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Canadian National Railway Co (CNI) stock analysis

CNINYSERailroads, Line-Haul OperatingFiscal year ends December 31
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 4, 2026Score 8/30
$127.78+0.22 (+0.17%)

Close on Nov 12, 2026Market cap $78.51BP/E 23.8Yield 1.97%

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth1Performance5Health2Dividend0

Weak8 of 30 checks passed

Canadian National Railway passes 8 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
1/6
Past performance
5/6
Financial health
2/6
Dividend
0/6

What stands out

  • Return on equity over 15%

    Return on equity was 22.1% over the last twelve months and averaged 23.4% over five years.

  • Return on capital over 10%

    Return on invested capital was 11.7%, above the 10% that usually covers the cost of capital.

  • Earnings grew over 5 years

    Net income grew 5.8% a year on average over the last five fiscal years.

  • Earnings growth accelerating

    Net income grew 6.1% over the last twelve months, against a 5-year average of 5.8% a year.

What to watch

  • High debt

    Debt is 98.9% of shareholders' equity, above the 40% we consider low.

  • Revenue growing under 10% a year

    Revenue grew 0.4% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 0.6% a year over the last three fiscal years.

  • Growing slower than the industry

    Revenue grew 1.5% over the last twelve months; the Industrials median is 7.9%.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth1/6

  • Revenue growing under 10% a year

    Revenue grew 0.4% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 0.6% a year over the last three fiscal years.

  • Earnings growth accelerating

    Net income grew 6.1% over the last twelve months, against a 5-year average of 5.8% a year.

  • Growing slower than the industry

    Revenue grew 1.5% over the last twelve months; the Industrials median is 7.9%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    This company does not report gross profit.

Past performance5/6

  • Return on equity over 15%

    Return on equity was 22.1% over the last twelve months and averaged 23.4% over five years.

  • Return on capital over 10%

    Return on invested capital was 11.7%, above the 10% that usually covers the cost of capital.

  • Return on equity above the industry

    Canadian National Railway's return on equity of 22.1% is above the Industrials median of 6.0%.

  • Earnings grew over 5 years

    Net income grew 5.8% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 27.3% over the last twelve months, against a 5-year average of 30.1%.

  • Net margin above the industry

    Canadian National Railway's net margin of 27.3% is above the Industrials median of 2.5%.

Financial health2/6

  • High debt

    Debt is 98.9% of shareholders' equity, above the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 66.0% five years ago to 98.9%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 33.0% of total debt.

  • Interest well covered

    Operating income covers interest expense 7.2 times.

  • Short-term assets don't cover short-term debts

    Current assets are 0.67 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    Canadian National Railway has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Canadian National Railway. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$141.88M
Value traded per 1% price move
$139.52M

Downside

Low risk

Typical loss in a bad month
8.8%
Volatility (annualized)
22%
Sharpe ratio, 1 year
1.37
Beta to the S&P 500 (5Y)
0.58

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Operating margin

38.1%+3.5 pts over 5 years

Net margin

27.3%+1.5 pts over 5 years

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