| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 40 | 22.0x | 17.8x | Bottom tier | |
Growth | 30 | 3.7% | 7.1% | Bottom tier | |
Quality | 63 | 11.6% | 4.5% | Around median | |
Safety | 50 | 2.7x | 2.6x | Around median | |
Capital Return | 44 | 2.04% | 2.12% | Around median | |
Momentum | 85 | 31.1% | 2.9% | Top tier | |
Sentiment | 88 | 18 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Canadian National Railway Company operates a rail network that transports freight between Canada, the United States, ports, and global markets, generating revenue from shipping grain, potash, energy products, chemicals, automobiles, metals, forest products, coal, and domestic and international intermodal freight. Growth depends on increasing revenue ton-miles, pricing services above rail cost inflation, extending haul lengths, and increasing traffic density across the network; in Q2 FY2026, grain, energy products, and domestic intermodal stood out, while overseas intermodal weakened compared with the same period.
In Q2 FY2026, revenue increased 11% year over year as revenue ton-miles grew 5%. Reported diluted earnings per share reached $2.06, up 10%, while adjusted diluted earnings per share reached $2.08, up 11%, or $2.09, up 12%, after neutralizing the foreign-exchange impact. The adjusted operating ratio was 62.2% versus 61.7% a year earlier, as higher fuel prices had a negative impact of 210 basis points, while free cash flow since the beginning of FY2026 increased by approximately 20%, or nearly $300 million.
The freight mix was varied in Q2 FY2026: metals volumes increased 11% despite steel and aluminum tariffs, while revenue ton-miles increased 11% in petroleum and chemicals, nearly 30% in refined products, and more than 15% in natural gas liquids. The company also achieved a second-quarter record for potash shipments and Western Canadian grain volumes, while coal revenue ton-miles remained stable and overseas intermodal volumes declined year over year.
The analyst consensus on CNI is neutral, with an average target of $129 and a range of $124 to $138. The average target is only $2.55 below the 52-week range high of $131.55, while the highest target exceeds that high by approximately $6.45; this balances the improved FY2026 guidance against fuel risks, weakness in international intermodal, and difficult fourth-quarter comparisons.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Canadian National Railway's revenue increased 11% year over year as revenue ton-miles grew 5%. Reported diluted earnings per share reached $2.06, up 10%, while adjusted earnings per share reached $2.08, up 11%, or $2.09 after neutralizing foreign exchange, up 12%. The adjusted operating ratio was 62.2% versus 61.7% a year earlier, while free cash flow since the beginning of FY2026 increased by approximately 20%, or nearly $300 million.
The company raised its revenue ton-mile growth assumption from approximately flat to low-single-digit growth following stronger-than-expected performance in the first half of FY2026. Accordingly, it now expects mid-to-high-single-digit growth in adjusted diluted earnings per share. The increase is based on volume growth, improved productivity, and pricing above rail cost inflation, but management maintained disciplined assumptions due to fuel, currencies, tariffs, and difficult fourth-quarter comparisons.
The commercial agreement gives CNI new rights to transport volumes between Canada and Mexico through Memphis with direct access to Ferromex, extending the haul length of current volumes from Chicago to Memphis. The company is targeting northbound and southbound freight in automobiles, intermodal, agriculture, energy products, petroleum, and chemicals, and estimated the truck market between Canada and Mexico at approximately $3 billion. Access to Kansas City, use of Neff Yard, and 2-to-1 and 3-to-2 customer remedies remain conditional on STB approval and the closing of the Union Pacific merger.
Automated analysis for informational purposes only — not investment advice.
The company achieved a second-quarter record for Western Canadian grain and potash shipments, while corn, soybeans, and ethanol in the United States also performed strongly. Revenue ton-miles increased 11% for petroleum and chemicals, nearly 30% for refined products, and more than 15% for natural gas liquids. Metals volumes increased 11% despite tariffs, while coal remained stable and overseas intermodal declined year over year.
Fuel remains a key risk because the fuel surcharge mechanism has a two-month lag; higher prices increased fuel expenses by approximately $250 million and weakened the operating ratio by 210 basis points in Q2 FY2026. The company also expects weakness in overseas intermodal during the second half, after stopping the marketing of certain low-margin shipments through Port of Vancouver. Other risks include difficult fourth-quarter grain comparisons, steel and aluminum tariffs, and the dependence of Kansas City benefits on STB approval and the closing of the merger.
The company transported 3% more gross ton-miles by using its existing assets more efficiently. Locomotive productivity improved approximately 6%, employee productivity approximately 9%, and train and engine crew productivity approximately 13%, while train length increased nearly 1%. The Fast Track program also delivered approximately $100 million in realized benefits since the beginning of FY2026, and fuel efficiency achieved the best second-quarter and first-half performance in the company's history.
