Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

CSX Corp., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net earnings 3,781  2,765  3,331  3,309  5,471 
Net noncash charges 1,145  1,496  1,402  1,324  (2,034)
Changes in operating assets and liabilities 173  117  35 
Net cash provided by operating activities 5,099  4,263  4,850  4,641  3,472 
Interest paid, net of amounts capitalized, net of tax1 549  572  554  472  347 
Property additions (1,791) (1,626) (1,657) (1,745) (2,040)
Proceeds and advances from property dispositions 529  56  254  319  97 
Free cash flow to the firm (FCFF) 4,386  3,265  4,001  3,687  1,876 

Based on: 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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the CSX Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. CSX Corp. FCFF decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Interest Paid, Net of Tax

CSX Corp., interest paid, net of tax calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR1 23.60% 23.80% 22.80% 23.10% 37.40%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax 718  750  717  614  555 
Less: Interest paid, net of amounts capitalized, tax2 169  179  163  142  208 
Interest paid, net of amounts capitalized, net of tax 549  572  554  472  347 

Based on: 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).

1 See details »

2 2021 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 718 × 23.60% = 169


Enterprise Value to FCFF Ratio, Current

CSX Corp., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV) 77,418 
Free cash flow to the firm (FCFF) 4,386 
Valuation Ratio
EV/FCFF 17.65
Benchmarks
EV/FCFF, Competitors1
American Airlines Group Inc. 18.96
Delta Air Lines Inc. 1,390.01
FedEx Corp. 15.37
Union Pacific Corp. 22.89
United Airlines Holdings Inc. 66.86
United Parcel Service Inc. 14.79
EV/FCFF, Sector
Transportation 19.26
EV/FCFF, Industry
Industrials 22.59

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

CSX Corp., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 91,202  80,813  75,818  69,207  58,412 
Free cash flow to the firm (FCFF)2 4,386  3,265  4,001  3,687  1,876 
Valuation Ratio
EV/FCFF3 20.80 24.76 18.95 18.77 31.13
Benchmarks
EV/FCFF, Competitors4
American Airlines Group Inc. 20.41 97.23 49.78
Delta Air Lines Inc. 1,693.21 14.37 20.94 35.16
FedEx Corp. 18.72 97.52 437.03
Union Pacific Corp. 25.76 24.63 25.13 23.55 25.20
United Airlines Holdings Inc. 74.99 10.95 14.21
United Parcel Service Inc. 16.95 28.23 39.28 16.31
EV/FCFF, Sector
Transportation 22.21 25.74 23.81 115.48
EV/FCFF, Industry
Industrials 25.64 139.75 25.10 23.93 28.32

Based on: 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).

1 See details »

2 See details »

3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 91,202 ÷ 4,386 = 20.80

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. CSX Corp. EV/FCFF ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.