Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

Common Stock Valuation Ratios (Price Multiples) 

Microsoft Excel

Current Valuation Ratios

CSX Corp., current price multiples

Microsoft Excel
CSX Corp. American Airlines Group Inc. Delta Air Lines Inc. FedEx Corp. Union Pacific Corp. United Airlines Holdings Inc. United Parcel Service Inc. Transportation Industrials
Selected Financial Data
Current share price (P) $34.35
No. shares of common stock outstanding 2,141,241,136
Growth rate (g) 19.56%
 
Earnings per share (EPS) $1.77
Next year expected EPS $2.11
Operating profit per share $2.61
Sales per share $5.85
Book value per share (BVPS) $6.30
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 19.45 79.00 15.67 22.97 13.81 20.45 33.04
Price to next year expected earnings 16.27 235.10 13.99 18.61 13.24 17.50 30.51
Price-earnings-growth (PEG) 0.99 1.31 0.98 3.25 1.21 3.99
Price to operating profit (P/OP) 13.15 11.73 9.60 16.05 13.89 15.15 18.66
Price to sales (P/S) 5.87 0.33 0.74 0.64 6.87 0.52 1.83 1.69 1.84
Price to book value (P/BV) 5.45 5.69 2.40 10.58 2.56 12.49 7.48 5.61

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

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

CSX Corp., historical price multiples

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Price to earnings (P/E) 20.40 24.31 18.47 16.79 8.59
Price to operating profit (P/OP) 13.79 15.41 12.39 11.41 12.82
Price to sales (P/S) 6.16 6.35 5.15 4.53 4.12
Price to book value (P/BV) 5.72 5.13 5.19 4.42 3.20

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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. CSX Corp. P/E ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. CSX Corp. P/OP ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. CSX Corp. P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. CSX Corp. P/BV ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Price to Earnings (P/E)

CSX Corp., historical P/E calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 2,193,389,444 2,287,515,174 2,321,476,695 2,446,891,098 2,661,708,240
Selected Financial Data (US$)
Net earnings (in millions) 3,781  2,765  3,331  3,309  5,471 
Earnings per share (EPS)2 1.72 1.21 1.43 1.35 2.06
Share price1, 3 35.17 29.39 26.50 22.70 17.66
Valuation Ratio
P/E ratio4 20.40 24.31 18.47 16.79 8.59
Benchmarks
P/E Ratio, Competitors5
American Airlines Group Inc. 7.16 11.42 13.01
Delta Air Lines Inc. 96.74 7.94 8.81 10.57
FedEx Corp. 15.07 33.43 82.00 13.39 19.29
Union Pacific Corp. 23.67 25.57 21.44 19.60 9.26
United Airlines Holdings Inc. 5.82 11.00 8.91
United Parcel Service Inc. 14.11 104.33 20.59 20.07 18.37
P/E Ratio, Sector
Transportation 22.06 16.53 15.47 11.85
P/E Ratio, Industry
Industrials 34.84 27.33 29.72 25.99

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 Data adjusted for splits and stock dividends.

2 2021 Calculation
EPS = Net earnings ÷ No. shares of common stock outstanding
= 3,781,000,000 ÷ 2,193,389,444 = 1.72

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

4 2021 Calculation
P/E ratio = Share price ÷ EPS
= 35.17 ÷ 1.72 = 20.40

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. CSX Corp. P/E ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Price to Operating Profit (P/OP)

