Canadian National Railway (CNI) Stock Analysis

July 23, 2026

This is a peer-relative look at Canadian National Railway (CNI): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Transportation peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Canadian National Railway (CNI)
Profile Item	CNI
Name	Canadian National Railway Company
Country/Region	Canada
GICS Sector	Industrials
GICS Industry Group	Transportation
GICS Industry	Ground Transportation
GICS Sub-Industry	Rail Transportation
Market Capitalization	77.10 billion USD
Currency	USD
Exchange	NYSE
Listing Date	November 26, 1996
Security Type	Common Stock

Price Performance

Cumulative Growth

CNI

GSPC

Canadian National Railway (CNI) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Canadian National Railway (CNI) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian National Railway (CNI) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Total Return (1Y)	30.04%	42.28%
Total Return (3Y, Annualized)	4.47%	10.91%
Total Return (5Y, Annualized)	6.11%	10.49%

Risk Profile

Drawdown History

CNI

GSPC

Canadian National Railway (CNI) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Canadian National Railway (CNI) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Volatility (1Y, Annualized)	21.98%	39.94%
Beta (5Y)	0.96	1.14
Max Drawdown (5Y)	-29.13%	-52.03%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. CNI is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Sharpe Ratio (1Y)	1.18	1.03
Sortino Ratio (1Y)	1.69	1.53

Profitability

ROE (TTM)

Canadian National Railway (CNI) posts ROE of 21.85%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

CNI

Transportation industry group

21.85%

Group distribution

Max: 43.37%
CNI: 21.85%
Q3: 19.94%
Median: 10.23%
Q1: 1.86%
Min: -18.53%

Largest peers

UNP: 40.69%
UBER: 35.31%
UPS: 33.35%
CSX: 23.68%
CNI: 21.85%
FDX: 14.85%
CP: 8.43%

Where Canadian National Railway (CNI) stands on ROE within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Canadian National Railway (CNI) keeps 27.23% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

CNI

Transportation industry group

27.23%

Group distribution

Max: 43.82%
CNI: 27.23%
Q3: 18.75%
Median: 5.20%
Q1: 0.62%
Min: -9.62%

Largest peers

UNP: 29.20%
CNI: 27.23%
CP: 27.21%
CSX: 21.55%
UBER: 15.91%
UPS: 5.94%
FDX: 4.68%

Where Canadian National Railway (CNI) stands on net margin within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Canadian National Railway (CNI) turns 38.41% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

CNI

Transportation industry group

38.41%

Group distribution

Max: 54.53%
CNI: 38.41%
Q3: 24.38%
Median: 7.26%
Q1: 1.31%
Min: -33.27%

Largest peers

UNP: 40.36%
CNI: 38.41%
CP: 37.56%
CSX: 36.16%
UBER: 14.57%
FDX: 11.13%
UPS: 6.33%

Where Canadian National Railway (CNI) stands on operating margin within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
ROE (TTM)	21.85%	10.23%
ROA (TTM)	7.56%	3.47%
Net Margin (TTM)	27.23%	5.20%
Operating Margin (TTM)	38.41%	7.26%
Gross Margin (TTM)	56.66%	27.62%

Growth

Revenue Growth

Canadian National Railway (CNI) grew revenue 1.51%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Canadian National Railway (CNI): Revenue Growth across different time periods, set against Transportation industry-group medians.

EPS Growth

Canadian National Railway (CNI) grew earnings per share 7.99%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Canadian National Railway (CNI): EPS Growth across different time periods, set against Transportation industry-group medians.

