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).
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the financial ratios over the observed periods reveals several noteworthy trends and fluctuations, reflecting changes in valuation and market perception.
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins in March 2019, showing moderate variability within a range roughly between 14 and 29. The ratio increased from 16.79 in March 2019 to a peak of 28.8 in September 2021, indicating a rising market valuation relative to earnings during this timeframe. Subsequently, it declined steadily, reaching 14.59 by March 2023. This decline suggests a reversion to a lower earnings multiple, possibly reflecting market corrections or improved earnings performance relative to stock price.
- Price to Operating Profit (P/OP) Ratio
- Starting in March 2019, the P/OP ratio displayed a pattern similar to the P/E ratio, increasing from 11.41 to a peak of 18.15 in September 2021. Afterward, a decrease occurred, with the ratio falling to 10.09 by March 2023. This trend indicates that investor willingness to pay for operating profit increased markedly until late 2021, then declined, possibly due to changes in operating profit margins or investor sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio also shows an upward trend from March 2019, starting at 4.53 and reaching a high point of 7.38 in September 2021. Thereafter, the ratio trended downward to 4.14 by March 2023. This movement reflects a similar pattern as the P/E and P/OP ratios, with valuation multiples expanding and then contracting over the period, signifying changing perceptions of sales growth or revenue quality.
- Price to Book Value (P/BV) Ratio
- Data for the P/BV ratio is available throughout the entire timeframe and shows growth from 3.71 in March 2018 to 5.14 in March 2019. It peaked at 5.99 in March 2022, followed by a reduction to 5.08 by March 2023. Compared to other ratios, the P/BV ratio exhibits a more stable trajectory with less pronounced fluctuations but similarly demonstrates a peak around early 2022 followed by a slight decline. This suggests that the market’s valuation relative to the company’s net asset value increased over time before moderating.
Overall, the valuation multiples for earnings, operating profit, and sales demonstrated a cyclical pattern, with increases leading up to late 2021 or early 2022 followed by declines through early 2023. The price to book value ratio reflects a steadier but parallel pattern. These trends may indicate periods of heightened optimism or overvaluation followed by market corrections or improved fundamental performance. The data suggests a changing investor sentiment and valuation environment over the five-year span analyzed.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,033,054,922 | 2,062,605,434 | 2,102,408,729 | 2,141,241,136 | 2,174,259,952 | 2,193,389,444 | 2,217,983,411 | 2,254,495,910 | 2,272,200,648 | 2,287,515,174 | 2,294,324,874 | 2,295,157,647 | 2,296,397,682 | 2,321,476,695 | 2,347,009,638 | 2,394,527,424 | 2,427,490,998 | 2,446,891,098 | 2,533,261,083 | 2,576,431,671 | 2,626,060,638 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net earnings (in millions) | 987) | 1,018) | 1,111) | 1,178) | 859) | 934) | 968) | 1,173) | 706) | 760) | 736) | 499) | 770) | 771) | 856) | 870) | 834) | 843) | 894) | 877) | 695) | |||||||
| Earnings per share (EPS)2 | 2.11 | 2.02 | 1.94 | 1.84 | 1.81 | 1.72 | 1.63 | 1.50 | 1.19 | 1.21 | 1.21 | 1.26 | 1.42 | 1.43 | 1.45 | 1.44 | 1.42 | 1.35 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 30.81 | 31.67 | 27.54 | 30.99 | 36.30 | 35.17 | 35.01 | 32.67 | 34.23 | 29.39 | 27.24 | 23.84 | 20.49 | 26.50 | 23.26 | 23.79 | 26.31 | 22.70 | 23.57 | 23.00 | 20.34 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 14.59 | 15.68 | 14.18 | 16.85 | 20.06 | 20.40 | 21.53 | 21.82 | 28.80 | 24.31 | 22.51 | 18.89 | 14.40 | 18.47 | 16.04 | 16.56 | 18.52 | 16.79 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | 568.30 | 100.48 | 82.00 | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 7.67 | 21.74 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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
= (987,000,000 + 1,018,000,000 + 1,111,000,000 + 1,178,000,000)
÷ 2,033,054,922 = 2.11
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
= 30.81 ÷ 2.11 = 14.59
5 Click competitor name to see calculations.
The analysis of financial metrics demonstrates notable trends over the examined quarterly periods.
