Question 1

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

Accepted Answer

Canadian National Railway (CNI) P/E ratio is 23.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Canadian National Railway specifically, the relevant sector benchmark is the current sector median of 27.8×.

Question 5

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

Accepted Answer

Canadian National Railway's P/E ratio of 23.0× is above its own 5-year average of 20.0× and below the sector median of 27.8×. That places the current reading at the 88th 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/E ratio range?

Accepted Answer

In the available daily series, Canadian National Railway (CNI) P/E ratio has ranged from a low of 4.6× in 2009 to a high of 30.7× in 2021. The 5-year average is 20.0× and the 5-year median is 19.5×.

Question 7

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

Accepted Answer

Canadian National Railway (CNI) P/E ratio at the end of 2025 was 18.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$3.38B	18.0×	-1.8×	Dec 31, 2025
2024	$64.5B	$3.25B	19.9×	+0.3×	Dec 31, 2024
2023	$81.4B	$4.16B	19.6×	-0.9×	Dec 31, 2023
2022	$80.2B	$3.92B	20.5×	-1.7×	Dec 31, 2022
2021	$86.5B	$3.91B	22.1×	-7.1×	Dec 31, 2021
2020	$78.1B	$2.67B	29.3×	+8.7×	Dec 31, 2020
2019	$65.4B	$3.18B	20.6×	+4.3×	Dec 31, 2019
2018	$54.3B	$3.33B	16.3×	+1.6×	Dec 31, 2018
2017	$62.5B	$4.26B	14.7×	-4.2×	Dec 31, 2017
2016	$51.9B	$2.75B	18.9×	+2.8×	Dec 31, 2016
2015	$44.5B	$2.76B	16.1×	-3.4×	Dec 31, 2015
2014	$56B	$2.87B	19.5×	+0.8×	Dec 31, 2014
2013	$47.5B	$2.54B	18.7×	+11.4×	Dec 31, 2013
2012	$19.6B	$2.68B	7.3×	+0.3×	Dec 31, 2012
2011	$17.5B	$2.49B	7.0×	-0.5×	Dec 31, 2011
2010	$15.3B	$2.04B	7.5×	-8.0×	Dec 31, 2010
2009	$25.6B	$1.65B	15.5×	+5.8×	Dec 31, 2009
2008	$17.2B	$1.77B	9.7×	+4.0×	Dec 31, 2008
2007	$11.8B	$2.06B	5.7×	-6.3×	Dec 31, 2007
2006	$22.1B	$1.85B	12.0×	-5.1×	Dec 31, 2006
2005	$21.6B	$1.27B	17.1×	-1.0×	Dec 31, 2005
2004	$17.5B	$969M	18.1×	+2.0×	Dec 31, 2004
2003	$11.9B	$742M	16.1×	-0.1×	Dec 31, 2003
2002	$8.29B	$511M	16.2×	—	Dec 31, 2002


General Dynamics (GD)	21.9×
Pentair (PNR)	21.1×
Lennox International (LII)	20.6×
Copart (CPRT)	20.4×
Union Pacific (UNP)	19.9×
Allegion (ALLE)	19.7×
Alamo Group (ALG)	19.6×
Andersons (ANDE)	19.0×
Carlisle Companies (CSL)	18.8×
Snap-on (SNA)	18.5×
Brady (BRC)	18.5×
FedEx (FDX)	18.4×
Pool (POOL)	18.1×
McGrath RentCorp (MGRC)	17.5×
Honeywell International (HON)	17.5×
A. O. Smith (AOS)	17.4×
Textron (TXT)	16.6×
Northrop Grumman (NOC)	16.1×
United Parcel Service (UPS)	15.9×
Delta Air Lines (DAL)	15.5×
ABM Industries (ABM)	15.2×
Masco (MAS)	14.6×
Upwork (UPWK)	12.9×
United Airlines Holdings (UAL)	12.7×
AGCO (AGCO)	10.9×

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

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

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

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

Canadian National Railway P/E Ratio by Year

Canadian National Railway P/E Ratio 2025: 18.0×

Canadian National Railway P/E Ratio 2024: 19.9×

Canadian National Railway P/E Ratio 2023: 19.6×

Canadian National Railway P/E Ratio 2022: 20.5×

Canadian National Railway P/E Ratio 2021: 22.1×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Canadian National Railway (CNI) Key Financials