CSX Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings	4,166)	3,781)	2,765)	3,331)	3,309)
Net noncash charges	1,362)	1,145)	1,496)	1,402)	1,324)
Changes in operating assets and liabilities	91)	173)	2)	117)	8)
Net cash provided by operating activities	5,619)	5,099)	4,263)	4,850)	4,641)
Interest paid, net of amounts capitalized, net of tax¹	561)	549)	572)	554)	472)
Property additions	(2,133)	(1,791)	(1,626)	(1,657)	(1,745)
Proceeds and advances from property dispositions	246)	529)	56)	254)	319)
Free cash flow to the firm (FCFF)	4,293)	4,386)	3,265)	4,001)	3,687)

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 See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the CSX Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	CSX Corp. FCFF increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

CSX Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	23.10%	23.60%	23.80%	22.80%	23.10%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax	729)	718)	750)	717)	614)
Less: Interest paid, net of amounts capitalized, tax²	168)	169)	179)	163)	142)
Interest paid, net of amounts capitalized, net of tax	561)	549)	572)	554)	472)

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 See details »

² 2022 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 729 × 23.10% = 168

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CSX Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	78,608)
Free cash flow to the firm (FCFF)	4,293)
Valuation Ratio
EV/FCFF	18.31
Benchmarks
EV/FCFF, Competitors¹
FedEx Corp.	22.43
Uber Technologies Inc.	40.65
Union Pacific Corp.	30.08
United Parcel Service Inc.	22.35
EV/FCFF, Sector
Transportation	26.24
EV/FCFF, Industry
Industrials	30.22

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

CSX Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	81,293)	91,202)	80,813)	75,818)	69,207)
Free cash flow to the firm (FCFF)²	4,293)	4,386)	3,265)	4,001)	3,687)
Valuation Ratio
EV/FCFF³	18.94	20.80	24.76	18.95	18.77
Benchmarks
EV/FCFF, Competitors⁴
FedEx Corp.	19.13	18.72	—	87.04	—
Uber Technologies Inc.	136.28	—	—	—	—
Union Pacific Corp.	23.83	26.42	25.20	25.44	—
United Parcel Service Inc.	16.63	16.95	28.23	39.28	—
EV/FCFF, Sector
Transportation	22.96	23.87	65.92	104.98	—
EV/FCFF, Industry
Industrials	24.88	28.41	72.49	31.28	—

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 See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 81,293 ÷ 4,293 = 18.94

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	CSX Corp. EV/FCFF ratio decreased from 2020 to 2021 and from 2021 to 2022.

CSX Corp. (NASDAQ:CSX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical