CSXCSX CORP

Railroads, Line-Haul Operating

Revenue: $14.1B; 3.1% YoY
Operating margin: 32.1%; 11% YoY
EBITDA: $6.2B; 10% YoY
Market cap: $96.7B
Employees: 23,000; $613K revenue each
Net debt / EBITDA: 2.4×; $15.1B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
160% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
51% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$613K per employee
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$96.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.5B	$14.9B	$14.7B	$14.5B	$14.1B	3.1%
Operating income	$5.6B	$6.0B	$5.5B	$5.2B	$4.5B	14%
Net income	$3.8B	$4.1B	$3.7B	$3.5B	$2.9B	17%
Operating cash flow	$5.1B	$5.5B	$5.5B	$5.2B	$4.6B	12%
Capex	$1.8B	$2.1B	$2.3B	$2.5B	$2.9B	15%
Stock-based comp	$107M	$74M	$60M	$40M	$54M	35%
Buybacks	$2.9B	$4.7B	$3.5B	$2.2B	$1.4B	38%
Dividends	$839M	$852M	$882M	$930M	$972M	4.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 21, 2019	MR Argent Advisor LLC	SC 13D/A	0.5%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 1
Open-market sells, 12 mo: $18M · 8
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.