Stock Analysis on Net

CSX Corp. (NASDAQ:CSX)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Return on Capital (ROC)

Microsoft Excel

Return on capital (ROC) is after tax rate of return on net business assets. ROIC is unaffected by changes in interest rates or company debt and equity structure. It measures business productivity performance.


Return on Invested Capital (ROIC)

CSX Corp., ROIC calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 4,863 4,534 3,545 4,174 4,106
Invested capital2 38,278 37,644 37,637 34,802 34,219
Performance Ratio
ROIC3 12.70% 12.04% 9.42% 11.99% 12.00%
Benchmarks
ROIC, Competitors4
FedEx Corp. 7.54% 11.15% 4.40% 2.29%
Uber Technologies Inc. -55.79% -5.09% -31.45% -40.29%
Union Pacific Corp. 13.87% 13.09% 11.40% 12.88%
United Parcel Service Inc. 28.42% 34.07% 3.42% 14.07%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 NOPAT. See details »

2 Invested capital. See details »

3 2022 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 4,863 ÷ 38,278 = 12.70%

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. CSX Corp. ROIC improved from 2020 to 2021 and from 2021 to 2022.

Decomposition of ROIC

CSX Corp., decomposition of ROIC

Microsoft Excel
ROIC = OPM1 × TO2 × 1 – CTR3
Dec 31, 2022 12.70% = 41.38% × 0.39 × 79.11%
Dec 31, 2021 12.04% = 45.46% × 0.33 × 79.64%
Dec 31, 2020 9.42% = 41.45% × 0.28 × 80.81%
Dec 31, 2019 11.99% = 42.19% × 0.34 × 82.88%
Dec 31, 2018 12.00% = 40.49% × 0.36 × 82.79%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the increase in return on invested capital (ROIC) over 2022 year is the increase in efficiency measured by turnover of capital (TO) ratio.


Operating Profit Margin (OPM)

CSX Corp., OPM calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 4,863 4,534 3,545 4,174 4,106
Add: Cash operating taxes2 1,284 1,159 842 862 854
Net operating profit before taxes (NOPBT) 6,147 5,693 4,387 5,037 4,960
 
Revenue 14,853 12,522 10,583 11,937 12,250
Profitability Ratio
OPM3 41.38% 45.46% 41.45% 42.19% 40.49%
Benchmarks
OPM, Competitors4
FedEx Corp. 6.41% 9.60% 4.03% 2.35%
Uber Technologies Inc. -27.42% -2.86% -57.75% -56.69%
Union Pacific Corp. 41.70% 44.40% 41.95% 40.84%
United Parcel Service Inc. 15.59% 17.83% 3.14% 8.61%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2022 Calculation
OPM = 100 × NOPBT ÷ Revenue
= 100 × 6,147 ÷ 14,853 = 41.38%

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. CSX Corp. OPM improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Turnover of Capital (TO)

CSX Corp., TO calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Revenue 14,853 12,522 10,583 11,937 12,250
Invested capital1 38,278 37,644 37,637 34,802 34,219
Efficiency Ratio
TO2 0.39 0.33 0.28 0.34 0.36
Benchmarks
TO, Competitors3
FedEx Corp. 1.41 1.31 1.20 1.31
Uber Technologies Inc. 1.95 1.09 0.53 0.69
Union Pacific Corp. 0.42 0.37 0.33 0.38
United Parcel Service Inc. 2.24 2.19 2.55 2.04

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 Invested capital. See details »

2 2022 Calculation
TO = Revenue ÷ Invested capital
= 14,853 ÷ 38,278 = 0.39

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. CSX Corp. TO improved from 2020 to 2021 and from 2021 to 2022.

Effective Cash Tax Rate (CTR)

CSX Corp., CTR calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 4,863 4,534 3,545 4,174 4,106
Add: Cash operating taxes2 1,284 1,159 842 862 854
Net operating profit before taxes (NOPBT) 6,147 5,693 4,387 5,037 4,960
Tax Rate
CTR3 20.89% 20.36% 19.19% 17.12% 17.21%
Benchmarks
CTR, Competitors4
FedEx Corp. 16.39% 11.08% 9.29% 25.81%
Uber Technologies Inc.
Union Pacific Corp. 20.10% 21.23% 18.83% 16.88%
United Parcel Service Inc. 18.63% 12.80% 57.24% 19.83%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2022 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 1,284 ÷ 6,147 = 20.89%

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. CSX Corp. CTR increased from 2020 to 2021 and from 2021 to 2022.