Question 1

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

Accepted Answer

Canadian National Railway (CNI) P/B ratio is 4.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Canadian National Railway specifically, the relevant sector benchmark is the current sector median of 5.0×.

Question 5

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

Accepted Answer

Canadian National Railway's P/B ratio of 4.8× is below its own 5-year average of 4.8× and below the sector median of 5.0×. That places the current reading at the 42th 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/B ratio range?

Accepted Answer

In the available daily series, Canadian National Railway (CNI) P/B ratio has ranged from a low of 1.0× in 2009 to a high of 7.1× in 2021. The 5-year average is 4.8× and the 5-year median is 4.8×.

Question 7

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

Accepted Answer

Canadian National Railway (CNI) P/B ratio at the end of 2025 was 3.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$60.83B	$15.71B	3.9×	-0.5×	Dec 31, 2025
2024	$64.46B	$14.64B	4.4×	-1.0×	Dec 31, 2024
2023	$81.41B	$15.20B	5.4×	+0.3×	Dec 31, 2023
2022	$80.23B	$15.79B	5.1×	+0.3×	Dec 31, 2022
2021	$86.52B	$17.99B	4.8×	-0.3×	Dec 31, 2021
2020	$78.13B	$15.41B	5.1×	+0.4×	Dec 31, 2020
2019	$65.38B	$13.90B	4.7×	+0.5×	Dec 31, 2019
2018	$54.26B	$12.93B	4.2×	-0.5×	Dec 31, 2018
2017	$62.46B	$13.24B	4.7×	+0.0×	Dec 31, 2017
2016	$51.90B	$11.05B	4.7×	+0.6×	Dec 31, 2016
2015	$44.51B	$10.81B	4.1×	-0.7×	Dec 31, 2015
2014	$56.02B	$11.60B	4.8×	+0.9×	Dec 31, 2014
2013	$47.54B	$12.18B	3.9×	+2.1×	Dec 31, 2013
2012	$19.58B	$11.08B	1.8×	+0.1×	Dec 31, 2012
2011	$17.47B	$10.46B	1.7×	+0.3×	Dec 31, 2011
2010	$15.34B	$11.34B	1.4×	-1.0×	Dec 31, 2010
2009	$25.57B	$10.74B	2.4×	+0.4×	Dec 31, 2009
2008	$17.20B	$8.67B	2.0×	+0.8×	Dec 31, 2008
2007	$11.79B	$10.29B	1.1×	-1.5×	Dec 31, 2007
2006	$22.10B	$8.42B	2.6×	-0.1×	Dec 31, 2006
2005	$21.59B	$7.96B	2.7×	+0.4×	Dec 31, 2005
2004	$17.50B	$7.71B	2.3×	+0.4×	Dec 31, 2004
2003	$11.95B	$6.53B	1.8×	+0.3×	Dec 31, 2003
2002	$8.29B	$5.31B	1.6×	-0.4×	Dec 31, 2002
2001	$9.35B	$4.71B	2.0×	—	Dec 31, 2001


PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Fortive (FTV)	2.9×
Southwest Airlines (LUV)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.5×
Axon Enterprise (TASR)	2.4×
Builders FirstSource (BLDR)	2.3×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Delta Air Lines (DAL)	2.1×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Archer Aviation (ACHR)	1.9×
United Airlines Holdings (UAL)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
MDU Resources Group (MDU)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×
Alaska Air Group (ALK)	1.1×
Versant Media Group, Inc. Class A (VSNT)	0.7×

P/B Ratio for Canadian National Railway (CNI)

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

Historical P/B Ratio for Canadian National Railway (CNI) from 2001 to 2025

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

Canadian National Railway P/B Ratio by Year

Canadian National Railway P/B Ratio 2025: 3.9×

Canadian National Railway P/B Ratio 2024: 4.4×

Canadian National Railway P/B Ratio 2023: 5.4×

Canadian National Railway P/B Ratio 2022: 5.1×

Canadian National Railway P/B Ratio 2021: 4.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Canadian National Railway (CNI) Key Financials

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

Historical P/B Ratio for Canadian National Railway (CNI) from 2001 to 2025

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

Canadian National Railway P/B Ratio by Year

Canadian National Railway P/B Ratio 2025: 3.9×

Canadian National Railway P/B Ratio 2024: 4.4×

Canadian National Railway P/B Ratio 2023: 5.4×

Canadian National Railway P/B Ratio 2022: 5.1×

Canadian National Railway P/B Ratio 2021: 4.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Canadian National Railway's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

Canadian National Railway (CNI) Key Financials