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Held by 661 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 57% of free cash flow, leaving room to grow it and fund buybacks. Last year: $972.0M dividends + $1.40B buybacks = $2.37B returned on $1.71B FCF.
4 consecutive years of dividend increases · -3%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $51.99 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $2.56B on the 3-yr avg basis).
On the basis ($2.51B) the requirement is 14.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.4% is more optimistic than its 9-yr track record.
Default is 8.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.85B shares (market data) · net debt $18.87B
mean 20.9% · volatility σ 55% · implied rate exceeded in 3/9 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (55%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $958.0M covers the $245.0M due within a year 3.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.5% on $18.87B of debt.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 3 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| UNP | $180.6B | 25.4× | 17.3× | 7.4× | 1.1% | — | 29.1% | 38.7% | 13.8% | 2.6× | 1,021 |
| CSX | $96.3B | 33.8× | 18.6× | 6.8× | -3.1% | — | 20.5% | 22.0% | 9.0% | 3.0× | 661 |
| NSC | $77.0B | 26.9× | 16.1× | 6.3× | 0.5% | — | 23.6% | 18.5% | 8.8% | 2.7× | 631 |
| FIP | $338M | — | 28.9× | 0.7× | 51.6% | — | -30.3% | -713% | -4.0% | — | 17 |
Peers = companies sharing CSX's sector (Railroads, Line-Haul Operating) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.09B 100.0% | $14.54B 100.0% | $14.66B 100.0% | $14.85B 100.0% | $12.52B 100.0% | $10.58B 100.0% | $11.94B 100.0% | $12.25B 100.0% | $11.41B 100.0% | $11.07B 100.0% |
| Total Operating Expenses | — | — | — | — | — | — | — | $7.38B 60.3% | $7.69B 67.4% | $7.66B 69.2% |
| Operating Income | $4.52B 32.1% | $5.25B 36.1% | $5.50B 37.5% | $5.95B 40.1% | $5.59B 44.7% | $4.36B 41.2% | $4.96B 41.6% | $4.87B 39.7% | $3.72B 32.6% | $3.41B 30.8% |
| Interest Expense | $844.0M 6.0% | $832.0M 5.7% | $809.0M 5.5% | $742.0M 5.0% | — | — | — | — | $546.0M 4.8% | $579.0M 5.2% |
| Other Income (Expense), net | $92.0M 0.7% | $142.0M 1.0% | $139.0M 0.9% | $133.0M 0.9% | $79.0M 0.6% | $19.0M 0.2% | $88.0M 0.7% | $74.0M 0.6% | $53.0M 0.5% | $22.0M 0.2% |
| Pretax Income | $3.77B 26.7% | $4.55B 31.3% | $4.83B 32.9% | $5.34B 36.0% | $4.95B 39.5% | $3.63B 34.3% | $4.32B 36.2% | $4.30B 35.1% | $3.14B 27.5% | $2.74B 24.8% |
| Income Tax Expense | $880.0M 6.2% | $1.08B 7.5% | $1.16B 7.9% | $1.23B 8.3% | $1.17B 9.3% | $862.0M 8.1% | $985.0M 8.3% | $995.0M 8.1% | -$2.33B -20.4% | $1.03B 9.3% |
| Net Income | $2.89B 20.5% | $3.47B 23.9% | $3.67B 25.0% | $4.11B 27.7% | $3.78B 30.2% | $2.77B 26.1% | $3.33B 27.9% | $3.31B 27.0% | $5.47B 48.0% | $1.71B 15.5% |
| Per Share | ||||||||||
| EPS (Basic) | $1.54 | $1.79 | $1.83 | $1.93 | $1.68 | $1.20 | $1.39 | $3.86 | $6.01 | $1.81 |
| EPS (Diluted) | $1.54 | $1.79 | $1.82 | $1.92 | $1.68 | $1.20 | $1.39 | $3.84 | $5.99 | $1.81 |
| Weighted Avg Shares (Basic) | 1.87B | 1.94B | 2.01B | 2.14B | 2.25B | 2.30B | 2.39B | 857.0M | 911.0M | 947.0M |
| Weighted Avg Shares (Diluted) | 1.87B | 1.94B | 2.01B | 2.14B | 2.25B | 2.31B | 2.40B | 861.0M | 914.0M | 948.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 22% against ROIC 9% — 13% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 4.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating Income | 39.7 | 41.6 | 41.2 | 44.7 | 40.1 | 37.5 | 36.1 | 32.1 |
