Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
CSX Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to CSX Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
CSX Corp., long-term (investment) activity ratios
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
The analysis of the company’s asset and equity turnover ratios over the five-year period reveals notable trends and fluctuations indicative of operational efficiency and asset utilization changes.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced a decline from 0.38 in 2018 to a low of 0.33 in 2020. This decrease suggests a reduction in the efficiency with which fixed assets were used to generate sales during that period. However, from 2020 onwards, there was a recovery, with the ratio improving to 0.38 in 2021 and further increasing to 0.43 in 2022, indicating enhanced utilization of fixed assets in recent years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The trend for the net fixed asset turnover ratio including operating leases closely mirrors the standard net fixed asset turnover trend. Starting at 0.38 in 2018, it declined to 0.32 in 2020, then gradually improved to 0.37 in 2021 and matched the standard ratio at 0.43 in 2022. The close alignment between these two measures indicates that operating lease assets have not significantly altered the overall fixed asset turnover efficiency trend.
- Total Asset Turnover
- The total asset turnover ratio followed a similar downward trajectory in the earlier years, decreasing from 0.33 in 2018 to a low of 0.27 in 2020, signaling a reduced overall efficiency in using total assets to generate sales. Post-2020, there was a modest recovery with the ratio rising to 0.31 in 2021 and 0.35 in 2022, reflecting an improvement in asset utilization but not reaching the initial 2018 level.
- Equity Turnover
- The equity turnover ratio exhibited more volatility, with a slight increase from 0.98 in 2018 to 1.01 in 2019, followed by a marked decline to 0.81 in 2020. Subsequently, it rebounded to 0.93 in 2021 and showed a strong increase to 1.18 in 2022, surpassing all prior year levels. This suggests that the company has become more effective in generating revenue per unit of equity, particularly in the most recent reporting period.
Overall, the data reflect a period of declining asset efficiency reaching its nadir in 2020, likely influenced by external or internal challenges during that year. Improvement trends in 2021 and 2022 indicate a recovery phase with enhanced utilization of both fixed and total assets as well as improved equity productivity. The pronounced rebound in equity turnover in 2022 points to strengthened capital deployment effectiveness during that year.
Net Fixed Asset Turnover
CSX Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Properties, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | ||||||
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 fixed asset turnover = Revenue ÷ Properties, net
= ÷ =
2 Click competitor name to see calculations.
The financial data over the analyzed periods exhibit several notable trends in revenue, properties, and asset utilization efficiency.
- Revenue
- Revenue initially declined from US$12,250 million in 2018 to US$10,583 million in 2020, marking a downward trend over these three years. However, a recovery and growth period followed, with revenue increasing to US$12,522 million in 2021 and further rising to US$14,853 million in 2022. This indicates a rebound and expansion beyond the 2018 and 2019 levels.
- Properties, net
- The net value of properties showed a steady incremental increase throughout the entire period, beginning at US$31,998 million in 2018 and gradually rising each year to reach US$34,242 million by the end of 2022. This suggests ongoing investment or appreciation in property assets without any significant declines or fluctuations.
- Net Fixed Asset Turnover
- This ratio, reflecting the efficiency of the company in generating revenue from its fixed assets, decreased from 0.38 in 2018 to 0.33 in 2020, indicating reduced asset efficiency during that period. In subsequent years, the ratio improved, returning to 0.38 in 2021 and further increasing to 0.43 in 2022, which signals enhanced effectiveness in utilizing fixed assets to generate revenue.
Overall, the data reveal an initial period of decline in operational performance around 2020, followed by a significant revival characterized by revenue growth and improved asset utilization. The consistent growth in net properties may indicate strategic asset accumulation supporting long-term business development.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
CSX Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Properties, net | ||||||
| Right of use operating lease asset | ||||||
| Properties, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | ||||||
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 fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Properties, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue displayed a fluctuating trend over the analyzed periods. Initially, it decreased from 12,250 million US dollars in 2018 to 11,937 million in 2019, followed by a further decline to 10,583 million in 2020. However, post-2020, the revenue experienced a notable recovery, increasing to 12,522 million in 2021 and continuing to rise significantly to 14,853 million in 2022. This pattern indicates a strong rebound and growth momentum in the later years after a period of decline.
