Is the Railroads sector outperforming S&P 500?
Railroads has outperformed S&P 500 by 17.9% over 52 weeks and 9.7% over 13 weeks. 8 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself.
20-quarter listed-company comparison
Railroads Stocks
Railroads: Union Pacific Corporation owns the largest revenue base; L.B. Foster Company has the fastest current growth.
The industry itself · before any single company
How has Railroads moved against S&P 500?
The line below covers 5.2 years. Over the most recent two of them this industry is 7% behind S&P 500. Earnings across its companies grew 10% on average over the last four reported quarters.
TURNING · ahead 3w~Moving with the index6 of 10 companies ahead of S&P 500 by 5% or more over three months
RS ↑3w · 9/10 >200d (+1) · 6/10 lead (+4) · EPS 6/10↑
Railroads, equal-weighted, based at 200
S&P 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
Broad, early and backedHow much of the industry is participating, how recently, and whether the movers score well.
Together6 of 10 stocks moving
Fresh4 crossed in the last 4 weeks
Backed by scoresmovers score +7 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large
2/2+1
Mid
3/4+3
Small
1/40
Participation is spreading downward — the mid and small companies added more this month than the large ones did.
Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 10 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Railroads outperforming S&P 500?
Railroads has outperformed S&P 500 by 17.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.7%. 8 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. L.B. Foster Company is the strongest against the sector itself at +12%.
+9.7%Sector vs S&P 500 · 13 weeks
+17.9%Sector vs S&P 500 · 52 weeks
8/10Stocks leading S&P 500
5/10Stocks leading sector
Sector metric: — as of latest available · unclassified · direction unavailable.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
Railroads has outperformed S&P 500 by 17.9% over 52 weeks and 9.7% over 13 weeks. 8 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself. Union Pacific Corporation leads with revenue of $24,700 million, based on 6 of 10 comparable companies through Mar 2026.
Which Railroads company is largest by revenue?
Union Pacific Corporation leads with revenue of $24,700 million, based on 6 of 10 comparable companies through Mar 2026.
Which Railroads company is growing fastest?
L.B. Foster Company has the fastest current revenue growth at 11.7%, across 6 of 10 comparable companies.
Which Railroads company has the strongest 4-Factor Sector Score?
Westinghouse Air Brake Technologies Corporation ranks first at 60.3/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Railroads company reports the most CAPEX?
CSX Corporation reports the largest latest CAPEX at $1,119 million, with 10 of 10 companies comparable.
Which Railroads company has the least gross debt?
L.B. Foster Company has the lowest comparable gross debt at $83 million. Union Pacific Corporation has the highest at $31,270 million.
Which Railroads company has the lowest comparable PEG?
The Greenbrier Companies, Inc. has the lowest comparable Guarded PEG at 0.27, among 4 of 10 companies that pass the metric’s comparability rules.
How much history does this Railroads comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
10
complete canonical membership
Combined market value
$562.2B
Union Pacific Corporation
Revenue growing
3/6
positive TTM year-on-year growth
Beating S&P 500
8/10
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Westinghouse Air Brake Technologies Corporation has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 58.7% evidence confidence.
The Greenbrier Companies, Inc. looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
Canadian National Railway Company has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. Westinghouse Air Brake Technologies Corporation · WAB
60.3/100 · Thin evidence · provisional · 59% evidence
Exact sum: 19.6 + 14.7 + 8.5 + 17.5 = 60.3
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19.6/35Growth & earnings
Revenue — · PAT — · OPM change -0.7 pp
45% evidence
14.7/25Capital efficiency
ROCE 3.5% · debt/equity 0.59×
80% evidence
8.5/20Valuation
P/E 36.2× · PEG —
15% evidence
17.5/20Relative strength
RS sector 8.9% · RS bench 22.3% · 1Y 63.6%
100% evidence
2. L.B. Foster Company · FSTR
58.8/100 · Thin evidence · provisional · 59% evidence
Exact sum: 23.8 + 8.8 + 9.2 + 17 = 58.8
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23.8/35Growth & earnings
Revenue 11.7% · PAT -73% · OPM change 3.7 pp
62% evidence
8.8/25Capital efficiency
ROCE 0.8% · debt/equity 0.48×
80% evidence
9.2/20Valuation
P/E 27.1× · PEG —
15% evidence
17.0/20Relative strength
RS sector 12% · RS bench 25.8% · 1Y 88.3%
70% evidence
3. CSX Corporation · CSX
58.7/100 · Thin evidence · provisional · 59% evidence
Exact sum: 22.5 + 13.9 + 8.8 + 13.5 = 58.7
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22.5/35Growth & earnings
Revenue — · PAT — · OPM change 5.6 pp
45% evidence
13.9/25Capital efficiency
ROCE 3.7% · debt/equity 1.37×
80% evidence
8.8/20Valuation
P/E 27.5× · PEG —
15% evidence
13.5/20Relative strength
RS sector 5.6% · RS bench 18.7% · 1Y 45.2%
100% evidence
4. Canadian National Railway Company · CNI
55.3/100 · Thin evidence · provisional · 59% evidence
Exact sum: 16.4 + 13.7 + 10.2 + 15 = 55.3
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16.4/35Growth & earnings
Revenue — · PAT — · OPM change -1.2 pp
45% evidence
13.7/25Capital efficiency
ROCE 3.2% · debt/equity 1.03×
80% evidence
10.2/20Valuation
P/E 21.7× · PEG —
15% evidence
15.0/20Relative strength
RS sector 2.3% · RS bench 15.2% · 1Y 39.5%
100% evidence
5. Union Pacific Corporation · UNP
50.3/100 · Mixed-positive evidence · 82% evidence
Exact sum: 17.4 + 14 + 8.5 + 10.4 = 50.3
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17.4/35Growth & earnings
Revenue 1.9% · PAT 7.1% · OPM change 0.2 pp
83% evidence
14.0/25Capital efficiency
ROCE 3.9% · debt/equity 1.61×
80% evidence
8.5/20Valuation
P/E 20× · PEG 2.13
65% evidence
10.4/20Relative strength
RS sector -1% · RS bench 11.6% · 1Y 34.2%
100% evidence
6. Trinity Industries, Inc. · TRN
48.8/100 · Mixed-negative evidence · 82% evidence
Exact sum: 21.5 + 8.4 + 8.6 + 10.3 = 48.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.5/35Growth & earnings
Revenue -27.7% · PAT 67.5% · OPM change 3.5 pp
83% evidence
8.4/25Capital efficiency
ROCE 1.3% · debt/equity 4.7×
80% evidence
8.6/20Valuation
P/E 10.3× · PEG 2.39
65% evidence
10.3/20Relative strength
RS sector 2.9% · RS bench 15.7% · 1Y 57.6%
100% evidence
7. Norfolk Southern Corporation · NSC
40.9/100 · Thin evidence · provisional · 59% evidence
Exact sum: 13.7 + 13.2 + 9.5 + 4.5 = 40.9
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13.7/35Growth & earnings
Revenue — · PAT — · OPM change -9 pp
45% evidence
13.2/25Capital efficiency
ROCE 2.7% · debt/equity 1.02×
80% evidence
9.5/20Valuation
P/E 26.8× · PEG —
15% evidence
4.5/20Relative strength
RS sector -6.5% · RS bench 5.5% · 1Y 23.3%