- Share Price (US$)
- The share price exhibited moderate volatility with an overall upward trend from March 2018 through March 2023. Initial values ranged around the low 20s, with fluctuations observed towards the end of 2019 and early 2020, possibly influenced by broader market conditions. The price peaked during late 2021 at approximately $35, followed by a decline throughout 2022, reaching around $27.5 in September 2022. A partial recovery occurred towards the first quarter of 2023, stabilizing near $31.
- Earnings Per Share (EPS) (US$)
- EPS data beginning in March 2019 reveals a generally consistent upward trajectory over the years. The EPS rose from 1.35 in early 2019 to 2.11 by March 2023, indicating sustained earnings growth. Minor dips in EPS were noted in late 2020 and early 2021, but the overall pattern reflects incremental improvements in profitability per share.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio experienced considerable fluctuations during the periods analyzed. Starting near 16.79 in March 2019, it escalated to a high of 28.8 in March 2021, suggesting increased investor valuation relative to earnings at that point. Subsequent quarters showed a downward trend, with the ratio decreasing to approximately 14.59 by March 2023. This reduction in P/E may denote either normalization after elevated valuations or improved earnings outpacing share price growth in the later quarters.
In summary, the data reveals a steady improvement in earnings per share, accompanied by periods of share price volatility and a P/E ratio that peaked around early 2021 before declining. This suggests phases of market optimism potentially followed by more conservative investor expectations or stronger earnings performance relative to share price towards the end of the analyzed timeframe.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,033,054,922 | 2,062,605,434 | 2,102,408,729 | 2,141,241,136 | 2,174,259,952 | 2,193,389,444 | 2,217,983,411 | 2,254,495,910 | 2,272,200,648 | 2,287,515,174 | 2,294,324,874 | 2,295,157,647 | 2,296,397,682 | 2,321,476,695 | 2,347,009,638 | 2,394,527,424 | 2,427,490,998 | 2,446,891,098 | 2,533,261,083 | 2,576,431,671 | 2,626,060,638 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 1,464) | 1,459) | 1,579) | 1,703) | 1,282) | 1,366) | 1,436) | 1,691) | 1,101) | 1,215) | 1,141) | 828) | 1,178) | 1,154) | 1,287) | 1,305) | 1,219) | 1,249) | 1,293) | 1,283) | 1,044) | |||||||
| Operating profit per share2 | 3.05 | 2.92 | 2.82 | 2.70 | 2.66 | 2.55 | 2.45 | 2.28 | 1.89 | 1.91 | 1.87 | 1.94 | 2.14 | 2.14 | 2.16 | 2.12 | 2.08 | 1.99 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 30.81 | 31.67 | 27.54 | 30.99 | 36.30 | 35.17 | 35.01 | 32.67 | 34.23 | 29.39 | 27.24 | 23.84 | 20.49 | 26.50 | 23.26 | 23.79 | 26.31 | 22.70 | 23.57 | 23.00 | 20.34 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 10.09 | 10.85 | 9.76 | 11.47 | 13.67 | 13.79 | 14.27 | 14.31 | 18.15 | 15.41 | 14.53 | 12.30 | 9.56 | 12.39 | 10.79 | 11.24 | 12.66 | 11.41 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | 7.61 | 11.34 | 10.34 | 9.92 | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 4.01 | 6.86 | 23.16 | 93.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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
= (1,464,000,000 + 1,459,000,000 + 1,579,000,000 + 1,703,000,000)
÷ 2,033,054,922 = 3.05
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
= 30.81 ÷ 3.05 = 10.09
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated fluctuation over the entire period starting from $20.34 in March 2018, peaking at $36.3 in March 2022 before declining to $30.81 by March 2023. Notable recovery phases occurred in the second half of 2020 and early 2021, reaching new highs compared to previous years. However, there was a notable decrease after March 2022, indicating some volatility or market response to external factors in 2022 and early 2023.
- Operating Profit Per Share Trends
- Operating profit per share data is available starting March 2019, showing a steady and consistent increase from $1.99 to $3.05 by March 2023. This upward trend suggests improving operational efficiency or profitability over the recent years. Minor fluctuations occur, but the general direction is a consistent rise with values advancing approximately 50% over four years.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio shows variability with values generally ranging between 9.56 and 18.15. Early data in 2019 shows relatively higher ratios reaching above 14, indicating the market valued the company higher relative to its operating profits at that time. The ratio decreases around mid-2020 to below 10, coinciding with share price and operating profit trends possibly reflecting market adjustments or better profit realization. Post-2020, the ratio fluctuates moderately but trends lower towards early 2023, ending near 10.09, suggesting a potentially more conservative market valuation relative to operating earnings in recent periods.
