Stock Analysis on Net
Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

CSX Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 0.35 0.31 0.27 0.31 0.33
Adjusted 0.35 0.31 0.27 0.31 0.33
Liquidity Ratio
Current Ratio
Reported 1.56 1.73 2.20 1.52 1.34
Adjusted 1.57 1.75 2.21 1.54 1.35
Solvency Ratios
Debt to Equity
Reported 1.43 1.21 1.28 1.37 1.17
Adjusted 0.92 0.81 0.85 0.89 0.78
Debt to Capital
Reported 0.59 0.55 0.56 0.58 0.54
Adjusted 0.48 0.45 0.46 0.47 0.44
Financial Leverage
Reported 3.32 3.00 3.04 3.23 2.92
Adjusted 2.07 1.94 1.96 2.03 1.92
Profitability Ratios
Net Profit Margin
Reported 28.05% 30.19% 26.13% 27.90% 27.01%
Adjusted 29.00% 33.05% 28.54% 30.11% 27.86%
Return on Equity (ROE)
Reported 33.02% 28.03% 21.11% 28.11% 26.34%
Adjusted 21.30% 19.79% 14.87% 19.06% 17.69%
Return on Assets (ROA)
Reported 9.94% 9.33% 6.95% 8.71% 9.01%
Adjusted 10.27% 10.20% 7.58% 9.39% 9.21%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. CSX Corp. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. CSX Corp. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. CSX Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. CSX Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 CSX Corp. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. CSX Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. CSX Corp. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. CSX Corp. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

CSX Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Revenue 14,853 12,522 10,583 11,937 12,250
Total assets 41,912 40,531 39,793 38,257 36,729
Activity Ratio
Total asset turnover1 0.35 0.31 0.27 0.31 0.33
Adjusted
Selected Financial Data (US$ in millions)
Revenue 14,853 12,522 10,583 11,937 12,250
Adjusted total assets2 41,945 40,559 39,821 38,287 37,058
Activity Ratio
Adjusted total asset turnover3 0.35 0.31 0.27 0.31 0.33

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).

1 2022 Calculation
Total asset turnover = Revenue ÷ Total assets
= 14,853 ÷ 41,912 = 0.35

2 Adjusted total assets. See details »

3 2022 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 14,853 ÷ 41,945 = 0.35

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. CSX Corp. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 3,849 3,873 4,441 3,278 2,565
Current liabilities 2,471 2,233 2,019 2,151 1,915
Liquidity Ratio
Current ratio1 1.56 1.73 2.20 1.52 1.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 3,882 3,901 4,469 3,308 2,591
Current liabilities 2,471 2,233 2,019 2,151 1,915
Liquidity Ratio
Adjusted current ratio3 1.57 1.75 2.21 1.54 1.35

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).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,849 ÷ 2,471 = 1.56

2 Adjusted current assets. See details »

3 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 3,882 ÷ 2,471 = 1.57

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. CSX Corp. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 18,047 16,366 16,705 16,238 14,757
Shareholders’ equity, attributable to CSX 12,615 13,490 13,101 11,848 12,563
Solvency Ratio
Debt to equity1 1.43 1.21 1.28 1.37 1.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 18,604 16,908 17,205 16,788 15,060
Adjusted total shareholders’ equity3 20,227 20,911 20,306 18,854 19,296
Solvency Ratio
Adjusted debt to equity4 0.92 0.81 0.85 0.89 0.78

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).

1 2022 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity, attributable to CSX
= 18,047 ÷ 12,615 = 1.43

2 Adjusted total debt. See details »

3 Adjusted total shareholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total shareholders’ equity
= 18,604 ÷ 20,227 = 0.92

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. CSX Corp. adjusted debt-to-equity ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 18,047 16,366 16,705 16,238 14,757
Total capital 30,662 29,856 29,806 28,086 27,320
Solvency Ratio
Debt to capital1 0.59 0.55 0.56 0.58 0.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 18,604 16,908 17,205 16,788 15,060
Adjusted total capital3 38,831 37,819 37,511 35,642 34,356
Solvency Ratio
Adjusted debt to capital4 0.48 0.45 0.46 0.47 0.44

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).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 18,047 ÷ 30,662 = 0.59

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 18,604 ÷ 38,831 = 0.48

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. CSX Corp. adjusted debt-to-capital ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 41,912 40,531 39,793 38,257 36,729
Shareholders’ equity, attributable to CSX 12,615 13,490 13,101 11,848 12,563
Solvency Ratio
Financial leverage1 3.32 3.00 3.04 3.23 2.92
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 41,945 40,559 39,821 38,287 37,058
Adjusted total shareholders’ equity3 20,227 20,911 20,306 18,854 19,296
Solvency Ratio
Adjusted financial leverage4 2.07 1.94 1.96 2.03 1.92

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).

1 2022 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity, attributable to CSX
= 41,912 ÷ 12,615 = 3.32

2 Adjusted total assets. See details »

3 Adjusted total shareholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total shareholders’ equity
= 41,945 ÷ 20,227 = 2.07

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 CSX Corp. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,166 3,781 2,765 3,331 3,309
Revenue 14,853 12,522 10,583 11,937 12,250
Profitability Ratio
Net profit margin1 28.05% 30.19% 26.13% 27.90% 27.01%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,308 4,138 3,020 3,594 3,413
Revenue 14,853 12,522 10,583 11,937 12,250
Profitability Ratio
Adjusted net profit margin3 29.00% 33.05% 28.54% 30.11% 27.86%

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).

1 2022 Calculation
Net profit margin = 100 × Net earnings ÷ Revenue
= 100 × 4,166 ÷ 14,853 = 28.05%

2 Adjusted net earnings. See details »

3 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Revenue
= 100 × 4,308 ÷ 14,853 = 29.00%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. CSX Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,166 3,781 2,765 3,331 3,309
Shareholders’ equity, attributable to CSX 12,615 13,490 13,101 11,848 12,563
Profitability Ratio
ROE1 33.02% 28.03% 21.11% 28.11% 26.34%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,308 4,138 3,020 3,594 3,413
Adjusted total shareholders’ equity3 20,227 20,911 20,306 18,854 19,296
Profitability Ratio
Adjusted ROE4 21.30% 19.79% 14.87% 19.06% 17.69%

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).

1 2022 Calculation
ROE = 100 × Net earnings ÷ Shareholders’ equity, attributable to CSX
= 100 × 4,166 ÷ 12,615 = 33.02%

2 Adjusted net earnings. See details »

3 Adjusted total shareholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total shareholders’ equity
= 100 × 4,308 ÷ 20,227 = 21.30%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. CSX Corp. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,166 3,781 2,765 3,331 3,309
Total assets 41,912 40,531 39,793 38,257 36,729
Profitability Ratio
ROA1 9.94% 9.33% 6.95% 8.71% 9.01%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 4,308 4,138 3,020 3,594 3,413
Adjusted total assets3 41,945 40,559 39,821 38,287 37,058
Profitability Ratio
Adjusted ROA4 10.27% 10.20% 7.58% 9.39% 9.21%

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).

1 2022 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 4,166 ÷ 41,912 = 9.94%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 4,308 ÷ 41,945 = 10.27%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. CSX Corp. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.