Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
CSX Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to CSX Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Long-term Activity Ratios (Summary)
CSX Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the quarterly financial ratios reveals several notable trends over the examined period.
- Net Fixed Asset Turnover
- This ratio demonstrated a gradual decline from the beginning of 2019 through mid-2020, dropping from 0.39 to a low of 0.33 by December 2020. This decrease indicates a diminishing efficiency in generating sales from net fixed assets during this time. However, from 2021 onward, there was a consistent recovery and improvement, with the ratio increasing steadily to 0.44 by March 2023, surpassing earlier levels. This suggests an enhanced utilization of fixed assets in revenue generation in the most recent quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The trend for this adjusted measure closely parallels the net fixed asset turnover ratio, showing a similar decline up to late 2020, reaching approximately 0.32, followed by a steady improvement through to early 2023. The inclusion of operating leases and right-of-use assets slightly lowers the turnover values compared to the standard measure, but the overall movement indicates improved operational efficiency in managing both owned and leased fixed assets over time.
- Total Asset Turnover
- This ratio exhibits a mild downward trend from 0.32 at the start of 2019 to a trough around 0.27 by the end of 2020. The decline suggests a reduction in the overall efficiency of asset use in generating revenues, potentially reflecting either asset growth outpacing sales or operational challenges. Post-2020, the ratio reverses the trend, climbing to 0.37 by March 2023, highlighting a strengthening in asset utilization efficiency in recent periods.
- Equity Turnover
- Equity turnover started near 1.00 in early 2019 and generally declined during the next 18 months, reaching a low around 0.80 in late 2020. This downward movement indicates slower revenue generation relative to shareholders' equity during that phase. Notably, from late 2020, a clear upward trend is observed, culminating at 1.23 by the first quarter of 2023. This improvement points to enhanced efficiency in generating sales from equity capital in the more recent quarters.
Overall, the financial ratios indicate that the company experienced a period of reduced efficiency in asset and equity utilization leading up to the end of 2020. Subsequently, there has been a consistent and meaningful recovery in these turnover ratios, reflecting better management and utilization of assets and equity to drive revenue growth through early 2023.
Net Fixed Asset Turnover
CSX Corp., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Properties, net | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Net fixed asset turnover
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Properties, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several key trends over the examined periods.
- Revenue Trends
- Revenue exhibited fluctuations with an overall upward trajectory after a mid-period decline. Initially, revenue remained relatively stable around the 3,000 million USD mark, peaking slightly before the first quarter of 2020. A notable drop occurred during early 2020, coinciding with broader economic disruptions, where revenue fell below 2,300 million USD. Subsequently, the revenue progressively recovered and increased, reaching peaks near 3,800 million USD in mid to late 2022. The latest figures demonstrate a modest decrease but maintain a higher level than the early periods, suggesting a resilient rebound and expansion.
- Properties, Net
- The net value of properties showed a consistent, gradual increase throughout the reporting periods. Starting near 31,988 million USD, the net properties value steadily rose to over 34,000 million USD by the first quarter of 2023. This steady appreciation indicates ongoing capital investment and asset accumulation, reflecting an expanding asset base.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced a decline in the initial periods, dropping from 0.39 to about 0.33 between early 2019 and late 2020. This decrease suggests reduced efficiency in generating revenue from fixed assets during that timeframe. However, from late 2020 onwards, the ratio progressively improved, reaching 0.44 by the first quarter of 2023. The rising turnover ratio alongside increasing revenue points to enhanced utilization of fixed assets for revenue generation, marking an improvement in operational efficiency.
In summary, the data reveals a temporary adverse impact on revenue and asset efficiency in early 2020, followed by a strong recovery and growth in both revenue and fixed asset utilization. The incremental increase in net properties supports the firm’s capital investment strategy, while the improving turnover ratio highlights better management of fixed assets in recent quarters.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
CSX Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Properties, net | |||||||||||||||||||||||
| Right-of-use operating lease asset | |||||||||||||||||||||||
| Properties, net (including operating lease, right-of-use asset) | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Properties, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in revenue, net fixed assets, and asset turnover ratios over the period examined.
- Revenue Trends
- Revenue exhibited fluctuations throughout the timeline, beginning at approximately $3.013 billion and experiencing a decline towards mid-2020, reaching a low point near $2.255 billion. This drop likely corresponds to external economic conditions affecting performance. Subsequently, revenue recovered steadily, reaching a peak above $3.8 billion in the third quarter of 2022, followed by a slight decrease towards the first quarter of 2023 but maintaining levels above $3.7 billion. This recovery indicates resilience and effective adaptation to market conditions.
