CNI vs. UAL: Canadian National Railway vs. United Airlines Stock Comparison

November 11, 2026

How do Canadian National Railway (CNI) and United Airlines (UAL) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Canadian National Railway (CNI) and United Airlines (UAL) both fall under the Transportation industry group, but CNI is classified in Ground Transportation while UAL is classified in Passenger Airlines.

Company profile comparison for Canadian National Railway (CNI) and United Airlines (UAL)
Profile Item	CNI	UAL
Name	Canadian National Railway Co.	United Airlines Holdings, Inc.
Country/Region	Canada	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Transportation	Transportation
GICS Industry	Ground Transportation	Passenger Airlines
GICS Sub-Industry	Rail Transportation	Passenger Airlines
Market Capitalization	74.40 billion USD	36.63 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	November 26, 1996	February 6, 2006
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CNI

UAL

GSPC

Canadian National Railway (CNI) vs. United Airlines (UAL), with S&P 500 (GSPC) for reference: 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 United Airlines (UAL). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian National Railway (CNI) and United Airlines (UAL). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Total Return (1Y)	35.29%	22.35%
Total Return (3Y, Annualized)	6.80%	47.27%
Total Return (5Y, Annualized)	1.12%	17.68%

Risk Profile

Drawdown History

CNI

UAL

GSPC

Canadian National Railway (CNI) vs. United Airlines (UAL), with S&P 500 (GSPC) for reference: 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 United Airlines (UAL). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Volatility (1Y, Annualized)	22.27%	48.88%
Beta (5Y)	0.89	1.32
Max Drawdown (5Y)	-29.13%	-49.19%
Avg. Volume (3M)	1.22M	4.24M

Risk-Adjusted Performance

Risk-Return Positioning

CNI and UAL are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Sharpe Ratio (1Y)	1.39	0.37
Sortino Ratio (1Y)	2.00	0.59

Profitability

ROE (TTM)

Both Canadian National Railway (CNI) at 22.45% and United Airlines (UAL) at 22.31% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

CNI

Transportation industry group

22.45%

Max: 45.08%
CNI: 22.45%
Q3: 22.02%
Median: 13.94%
Q1: 2.89%
Min: -10.45%

UAL

Transportation industry group

22.31%

Max: 45.08%
UAL: 22.31%
Q3: 22.02%
Median: 13.94%
Q1: 2.89%
Min: -10.45%

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their ROE against the Transportation industry group benchmark.

Net Margin (TTM)

Canadian National Railway (CNI) at 26.42% retains a top-quartile share of revenue as profit, ahead of United Airlines (UAL) at 5.46%, which keeps about the industry-typical share.

CNI

Transportation industry group

26.42%

Max: 50.36%
CNI: 26.42%
Q3: 21.18%
Median: 5.58%
Q1: 1.55%
Min: -11.37%

UAL

Transportation industry group

5.46%

Max: 50.36%
Q3: 21.18%
Median: 5.58%
UAL: 5.46%
Q1: 1.55%
Min: -11.37%

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their net margin against the Transportation industry group benchmark.

Operating Margin (TTM)

Canadian National Railway (CNI) at 41.52% operates in the top operating margin quartile, ahead of United Airlines (UAL) at 7.03%, which runs around its industry’s norm.

CNI

Transportation industry group

41.52%

Max: 59.18%
CNI: 41.52%
Q3: 29.30%
Median: 11.50%
Q1: 4.62%
Min: -8.91%

UAL

Transportation industry group

7.03%

Max: 59.18%
Q3: 29.30%
Median: 11.50%
UAL: 7.03%
Q1: 4.62%
Min: -8.91%

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their operating margin against the Transportation industry group benchmark.

Profitability Metrics

Profitability metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
ROE (TTM)	22.45%	22.31%
ROA (TTM)	7.87%	3.31%
Net Margin (TTM)	26.42%	5.46%
Operating Margin (TTM)	41.52%	7.03%
Gross Margin (TTM)	55.44%	30.87%

Growth

Revenue Growth

Both Canadian National Railway (CNI) at 1.51% and United Airlines (UAL) at 3.52% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Canadian National Railway (CNI) at 7.99% and United Airlines (UAL) at 7.94% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Revenue Growth (YoY)	1.51%	3.52%
Revenue Growth (3Y CAGR)	0.38%	9.53%
EPS Growth (YoY)	7.99%	7.94%
EPS Growth (3Y CAGR)	0.58%	66.00%

Financial Strength

Current Ratio (MRQ)

Canadian National Railway (CNI) at 0.82 keeps current ratio within its industry’s typical mid-range, while United Airlines (UAL) at 0.75 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for UAL.

CNI

Transportation industry group

0.82

Max: 2.58
Q3: 1.62
Median: 1.16
CNI: 0.82
Q1: 0.78
Min: 0.22

UAL

Transportation industry group

0.75

Max: 2.58
Q3: 1.62
Median: 1.16
Q1: 0.78
UAL: 0.75
Min: 0.22

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their current ratio against the Transportation industry group benchmark.

Debt / Equity (MRQ)

Canadian National Railway (CNI) at 1.09 carries an industry-typical debt-to-equity mix, while United Airlines (UAL) at 1.93 uses more debt funding than most peers.

CNI

Transportation industry group

1.09

Max: 2.75
Q3: 1.37
CNI: 1.09
Median: 0.78
Q1: 0.35
Min: 0.00

UAL

Transportation industry group

1.93

Max: 2.75
UAL: 1.93
Q3: 1.37
Median: 0.78
Q1: 0.35
Min: 0.00

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their debt-to-equity ratio against the Transportation industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Current Ratio (MRQ)	0.82	0.75
Debt / Equity (MRQ)	1.09	1.93
Net Debt / EBITDA	2.46	2.79

Dividends

Dividend Yield (TTM)

United Airlines (UAL) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Canadian National Railway (CNI) reports a yield of 2.87%, ranking against industry peers normally.

CNI

Transportation industry group

2.87%

Max: 4.68%
CNI: 2.87%
Q3: 1.99%
Median: 0.74%
Q1: 0.00%
Min: 0.00%

UAL

Transportation industry group

0.00%

Max: 4.68%
Q3: 1.99%
Median: 0.74%
UAL: 0.00%
Q1: 0.00%
Min: 0.00%

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their dividend yield against the Transportation industry group benchmark.

Dividend Payout Ratio (TTM)

United Airlines (UAL) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Canadian National Railway (CNI) reports a payout of 45.63%, ranking against industry peers normally.

CNI

Transportation industry group

45.63%

Max: 100.89%
CNI: 45.63%
Q3: 41.68%
Median: 20.43%
Q1: 0.00%
Min: 0.00%

UAL

Transportation industry group

0.00%

Max: 100.89%
Q3: 41.68%
Median: 20.43%
UAL: 0.00%
Q1: 0.00%
Min: 0.00%

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their payout ratio against the Transportation industry group benchmark.

Dividend Metrics

Dividend metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
Dividend Yield (TTM)	2.87%	0.00%
Dividend Payout Ratio (TTM)	45.63%	0.00%

Valuation

P/E Ratio (TTM)

United Airlines (UAL) at 10.32 sits in the cheaper P/E ratio quartile, while Canadian National Railway (CNI) at 21.61 is closer to its industry’s usual earnings multiple — a discount for UAL, though growth and earnings durability still matter.

CNI

Transportation industry group

21.61

Max: 46.76
Q3: 30.87
CNI: 21.61
Median: 20.58
Q1: 10.44
Min: 0.00

UAL

Transportation industry group

10.32

Max: 46.76
Q3: 30.87
Median: 20.58
Q1: 10.44
UAL: 10.32
Min: 0.00

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their P/E ratio against the Transportation industry group benchmark.

P/S Ratio (TTM)

United Airlines (UAL) at 0.56 is priced about in line with its industry on P/S ratio, while Canadian National Railway (CNI) at 4.05 sits in the pricier quartile — CNI costs more per dollar of sales.

CNI

Transportation industry group

4.05

Max: 4.35
CNI: 4.05
Q3: 2.07
Median: 0.93
Q1: 0.53
Min: 0.04

UAL

Transportation industry group

0.56

Max: 4.35
Q3: 2.07
Median: 0.93
UAL: 0.56
Q1: 0.53
Min: 0.04

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their P/S ratio against the Transportation industry group benchmark.

P/B Ratio (MRQ)

United Airlines (UAL) at 2.06 is valued about in line with its industry on P/B ratio, while Canadian National Railway (CNI) at 4.77 carries an above-peer premium to book — CNI is pricier on assets.

CNI

Transportation industry group

4.77

Max: 6.29
CNI: 4.77
Q3: 3.39
Median: 1.90
Q1: 1.03
Min: -2.07

UAL

Transportation industry group

2.06

Max: 6.29
Q3: 3.39
UAL: 2.06
Median: 1.90
Q1: 1.03
Min: -2.07

Canadian National Railway (CNI) vs. United Airlines (UAL): A comparison of their P/B ratio against the Transportation industry group benchmark.

Valuation Metrics

Valuation metrics for Canadian National Railway (CNI) and United Airlines (UAL)
Metric	CNI	UAL
P/E Ratio (TTM)	21.61	10.32
P/S Ratio (TTM)	4.05	0.56
P/B Ratio (MRQ)	4.77	2.06
Free Cash Flow Yield (TTM)	3.30%	-1.57%