Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
CSX Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of key valuation ratios over the quarterly periods reveals distinct trends and fluctuations reflective of changing market perceptions and financial performance.
- Price to Earnings Ratio (P/E)
- The P/E ratio exhibited variability with an initial decline from 18.52 to 16.04 during the first three quarters of 2019, followed by a moderate increase reaching a peak of 28.8 in the first quarter of 2021. This peak suggests a period of heightened investor optimism or growth expectations. Following this peak, the ratio generally declined, stabilizing around the mid-teens in 2022 and early 2023, indicating a normalization in earnings valuation relative to share price.
- Price to Operating Profit Ratio (P/OP)
- Similar to the P/E ratio, the P/OP ratio started at 12.66 and fell to around 10.79 by the third quarter of 2019, indicating improving operating profit margins or more conservative market valuations. The ratio then ascended substantially to 18.15 by Q1 2021, coinciding with the P/E peak, suggesting strong investor confidence in operating profitability. After this peak, the P/OP ratio showed a decreasing trend, falling below 11 by early 2023, which may indicate a recalibration of market expectations relative to operating performance.
- Price to Sales Ratio (P/S)
- The P/S ratio followed a generally upward trajectory from 5.16 at the beginning of 2019 to a high of 7.38 in Q1 2021. This increase implies an expanding valuation premium on sales, possibly due to expected revenue growth or market positioning. However, the ratio declined markedly during 2022, dropping to as low as 3.98 before a slight rebound in early 2023, suggesting a moderation in sales-based valuation multiples amid shifting market conditions.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio displayed relative stability compared to other ratios, commencing at 5.14 in early 2019 and fluctuating moderately before peaking near 5.99 in Q1 2022. A modest decline and fluctuation around the 5.0 mark followed, indicating steady investor valuation of net asset values over the period. This stability suggests less volatility in the market’s perception of the company’s book value compared to earnings or sales metrics.
Overall, the valuation ratios portray a cycle of elevated optimism peaking around early 2021, followed by a period of correction and stabilization across earnings, operating profits, and sales valuations. The relatively stable P/BV ratio highlights a consistent perception of underlying asset value despite fluctuations in profitability and revenue expectations.
Price to Earnings (P/E)
CSX Corp., historical P/E calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net earningsQ1 2023
+ Net earningsQ4 2022
+ Net earningsQ3 2022
+ Net earningsQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CSX Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated moderate fluctuations over the observed periods. Initially, it declined from approximately $26.31 to a low near $20.49 in early 2020, likely coinciding with broader market pressures. Subsequently, the price recovered steadily, peaking above $36.30 in the first quarter of 2022. However, after this peak, the share price experienced a downward correction, settling around $30.81 by the first quarter of 2023. Overall, the trend shows recovery and growth after the initial dip with some recent volatility.
- Earnings Per Share (EPS)
- EPS showed a generally positive trajectory throughout the period analyzed. While the first half of 2020 saw a modest decline from $1.42 to a low near $1.21, EPS firmed and rebounded from mid-2020 onward. From late 2020 through early 2023, EPS consistently increased, reaching $2.11 by March 2023. This steady rise suggests improving profitability and operational performance over the longer term despite earlier challenges.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio exhibited variability largely reflecting changes in share price relative to earnings. The ratio declined to approximately 14.40 in the first quarter of 2020, matching the share price dip, then increased substantially through late 2020 and early 2021, peaking near 28.80. This elevated ratio suggests higher market expectations or potentially overvaluation during that time. From 2021 onwards, the P/E ratio gradually decreased to approximately 14.59 by early 2023, indicating a normalization level as earnings growth outpaced share price increases or the market adjusted expectations downward.
- Summary of Trends
- Collectively, the data indicate a period of initial disruption around early 2020, with a decline in share price, EPS, and P/E ratios reaching lows. The recovery phase is marked by rising EPS and a rebound in share price, with P/E ratios indicating shifting market sentiment, peaking in early 2021 before adjusting downward. The overall trend suggests enhanced earnings capacity and eventual market valuation stabilization, although the share price shows recent volatility that may warrant monitoring. Profitability measures are strengthening, supported by the consistent EPS increase, which may posit a more resilient financial position moving forward.
Price to Operating Profit (P/OP)
CSX Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022
+ Operating incomeQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CSX Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated fluctuations over the observed periods, beginning at $26.31 in March 2019 and experiencing a decline to $20.49 by March 2020. Subsequently, there was a recovery and upward movement, reaching a peak of $36.30 in March 2022 before decreasing again to $30.81 by March 2023. Overall, the share price showed periods of volatility marked by a pronounced dip in early 2020 followed by a recovery phase, and some correction in 2023.