100% evidence
8. Canadian Pacific Kansas City Limited · CP
40.8/100 · Mixed-negative evidence · 82% evidence
Exact sum: 13.8 + 14.2 + 5.6 + 7.2 = 40.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13.8/35Growth & earnings
Revenue 1.1% · PAT 5.8% · OPM change -0.7 pp
83% evidence
14.2/25Capital efficiency
ROCE 1.5% · debt/equity 0.51×
80% evidence
5.6/20Valuation
P/E 24.4× · PEG 2.79
65% evidence
7.2/20Relative strength
RS sector -4.9% · RS bench 7.1% · 1Y 25.8%
100% evidence
9. The Greenbrier Companies, Inc. · GBX
32.9/100 · Adverse evidence · 80% evidence
Exact sum: 4.5 + 7.8 + 15.8 + 4.8 = 32.9
Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4.5/35Growth & earnings
Revenue -25.6% · PAT -54.2% · OPM change -5.5 pp
95% evidence
7.8/25Capital efficiency
ROCE 0.9% · debt/equity 1.04×
80% evidence
15.8/20Valuation
P/E 14× · PEG 0.27
65% evidence
4.8/20Relative strength
RS sector -12% · RS bench -0.8% · 1Y 17.8%
70% evidence
10. FreightCar America, Inc. · RAIL
28.7/100 · Thin evidence · provisional · 53% evidence
Exact sum: 9.1 + 5.4 + 11.2 + 3 = 28.7
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9.1/35Growth & earnings
Revenue -4.9% · PAT — · OPM change -4.9 pp
62% evidence
5.4/25Capital efficiency
ROCE -0.3% · debt/equity —
57% evidence
11.2/20Valuation
P/E 10.8× · PEG —
15% evidence
3.0/20Relative strength
RS sector -25% · RS bench -15.4% · 1Y -13%
70% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Union Pacific Corporation has the highest Revenue among the 10 Railroads companies compared here, at $24,700 million. Canadian Pacific Kansas City Limited is next at $14,984 million. L.B. Foster Company has the highest Revenue growth at 11.7%, so level and change sit with different companies. 6 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Union Pacific Corporation is the scale leader at $24,700 million, 64.8% ahead of Canadian Pacific Kansas City Limited. L.B. Foster Company's growth is 11.7% from a $563 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderUnion Pacific Corporation · $24,700 million
Gap64.8% versus #2 · Canadian Pacific Kansas City Limited
Persistence5/8 recent comparable periods
Coverage6/10 companies · 191 observations
Investor read: Union Pacific Corporation is the scale benchmark; L.B. Foster Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Union Pacific Corporation's growth falls below L.B. Foster Company's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Union Pacific Corporation UNP$24.7B
2Canadian Pacific Kansas City Limited CP$15.0B
3The Greenbrier Companies, Inc. GBX$2.6B
4Trinity Industries, Inc. TRN$2.1B
5L.B. Foster Company FSTR$563M
Revenue growthfastest growers
1L.B. Foster Company FSTR12%
2Union Pacific Corporation UNP1.9%
3Canadian Pacific Kansas City Limited CP1.1%
4FreightCar America, Inc. RAIL-4.9%
5The Greenbrier Companies, Inc. GBX-26%
Revenue · company comparison
6/10 level · 6/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Union Pacific Corporation UNP | $6.2B | 3.2% | Mar 2026 |
| Canadian National Railway Company CNI | $4.4B | -0.6% | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | $3.7B | -2.5% | Mar 2026 |
| CSX Corporation CSX | $3.5B | 1.7% | Jun 2026 |
| Norfolk Southern Corporation NSC | $3.0B | 0.2% | Jun 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | $3.0B | 13% | Jun 2026 |
| The Greenbrier Companies, Inc. GBX | $577M | -32% | Jun 2026 |