- Overall Interpretation
- The data reflects a company experiencing rising operating profits per share, signaling improving core business performance. Share price trends, while volatile, generally accompany periods of profit growth but reflect external market or sector-related influences causing periodic declines. The decreasing trend in the Price to Operating Profit ratio in the later periods could suggest a market re-rating wherein the company's increasing profits are being less aggressively priced, possibly anticipating slowed growth or external uncertainties. Overall, the financial metrics demonstrate operational strength with cautious market expectations.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,033,054,922 | 2,062,605,434 | 2,102,408,729 | 2,141,241,136 | 2,174,259,952 | 2,193,389,444 | 2,217,983,411 | 2,254,495,910 | 2,272,200,648 | 2,287,515,174 | 2,294,324,874 | 2,295,157,647 | 2,296,397,682 | 2,321,476,695 | 2,347,009,638 | 2,394,527,424 | 2,427,490,998 | 2,446,891,098 | 2,533,261,083 | 2,576,431,671 | 2,626,060,638 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in millions) | 3,706) | 3,730) | 3,895) | 3,815) | 3,413) | 3,427) | 3,292) | 2,990) | 2,813) | 2,825) | 2,648) | 2,255) | 2,855) | 2,885) | 2,978) | 3,061) | 3,013) | 3,143) | 3,129) | 3,102) | 2,876) | |||||||
| Sales per share2 | 7.45 | 7.20 | 6.92 | 6.51 | 6.04 | 5.71 | 5.37 | 5.00 | 4.64 | 4.63 | 4.64 | 4.78 | 5.13 | 5.14 | 5.20 | 5.16 | 5.10 | 5.01 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 30.81 | 31.67 | 27.54 | 30.99 | 36.30 | 35.17 | 35.01 | 32.67 | 34.23 | 29.39 | 27.24 | 23.84 | 20.49 | 26.50 | 23.26 | 23.79 | 26.31 | 22.70 | 23.57 | 23.00 | 20.34 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 4.14 | 4.40 | 3.98 | 4.76 | 6.01 | 6.16 | 6.51 | 6.53 | 7.38 | 6.35 | 5.87 | 4.99 | 3.99 | 5.15 | 4.48 | 4.61 | 5.16 | 4.53 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | 0.36 | 0.62 | 0.65 | 0.64 | — | — | — | — | — | — | — | |||||||
| Uber Technologies Inc. | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.30 | 0.36 | 0.31 | 0.34 | 0.57 | 0.63 | 0.75 | 1.06 | 1.56 | 1.11 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | — | — | — | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
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
= (3,706,000,000 + 3,730,000,000 + 3,895,000,000 + 3,815,000,000)
÷ 2,033,054,922 = 7.45
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
= 30.81 ÷ 7.45 = 4.14
5 Click competitor name to see calculations.
The share price demonstrated cyclical fluctuations over the analyzed periods, starting at $20.34 in March 2018 and reaching a peak of $36.30 by March 2022. Notable increases occurred particularly from June 2020 to December 2021, with a peak share price at the end of 2021. However, the share price experienced a decline in the subsequent quarters of 2022 before stabilizing near $30 by the first quarter of 2023.
Sales per share, available from March 2019 onward, exhibited an overall upward trend. Beginning at $5.01 in the first quarter of 2019, sales per share gradually increased, reaching $7.45 in March 2023. This reflects a steady growth in sales on a per-share basis, with consistent increments each quarter, particularly marked after mid-2020.
The Price-to-Sales (P/S) ratio showed greater volatility relative to share price and sales per share. Starting at 4.53 in March 2019, the ratio peaked at 7.38 in March 2021. Following this peak, the ratio exhibited a declining pattern through 2022, falling to a low of 3.98 by June 2022 before modestly rising again to 4.14 by March 2023. The fluctuations in the P/S ratio indicate varying investor sentiment and valuation multiples over time, possibly reflecting changes in market expectations or company performance relative to sales.
- Summary of Key Trends
- The share price and sales per share trended upward over the observed period, with notable growth in sales per share indicating an improvement in underlying business performance.
- The P/S ratio displayed significant volatility, reaching a high in early 2021 before declining in 2022, suggesting fluctuating market valuation relative to sales.
- The alignment of increasing sales per share with a declining P/S ratio in late 2021 and 2022 implies that while the company’s sales were growing, investor valuation multiples were contracting, potentially signaling cautious investor sentiment or market adjustments.