- Properties, Net
- The net value of properties, including operating lease right-of-use assets, showed a consistent upward trend throughout the period. Starting at 31,998 million US dollars in 2018, it gradually increased each year, reaching 34,747 million by 2022. This steady growth suggests ongoing investment or acquisition of property assets, which could support operational capacity expansion or modernization.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, representing revenue generated per unit of net fixed assets, showed some variability. It decreased from 0.38 in 2018 to its lowest point at 0.32 in 2020, reflecting lower efficiency or utilization of fixed assets during that year. Following this decline, the ratio improved to 0.37 in 2021 and further increased to 0.43 in 2022, surpassing the initial value in 2018. This improvement indicates enhanced asset utilization and operational efficiency in recent years.
Total Asset Turnover
CSX Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Total Asset Turnover, Industry | ||||||
| Industrials | ||||||
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
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period ending in 2022.
- Revenue
- Revenue demonstrates a fluctuating but generally upward trajectory. Beginning at $12,250 million in 2018, revenue slightly declined to $11,937 million in 2019 and further decreased to $10,583 million in 2020. A recovery occurred in 2021 with revenue rising to $12,522 million, followed by a significant increase reaching $14,853 million in 2022. This pattern suggests that while the company faced challenges impacting revenue in 2019 and 2020, it successfully rebounded in subsequent years, surpassing prior peak levels by 2022.
- Total assets
- Total assets steadily increased each year throughout the period. Starting from $36,729 million in 2018, assets grew consistently to $38,257 million in 2019, $39,793 million in 2020, $40,531 million in 2021, and finally $41,912 million in 2022. This gradual asset growth indicates ongoing investment or accumulation of resources, supporting expanded operational capacity or financial stability.
- Total asset turnover
- The total asset turnover ratio, representing the efficiency of asset utilization to generate revenue, exhibited moderate fluctuation. It started at 0.33 in 2018, decreased to 0.31 in 2019, and further declined to a low of 0.27 in 2020, reflecting less efficient use of assets during this period. The ratio improved to 0.31 in 2021 and increased further to 0.35 in 2022, the highest value in the observed timeframe. This improvement correlates with the resurgence in revenue, suggesting enhanced operational effectiveness and asset management in the latter years.
Equity Turnover
CSX Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Shareholders’ equity, attributable to CSX | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Transportation | ||||||
| Equity Turnover, Industry | ||||||
| Industrials | ||||||
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
Equity turnover = Revenue ÷ Shareholders’ equity, attributable to CSX
= ÷ =
2 Click competitor name to see calculations.
- Revenue
- The revenue exhibited variability over the analyzed periods. Starting at 12,250 million USD in 2018, it decreased slightly to 11,937 million USD in 2019 and further declined to 10,583 million USD in 2020. However, there was a notable recovery in the subsequent years, with revenue increasing to 12,522 million USD in 2021 and reaching a peak of 14,853 million USD in 2022, indicating a strong upward trend in the most recent years.
- Shareholders’ Equity Attributable to CSX
- Shareholders’ equity showed fluctuations without a clear directional trend. It started at 12,563 million USD in 2018, declining to 11,848 million USD in 2019. In 2020, equity increased to 13,101 million USD and continued to rise modestly to 13,490 million USD in 2021. However, in 2022, it decreased again to 12,615 million USD, suggesting variable capital base adjustments or retained earnings changes across the periods.
- Equity Turnover Ratio
- The equity turnover ratio displayed significant variation during the period. Beginning at 0.98 in 2018, it slightly increased to 1.01 in 2019 before dropping substantially to 0.81 in 2020. This declined level corresponds with the dip in revenue seen that year. The ratio improved to 0.93 in 2021 and then increased markedly to 1.18 in 2022, reflecting a more efficient use of equity to generate revenue toward the end of the period.
- Overall Analysis
- The data indicates that revenue experienced a dip during 2019 and 2020, likely influenced by external factors affecting business operations, followed by a strong recuperation in 2021 and 2022. Shareholders’ equity did not follow a consistent upward trajectory, showing variability that may be linked to financial policies, dividend distributions, or retained earnings. The equity turnover ratio trend aligns with revenue changes, highlighting improved operational efficiency in utilizing shareholders' equity in the most recent year. This suggests that the company enhanced its capacity to generate sales relative to its equity base after the recovery phase.