| Income Tax | 8.1 | 8.3 | 8.1 | 9.3 | 8.3 | 7.9 | 7.5 | 6.2 |
| Net Income | 27.0 | 27.9 | 26.1 | 30.2 | 27.7 | 25.0 | 23.9 | 20.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CSX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.6% | 8.2% (today's — no rate published for this year) | 5.3pts |
| FY2020 | 12.1% | 8.2% (today's — no rate published for this year) | 3.9pts |
| FY2021 | 15.0% | 8.2% (today's — no rate published for this year) | 6.8pts |
| FY2022 | 15.4% | 7.7% | 7.7pts |
| FY2023 | 13.5% | 7.8% | 5.7pts |
| FY2024 | 12.7% | 8.1% | 4.6pts |
| FY2025 | 10.6% | 7.8% | 2.8pts |
| Now | 9.0% | 8.2% | 0.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 30.8% | 15.5% |
| FY2017 | not reported | 32.6% | 48.0% |
| FY2018 | not reported | 39.7% | 27.0% |
| FY2019 | not reported | 41.6% | 27.9% |
| FY2020 | not reported | 41.2% | 26.1% |
| FY2021 | not reported | 44.7% | 30.2% |
| FY2022 | not reported | 40.1% | 27.7% |
| FY2023 | not reported | 37.5% | 25.0% |
| FY2024 | not reported | 36.1% | 23.9% |
| FY2025 | not reported | 32.1% | 20.5% |
Leverage and buybacks account for 13 points of the 22% return on equity in FY2025. The business earns 9% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$80M of goodwill — 0% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 4 years running even as the spread stayed positive.
Converts 0.79x of reported profit into cash — adequate, without much margin.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 3.7x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.36x |
| 5% | 5.09x |
| 10% | 4.82x |
| 15% | 4.55x |
| 20% | 4.29x |
| 25% | 4.02x |
| 30% | 3.75x |
| 35% | 3.48x |
| 40% | 3.21x |
| 45% | 2.95x |
| 50% | 2.68x |
| 55% | 2.41x |
| 60% | 2.14x |
This schedule comes from a filing dated 2019-12-31, 2496 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-12-31 (10-K); cash from the 2019-12-31 balance sheet; FCF from FY2019.
Balance sheet at 2019-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.4x today but falls to 3.7x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $51.99, free cash flow must compound 14.48%/yr for 10 years. It has done -9.88%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −17.4% | 14.5% |
| FY2021 | 25.4% | 14.5% |
| FY2022 | 3.2% | 14.5% |
| FY2023 | −4.6% | 14.5% |
| FY2024 | −16.5% | 14.5% |
| FY2025 | −37.0% | 14.5% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.89B | $2.89B |
| Share-based comp | $54M | $2.94B |
| Other non-cash & working capital | $1.67B | $4.61B |
| Operating cash flow | $4.61B | $4.61B |
| Capex | −$2.90B | $1.71B |
| Free cash flow | $1.71B | $1.71B |
| FCF after SBC | $1.66B | $1.66B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -11.3% | -7.5% | 3.8 points |
| FY2021 | 18.3% | 25.9% | 7.6 points |
| FY2022 | 18.6% | 14.4% | -4.3 points |
| FY2023 | -1.3% | 6.1% | 7.4 points |
| FY2024 | -0.8% | -4.8% | -4.0 points |
| FY2025 | -3.1% | -2.1% | 1.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 30.1 days | not reported | not reported | not reported |
| FY2020 | 31.5 days | not reported | not reported | not reported |
| FY2021 | 33.5 days | not reported | not reported | not reported |
| FY2022 | 32.3 days | not reported | not reported | not reported |
| FY2023 | 34.7 days | not reported | not reported | not reported |
| FY2024 | 33.3 days | not reported | not reported | not reported |
| FY2025 | 33.6 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.0 percent |