- Overall, the data indicates strong operational performance with improving sales metrics, accompanied by moderate to high market valuation variability.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,033,054,922 | 2,062,605,434 | 2,102,408,729 | 2,141,241,136 | 2,174,259,952 | 2,193,389,444 | 2,217,983,411 | 2,254,495,910 | 2,272,200,648 | 2,287,515,174 | 2,294,324,874 | 2,295,157,647 | 2,296,397,682 | 2,321,476,695 | 2,347,009,638 | 2,394,527,424 | 2,427,490,998 | 2,446,891,098 | 2,533,261,083 | 2,576,431,671 | 2,626,060,638 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Shareholders’ equity, attributable to CSX (in millions) | 12,326) | 12,615) | 12,874) | 13,131) | 13,184) | 13,490) | 13,163) | 13,426) | 13,151) | 13,101) | 12,713) | 12,150) | 11,871) | 11,848) | 11,864) | 12,276) | 12,428) | 12,563) | 13,719) | 14,009) | 14,378) | |||||||
| Book value per share (BVPS)2 | 6.06 | 6.12 | 6.12 | 6.13 | 6.06 | 6.15 | 5.93 | 5.96 | 5.79 | 5.73 | 5.54 | 5.29 | 5.17 | 5.10 | 5.05 | 5.13 | 5.12 | 5.13 | 5.42 | 5.44 | 5.48 | |||||||
| Share price1, 3 | 30.81 | 31.67 | 27.54 | 30.99 | 36.30 | 35.17 | 35.01 | 32.67 | 34.23 | 29.39 | 27.24 | 23.84 | 20.49 | 26.50 | 23.26 | 23.79 | 26.31 | 22.70 | 23.57 | 23.00 | 20.34 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 5.08 | 5.18 | 4.50 | 5.05 | 5.99 | 5.72 | 5.90 | 5.49 | 5.91 | 5.13 | 4.92 | 4.50 | 3.96 | 5.19 | 4.60 | 4.64 | 5.14 | 4.42 | 4.35 | 4.23 | 3.71 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | 2.49 | 2.38 | 2.50 | 3.51 | — | — | — | — | |||||||
| Uber Technologies Inc. | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | — | — | — | — | — | — | — | — | |||||||
| Union Pacific Corp. | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 2.21 | 2.32 | 2.61 | 3.09 | 4.58 | 3.06 | 2.74 | 3.16 | 3.17 | 2.85 | 1.42 | 1.08 | 0.78 | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | — | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Shareholders’ equity, attributable to CSX ÷ No. shares of common stock outstanding
= 12,326,000,000 ÷ 2,033,054,922 = 6.06
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
= 30.81 ÷ 6.06 = 5.08
5 Click competitor name to see calculations.
The financial data reveal several distinct trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price shows notable fluctuations throughout the periods. From March 2018 to December 2019, it generally increased from around $20.34 to a peak near $26.50. However, during the initial phase of 2020, the share price declined to approximately $20.49, likely reflecting market uncertainty. Following this dip, there was a steady recovery and growth, reaching a high of around $36.30 by March 2022. Subsequently, the price decreased again, falling to approximately $27.54 by September 2022, before partially recovering to about $30.81 by March 2023. Overall, this suggests a period of volatility influenced by external factors, followed by strong growth and a partial correction.
- Book Value Per Share (BVPS)
- The BVPS has exhibited a relatively stable upward trend over the same timeframe. Starting at about $5.48 in March 2018, it showed minor fluctuations but mostly increased gradually to reach a peak of approximately $6.15 by December 2021. In 2022 and early 2023, the BVPS remained fairly constant around the $6.06 mark. This steady increase reflects consistent growth in the company's net asset value per share over time, indicating solid balance sheet enhancement and retained earnings accumulation.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio has displayed considerable volatility across the observed periods. Initially, it rose from about 3.71 in March 2018 to a high near 5.19 by December 2019, indicating increasing investor willingness to pay a premium over the book value. This was followed by a decline to around 3.96 during early 2020, coinciding with the share price dip. The ratio then increased again, peaking near 5.91 by March 2021, before fluctuating around 5.0 to 5.9 through 2022 and early 2023. This pattern suggests that market sentiment and valuation multiples varied significantly, influenced by external market conditions and possibly changes in growth expectations.
In summary, the share price experienced volatility but trended upward overall, the book value per share showed stable growth, and the price-to-book ratio varied in line with market sentiment, reflecting changing investor perceptions of the company's valuation premium. The data collectively indicate a company with improving underlying net asset value, affected by fluctuating market conditions driving valuation multiples.