CANADIAN NATIONAL RAILWAY CO
CNI · Railroads, Line-Haul Operating · EDGAR filings ↗
Grade
B82Wide-moat Class I railroad with top-decile margins and cash generation, but revenue growth has stalled.
Strengths
- Operating margin 38% (96th pct), net margin 27% (90th), OCF margin 41% (91st)
- FCF $3.4B (96th pct), ROE 21.9% (81st), ROA 8% (85th)
Risks
- Revenue growth just 1.5% (35th pct) — a real top-line stall
- Tight liquidity: current ratio 0.67 (~15th-21st pct)
Notable findings
- Weak liquidityCurrent ratio 0.67 (<1)
- Strong balance sheetStrong balance sheet — $256M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
38.1%
Net margin
27.3%
Return on equity
21.9%
Return on assets
8.1%
ROIC
12.2%
Revenue growth (QoQ)
2.0%
Net-income growth
11.5%
Debt / equity
1.0×
Net debt / EBITDA
2.4×
Current ratio
0.7×
Free cash flow
$2.5B
EBITDA
$6.2B
Tangible book value
$15.6B
Cash & investments
$256M
Stock comp / revenue
0.6%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-04 | 2025-12-31 | 0001104659-26-010352 ↗ |
| 40-F | 2025-02-04 | 2024-12-31 | 0001104659-25-009198 ↗ |
| 40-F | 2024-01-31 | 2023-12-31 | 0001104659-24-008861 ↗ |
| 40-F | 2023-01-31 | 2022-12-31 | 0001104659-23-008653 ↗ |
| 40-F | 2022-02-01 | 2021-12-31 | 0001104659-22-010419 ↗ |
| 40-F | 2021-02-01 | 2020-12-31 | 0001104659-21-010326 ↗ |
| 40-F | 2020-02-03 | 2019-12-31 | 0001104659-20-009382 ↗ |
| 40-F | 2019-02-01 | 2018-12-31 | 0001104659-19-005119 ↗ |
| 40-F | 2018-01-31 | 2017-12-31 | 0001104659-18-005597 ↗ |
| 40-F | 2017-02-01 | 2016-12-31 | 0001104659-17-005816 ↗ |
| 40-F | 2016-02-01 | 2015-12-31 | 0000950103-16-010713 ↗ |
| 40-F | 2015-02-02 | 2014-12-31 | 0000950103-15-000809 ↗ |