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Canadian National Railway Company CNR.TO

CA · Toronto Stock Exchange · XTSE · stock · Industrials · website

Canadian National Railway Company statistics & valuation

Market capC$106.4B
P / E22.5×
P / S6.1×
P / B4.9×
P / FCF31.4×
Dividend yield2.08%
Net margin27.3%
Return on equity21.9%
FCF margin19.6%
Net debtC$21.3B
Enterprise value USD$92.0B
Earnings yield EBIT/EV5.2%
Return on capital12%
Graham number -55.7%C$77.93

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (C$77.93); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
29.90% 33.40% 26.10% 27.30% 2022202320242025
Gross margin (%)
43.20% 42.50% 40.90% 42.40% 2022202320242025
Operating margin (%)
40.00% 39.20% 37.10% 38.10% 2022202320242025
Return on equity (%)
23.90% 28.00% 21.10% 21.90% 2022202320242025
Shares outstanding
604.9M 604.9M 604.9M 604.9M 2022202320242025
Net debt (C$)
C$15.57B C$18.41B C$20.98B C$21.28B 2022202320242025
Share buybacks (C$)
C$4.81B C$4.58B C$2.65B C$2.12B 2022202320242025
Return on assets (%)
10.10% 10.70% 7.80% 8.10% 2022202320242025
Free cash flow margin (%)
22.90% 22.50% 18.50% 19.60% 2022202320242025
Debt / equity (×)
0.74× 0.94× 1.02× 1.00× 2022202320242025
EPS (C$)
C$7.44 C$8.53 C$7.01 C$7.57 2022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Canadian National Railway Company trades at about 23.2× earnings — near its 10-year norm (10-year range 17.3×–21.7×, median 21.3×).

17.3× 23.2×

Shaded band = 10-year range (17.3×–21.7×); dot = today's 23.2×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022
Gross margin42.4%40.9%42.5%43.2%
Operating margin38.1%37.1%39.2%40.0%
Net margin27.3%26.1%33.4%29.9%
FCF margin19.6%18.5%22.5%22.9%
Return on assets8.1%7.8%10.7%10.1%
Return on equity21.9%21.1%28.0%23.9%
Debt / equity0.94×0.94×0.80×0.67×
Current ratio0.670.660.610.84

Computed from company filings · CA · as of 2025-12-31. Figures in CAD. Facts plus Stocktoria's own computed scores — not investment advice.