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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

CSX Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2023 34.84% = 10.35% × 3.37
Dec 31, 2022 33.02% = 9.94% × 3.32
Sep 30, 2022 31.71% = 9.66% × 3.28
Jun 30, 2022 30.00% = 9.76% × 3.07
Mar 31, 2022 29.84% = 9.73% × 3.07
Dec 31, 2021 28.03% = 9.33% × 3.00
Sep 30, 2021 27.40% = 8.99% × 3.05
Jun 30, 2021 25.14% = 8.43% × 2.98
Mar 31, 2021 20.54% = 6.80% × 3.02
Dec 31, 2020 21.11% = 6.95% × 3.04
Sep 30, 2020 21.84% = 7.04% × 3.10
Jun 30, 2020 23.84% = 7.44% × 3.20
Mar 31, 2020 27.52% = 8.41% × 3.27
Dec 31, 2019 28.11% = 8.71% × 3.23
Sep 30, 2019 28.68% = 8.77% × 3.27
Jun 30, 2019 28.03% = 9.07% × 3.09
Mar 31, 2019 27.74% = 9.04% × 3.07
Dec 31, 2018 26.34% = 9.01% × 2.92
Sep 30, 2018 — = — × 2.69
Jun 30, 2018 — = — × 2.64
Mar 31, 2018 — = — × 2.60

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

CSX Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 34.84% = 28.35% × 0.37 × 3.37
Dec 31, 2022 33.02% = 28.05% × 0.35 × 3.32
Sep 30, 2022 31.71% = 28.05% × 0.34 × 3.28
Jun 30, 2022 30.00% = 28.24% × 0.35 × 3.07
Mar 31, 2022 29.84% = 29.98% × 0.32 × 3.07
Dec 31, 2021 28.03% = 30.19% × 0.31 × 3.00
Sep 30, 2021 27.40% = 30.26% × 0.30 × 3.05
Jun 30, 2021 25.14% = 29.93% × 0.28 × 2.98
Mar 31, 2021 20.54% = 25.62% × 0.27 × 3.02
Dec 31, 2020 21.11% = 26.13% × 0.27 × 3.04
Sep 30, 2020 21.84% = 26.08% × 0.27 × 3.10
Jun 30, 2020 23.84% = 26.39% × 0.28 × 3.20
Mar 31, 2020 27.52% = 27.74% × 0.30 × 3.27
Dec 31, 2019 28.11% = 27.90% × 0.31 × 3.23
Sep 30, 2019 28.68% = 27.90% × 0.31 × 3.27
Jun 30, 2019 28.03% = 27.87% × 0.33 × 3.09
Mar 31, 2019 27.74% = 27.84% × 0.32 × 3.07
Dec 31, 2018 26.34% = 27.01% × 0.33 × 2.92
Sep 30, 2018 — = — × — × 2.69
Jun 30, 2018 — = — × — × 2.64
Mar 31, 2018 — = — × — × 2.60

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in efficiency measured by asset turnover ratio.

Five-Component Disaggregation of ROE

CSX Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2023 34.84% = 0.77 × 0.88 × 41.95% × 0.37 × 3.37
Dec 31, 2022 33.02% = 0.77 × 0.88 × 41.45% × 0.35 × 3.32
Sep 30, 2022 31.71% = 0.77 × 0.88 × 41.50% × 0.34 × 3.28
Jun 30, 2022 30.00% = 0.76 × 0.88 × 42.15% × 0.35 × 3.07
Mar 31, 2022 29.84% = 0.76 × 0.88 × 44.66% × 0.32 × 3.07
Dec 31, 2021 28.03% = 0.76 × 0.87 × 45.30% × 0.31 × 3.00
Sep 30, 2021 27.40% = 0.76 × 0.87 × 45.90% × 0.30 × 3.05
Jun 30, 2021 25.14% = 0.76 × 0.86 × 45.85% × 0.28 × 2.98
Mar 31, 2021 20.54% = 0.76 × 0.83 × 40.81% × 0.27 × 3.02
Dec 31, 2020 21.11% = 0.76 × 0.83 × 41.40% × 0.27 × 3.04
Sep 30, 2020 21.84% = 0.77 × 0.83 × 41.04% × 0.27 × 3.10
Jun 30, 2020 23.84% = 0.77 × 0.83 × 41.23% × 0.28 × 3.20
Mar 31, 2020 27.52% = 0.77 × 0.85 × 42.54% × 0.30 × 3.27
Dec 31, 2019 28.11% = 0.77 × 0.85 × 42.33% × 0.31 × 3.23
Sep 30, 2019 28.68% = 0.77 × 0.86 × 42.25% × 0.31 × 3.27
Jun 30, 2019 28.03% = 0.77 × 0.87 × 41.74% × 0.33 × 3.09
Mar 31, 2019 27.74% = 0.77 × 0.87 × 41.37% × 0.32 × 3.07
Dec 31, 2018 26.34% = 0.77 × 0.87 × 40.35% × 0.33 × 2.92
Sep 30, 2018 — = — × — × — × — × 2.69
Jun 30, 2018 — = — × — × — × — × 2.64
Mar 31, 2018 — = — × — × — × — × 2.60

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2023 is the increase in efficiency measured by asset turnover ratio.