- Operating Profit per Share (OPPS)
- Operating profit per share exhibited a generally positive trend, starting at $2.08 in March 2019 and showing gradual fluctuations with a minor dip in mid-2020 down to $1.87 in September 2020. From that point onward, OPPS increased steadily, reaching $3.05 by March 2023. This growth trend indicates an improvement in operational profitability on a per-share basis over the long term despite short-term variations.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflected the interplay between share price movements and operating profit per share. It started at 12.66 in March 2019, fell to a low of 9.56 in March 2020 coinciding with the share price trough, and then rose sharply to 18.15 by March 2021. Thereafter, it gradually declined again to near 10.09 by March 2023. This pattern suggests fluctuating investor sentiment, with valuations being more stretched when share prices increased faster than operating profit per share and contracting as operating profitability improved relative to price.
- Overall Insights
- The data reveals that operational performance, as measured by operating profit per share, generally strengthened across the examined timeframe, signaling enhanced earnings capacity. Share price was more volatile, influenced possibly by market conditions causing a steep drop in early 2020 and subsequent recovery. The valuation multiple, indicated by the P/OP ratio, was highest when share prices rallied in 2021, then normalized as the operating profit growth caught up. The trends suggest the company experienced steady profitability improvement notwithstanding external market fluctuations impacting share price and valuation metrics.
Price to Sales (P/S)
CSX Corp., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of CSX Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends related to the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price displayed fluctuations over the analyzed quarters. Initially, it decreased from $26.31 to $23.26 between March and September 2019, then recovered slightly by the end of 2019 to $26.50. In 2020, the share price experienced volatility, dropping to a low of $20.49 in March but rising steadily thereafter to peak near $36.30 by March 2022. Subsequently, the price retreated somewhat, closing at $30.81 as of March 2023. This pattern suggests periods of market uncertainty followed by substantial recovery and some recent contraction.
- Sales per Share
- Sales per share remained relatively stable during 2019 and early 2020, with values hovering between $4.63 and $5.20. From mid-2020 onward, there was a consistent upward trend in sales per share, rising from approximately $4.63 to $7.45 by March 2023. This represents a significant growth in sales efficiency or volume on a per-share basis, indicating improved revenue generation capabilities or enhanced operational performance.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited variability across quarters. Initially, it reduced from 5.16 in March 2019 to a low of 3.99 by March 2020, reflecting a declining valuation relative to sales. Following this period, the ratio increased sharply to a peak of 7.38 by March 2021, indicative of heightened market valuation relative to sales. However, after this peak, the P/S ratio declined progressively to around 4.14 in March 2023. This movement suggests changing investor sentiment or adjustments in valuation metrics in relation to sales growth over time.
Overall, the data indicates that while sales per share has shown strong and consistent growth, the market valuation as reflected by the share price and P/S ratio has been more volatile, influenced by broader market conditions and investor perceptions. The recovery in share price and the increase in sales per share point to improving business fundamentals, although the decreasing P/S ratio during the latest periods may reflect a more cautious investor outlook or market revaluation dynamics.
Price to Book Value (P/BV)
CSX Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity, attributable to CSX (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Shareholders’ equity, attributable to CSX ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of CSX Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial metrics reveals several notable trends and fluctuations over the observed periods.
- Share Price
- The share price exhibited moderate volatility throughout the timeline. Initially, it declined from approximately 26.31 US$ in March 2019 to a low around 20.49 US$ by March 2020, possibly reflecting broader market challenges during that period. Subsequently, there was a recovery and an upward trend, peaking near 36.30 US$ in March 2022. After this peak, the price experienced a gradual decrease, settling around 30.81 US$ by March 2023. Overall, despite fluctuations, the share price demonstrated a general growth trajectory from the starting to the ending points of the series.
- Book Value per Share (BVPS)
- The book value per share showed a steady and gradual increase over the analyzed quarters. Starting at about 5.12 US$ in March 2019, BVPS rose consistently, reaching approximately 6.06 US$ by March 2023. This suggests an incremental improvement in the company's net asset value on a per-share basis, indicating accumulation of equity or retained earnings over time without significant setbacks.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio demonstrated more variability, reflecting changes in the share price relative to the underlying book value. Initially, the ratio decreased from 5.14 in March 2019 to a trough of 3.96 by March 2020, aligning with the share price decline observed during that period. Subsequently, the ratio increased, reaching a peak near 5.99 in March 2022, coinciding with the peak in share price, and then declined somewhat to roughly 5.08 by March 2023. This indicates periods when the market assigned a higher premium to the company's book value, followed by phases of relative market moderation.
In summary, the data indicate a company with a steadily increasing book value per share, experiencing fluctuating market valuation reflected in the share price and price-to-book value ratio. The trends suggest resilience and growth in intrinsic value through the period, with market sentiment showing periods of optimism especially after early 2020, followed by partial corrections. Such dynamics are consistent with broader market influences combined with company-specific performance and investor expectations.