- Properties, Net (including operating lease, right-of-use asset)
- The net properties, representing the asset base including operating leases and right-of-use assets, remained relatively stable throughout the period, beginning near $32.5 billion and displaying incremental increases each quarter. By the end of the period, the asset base reached approximately $34.8 billion. The steady increase suggests ongoing investment in fixed assets or capitalization of leased assets, supporting operational capacity.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio started at 0.38 and trended downward through 2020, reaching a low of 0.32, indicative of reduced efficiency in generating revenue from fixed assets during that period. However, from 2021 onward, the ratio demonstrated a consistent upward trend, climbing to 0.44 by the first quarter of 2023. This improvement signifies enhanced utilization of fixed assets or improved revenue generation relative to the asset base.
In summary, the data reflects a period of revenue contraction followed by recovery, a stable increase in asset base, and an overall improvement in asset efficiency ratios. The synchronization of higher revenue levels with improved fixed asset turnover suggests effective operational management and asset utilization post-2020.
Total Asset Turnover
CSX Corp., total asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Total asset turnover
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited fluctuations over the analyzed period. Initially, revenue values hovered around the 2,900 to 3,000 million USD range throughout 2019. In early 2020, there was a noticeable decline, with a drop to approximately 2,255 million USD in mid-2020, likely reflecting adverse conditions in that period. Subsequently, revenue showed a gradual recovery and growth, peaking at 3,895 million USD in late 2022 before slightly retreating to around 3,706 million USD in the first quarter of 2023. Overall, the latter part of the dataset indicates a rebound and an upward trend in revenue following the mid-2020 trough.
- Total Assets Dynamics
- Total assets remained relatively stable throughout the entire timeframe, with minor fluctuations in the range of approximately 38,000 to 42,000 million USD. There was a slight upward trend observed from mid-2021 through late 2022, reaching its highest level near 42,242 million USD, followed by a moderate decrease in early 2023. This stability suggests consistent capital base and asset management without major expansions or contractions.
- Total Asset Turnover Analysis
- The total asset turnover ratio, measuring efficiency in using assets to generate revenue, generally declined from 0.32-0.33 in early 2019 to a low of 0.27 in late 2020. This downward movement aligns with reduced revenue efficiency during the mid-2020 period of lower sales. From early 2021 onwards, there was a progressive improvement, rising steadily to 0.37 by the first quarter of 2023, indicating enhanced asset utilization. This improvement corresponds temporally with the recovery and growth in revenue, reflecting better operational efficiency relative to asset size.
- Overall Insights
- The data suggests a period of disruption or weaker performance around mid-2020, likely impacting revenue and asset turnover negatively. Following this period, both revenue and asset turnover showed consistent improvement, signaling recovery and increased efficiency. Total assets remained largely stable, supporting the interpretation that the company leveraged its existing asset base more effectively post-2020 to drive revenue growth. The upward trend in asset turnover ratio in combination with rising revenue denotes enhanced operational productivity in the most recent quarters analyzed.
Equity Turnover
CSX Corp., equity turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Shareholders’ equity, attributable to CSX | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2023 Calculation
Equity turnover
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Shareholders’ equity, attributable to CSX
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited fluctuations over the analyzed periods, with an initial moderate decline from the first quarter of 2019 through the second quarter of 2020, reaching a low point in mid-2020. There was a subsequent recovery starting in the third quarter of 2020, with revenue generally increasing into 2021 and peaking in the third quarter of 2022. Following this peak, a modest decline is evident in the subsequent quarters through the first quarter of 2023.
- Shareholders’ Equity
- Shareholders' equity demonstrated relative stability, with minor decreases and increases over the quarters. The equity level slightly declined from early 2019 through early 2020, followed by a gradual increase into late 2020 and early 2021. From mid-2021 onwards, shareholders' equity experienced a slight downward trend, ending notably lower in the first quarter of 2023 compared to the start of the period.
- Equity Turnover Ratio
- The equity turnover ratio showed a generally decreasing trend from early 2019 through the end of 2020, indicating reduced efficiency in generating revenue from shareholders' equity during this timeframe. Beginning in early 2021, the ratio rose steadily, surpassing previous levels and reaching its highest point in the first quarter of 2023. This improvement suggests enhanced utilization of equity to generate revenue in recent periods.
- Overall Insights
- The data suggest a period of operational challenge around 2020, reflected in declining revenue and equity turnover, likely impacting profitability and asset utilization. However, the recovery in revenue and equity turnover ratio post-2020 indicates an effective response to these challenges. The steady reduction in shareholders' equity toward the end of the period may warrant further examination to determine underlying causes, such as dividend policies, share repurchases, or changes in retained earnings.