Enterprise Value to FCFF (EV/FCFF)
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Free Cash Flow to The Firm (FCFF)
CSX Corp., FCFF 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 cash provided by operating activities
- There is a generally upward trend in net cash provided by operating activities over the five-year period. Starting at 4,641 million USD in 2018, the value increased slightly to 4,850 million USD in 2019 before experiencing a decline to 4,263 million USD in 2020. This dip was followed by a notable recovery in 2021, rising to 5,099 million USD, and further growth to 5,619 million USD in 2022. Overall, the growth from 2018 to 2022 amounts to approximately 21%, indicating strengthening operational cash flow generation despite a temporary setback in 2020.
- Free cash flow to the firm (FCFF)
- Free cash flow to the firm exhibited a pattern similar to operating cash flows but with slightly more pronounced fluctuations. Beginning at 3,687 million USD in 2018, it rose to 4,001 million USD in 2019 before declining markedly to 3,265 million USD in 2020, aligning with the dip observed in operating activities cash flow. The following years showed a substantial rebound to 4,386 million USD in 2021, although the figure slightly decreased to 4,293 million USD in 2022. Despite the volatility, FCFF in 2022 remains higher than the initial 2018 level, suggesting an overall positive trend in free cash generation capacity.
- Overall insights
- Both net cash provided by operating activities and free cash flow to the firm experienced a trough in 2020, likely reflective of broader economic or sector-specific challenges during that period. The recovery post-2020 indicates improved operational efficiency and capital expenditure management, contributing to the restoration and enhancement of free cash flow. The sustained increase in operating cash flows coupled with the stabilization of free cash flow suggests effective cash management and potentially increased financial flexibility going forward.
Interest Paid, Net of Tax
CSX Corp., interest paid, net of tax 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).
2 2022 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= × =
- Effective income tax rate (EITR)
- The effective income tax rate exhibited minor fluctuations over the five-year period. It started at 23.1% in 2018, decreased slightly to 22.8% in 2019, then rose to its peak of 23.8% in 2020. This was followed by a slight decline to 23.6% in 2021 and a further reduction back to 23.1% in 2022. Overall, the rate remained relatively stable, with changes contained within a narrow range of approximately one percentage point.
- Interest paid, net of amounts capitalized, net of tax
- The net interest paid showed a generally upward trend over the analyzed period. Starting at $472 million in 2018, the amount increased to $554 million in 2019, followed by a smaller increase to $572 million in 2020. In 2021, a modest decline to $549 million was observed, before rising again slightly to $561 million in 2022. Despite this small dip in 2021, the overall pattern indicates an increase in net interest paid of approximately 19% from the beginning to the end of the period.
Enterprise Value to FCFF Ratio, Current
CSX Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| FedEx Corp. | |
| Uber Technologies Inc. | |
| Union Pacific Corp. | |
| United Airlines Holdings Inc. | |
| United Parcel Service Inc. | |
| EV/FCFF, Sector | |
| Transportation | |
| EV/FCFF, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2022-12-31).
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, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Transportation | ||||||
| EV/FCFF, 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/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited a general upward trend from 2018 to 2021, increasing from $69,207 million to $91,202 million. However, in 2022, the value declined to $81,293 million, indicating a downward adjustment after the prior years' growth.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow showed fluctuations over the period analyzed. Starting at $3,687 million in 2018, it rose to a peak of $4,386 million by 2021. There was a decline in 2020 to $3,265 million, potentially reflective of short-term operational impacts, but the cash flow recovered in subsequent years, remaining relatively stable between 2021 and 2022.
- EV/FCFF Ratio
- The EV/FCFF ratio generally ranged between 18 and 25. It increased notably in 2020 to 24.76, reflecting a higher valuation relative to cash flow, possibly driven by decreased cash flow that year. The ratio moderated in the following years, declining to 18.94 in 2022, comparable to the levels seen in 2018 and 2019, which suggests a normalization of valuation metrics relative to the firm’s cash-generating ability.