Industrials · Rail Transportation · US stock · price as of 22 Oct 2026
Key indicators
Price
$51.67
52-week range
$33.63 – $53.60
Market cap
$96.1B
P/E (trailing)
29.9×
EV / EBITDA
17.2×
Free-cash-flow yield
2.9%
Dividend yield
1.1%
Revenue (last 12 months)
$14.5B
Revenue growth (3y a year)
−1.7%
Operating margin
34.2%
Return on invested capital
12.0%
Net debt / EBITDA
2.6×
Fair value
Fair value (average of valid models)$39.98 middle half of models $41 – $44
Versus priceOvervalued−23% to fair value
P/E multiple
$48.73
P/B multiple
$46.68
P/S multiple
$40.82
EV/EBITDA multiple
$47.81
EV/EBIT multiple
$43.97
EV/revenue multiple
$43.00
10-year DCF, EBITDA exit
$41.25
5-year DCF, EBITDA exit
$44.50
10-year DCF, revenue exit
$40.67
5-year DCF, revenue exit
$44.04
10-year DCF, growth exit
$26.88
5-year DCF, growth exit
$27.04
Dividend discount, multi-stage
$21.17
Earnings power value
$43.18
Model uncertainty
Medium
X-Ray Score
28/ 100 · High confidence · ahead of 2% of sector peers
Valuation20
Growth12
Profitability50
Financial health17
Dividends46
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Across the eastern United States, CSX operates a major freight railroad that links ports, industrial centres and large population areas. It carries coal, intermodal containers, chemicals, automotive products, agricultural and food goods, forest products and minerals. Customers are shippers such as manufacturers, utilities, retailers and logistics companies, along with other railroads that connect to its network. The company owns and maintains its own track, terminals and locomotives.
Freight charges for moving customers' goods across its network produced revenue of $14.5 billion over the last twelve months. Revenue has changed at -1.7% a year across the last three years. The operating margin is 34.2% and the business earns 12% on the capital invested in it. Net debt is 2.6 times EBITDA, and the dividend yield is 1.1%.
StocksXray gives Csx Corp an X-Ray Score of 28 out of 100 (high confidence), ahead of 2% of the S&P 500 stocks in its sector. Its strongest lens is profitability (50) and its weakest is growth (12).
Our fair value (the average of the valid models) is $39.98 (range $40.71 to $44.38). At $51.67 the stock trades 29% above that value, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Csx Corp (CSX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$35.23
$29.39
$33.36
$31.47
$35.92
$51.67
Market cap
$79.4B
$62.9B
$67.2B
$61.1B
$67.3B
$96.1B
P/E
21.0×
15.3×
18.3×
17.6×
23.3×
29.9×
EV / revenue
7.5×
5.3×
5.7×
5.4×
6.1×
7.8×
EV / EBITDA
13.3×
10.6×
11.9×
11.4×
13.8×
17.2×
Price / free cash flow
24.0×
18.4×
20.6×
22.5×
39.3×
34.4×
Free-cash-flow yield
4.2%
5.4%
4.9%
4.4%
2.5%
2.9%
Price / book
5.9×
5.0×
5.6×
4.9×
5.1×
6.8×
Dividend yield
1.05%
1.36%
1.32%
1.53%
1.45%
1.06%
Fundamentals checklist ● 1 Good · ● 2 Average · ● 12 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.7%Average
Free-cash-flow yield2.9%Bad
Risk models
Altman Z score1.9×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−7.1%Bad
Free-cash-flow growth (3y)−20.6%Bad
Revenue growth (3y)−1.7%Bad
Growth consistency40%Bad
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA2.6×Bad
Interest cover5.9×Bad
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield4.4%Average
Profitability
Return on invested capital12.0%Bad
Operating margin34.2%Good
XStocksXray
Csx Corp (CSX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,522
14,853
14,657
14,540
14,092
14,512
Gross profit
–
–
–
–
–
–
Operating income
5,594
5,954
5,499
5,245
4,521
4,956
Net income
3,781
4,114
3,668
3,470
2,889
3,223
Diluted EPS ($)
1.68
1.92
1.82
1.79
1.54
1.73
Free cash flow
3,308
3,413
3,257
2,718
1,711
2,796
Gross margin
–
–
–
–
–
–
Operating margin
44.7%
40.1%
37.5%
36.1%
32.1%
34.2%
Net margin
30.2%
27.7%
25.0%
23.9%
20.5%
22.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
40,531
41,682
42,200
42,764
43,682
44,726
Cash
2,239
1,958
1,353
933
670
1,007
Total debt
16,366
18,047
18,533
18,503
18,873
18,864
Equity
13,451
12,469
11,985
12,507
13,160
14,088
Dividend per share ($)
0.37
0.40
0.44
0.48
0.52
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
