# Canadian National Railway Company (CNI) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Industrials / Road & Rail. Price $123.37, market value $74.6 billion.

## Valuation
- **P/E (trailing): 21.9×** (5-yr avg 14.0×, 3-yr avg 13.6×). Canadian National Railway Company trades at 21.9× trailing earnings, well above its own five-year average of 14.0×: investors are paying up relative to the company's past. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 19.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 2.37**. A PEG of 2.37 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 4.2×**. Each dollar of revenue is priced at 4.2×.
- **Price / book: 4.7×**. The shares trade at 4.7× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 10.4×**. Enterprise value is 10.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 4.8%** (5-yr avg 5.1%). Free cash flow equals 4.8% of the market value, in line with its five-year average of 5.1%.
- **Earnings yield: 4.6%**. The inverse of the P/E: 4.6% of the price is earned each year.

## Profitability
- **Gross margin: 42.0%**. Canadian National Railway Company keeps 42.0% of revenue after the direct cost of what it sells.
- **Operating margin: 37.5%**. 37.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 27.3%**. 27.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 21.9%**. 21.9% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 11.7%**. Return on all capital, debt included, is 11.7%.
- **Return on assets: 8.2%**. Each dollar of assets produces 8.2% of profit.

## Growth
- **Revenue growth (1 yr): 1.5%** (3-yr 0.4%/yr). Revenue grew 1.5% over the last year.
- **EPS growth (1 yr): 8.0%** (3-yr 0.6%/yr). Earnings per share rose 8.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -4.7%/yr**. Free cash flow has compounded at -4.7% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.00**. Debt is 1.00 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 2.3×**. It would take 2.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 7.1×**. Operating profit covers interest 7.1× over, a safe margin.
- **Current ratio: 0.67** (quick 0.47). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 2.37**. A Z-score of 2.37 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 7/9**. 7 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend yield: 2.11%** ($2.60 per share, trailing). Canadian National Railway Company yields 2.11%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 47%** (62% of free cash flow). 47% of earnings goes out as dividends, leaving room to keep raising it.
- **Dividend growth (5 yr): 7.1%/yr** (1-yr -0.2%). The dividend has grown 7.1% a year over five years.
- **Shareholder yield: 6.1%**. Dividends plus net buybacks return 6.1% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (13 analysts). 13 analysts cover Canadian National Railway Company; the consensus is buy, with an average price target of $140.03 (+14% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 29.9%** (YTD 26.3%, 3-mo 3.0%). The shares are up 29.9% over twelve months including dividends.
- **From 52-week high: -6.2%** (36.0% above the low). Trading 6% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 43**. An RSI of 43 is neutral.
- **Beta (1 yr): 0.38** (volatility 22%). Beta of 0.38 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CNI · Page: https://foliofundamentals.com/stocks/cni

Not investment advice.