Growth Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Revenue Growth (YoY)	1.51%	2.11%
Revenue Growth (3Y CAGR)	0.38%	1.62%
EPS Growth (YoY)	7.99%	-6.71%
EPS Growth (3Y CAGR)	0.58%	-7.47%

Financial Strength

Current Ratio (MRQ)

Canadian National Railway (CNI) has current ratio of 0.67, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

CNI

Transportation industry group

0.67

Group distribution

Max: 2.26
Q3: 1.59
Median: 1.12
Q1: 0.78
CNI: 0.67
Min: 0.30

Largest peers

FDX: 1.48
UPS: 1.21
UBER: 1.07
CSX: 0.97
UNP: 0.92
CP: 0.67
CNI: 0.67

Where Canadian National Railway (CNI) stands on current ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Canadian National Railway (CNI) has debt-to-equity ratio of 1.06, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

CNI

Transportation industry group

1.06

Group distribution

Max: 3.37
Q3: 1.62
CNI: 1.06
Median: 0.84
Q1: 0.36
Min: 0.00

Largest peers

UPS: 1.82
UNP: 1.62
CSX: 1.43
FDX: 1.36
CNI: 1.06
CP: 0.51
UBER: 0.48

Where Canadian National Railway (CNI) stands on debt-to-equity ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Current Ratio (MRQ)	0.67	1.12
Debt / Equity (MRQ)	1.06	0.84
Net Debt / EBITDA	2.45	2.41

Dividends

Dividend Yield (TTM)

Canadian National Railway (CNI) has dividend yield of 2.82%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

CNI

Transportation industry group

2.82%

Group distribution

Max: 4.23%
CNI: 2.82%
Q3: 1.79%
Median: 0.55%
Q1: 0.00%
Min: 0.00%

Largest peers

UPS: 5.80%
CNI: 2.82%
UNP: 1.85%
CSX: 1.06%
CP: 1.00%
UBER: 0.00%
FDX: 0.00%

Where Canadian National Railway (CNI) stands on dividend yield within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Canadian National Railway (CNI) has payout ratio of 47.13%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

CNI

Transportation industry group

47.13%

Group distribution

Max: 106.15%
CNI: 47.13%
Q3: 44.94%
Median: 20.02%
Q1: 0.00%
Min: 0.00%

Largest peers

UPS: 106.15%
CNI: 47.13%
UNP: 45.10%
CSX: 32.52%
FDX: 31.27%
CP: 20.36%
UBER: 0.00%

Where Canadian National Railway (CNI) stands on payout ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
Dividend Yield (TTM)	2.82%	0.55%
Dividend Payout Ratio (TTM)	47.13%	20.02%

Valuation

P/E Ratio (TTM)

Canadian National Railway (CNI) trades at P/E ratio of 23.71, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

CNI

Transportation industry group

23.71

Group distribution

Max: 94.71
Q3: 46.51
CNI: 23.71
Median: 23.58
Q1: 14.12
Min: 1.16

Largest peers

CSX: 30.80
CP: 29.03
UNP: 24.39
CNI: 23.71
UPS: 18.32
UBER: 17.93
FDX: 16.50

Where Canadian National Railway (CNI) stands on P/E ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Canadian National Railway (CNI) trades at 4.46 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

CNI

Transportation industry group

4.46

Group distribution

CNI: 4.46
Max: 4.46
Q3: 2.30
Median: 1.35
Q1: 0.62
Min: 0.07

Largest peers

UNP: 7.05
CSX: 6.55
CP: 5.40
CNI: 4.46
UBER: 2.71
UPS: 1.12
FDX: 0.79

Where Canadian National Railway (CNI) stands on P/S ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Canadian National Railway (CNI) trades at 5.06 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

CNI

Transportation industry group

5.06

Group distribution

Max: 9.10
CNI: 5.06
Q3: 4.59
Median: 2.21
Q1: 1.23
Min: -2.48

Largest peers

UNP: 8.96
CSX: 6.83
UPS: 6.09
UBER: 5.89
CNI: 5.06
CP: 2.46
FDX: 2.40

Where Canadian National Railway (CNI) stands on P/B ratio within its Transportation peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Canadian National Railway (CNI) metric values compared with Transportation industry-group medians
Metric	Current stock: CNI	Industry group median
P/E Ratio (TTM)	23.71	23.58
P/S Ratio (TTM)	4.46	1.35
P/B Ratio (MRQ)	5.06	2.21
Free Cash Flow Yield (TTM)	3.37%	2.46%