CSX Industrials

CSX Corporation

$50.72-1.74%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Railroads
Country: United States
Market cap: 94.0B USD
Enterprise value: 107.7B USD
Full-time employees: 22,200

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.20 vs a peer median of 0.64), less short-term liquidity (current ratio 0.82 vs a peer median of 1.62) and more debt relative to equity (1.34× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.20 vs peers 0.64), less liquidity (current ratio 0.82 vs peers 1.62) and more debt vs equity (1.34× vs peers 0.40×)
About average: valuation

Ranks #1,494 of 2,308 industrials companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $9.9B vs $7.7B of free cash flow over the 3 fiscal years to 2025.
CSX returned $9.9B to shareholders over three years, 129% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Operating margin at a 6-year low. 32% in 2025, the weakest of the last 6 years.
CSX's operating margin fell to 32% in 2025, its lowest in the 6 years of filings we have.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
CSX's fiscal-year revenue declined in each of the three years to 2025.
Share count shrinking. Shares outstanding down 10% from December 2022 to June 2026.
CSX had 10% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

44/ 100

Oct 5 45 → Nov 4 44 (-1)

Valuation

Is the price right?

42/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 41 → 42

Share price -3.0%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.12Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.24Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield3.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.20Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield15.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

36/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.6%

Why

Weaker than most peers on:

▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.10Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth-1.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.86Sector median: 0.0421 · MAD: 0.0625

Revenue growth2.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.24Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin34.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.02Sector median: 0.0773 · MAD: 0.0507

Return on assets7.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.71Sector median: 0.0311 · MAD: 0.0241

Return on invested capital12.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.92Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin47.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity22.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.20

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.04Sector median: 0.6440 · MAD: 0.2745

Current ratio0.82×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.49Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.34×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.77Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about CSX

Is CSX getting weaker?: Its latest SEC filing (Jul 22, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is CSX valued vs its peers?: Priced about in line with its peers. Valuation scores 42/100 against 2,459 industrials peers.
Is CSX growing?: More slowly than most of its peers. Growth scores 36/100 against 2,459 industrials peers. 3-year revenue growth -1.2% vs a peer median of 4.2% (weaker than 73% of peers).3-year revenue growth -1.2% vs peers 4.2% (weaker than 73% of peers).
How profitable is CSX?: More profitable than most of its peers. Profitability scores 90/100 against 2,459 industrials peers. Operating margin 34.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 34.2% vs peers 7.7% (stronger than 95% of peers).
How risky is CSX?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.82× vs a peer median of 1.62× (weaker than 92% of peers).Current ratio 0.82× vs peers 1.62× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 22, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	14.2B USD	14.5B USD	+2.6%
Net income (12 months)	3.0B USD	3.2B USD	+5.7%
Operating margin	33.4%	34.2%	+0.7 pts
Free cash flow (12 months)	1.9B USD	2.8B USD	+46.8%
Debt	18.9B USD	18.9B USD	−0.0%
Cash	964.0M USD	1.0B USD	+4.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Railroads companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	44.7%	40.1%	37.5%	36.1%	32.1%	▼ 4.0 pts
Net margin	30.2%	27.7%	25.0%	23.9%	20.5%	▼ 3.4 pts
Return on assets (ROA)	9.3%	9.9%	8.7%	8.1%	6.6%	▼ 1.5 pts
Return on equity (ROE)	28.1%	33.0%	30.6%	27.7%	22.0%	▼ 5.8 pts
Free cash flow margin	26.4%	23.0%	22.2%	18.7%	12.1%	▼ 6.6 pts
Current ratio	1.73×	1.56×	1.04×	0.86×	0.81×	▼ 5.4%
Debt to equity	1.22×	1.45×	1.55×	1.48×	1.43×	▼ 3.1%
Interest coverage	—	8.02×	6.80×	6.30×	5.36×	▼ 15%

CSX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.20 vs a peer median of 0.64), less short-term liquidity (current ratio 0.82 vs a peer median of 1.62) and more debt relative to equity (1.34× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.20 vs peers 0.64), less liquidity (current ratio 0.82 vs peers 1.62) and more debt vs equity (1.34× vs peers 0.40×)

About average: valuation

Ranks #1,494 of 2,308 industrials companies (bottom 36%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $9.9B vs $7.7B of free cash flow over the 3 fiscal years to 2025.

CSX returned $9.9B to shareholders over three years, 129% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Operating margin at a 6-year low. 32% in 2025, the weakest of the last 6 years.

CSX's operating margin fell to 32% in 2025, its lowest in the 6 years of filings we have.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

CSX's fiscal-year revenue declined in each of the three years to 2025.

Share count shrinking. Shares outstanding down 10% from December 2022 to June 2026.

CSX had 10% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about CSX

Is CSX getting weaker?

Its latest SEC filing (Jul 22, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is CSX valued vs its peers?

Priced about in line with its peers. Valuation scores 42/100 against 2,459 industrials peers.

Is CSX growing?

More slowly than most of its peers. Growth scores 36/100 against 2,459 industrials peers. 3-year revenue growth -1.2% vs a peer median of 4.2% (weaker than 73% of peers).3-year revenue growth -1.2% vs peers 4.2% (weaker than 73% of peers).

How profitable is CSX?

More profitable than most of its peers. Profitability scores 90/100 against 2,459 industrials peers. Operating margin 34.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 34.2% vs peers 7.7% (stronger than 95% of peers).

How risky is CSX?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.82× vs a peer median of 1.62× (weaker than 92% of peers).Current ratio 0.82× vs peers 1.62× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

14.2B USD

14.5B USD

+2.6%

Net income (12 months)

3.0B USD

3.2B USD

+5.7%

Operating margin

33.4%

34.2%

+0.7 pts

Free cash flow (12 months)

1.9B USD

2.8B USD

+46.8%

Debt

18.9B USD

18.9B USD

−0.0%

Cash

964.0M USD

1.0B USD

+4.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

44.7%

40.1%

37.5%

36.1%

32.1%

▼ 4.0 pts

Net margin

30.2%

27.7%

25.0%

23.9%

20.5%

▼ 3.4 pts

Return on assets (ROA)

9.3%

9.9%

8.7%

8.1%

6.6%

▼ 1.5 pts

Return on equity (ROE)

28.1%

33.0%

30.6%

27.7%

22.0%

▼ 5.8 pts

Free cash flow margin

26.4%

23.0%

22.2%

18.7%

12.1%

▼ 6.6 pts

Current ratio

1.73×

1.56×

1.04×

0.86×

0.81×

▼ 5.4%

Debt to equity

1.22×

1.45×

1.55×

1.48×

1.43×

▼ 3.1%

Interest coverage

—

8.02×

6.80×

6.30×

5.36×

▼ 15%