| Trinity Industries, Inc. TRN | $492M | -16% | Mar 2026 |
| L.B. Foster Company FSTR | $121M | 23% | Mar 2026 |
| FreightCar America, Inc. RAIL | $64M | -33% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Canadian National Railway Company · CNI
$3.6B
$3.8B
$3.7B
$4.3B
$4.5B
$4.5B
$4.3B
$4.1B
$4.0B
$4.5B
$4.2B
$4.3B
$4.1B
$4.4B
$4.4B
$4.3B
$4.2B
$4.5B
$4.4B
—
Canadian Pacific Kansas City Limited · CP
$1.9B
$2.0B
$1.8B
$2.2B
$2.3B
$2.5B
$2.3B
$3.2B
$3.3B
$3.8B
$3.5B
$3.6B
$3.5B
$3.9B
$3.8B
$3.7B
$3.7B
$3.9B
$3.7B
—
CSX Corporation · CSX
$3.3B
$3.4B
$3.4B
$3.8B
$3.9B
$3.7B
$3.7B
$3.7B
$3.6B
$3.7B
$3.7B
$3.7B
$3.6B
$3.5B
$3.4B
$3.6B
$3.6B
$3.5B
$3.5B
—
FreightCar America, Inc. · RAIL
$58M
$75M
$93M
$57M
$86M
$129M
$81M
$89M
$62M
$127M
$161M
$147M
$113M
$138M
$96M
$119M
$161M
$126M
$64M
—
L.B. Foster Company · FSTR
$130M
$113M
$99M
$132M
$130M
$137M
$115M
$148M
$145M
$135M
$124M
$141M
$137M
$128M
$98M
$144M
$138M
$160M
$121M
—
Norfolk Southern Corporation · NSC
$2.9B
$2.9B
$2.9B
$3.3B
$3.3B
$3.2B
$3.1B
$3.0B
$3.0B
$3.1B
$3.0B
$3.0B
$3.1B
$3.0B
$3.0B
$3.1B
$3.1B
$3.0B
$3.0B
—
The Greenbrier Companies, Inc. · GBX
$599M
$551M
$683M
$794M
$951M
$767M
$1.1B
$1.0B
$1.0B
$809M
$863M
$820M
$1.1B
$876M
$762M
$843M
$760M
$706M
$588M
$577M
Trinity Industries, Inc. · TRN
$420M
$472M
$473M
$417M
$497M
$591M
$642M
$722M
$821M
$798M
$810M
$841M
$799M
$629M
$585M
$506M
$454M
$611M
$492M
—
Union Pacific Corporation · UNP
$5.6B
$5.7B
$5.9B
$6.3B
$6.6B
$6.2B
$6.1B
$6.0B
$5.9B
$6.2B
$6.0B
$6.0B
$6.1B
$6.1B
$6.0B
$6.2B
$6.2B
$6.1B
$6.2B
—
Westinghouse Air Brake Technologies Corporation · WAB
$1.9B
$2.1B
$1.9B
$2.0B
$2.1B
$2.3B
$2.2B
$2.4B
$2.6B
$2.5B
$2.5B
$2.6B
$2.7B
$2.6B
$2.6B
$2.7B
$2.9B
$3.0B
$3.0B
—
Revenue growth · reported quarter history
Canadian National Railway Company · CNI
—
—
—
21%
26%
21%
16%
-6.6%
-12%
-1.6%
-1.5%
6.7%
3.1%
-2.5%
3.6%
-1.3%
1.3%
2.4%
-0.6%
—
Canadian Pacific Kansas City Limited · CP
—
—
—
7.2%
19%
21%
23%
44%
44%
53%
55%
14%
6.3%
2.6%
7.8%
2.7%
3.2%
1.3%
-2.5%
—
CSX Corporation · CSX
—
—
—
28%
18%
8.8%
8.6%
-3.0%
-8.3%
-1.3%
-0.7%
0.1%
1.3%
-3.8%
-7.0%
-3.4%
-0.9%
-0.9%
1.7%
—
FreightCar America, Inc. · RAIL
—
—
—
54%
48%
72%
-13%
56%
-28%
-1.6%
99%
65%
82%
8.7%
-40%
-19%
42%
-8.7%
-33%
—
L.B. Foster Company · FSTR
—
—
—
-15%
0.0%
21%
16%
12%
12%
-1.5%
7.8%
-4.7%
-5.5%
-5.2%
-21%
2.1%
0.7%
25%
23%
—
Norfolk Southern Corporation · NSC
—
—
—
16%
17%
14%
7.4%
-8.3%
-11%
-5.1%
-4.1%
2.2%
2.7%
-1.6%
-0.4%
2.2%
1.7%
-1.7%
0.2%
—
The Greenbrier Companies, Inc. · GBX
—
—
—
—
59%
39%
64%
31%
6.9%
5.5%
-23%
-21%
3.5%
8.3%
-12%
2.8%
-28%
-19%
-23%
-32%
Trinity Industries, Inc. · TRN
—
—
—
42%
18%
25%
36%
73%
65%
35%
26%
16%
-2.7%
-21%
-28%
-40%
-43%
-2.9%
-16%
—
Union Pacific Corporation · UNP
—
—
—
14%
18%
7.8%
3.3%
-4.9%
-9.5%
-0.3%
-0.4%
0.7%
2.5%
-0.6%
-0.1%
2.5%
2.5%
-0.6%
3.2%
—
Westinghouse Air Brake Technologies Corporation · WAB
—
—
—
1.8%
9.1%
11%
14%
18%
23%
9.5%
14%
9.9%
4.4%
2.3%
4.5%
2.3%
8.4%
15%
13%
—
02 · compare level, then change
Operating Economics & Margin Trend
Union Pacific Corporation has the highest OPM among the 10 Railroads companies compared here, at 39.5%. CSX Corporation is next at 36%. CSX Corporation has the highest Margin change at +5.6 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Union Pacific Corporation leads opm at 39.5%; CSX Corporation leads margin change at +5.6 percentage points.
