Question 1

What is Canadian National Railway's P/FCF ratio?

Accepted Answer

Canadian National Railway (CNI) P/FCF ratio is 30.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Canadian National Railway?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Canadian National Railway specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Canadian National Railway's P/FCF ratio high or low?

Accepted Answer

Canadian National Railway's P/FCF ratio of 30.3× is above its own 5-year average of 27.0× and above the sector median of 24.3×. That places the current reading at the 92th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Canadian National Railway's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Canadian National Railway (CNI) P/FCF ratio has ranged from a low of 8.8× in 2011 to a high of 44.3× in 2019. The 5-year average is 27.0× and the 5-year median is 26.4×.

Question 7

What was Canadian National Railway's P/FCF ratio in 2025?

Accepted Answer

Canadian National Railway (CNI) P/FCF ratio at the end of 2025 was 25.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Canadian National Railway's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$60.8B	$2.43B	25.0×	-3.1×	Dec 31, 2025
2024	$64.5B	$2.29B	28.1×	-1.0×	Dec 31, 2024
2023	$81.4B	$2.8B	29.1×	+1.9×	Dec 31, 2023
2022	$80.2B	$2.95B	27.2×	+0.6×	Dec 31, 2022
2021	$86.5B	$3.25B	26.6×	-5.1×	Dec 31, 2021
2020	$78.1B	$2.46B	31.7×	-10.4×	Dec 31, 2020
2019	$65.4B	$1.55B	42.1×	+12.6×	Dec 31, 2019
2018	$54.3B	$1.84B	29.5×	+0.9×	Dec 31, 2018
2017	$62.5B	$2.18B	28.6×	+1.2×	Dec 31, 2017
2016	$51.9B	$1.89B	27.4×	+4.0×	Dec 31, 2016
2015	$44.5B	$1.9B	23.4×	-6.0×	Dec 31, 2015
2014	$56B	$1.9B	29.5×	-1.7×	Dec 31, 2014
2013	$47.5B	$1.53B	31.2×	+16.4×	Dec 31, 2013
2012	$19.6B	$1.32B	14.8×	+2.2×	Dec 31, 2012
2011	$17.5B	$1.39B	12.6×	+1.4×	Dec 31, 2011
2010	$15.3B	$1.37B	11.2×	-21.9×	Dec 31, 2010
2009	$25.6B	$772M	33.1×	+3.6×	Dec 31, 2009
2008	$17.2B	$582M	29.5×	+17.7×	Dec 31, 2008
2007	$11.8B	$993M	11.9×	-3.3×	Dec 31, 2007
2006	$22.1B	$1.45B	15.2×	-2.1×	Dec 31, 2006
2005	$21.6B	$1.25B	17.3×	-4.0×	Dec 31, 2005
2004	$17.5B	$823M	21.3×	+3.5×	Dec 31, 2004
2003	$11.9B	$671M	17.8×	-1.5×	Dec 31, 2003
2002	$8.29B	$430M	19.3×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Canadian National Railway (CNI) 2002-2026

P/FCF Ratio daily chart for Canadian National Railway (CNI)

Historical P/FCF Ratio for Canadian National Railway (CNI) from 2002 to 2025

About P/FCF Ratio at Canadian National Railway (CNI)

Canadian National Railway P/FCF Ratio by Year

Canadian National Railway P/FCF Ratio 2025: 25.0×

Canadian National Railway P/FCF Ratio 2024: 28.1×

Canadian National Railway P/FCF Ratio 2023: 29.1×

Canadian National Railway P/FCF Ratio 2022: 27.2×

Canadian National Railway P/FCF Ratio 2021: 26.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Canadian National Railway (CNI) Key Financials