CSX Corporation (CSX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.6%

$17.84

vs $51.81 price

Levered DCF

$11.70

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.94

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.54×	18.03×	18.95×	15.89×	22.38×	25.21×	17.35×	16.05×
P/B	5.13×	5×	5.81×	5.24×	6.27×	5.31×	4.86×	4.23×
P/S	4.79×	4.3×	4.75×	4.46×	6.76×	6.57×	4.83×	4.35×
EV / EBITDA	13.76×	11.43×	12.05×	10.9×	13.99×	14.49×	11.46×	10.7×
Gross margin	33.2%	37.9%	38.2%	38.5%	42.2%	42.0%	40.6%	38.7%
Operating margin	32.1%	36.9%	37.3%	40.1%	41.2%	41.0%	39.8%	37.9%
Net margin	20.5%	23.9%	25.0%	27.7%	30.2%	26.1%	27.9%	27.0%
Current ratio	0.81×	0.86×	1.04×	1.56×	1.73×	2.2×	1.52×	1.34×
Debt / equity	1.47×	1.52×	1.59×	1.47×	1.25×	1.31×	1.41×	1.17×
Interest coverage	5.36×	6.45×	6.76×	8.02×	7.15×	5.75×	6.44×	7.27×
Dividend yield	1.4%	1.5%	1.3%	1.3%	1.0%	1.1%	1.3%	1.4%
Payout ratio	33.6%	26.8%	24.0%	20.7%	22.2%	28.8%	22.9%	22.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	27.8%	30.6%	32.6%	28.0%	21.1%	28.1%	26.3%
Return on invested capital	8.4%	10.2%	10.5%	11.6%	10.2%	8.7%	10.1%	10.2%
Return on assets	6.6%	8.1%	8.7%	9.8%	9.3%	6.9%	8.7%	9.0%
Free cash flow yield	2.5%	4.4%	4.7%	5.3%	3.9%	3.8%	5.5%	5.4%
Earnings yield	4.3%	5.6%	5.3%	6.2%	4.5%	4.0%	5.8%	6.2%
Enterprise value	$86.3B	$80.5B	$87.3B	$82.8B	$99.2B	$83.5B	$73.4B	$67.1B
Net debt / EBITDA	2.98×	2.56×	2.44×	2.18×	2.06×	2.43×	2.46×	2.22×
Cash conversion cycle (days)	4	-2	3	1	2	1	-10	-3