LeaderUnion Pacific Corporation · 39.5%
Gap9.7% versus #2 · CSX Corporation
Persistence6/8 recent comparable periods
Coverage10/10 companies · 191 observations
Investor read: Union Pacific Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Union Pacific Corporation UNP40%
2CSX Corporation CSX36%
3Canadian National Railway Company CNI35%
4Canadian Pacific Kansas City Limited CP34%
5Norfolk Southern Corporation NSC29%
Margin changefastest expanders
1CSX Corporation CSX+5.6 pp
2L.B. Foster Company FSTR+3.7 pp
3Trinity Industries, Inc. TRN+3.5 pp
4Union Pacific Corporation UNP+0.2 pp
5Canadian Pacific Kansas City Limited CP−0.7 pp
Operating margin · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Union Pacific Corporation UNP | 40% | +0.2 pp | Mar 2026 |
| CSX Corporation CSX | 36% | +5.6 pp | Jun 2026 |
| Canadian National Railway Company CNI | 35% | −1.2 pp | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | 34% | −0.7 pp | Mar 2026 |
| Norfolk Southern Corporation NSC | 29% | −9.0 pp | Jun 2026 |
| Trinity Industries, Inc. TRN | 21% | +3.5 pp | Mar 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | 18% | −0.7 pp | Jun 2026 |
| The Greenbrier Companies, Inc. GBX | 5.5% | −5.5 pp | Jun 2026 |
| L.B. Foster Company FSTR | 1.7% | +3.7 pp | Mar 2026 |
| FreightCar America, Inc. RAIL | -0.9% | −4.9 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Canadian National Railway Company · CNI
37%
42%
33%
41%
43%
42%
39%
39%
38%
41%
36%
36%
37%
37%
37%
38%
39%
39%
35%
—
Canadian Pacific Kansas City Limited · CP
40%
41%
29%
39%
41%
40%
37%
30%
35%
38%
33%
35%
34%
40%
35%
36%
37%
41%
34%
—
CSX Corporation · CSX
44%
40%
38%
45%
41%
37%
40%
40%
36%
34%
36%
39%
37%
31%
30%
36%
30%
32%
36%
—
FreightCar America, Inc. · RAIL
-7.1%
0.1%
-0.7%
4.5%
-12%
-4.8%
1.4%
8.7%
2.3%
0.2%
2.4%
8.9%
7.6%
8.5%
4.0%
6.5%
9.1%
6.2%
-0.9%
—
L.B. Foster Company · FSTR
0.6%
-0.5%
-2.3%
1.9%
-0.9%
-4.6%
0.5%
4.5%
1.1%
0.2%
4.5%
3.2%
5.3%
2.4%
-2.0%
5.3%
6.0%
4.9%
1.7%
—
Norfolk Southern Corporation · NSC
40%
40%
37%
39%
38%
37%
23%
19%
25%
26%
7.1%
37%
52%
37%
38%
38%
35%
32%
29%
—
The Greenbrier Companies, Inc. · GBX
7.2%
2.1%
3.7%
2.5%
6.5%
-0.6%
6.0%
4.9%
6.2%
8.0%
7.4%
8.8%
12%
13%
11%
11%
9.5%
8.7%
4.3%
5.5%
Trinity Industries, Inc. · TRN
19%
15%
12%
18%
19%
19%
11%
14%
12%
19%
14%
17%
15%
18%
17%
19%
26%
55%
21%
—
Union Pacific Corporation · UNP
44%
43%
41%
40%
40%
39%
38%
37%
37%
39%
39%
40%
40%
41%
39%
41%
41%
40%
40%
—
Westinghouse Air Brake Technologies Corporation · WAB
11%
13%
12%
13%
13%
11%
13%
13%
15%
12%