| FY2020 | -3.8 percent |
| FY2021 | -3.3 percent |
| FY2022 | -3.4 percent |
| FY2023 | -4.4 percent |
| FY2024 | -4.2 percent |
| FY2025 | -4.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-26 | Zillmer John J Director | Open-market sale | 19,500 | $51.24 | $999k |
| 2026-10-01 | Angel Stephen F President & CEO | Grantindirect | 194 | $46.54 | — |
| 2026-09-25 | Cory Michael A. EVP & COO | Tax withholding | 12,611 | $46.78 | $590k |
| 2026-09-15 | Whisler J Steven Director |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Grantindirect |
| 771 |
| $48.66 |
| $38k |
| 2026-09-01 | Angel Stephen F President & CEO | Grantindirect | 185 | $48.70 | — |
| 2026-08-03 | Angel Stephen F President & CEO | Grantindirect | 181 | $49.83 | — |
| 2026-07-24 | Williams Angela C VP & Chief Accounting Officer | Open-market sale | 30,000 | $53.29 | $1.6m |
| 2026-07-24 | 3 co-filers SVP - CLO & Corp Secy | Option exercise | 13,000 | $26.50 | $345k |
| 2026-07-24 | 3 co-filers SVP - CLO & Corp Secy | Exercise & sell | 13,000 | $52.68 | $685k |
| 2026-07-24 | 3 co-filers SVP - CLO & Corp Secy | Option exercise | 13,000 | $0.00 | — |
| 2026-07-01 | Angel Stephen F President & CEO | Grantindirect | 187 | $48.33 | — |
| 2026-06-15 | Whisler J Steven Director | Grantindirect | 791 | $47.39 | $37k |
| 2026-06-03 | 5 co-filers EVP & CFO | Option exercise | 13,455 | $22.70 | $305k |
| 2026-06-03 | Zillmer John J Director | Open-market sale | 10,000 | $46.45 | $465k |
| 2026-06-03 | 5 co-filers EVP & CFO | Option exercise | 123,253 | $23.48 | $2.9m |
| 2026-06-03 | 5 co-filers EVP & CFO | Exercise & sell | 136,708 | $46.70 | $6.4m |
| 2026-06-03 | 5 co-filers EVP & CFO | Option exercise | 13,455 | $0.00 | — |
| 2026-06-03 | 5 co-filers EVP & CFO | Option exercise | 123,253 | $0.00 | — |
| 2026-06-01 | Angel Stephen F President & CEO | Grantindirect | 197 | $45.86 | — |
| 2026-05-01 | Angel Stephen F President & CEO | Grantindirect | 200 | $45.09 | — |
| 2026-04-01 | Angel Stephen F President & CEO | Grantindirect | 218 | $41.44 | — |
| 2026-03-13 | Whisler J Steven Director | Grantindirect | 954 | $39.30 | $37k |
| 2026-03-06 | Angel Stephen F President & CEO | Open-market buy | 25,000 | $40.27 | $1.0m |
| 2026-03-02 | Angel Stephen F President & CEO | Grantindirect | 209 | $43.17 | — |
| 2026-03-02 | Zillmer John J Director | Gift | 5,850 | $0.00 | $0 |
| 2026-02-26 | Hilal Paul C Director | Grant | 4,455 | $0.00 | $0 |
| 2026-02-26 | Moffett David M Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers Group filing | Grant | 4,455 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers VP & Chief Accounting Officer | Grant | 1,876 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers President & CEO | Grant | 63,306 | $0.00 | $0 |
| 2026-02-26 | Bostick Thomas Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Vautrinot Suzanne M Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Whisler J Steven Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Riefler Linda H Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Begeman Ann D. Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Halverson Steven T Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | Wainscott James L Director | Grant | 4,455 | $0.00 | $0 |
| 2026-02-26 | Chow Anne H Director | Grantindirect | 4,455 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers SVP & CCO | Grant | 9,379 | $0.00 | $0 |
| 2026-02-26 | 2 co-filers EVP - CD & TO | Grant | 10,903 | $0.00 | $0 |