Enterprise Value to EBITDA (EV/EBITDA)
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 $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
CSX Corp., EBITDA calculation
US$ in millions
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).
- Net Earnings
- Net earnings demonstrate an overall upward trend from 2018 to 2022. Starting at 3,309 million US dollars in 2018, the figure slightly increased to 3,331 million in 2019 before declining to 2,765 million in 2020. This decline could suggest operational challenges or external factors affecting profitability during 2020. However, a significant recovery occurs in 2021, rising to 3,781 million, followed by further growth to 4,166 million in 2022, surpassing the initial values from 2018 and 2019.
- Earnings Before Tax (EBT)
- EBT parallels the pattern seen in net earnings with progressive growth interrupted by a dip in 2020. Beginning at 4,304 million US dollars in 2018, EBT slightly increases to 4,316 million in 2019, then drops to 3,627 million in 2020. Subsequent years show a marked recovery and continuous growth, reaching 4,951 million in 2021 and further increasing to 5,414 million in 2022. This suggests effective tax and expense management alongside operational improvements.
- Earnings Before Interest and Tax (EBIT)
- The EBIT figures reflect a consistent increase from 2018 through 2019, starting at 4,943 million and rising to 5,053 million. A notable decrease to 4,381 million is observed in 2020, consistent with trends in net earnings and EBT, possibly due to extraordinary circumstances affecting operations. Post-2020, EBIT demonstrates significant recovery and growth, reaching 5,673 million in 2021 and 6,156 million in 2022, indicating strengthening operational efficiency and profitability.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA shows a similar trajectory to EBIT, with growth from 6,274 million in 2018 to 6,402 million in 2019. A decline to 5,764 million in 2020 mirrors the year’s downward trend across other profitability metrics. Following this, the company experiences a strong rebound, with EBITDA increasing to 7,093 million in 2021 and reaching 7,656 million in 2022. This progression suggests improved operating cash flow and robustness in earnings before non-cash expenses.
- Overall Analysis
- The data reveals a consistent pattern of growth with a clear, temporary setback in 2020 across all earnings metrics, likely linked to external disruptions or internal challenges. Recovery from 2021 onward is strong, with performance surpassing pre-2020 levels by 2022. The increase in both EBIT and EBITDA indicates effective operational management and cost control. The alignment of net earnings growth with EBT and EBIT improvements suggests that the profitability enhancements are comprehensive, spanning various layers of the financial structure.
Enterprise Value to EBITDA Ratio, Current
CSX Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| FedEx Corp. | |
| Uber Technologies Inc. | |
| Union Pacific Corp. | |
| United Airlines Holdings Inc. | |
| United Parcel Service Inc. | |
| EV/EBITDA, Sector | |
| Transportation | |
| EV/EBITDA, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
CSX Corp., historical EV/EBITDA 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) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Transportation | ||||||
| EV/EBITDA, 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).
3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed period from 2018 to 2022. Enterprise value (EV) generally increased over the five years, starting at approximately $69.2 billion in 2018, rising to a peak of $91.2 billion in 2021, followed by a decline to about $81.3 billion in 2022. This pattern suggests that the market valuation or perceived worth of the company experienced growth until 2021, then contracted somewhat in the following year.
Earnings before interest, tax, depreciation, and amortization (EBITDA) display a fluctuating but overall upward trajectory. Initially, EBITDA rose moderately from $6.27 billion in 2018 to $6.40 billion in 2019, then declined to $5.76 billion in 2020, likely influenced by external factors during that period. Subsequently, EBITDA recovered significantly, reaching $7.09 billion in 2021 and continuing to increase to $7.66 billion in 2022. This rebound indicates an improvement in the company’s operational profitability post-2020.
The EV/EBITDA ratio, which measures valuation relative to earnings, shows variability across the years. It started at 11.03 in 2018, increasing to a high of 14.02 in 2020, before decreasing to 12.86 in 2021 and further falling to 10.62 in 2022. The peak in 2020 reflects a period when the enterprise value was relatively high compared to EBITDA, possibly due to reduced earnings. The subsequent decline in the ratio by 2022 suggests a more favorable valuation relative to the company’s earnings, driven by increases in EBITDA and a slight decrease in enterprise value.
- Summary of Key Trends:
- - Enterprise value showed general growth with a slight contraction in 2022.
- - EBITDA, after a dip in 2020, demonstrated strong recovery and growth through 2022.
- - The EV/EBITDA ratio peaked in 2020, reflecting valuation challenges or earnings pressure, then decreased steadily, indicating improved earnings relative to enterprise value.