CSX Corporation (CSX)
Industrials · $85.8B market cap · SEC CIK 0000277948
fundamentals score out of 100
Next reports on Oct 21, 2026, with analysts expecting $0.54 in earnings per share.
The case for CSX
- 22% of revenue drops through to net profit.
- Return on equity of 24%.
- Gross margin of 71% absorbs cost shocks.
- Pays a modest 1.3% dividend.
The case against
- A PEG of 4.2: a P/E of 26.6× is a lot to pay for EPS growing 6%.
- Current liabilities exceed current assets (ratio 0.82).
- Free-cash-flow yield of 2.0% is lower than 87% of Industrials companies.
- Stability is weak (42/100): beta 1.13, a 39% swing over the year.
- Revenue grew only 2.5%, roughly the pace of inflation.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 38 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 42 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 70 |
| Momentumhow the price has behaved lately | 67 |
| Stabilityhow violently it moves, what it owes and what it pays you | 42 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 26.6× |
|---|---|
| Price / book | 6.27× |
| Price / sales | 5.9× |
| Revenue growth (YoY) | +2.5% |
| EPS growth (YoY) | +6.4% |
| Gross margin | 71% |
| Operating margin | 34% |
| Net margin | 22% |
| Return on equity | 24% |
| Debt / equity | 1.34× |
| Current ratio | 0.82 |
| Dividend yield | 1.35% |
| Beta | 1.13 |
| 52-week range | $32.84 – $53.60 |
| Position in that range | 66% of the way up |
| 3-month return | +0.8% |
| 1-year return | +39.4% |
Five years of financials, as filed
Pulled from CSX Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $14.1B | $14.5B | $14.7B | $14.9B | $12.5B |
| Operating income | $4.5B | $5.2B | $5.5B | $6.0B | $5.6B |
| Net income | $2.9B | $3.5B | $3.7B | $4.1B | $3.8B |
| Operating cash flow | $4.6B | $5.2B | $5.5B | $5.5B | $5.1B |
| Capital expenditure | $2.9B | $2.5B | $2.3B | $2.1B | $1.8B |
| Total assets | $43.7B | $42.8B | $42.2B | $41.7B | $40.5B |
| Total liabilities | $30.5B | $30.3B | $30.2B | $29.2B | $27.0B |
| Cash | $670M | $933M | $1.4B | $2.0B | $2.2B |
| Free cash flow | $1.7B | $2.7B | $3.3B | $3.4B | $3.3B |
| Operating margin | 32.1% | 36.1% | 37.5% | 40.1% | 44.7% |
| Net margin | 20.5% | 23.9% | 25.0% | 27.7% | 30.2% |
| Diluted shares | 1.9B | 1.9B | 2.0B | 2.1B | 2.3B |
Share count is down 16.9% over 4 years. Buybacks have been shrinking the pie.
What CSX Corporation says it does
CSX Corporation, together with its subsidiaries ("CSX" or the "Company"), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land. CSX Transportation, Inc. CSX’s principal operating subsidiary, CSX Transportation, Inc. ("CSXT"), provides an important link to the…
Risk factors CSX lists in its 10-K
- Opinion on the Financial Statements
- Depreciation Policies for Assets Utilizing the Group-Life Method
- How We Addressed the Matter in Our Audit
- (Dollars in Millions, Except Per Share Amounts)
- Total Liabilities and Shareholders' Equity
- Net Cash Provided by Operating Activities
- Net Cash Used in Investing Activities
- Net Cash Used in Financing Activities
- Cash and Cash Equivalents at End of Period
- NOTE 1. Nature of Operations and Significant Accounting Policies
- Segment Reporting and Significant Expenses,
- Casualty, Environmental and Other Reserves
- Improvements to Income Tax Disclosures
- Disaggregation of Income Statement Expenses