Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
CSX Corp., FCFF calculation
US$ in millions
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
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).
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
| 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
| 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).
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. |