17%
16%
16%
13%
18%
17%
17%
12%
18%
—
Margin change · reported quarter history
Canadian National Railway Company · CNI
—
—
—
+2.3 pp
+5.5 pp
+0.4 pp
+5.4 pp
−1.3 pp
−4.8 pp
−1.4 pp
−2.1 pp
−3.4 pp
−1.1 pp
−3.3 pp
+0.2 pp
+2.3 pp
+1.7 pp
+1.4 pp
−1.2 pp
—
Canadian Pacific Kansas City Limited · CP
—
—
—
−0.5 pp
+0.6 pp
−0.6 pp
+7.5 pp
−9.7 pp
−5.4 pp
−2.0 pp
−4.0 pp
+5.5 pp
−1.2 pp
+2.1 pp
+2.1 pp
+1.1 pp
+2.6 pp
+0.8 pp
−0.7 pp
—
CSX Corporation · CSX
—
—
—
−12.0 pp
−3.1 pp
−2.6 pp
+1.9 pp
−5.0 pp
−4.9 pp
−3.1 pp
−3.2 pp
−0.5 pp
+1.8 pp
−2.9 pp
−5.9 pp
−3.2 pp
−7.1 pp
+0.3 pp
+5.6 pp
—
FreightCar America, Inc. · RAIL
—
—
—
+15.7 pp
−5.3 pp
−4.9 pp
+2.1 pp
+4.2 pp
+14.7 pp
+5.0 pp
+1.0 pp
+0.2 pp
+5.3 pp
+8.3 pp
+1.6 pp
−2.4 pp
+1.5 pp
−2.3 pp
−4.9 pp
—
L.B. Foster Company · FSTR
—
—
—
−1.3 pp
−1.5 pp
−4.1 pp
+2.8 pp
+2.6 pp
+2.0 pp
+4.8 pp
+4.0 pp
−1.3 pp
+4.2 pp
+2.2 pp
−6.5 pp
+2.1 pp
+0.7 pp
+2.5 pp
+3.7 pp
—
Norfolk Southern Corporation · NSC
—
—
—
−2.6 pp
−1.8 pp
−3.1 pp
−14.5 pp
−19.8 pp
−12.6 pp
−10.2 pp
−15.6 pp
+17.9 pp
+26.9 pp
+11.1 pp
+31.2 pp
+0.6 pp
−16.9 pp
−5.9 pp
−9.0 pp
—
The Greenbrier Companies, Inc. · GBX
—
—
—
—
−0.7 pp
−2.7 pp
+2.3 pp
+2.4 pp
−0.3 pp
+8.6 pp
+1.4 pp
+3.9 pp
+5.6 pp
+4.8 pp
+3.6 pp
+2.2 pp
−2.3 pp
−4.1 pp
−6.7 pp
−5.5 pp
Trinity Industries, Inc. · TRN
—
—
—
−2.2 pp
0.0 pp
+4.5 pp
−0.8 pp
−3.8 pp
−6.5 pp
−0.6 pp
+3.4 pp
+3.2 pp
+3.1 pp
−0.8 pp
+2.8 pp
+1.9 pp
+10.8 pp
+37.1 pp
+3.5 pp
—
Union Pacific Corporation · UNP
—
—
—
−5.1 pp
−3.6 pp
−3.6 pp
−2.7 pp
−2.8 pp
−3.5 pp
+0.1 pp
+1.4 pp
+3.0 pp
+3.1 pp
+2.2 pp
0.0 pp
+1.0 pp
+1.1 pp
−1.8 pp
+0.2 pp
—
Westinghouse Air Brake Technologies Corporation · WAB
—
—
—
+2.8 pp
+1.1 pp
−2.0 pp
+0.2 pp
+0.1 pp
+2.0 pp
+1.5 pp
+3.9 pp
+3.3 pp
+1.8 pp
+0.7 pp
+1.7 pp
+1.1 pp
+0.7 pp
−0.9 pp
−0.7 pp
—
03 · compare level, then change
Profit Scale & Acceleration
Union Pacific Corporation has the highest Net profit among the 10 Railroads companies compared here, at $7,213 million. Canadian Pacific Kansas City Limited is next at $4,073 million. Trinity Industries, Inc. has the highest Profit growth at 67.5%, so level and change sit with different companies. 6 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Union Pacific Corporation leads with $7,213 million of TTM profit, 77.1% above Canadian Pacific Kansas City Limited. Trinity Industries, Inc. shows 67.5% growth from a $283 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderUnion Pacific Corporation · $7,213 million
Gap77.1% versus #2 · Canadian Pacific Kansas City Limited