Two-Component Disaggregation of ROA

CSX Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2023 10.35% = 28.35% × 0.37
Dec 31, 2022 9.94% = 28.05% × 0.35
Sep 30, 2022 9.66% = 28.05% × 0.34
Jun 30, 2022 9.76% = 28.24% × 0.35
Mar 31, 2022 9.73% = 29.98% × 0.32
Dec 31, 2021 9.33% = 30.19% × 0.31
Sep 30, 2021 8.99% = 30.26% × 0.30
Jun 30, 2021 8.43% = 29.93% × 0.28
Mar 31, 2021 6.80% = 25.62% × 0.27
Dec 31, 2020 6.95% = 26.13% × 0.27
Sep 30, 2020 7.04% = 26.08% × 0.27
Jun 30, 2020 7.44% = 26.39% × 0.28
Mar 31, 2020 8.41% = 27.74% × 0.30
Dec 31, 2019 8.71% = 27.90% × 0.31
Sep 30, 2019 8.77% = 27.90% × 0.31
Jun 30, 2019 9.07% = 27.87% × 0.33
Mar 31, 2019 9.04% = 27.84% × 0.32
Dec 31, 2018 9.01% = 27.01% × 0.33
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2023 is the increase in asset turnover ratio.

Four-Component Disaggregation of ROA

CSX Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2023 10.35% = 0.77 × 0.88 × 41.95% × 0.37
Dec 31, 2022 9.94% = 0.77 × 0.88 × 41.45% × 0.35
Sep 30, 2022 9.66% = 0.77 × 0.88 × 41.50% × 0.34
Jun 30, 2022 9.76% = 0.76 × 0.88 × 42.15% × 0.35
Mar 31, 2022 9.73% = 0.76 × 0.88 × 44.66% × 0.32
Dec 31, 2021 9.33% = 0.76 × 0.87 × 45.30% × 0.31
Sep 30, 2021 8.99% = 0.76 × 0.87 × 45.90% × 0.30
Jun 30, 2021 8.43% = 0.76 × 0.86 × 45.85% × 0.28
Mar 31, 2021 6.80% = 0.76 × 0.83 × 40.81% × 0.27
Dec 31, 2020 6.95% = 0.76 × 0.83 × 41.40% × 0.27
Sep 30, 2020 7.04% = 0.77 × 0.83 × 41.04% × 0.27
Jun 30, 2020 7.44% = 0.77 × 0.83 × 41.23% × 0.28
Mar 31, 2020 8.41% = 0.77 × 0.85 × 42.54% × 0.30
Dec 31, 2019 8.71% = 0.77 × 0.85 × 42.33% × 0.31
Sep 30, 2019 8.77% = 0.77 × 0.86 × 42.25% × 0.31
Jun 30, 2019 9.07% = 0.77 × 0.87 × 41.74% × 0.33
Mar 31, 2019 9.04% = 0.77 × 0.87 × 41.37% × 0.32
Dec 31, 2018 9.01% = 0.77 × 0.87 × 40.35% × 0.33
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2023 is the increase in efficiency measured by asset turnover ratio.

Disaggregation of Net Profit Margin

CSX Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2023 28.35% = 0.77 × 0.88 × 41.95%
Dec 31, 2022 28.05% = 0.77 × 0.88 × 41.45%
Sep 30, 2022 28.05% = 0.77 × 0.88 × 41.50%
Jun 30, 2022 28.24% = 0.76 × 0.88 × 42.15%
Mar 31, 2022 29.98% = 0.76 × 0.88 × 44.66%
Dec 31, 2021 30.19% = 0.76 × 0.87 × 45.30%
Sep 30, 2021 30.26% = 0.76 × 0.87 × 45.90%
Jun 30, 2021 29.93% = 0.76 × 0.86 × 45.85%
Mar 31, 2021 25.62% = 0.76 × 0.83 × 40.81%
Dec 31, 2020 26.13% = 0.76 × 0.83 × 41.40%
Sep 30, 2020 26.08% = 0.77 × 0.83 × 41.04%
Jun 30, 2020 26.39% = 0.77 × 0.83 × 41.23%
Mar 31, 2020 27.74% = 0.77 × 0.85 × 42.54%
Dec 31, 2019 27.90% = 0.77 × 0.85 × 42.33%
Sep 30, 2019 27.90% = 0.77 × 0.86 × 42.25%
Jun 30, 2019 27.87% = 0.77 × 0.87 × 41.74%
Mar 31, 2019 27.84% = 0.77 × 0.87 × 41.37%
Dec 31, 2018 27.01% = 0.77 × 0.87 × 40.35%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in net profit margin ratio over Q1 2023 is the increase in operating profitability measured by EBIT margin ratio.