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Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

CSX Corp., current enterprise value calculation

Microsoft Excel
Current share price (P) $30.81
No. shares of common stock outstanding 2,033,054,922
US$ in millions
Common equity (market value)1 62,638
Add: Non-controlling minority interest (per books) 10
Total equity 62,648
Add: Current maturities of long-term debt (per books) 151
Add: Long-term debt, excluding current portion (per books) 17,896
Total equity and debt 80,695
Less: Cash and cash equivalents 1,958
Less: Short-term investments 129
Enterprise value (EV) 78,608

Based on: 10-K (reporting date: 2022-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 30.81 × 2,033,054,922

Historical Enterprise Value (EV)

CSX Corp., EV calculation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Share price1, 2 $31.67 $35.17 $29.39 $26.50 $22.70
No. shares of common stock outstanding1 2,062,605,434 2,193,389,444 2,287,515,174 2,321,476,695 2,446,891,098
US$ in millions
Common equity (market value)3 65,323 77,142 67,230 61,519 55,544
Add: Non-controlling minority interest (book value) 10 10 9 15 17
Total equity 65,333 77,152 67,239 61,534 55,561
Add: Current maturities of long-term debt (book value) 151 181 401 245 18
Add: Long-term debt, excluding current portion (book value) 17,896 16,185 16,304 15,993 14,739
Total equity and debt 83,380 93,518 83,944 77,772 70,318
Less: Cash and cash equivalents 1,958 2,239 3,129 958 858
Less: Short-term investments 129 77 2 996 253
Enterprise value (EV) 81,293 91,202 80,813 75,818 69,207

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 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of CSX Corp. Annual Report.

3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 31.67 × 2,062,605,434

The financial trajectory from 2018 to 2022 is characterized by a period of sustained expansion in valuation and capital structure through 2021, followed by a notable contraction in 2022.

Market Value of Common Equity
Common equity experienced consistent year-over-year growth from 2018 through 2021, rising from 55,544 million US$ to a peak of 77,142 million US$. This represents a total increase of approximately 39% over the four-year growth period. However, a reversal occurred in 2022, with the market value decreasing to 65,323 million US$, reflecting a decline of approximately 15.3% from the previous year's high.
Enterprise Value (EV)
The enterprise value followed a similar growth pattern, escalating from 69,207 million US$ in 2018 to 91,202 million US$ by the end of 2021. This upward trend indicates a steady increase in the total perceived value of the business operations. In 2022, the enterprise value corrected to 81,293 million US$, aligning with the downward movement observed in equity market valuations.
Capital Structure and Debt Integration
Total equity and debt values closely mirrored the movements of the enterprise value, peaking at 93,518 million US$ in 2021 before falling to 83,380 million US$ in 2022. The minimal variance between total equity and the market value of common equity suggests that common stock is the primary component of the equity base. Furthermore, the consistent gap between total equity and debt versus the total enterprise value indicates that cash and cash equivalents remained a significant factor in the EV calculation throughout the period.

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