CSX Corp., FCFE 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)
Property additions	(2,133)	(1,791)	(1,626)	(1,657)	(1,745)
Proceeds and advances from property dispositions	246)	529)	56)	254)	319)
Long-term debt repaid	(186)	(426)	(745)	(518)	(19)
Long-term debt issued	2,000)	—)	1,000)	2,000)	3,000)
Free cash flow to equity (FCFE)	5,546)	3,411)	2,948)	4,929)	6,196)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to CSX Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	CSX Corp. FCFE increased from 2020 to 2021 and from 2021 to 2022.

CSX Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	2,033,054,922
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	5,546)
FCFE per share	2.73
Current share price (P)	30.81
Valuation Ratio
P/FCFE	11.29
Benchmarks
P/FCFE, Competitors¹
FedEx Corp.	22.22
Uber Technologies Inc.	38.29
Union Pacific Corp.	32.81
United Parcel Service Inc.	14.59
P/FCFE, Sector
Transportation	22.30
P/FCFE, Industry
Industrials	28.76

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

¹ Click competitor name to see calculations.

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

CSX Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	2,062,605,434	2,193,389,444	2,287,515,174	2,321,476,695	2,446,891,098
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	5,546)	3,411)	2,948)	4,929)	6,196)
FCFE per share³	2.69	1.56	1.29	2.12	2.53
Share price^1, 4	31.67	35.17	29.39	26.50	22.70
Valuation Ratio
P/FCFE⁵	11.78	22.62	22.81	12.48	8.96
Benchmarks
P/FCFE, Competitors⁶
FedEx Corp.	19.48	36.75	13.28	38.51	—
Uber Technologies Inc.	333.68	139.66	—	—	—
Union Pacific Corp.	13.19	17.16	18.08	15.24	—
United Parcel Service Inc.	21.80	22.62	33.39	19.54	—
P/FCFE, Sector
Transportation	20.55	24.57	31.15	31.09	—
P/FCFE, Industry
Industrials	23.85	—	49.40	28.48	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,546,000,000 ÷ 2,062,605,434 = 2.69

⁴ Closing price as at the filing date of CSX Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 31.67 ÷ 2.69 = 11.78

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	CSX Corp. P/FCFE ratio decreased from 2020 to 2021 and from 2021 to 2022.

CSX Corp. (NASDAQ:CSX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical