CNI vs. UNP: Canadian National Railway vs. Union Pacific Stock Comparison

October 26, 2026

How do Canadian National Railway (CNI) and Union Pacific (UNP) 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 Union Pacific (UNP) are both classified in the Rail Transportation sub-industry within the broader Ground Transportation industry, placing them in the closest GICS peer bucket.

Company profile comparison for Canadian National Railway (CNI) and Union Pacific (UNP)
Profile Item	CNI	UNP
Name	Canadian National Railway Co.	Union Pacific Corp.
Country/Region	Canada	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Transportation	Transportation
GICS Industry	Ground Transportation	Ground Transportation
GICS Sub-Industry	Rail Transportation	Rail Transportation
Market Capitalization	74.39 billion USD	173.99 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	November 26, 1996	January 2, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CNI

UNP

GSPC

Canadian National Railway (CNI) vs. Union Pacific (UNP), 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 Union Pacific (UNP). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Canadian National Railway (CNI) and Union Pacific (UNP). 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 Union Pacific (UNP)
Metric	CNI	UNP
Total Return (1Y)	30.55%	35.90%
Total Return (3Y, Annualized)	7.42%	14.62%
Total Return (5Y, Annualized)	0.07%	6.65%

Risk Profile

Drawdown History

CNI

UNP

GSPC

Canadian National Railway (CNI) vs. Union Pacific (UNP), 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 Union Pacific (UNP). 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 Union Pacific (UNP)
Metric	CNI	UNP
Volatility (1Y, Annualized)	21.98%	22.59%
Beta (5Y)	0.91	0.86
Max Drawdown (5Y)	-29.13%	-31.83%
Avg. Volume (3M)	1.32M	2.62M

Risk-Adjusted Performance

Risk-Return Positioning

CNI and UNP 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 Union Pacific (UNP)
Metric	CNI	UNP
Sharpe Ratio (1Y)	1.19	1.39
Sortino Ratio (1Y)	1.70	2.24

Profitability

ROE (TTM)

Both Canadian National Railway (CNI) at 22.02% and Union Pacific (UNP) at 38.75% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

CNI

Transportation industry group

22.02%

Max: 42.67%
CNI: 22.02%
Q3: 21.70%
Median: 11.61%
Q1: 1.76%
Min: -15.07%

UNP

Transportation industry group

38.75%

Max: 42.67%
UNP: 38.75%
Q3: 21.70%
Median: 11.61%
Q1: 1.76%
Min: -15.07%

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their ROE against the Transportation industry group benchmark.

Net Margin (TTM)

For every dollar of sales, both Canadian National Railway (CNI) at 26.92% and Union Pacific (UNP) at 28.90% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

CNI

Transportation industry group

26.92%

Max: 50.36%
CNI: 26.92%
Q3: 20.86%
Median: 5.08%
Q1: 0.94%
Min: -11.37%

UNP

Transportation industry group

28.90%

Max: 50.36%
UNP: 28.90%
Q3: 20.86%
Median: 5.08%
Q1: 0.94%
Min: -11.37%

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their net margin against the Transportation industry group benchmark.

Operating Margin (TTM)

Both Canadian National Railway (CNI) at 40.27% and Union Pacific (UNP) at 41.34% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

CNI

Transportation industry group

40.27%

Max: 50.63%
CNI: 40.27%
Q3: 22.88%
Median: 9.40%
Q1: 3.87%
Min: -11.50%

UNP

Transportation industry group

41.34%

Max: 50.63%
UNP: 41.34%
Q3: 22.88%
Median: 9.40%
Q1: 3.87%
Min: -11.50%

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their operating margin against the Transportation industry group benchmark.

Profitability Metrics

Profitability metrics for Canadian National Railway (CNI) and Union Pacific (UNP)
Metric	CNI	UNP
ROE (TTM)	22.02%	38.75%
ROA (TTM)	7.72%	9.51%
Net Margin (TTM)	26.92%	28.90%
Operating Margin (TTM)	40.27%	41.34%
Gross Margin (TTM)	55.97%	55.77%

Growth

Revenue Growth

Both Canadian National Railway (CNI) at 1.51% and Union Pacific (UNP) at 1.07% 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. Union Pacific (UNP): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Canadian National Railway (CNI) at 7.99% and Union Pacific (UNP) at 8.03% 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. Union Pacific (UNP): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Canadian National Railway (CNI) and Union Pacific (UNP)
Metric	CNI	UNP
Revenue Growth (YoY)	1.51%	1.07%
Revenue Growth (3Y CAGR)	0.38%	-0.49%
EPS Growth (YoY)	7.99%	8.03%
EPS Growth (3Y CAGR)	0.58%	2.24%

Financial Strength

Current Ratio (MRQ)

Both Canadian National Railway (CNI) at 0.87 and Union Pacific (UNP) at 1.16 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

CNI

Transportation industry group

0.87

Max: 2.21
Q3: 1.59
Median: 1.14
CNI: 0.87
Q1: 0.79
Min: 0.28

UNP

Transportation industry group

1.16

Max: 2.21
Q3: 1.59
UNP: 1.16
Median: 1.14
Q1: 0.79
Min: 0.28

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their current ratio against the Transportation industry group benchmark.

Debt / Equity (MRQ)

Both Canadian National Railway (CNI) at 1.04 and Union Pacific (UNP) at 1.41 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

CNI

Transportation industry group

1.04

Max: 2.75
Q3: 1.41
CNI: 1.04
Median: 0.86
Q1: 0.36
Min: 0.00

UNP

Transportation industry group

1.41

Max: 2.75
UNP: 1.41
Q3: 1.41
Median: 0.86
Q1: 0.36
Min: 0.00

Canadian National Railway (CNI) vs. Union Pacific (UNP): 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 Union Pacific (UNP)
Metric	CNI	UNP
Current Ratio (MRQ)	0.87	1.16
Debt / Equity (MRQ)	1.04	1.41
Net Debt / EBITDA	2.45	2.11

Dividends

Dividend Yield (TTM)

Canadian National Railway (CNI) at 2.89% delivers top-quartile income for its industry, while Union Pacific (UNP) at 1.87% pays a more typical yield — both are credible income propositions, CNI the richer one.

CNI

Transportation industry group

2.89%

Max: 4.92%
CNI: 2.89%
Q3: 2.03%
Median: 0.79%
Q1: 0.00%
Min: 0.00%

UNP

Transportation industry group

1.87%

Max: 4.92%
Q3: 2.03%
UNP: 1.87%
Median: 0.79%
Q1: 0.00%
Min: 0.00%

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their dividend yield against the Transportation industry group benchmark.

Dividend Payout Ratio (TTM)

Both Canadian National Railway (CNI) at 46.28% and Union Pacific (UNP) at 43.37% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

CNI

Transportation industry group

46.28%

Max: 100.89%
CNI: 46.28%
Q3: 42.42%
Median: 21.07%
Q1: 0.00%
Min: 0.00%

UNP

Transportation industry group

43.37%

Max: 100.89%
UNP: 43.37%
Q3: 42.42%
Median: 21.07%
Q1: 0.00%
Min: 0.00%

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their payout ratio against the Transportation industry group benchmark.

Dividend Metrics

Dividend metrics for Canadian National Railway (CNI) and Union Pacific (UNP)
Metric	CNI	UNP
Dividend Yield (TTM)	2.89%	1.87%
Dividend Payout Ratio (TTM)	46.28%	43.37%

Valuation

P/E Ratio (TTM)

Both Canadian National Railway (CNI) at 21.84 and Union Pacific (UNP) at 22.84 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

CNI

Transportation industry group

21.84

Max: 53.89
Q3: 28.67
CNI: 21.84
Median: 18.93
Q1: 11.05
Min: 0.00

UNP

Transportation industry group

22.84

Max: 53.89
Q3: 28.67
UNP: 22.84
Median: 18.93
Q1: 11.05
Min: 0.00

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their P/E ratio against the Transportation industry group benchmark.

P/S Ratio (TTM)

Both look expensive on sales: Canadian National Railway (CNI) at 4.19 sits in the upper P/S ratio quartile, and Union Pacific (UNP) at 6.60 prices even higher, above its industry range.

CNI

Transportation industry group

4.19

CNI: 4.19
Max: 4.19
Q3: 2.04
Median: 1.09
Q1: 0.51
Min: 0.06

UNP

Transportation industry group

6.60

UNP: 6.60
Max: 4.19
Q3: 2.04
Median: 1.09
Q1: 0.51
Min: 0.06

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their P/S ratio against the Transportation industry group benchmark.

P/B Ratio (MRQ)

Both look rich against book: Canadian National Railway (CNI) at 4.78 sits in the upper P/B ratio quartile, and Union Pacific (UNP) at 7.90 prices even higher, above its industry range.

CNI

Transportation industry group

4.78

Max: 6.72
CNI: 4.78
Q3: 3.31
Median: 1.79
Q1: 0.99
Min: -1.90

UNP

Transportation industry group

7.90

UNP: 7.90
Max: 6.72
Q3: 3.31
Median: 1.79
Q1: 0.99
Min: -1.90

Canadian National Railway (CNI) vs. Union Pacific (UNP): A comparison of their P/B ratio against the Transportation industry group benchmark.

Valuation Metrics

Valuation metrics for Canadian National Railway (CNI) and Union Pacific (UNP)
Metric	CNI	UNP
P/E Ratio (TTM)	21.84	22.84
P/S Ratio (TTM)	4.19	6.60
P/B Ratio (MRQ)	4.78	7.90
Free Cash Flow Yield (TTM)	4.07%	2.91%