Persistence7/8 recent comparable periods
Coverage6/10 companies · 191 observations
Investor read: Union Pacific Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Union Pacific Corporation UNP$7.2B
2Canadian Pacific Kansas City Limited CP$4.1B
3Trinity Industries, Inc. TRN$283M
4The Greenbrier Companies, Inc. GBX$109M
5FreightCar America, Inc. RAIL$30M
Profit growthfastest growers
1Trinity Industries, Inc. TRN68%
2Union Pacific Corporation UNP7.1%
3Canadian Pacific Kansas City Limited CP5.9%
4The Greenbrier Companies, Inc. GBX-54%
Net profit · company comparison
6/10 level · 4/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Union Pacific Corporation UNP | $1.7B | 4.6% | Mar 2026 |
| Canadian National Railway Company CNI | $1.1B | -1.3% | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | $845M | -7.0% | Mar 2026 |
| CSX Corporation CSX | $807M | 25% | Jun 2026 |
| Norfolk Southern Corporation NSC | $547M | -27% | Jun 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | $363M | 11% | Jun 2026 |
| FreightCar America, Inc. RAIL | $42M | -16% | Mar 2026 |
| Trinity Industries, Inc. TRN | $27M | -6.9% | Mar 2026 |
| The Greenbrier Companies, Inc. GBX | $18M | -74% | Jun 2026 |
| L.B. Foster Company FSTR | $1M | -89% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Canadian National Railway Company · CNI
$1.7B
$1.2B
$918M
$1.3B
$1.5B
$1.4B
$1.2B
$1.2B
$1.1B
$2.1B
$1.1B
$1.1B
$1.1B
$1.1B
$1.2B
$1.2B
$1.1B
$1.2B
$1.1B
—
Canadian Pacific Kansas City Limited · CP
$472M
$532M
$590M
$765M
$891M
$1.3B
$800M
$1.3B
$780M
$1.0B
$774M
$903M
$837M
$1.2B
$909M
$1.2B
$917M
$1.1B
$845M
—
CSX Corporation · CSX
$968M
$934M
$859M
$1.2B
$1.1B
$966M
$987M
$984M
$828M
$839M
$880M
$963M
$894M
$733M
$646M
$829M
$694M
$720M
$807M
—
FreightCar America, Inc. · RAIL
$1M
$1M
$-26M
$15M
$-18M
$-10M
$-5M
$-19M
$3M
$-3M
$-12M
$8M
$-107M
$35M
$50M
$12M
$-7M
$-17M
$42M
—
L.B. Foster Company · FSTR
$2M
$0M
$-2M
$2M
$-2M
$-44M
$-2M
$3M
$0M
$0M
$4M
$3M
$36M
$0M
$-2M
$3M
$4M
$2M
$1M
—
Norfolk Southern Corporation · NSC
$753M
$760M
$703M
$819M
$958M
$790M
$466M
$356M
$478M
$527M
$53M
$737M
$1.1B
$733M
$750M
$768M
$711M
$644M
$547M
—
The Greenbrier Companies, Inc. · GBX
$36M
$6M
$11M
$8M
$29M
$-17M
$37M
$27M
$29M
$33M
$34M
$41M
$65M
$59M
$46M
$68M
$40M
$37M
$14M
$18M
Trinity Industries, Inc. · TRN
$26M
$22M
$10M
$17M
$30M
$43M
$17M
$24M
$26M
$73M
$32M
$58M
$41M
$41M
$29M
$22M
$37M
$197M
$27M
—
Union Pacific Corporation · UNP
$1.7B
$1.7B
$1.6B
$1.8B
$1.9B
$1.6B
$1.6B
$1.6B
$1.5B
$1.7B
$1.6B
$1.7B
$1.7B
$1.8B
$1.6B
$1.9B