CSX Corp., historical P/OP calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 2,193,389,444 2,287,515,174 2,321,476,695 2,446,891,098 2,661,708,240
Selected Financial Data (US$)
Operating income (in millions) 5,594  4,362  4,965  4,869  3,667 
Operating profit per share2 2.55 1.91 2.14 1.99 1.38
Share price1, 3 35.17 29.39 26.50 22.70 17.66
Valuation Ratio
P/OP ratio4 13.79 15.41 12.39 11.41 12.82
Benchmarks
P/OP Ratio, Competitors5
American Airlines Group Inc. 3.94 6.07 6.15
Delta Air Lines Inc. 14.36 5.72 6.59 6.18
FedEx Corp. 13.46 17.79 9.92 12.57 11.48
Union Pacific Corp. 16.53 17.46 14.83 13.73 12.30
United Airlines Holdings Inc. 4.07 7.11 5.43
United Parcel Service Inc. 14.20 18.23 11.72 13.69 11.98
P/OP Ratio, Sector
Transportation 16.35 9.85 11.07 9.90
P/OP Ratio, Industry
Industrials 19.67 859.02 13.93 12.19 13.09

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 Data adjusted for splits and stock dividends.

2 2021 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 5,594,000,000 ÷ 2,193,389,444 = 2.55

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

4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 35.17 ÷ 2.55 = 13.79

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. CSX Corp. P/OP ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Price to Sales (P/S)

CSX Corp., historical P/S calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 2,193,389,444 2,287,515,174 2,321,476,695 2,446,891,098 2,661,708,240
Selected Financial Data (US$)
Revenue (in millions) 12,522  10,583  11,937  12,250  11,408 
Sales per share2 5.71 4.63 5.14 5.01 4.29
Share price1, 3 35.17 29.39 26.50 22.70 17.66
Valuation Ratio
P/S ratio4 6.16 6.35 5.15 4.53 4.12
Benchmarks
P/S Ratio, Competitors5
American Airlines Group Inc. 0.38 0.66 0.26 0.36 0.59
Delta Air Lines Inc. 0.91 1.62 0.81 0.78 0.92
FedEx Corp. 0.94 0.62 0.64 0.94 0.96
Union Pacific Corp. 7.08 7.00 5.85 5.12 4.67
United Airlines Holdings Inc. 0.63 1.11 0.40 0.57 0.50
United Parcel Service Inc. 1.87 1.66 1.23 1.34 1.37
P/S Ratio, Sector
Transportation 1.82 1.90 1.25 1.33 1.34
P/S Ratio, Industry
Industrials 1.94 1.99 1.62 1.50 1.63

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 Data adjusted for splits and stock dividends.

2 2021 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 12,522,000,000 ÷ 2,193,389,444 = 5.71

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

4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 35.17 ÷ 5.71 = 6.16

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. CSX Corp. P/S ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Price to Book Value (P/BV)

CSX Corp., historical P/BV calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 2,193,389,444 2,287,515,174 2,321,476,695 2,446,891,098 2,661,708,240
Selected Financial Data (US$)
Shareholders’ equity, attributable to CSX (in millions) 13,490  13,101  11,848  12,563  14,705 
Book value per share (BVPS)2 6.15 5.73 5.10 5.13 5.52
Share price1, 3 35.17 29.39 26.50 22.70 17.66
Valuation Ratio
P/BV ratio4 5.72 5.13 5.19 4.42 3.20
Benchmarks
P/BV Ratio, Competitors5
American Airlines Group Inc. 6.36
Delta Air Lines Inc. 6.97 18.01 2.46 2.53 2.72
FedEx Corp. 3.26 2.35 2.49 3.15 3.60
Union Pacific Corp. 10.90 8.07 7.00 5.72 3.99
United Airlines Holdings Inc. 3.06 2.85 1.52 2.34 2.16
United Parcel Service Inc. 12.76 213.26 27.98 31.82 90.21
P/BV Ratio, Sector
Transportation 8.07 8.93 5.03 5.12 4.51
P/BV Ratio, Industry
Industrials 5.91 6.26 6.48 6.03 5.33

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 Data adjusted for splits and stock dividends.

2 2021 Calculation
BVPS = Shareholders’ equity, attributable to CSX ÷ No. shares of common stock outstanding
= 13,490,000,000 ÷ 2,193,389,444 = 6.15

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

4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 35.17 ÷ 6.15 = 5.72

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. CSX Corp. P/BV ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.