2021, followed by a moderate contraction in the most recent period. For the first decade of the analyzed timeframe, the ratio remained relatively contained, fluctuating between a low of 0.93 in 2009 and a high of 2.81 in 2015. A significant valuation expansion occurred after 2016, with the ratio accelerating from 1.97 to a peak of 6.35 by 2021.
- Valuation Expansion and Market Sentiment
- Between 2016 and 2021, the P/S ratio experienced a sharp increase, more than tripling in value. This trend was primarily driven by a substantial rise in the share price, which grew from 8.04 to 29.39. The expansion indicates that the market assigned a progressively higher premium to each dollar of sales generated during this period.
- Revenue Growth Relative to Valuation
- Sales per share demonstrated consistent long-term growth, increasing from 2.18 in 2006 to 7.20 in 2023. While operational revenue grew steadily, the P/S ratio displayed higher volatility, suggesting that the valuation multiple was influenced more by market dynamics and investor expectations than by the linear growth of sales per share.
- Recent Valuation Contraction
- A reversal in the valuation trend is observed between 2022 and 2023. Despite sales per share reaching their highest recorded level of 7.20 in 2023, the P/S ratio declined from 6.16 to 4.40. This divergence indicates a decompression of the valuation multiple, where the share price decreased even as the underlying sales performance per share improved.
- Historical Volatility Analysis
- The period around 2009 represents a significant outlier, with the P/S ratio dropping to 0.93. This occurred despite an increase in sales per share to 3.13, highlighting a period where market pricing was severely decoupled from operational revenue performance, resulting in the lowest valuation multiple in the series.
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Comparison to Competitors
CSX Corp., P/S, 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 | 4.40 | 0.61 | 2.16 | 5.05 | 0.36 | 1.53 |
| Feb 16, 2022 | 6.16 | 0.94 | 3.90 | 7.08 | 0.63 | 1.87 |
| Feb 10, 2021 | 6.35 | 0.62 | 9.07 | 7.00 | 1.11 | 1.66 |
| Feb 12, 2020 | 5.15 | 0.64 | 4.00 | 5.85 | 0.40 | 1.23 |
| Feb 6, 2019 | 4.53 | 0.94 | — | 5.12 | 0.57 | 1.34 |
| Feb 7, 2018 | 4.12 | 0.96 | — | 4.67 | 0.50 | 1.37 |
| Feb 14, 2017 | 4.02 | 0.85 | — | 4.43 | 0.64 | 1.54 |
| Feb 10, 2016 | 1.97 | 1.02 | — | 2.91 | 0.49 | 1.48 |
| Feb 11, 2015 | 2.81 | 0.95 | — | 4.48 | 0.67 | 1.58 |
| Feb 12, 2014 | 2.29 | 0.74 | — | 3.67 | 0.44 | 1.59 |
| Feb 19, 2013 | 2.00 | 0.68 | — | 2.99 | 0.24 | 1.46 |
| Feb 21, 2012 | 1.90 | 0.76 | — | 2.85 | 0.19 | 1.39 |
| Feb 18, 2011 | 2.60 | 0.70 | — | 2.73 | 0.35 | 1.47 |
| Feb 19, 2010 | 2.02 | 0.50 | — | 2.22 | 0.18 | 1.29 |
| Feb 19, 2009 | 0.93 | 0.63 | — | 1.38 | 0.03 | 0.80 |
| Feb 22, 2008 | 2.02 | 1.03 | — | 2.02 | 0.18 | 1.46 |
| Feb 15, 2007 | 1.86 | 1.03 | — | 1.81 | 0.22 | 1.57 |
| Feb 24, 2006 | 1.41 | 0.86 | — | 1.74 | 0.22 | 2.00 |
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/S, long-term trends, comparison to sector (transportation)
| CSX Corp. | Transportation | |
|---|---|---|
| Feb 15, 2023 | 4.40 | 1.42 |
| Feb 16, 2022 | 6.16 | 2.03 |
| Feb 10, 2021 | 6.35 | 2.19 |
| Feb 12, 2020 | 5.15 | 1.51 |
| Feb 6, 2019 | 4.53 | 1.48 |
| Feb 7, 2018 | 4.12 | 1.44 |
| Feb 14, 2017 | 4.02 | 1.48 |
| Feb 10, 2016 | 1.97 | 1.31 |
| Feb 11, 2015 | 2.81 | 1.61 |
| Feb 12, 2014 | 2.29 | 1.37 |
| Feb 19, 2013 | 2.00 | 1.16 |
| Feb 21, 2012 | 1.90 | 1.11 |
| Feb 18, 2011 | 2.60 | 1.22 |
| Feb 19, 2010 | 2.02 | 0.99 |
| Feb 19, 2009 | 0.93 | 0.71 |
| Feb 22, 2008 | 2.02 | 1.20 |
| Feb 15, 2007 | 1.86 | 1.23 |
| Feb 24, 2006 | 1.41 | 1.34 |
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/S, long-term trends, comparison to industry (industrials)
| CSX Corp. | Industrials | |
|---|---|---|
| Feb 15, 2023 | 4.40 | 1.80 |
| Feb 16, 2022 | 6.16 | 2.07 |
| Feb 10, 2021 | 6.35 | 2.14 |
| Feb 12, 2020 | 5.15 | 1.77 |
| Feb 6, 2019 | 4.53 | 1.58 |
| Feb 7, 2018 | 4.12 | 1.71 |
| Feb 14, 2017 | 4.02 | 1.68 |
| Feb 10, 2016 | 1.97 | 1.48 |
| Feb 11, 2015 | 2.81 | 1.65 |
| Feb 12, 2014 | 2.29 | 1.57 |
| Feb 19, 2013 | 2.00 | 1.31 |
| Feb 21, 2012 | 1.90 | 1.27 |
| Feb 18, 2011 | 2.60 | 1.39 |
| Feb 19, 2010 | 2.02 | 1.09 |
| Feb 19, 2009 | 0.93 | 0.71 |
| Feb 22, 2008 | 2.02 | 1.62 |
| Feb 15, 2007 | 1.86 | 1.73 |
| Feb 24, 2006 | 1.41 | 1.80 |
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).