$1.8B
$1.8B
$1.7B
—
Westinghouse Air Brake Technologies Corporation · WAB
$132M
$193M
$150M
$169M
$163M
$159M
$173M
$193M
$242M
$217M
$277M
$291M
$286M
$213M
$327M
$339M
$313M
$204M
$363M
—
Profit growth · reported quarter history
Canadian National Railway Company · CNI
—
—
—
28%
-14%
18%
33%
-12%
-24%
50%
-9.6%
-4.5%
-2.1%
-46%
5.3%
5.2%
5.0%
8.9%
-1.3%
—
Canadian Pacific Kansas City Limited · CP
—
—
—
-39%
89%
139%
36%
73%
-12%
-20%
-3.3%
-32%
7.3%
18%
17%
37%
9.6%
-10%
-7.0%
—
CSX Corporation · CSX
—
—
—
0.4%
15%
3.4%
15%
-16%
-25%
-13%
-11%
-2.1%
8.0%
-13%
-27%
-14%
-22%
-1.8%
25%
—
FreightCar America, Inc. · RAIL
—
—
—
—
-1,900%
-1,100%
—
-227%
—
—
—
—
-3,667%
—
—
50%
—
-149%
-16%
—
L.B. Foster Company · FSTR
—
—
—
-33%
-200%
—
—
50%
—
—
—
0.0%
—
—
-150%
0.0%
-89%
—
—
—
Norfolk Southern Corporation · NSC
—
—
—
0.0%
27%
4.0%
-34%
-57%
-50%
-33%
-89%
107%
130%
39%
1,315%
4.2%
-35%
-12%
-27%
—
The Greenbrier Companies, Inc. · GBX
—
—
—
—
-19%
-383%
236%
238%
0.0%
—
-8.1%
52%
124%
79%
35%
66%
-38%
-37%
-70%
-74%
Trinity Industries, Inc. · TRN
—
—
—
—
15%
95%
70%
41%
-13%
70%
88%
142%
58%
-44%
-9.4%
-62%
-9.8%
380%
-6.9%
—
Union Pacific Corporation · UNP
—
—
—
2.1%
13%
-4.3%
0.0%
-15%
-19%
0.9%
0.7%
6.6%
9.4%
6.7%
-0.9%
12%
7.0%
4.9%
4.6%
—
Westinghouse Air Brake Technologies Corporation · WAB
—
—
—
35%
23%
-18%
15%
14%
48%
36%
60%
51%
18%
-1.8%
18%
16%
9.4%
-4.2%
11%
—
04 · compare level, then change
Capacity Spending & Returns On It
CSX Corporation has the highest CAPEX among the 10 Railroads companies compared here, at $1,119 million. Union Pacific Corporation is next at $937 million. The same company also holds the highest CAPEX intensity, at 32.1%. 10 of 10 companies report a comparable reading, the latest through Jun 2026. Its CAPEX series carries 18 reported observations across the 20-quarter window.
What the numbers say: CSX Corporation reports $1,119 million of CAPEX; CSX Corporation has the highest covered intensity at 32.1%. Coverage is only 10 of 10 companies and 193 reported observations, so this is partial evidence—not a complete sector rank.
LeaderCSX Corporation · $1,119 million
Gap19.4% versus #2 · Union Pacific Corporation
Persistence8/8 recent comparable periods
Coverage10/10 companies · 193 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1CSX Corporation CSX$1.1B
2Union Pacific Corporation UNP$937M
3Canadian National Railway Company CNI$695M
4Canadian Pacific Kansas City Limited CP$669M
5Norfolk Southern Corporation NSC$439M
CAPEX intensityhighest reinvestment intensity
1CSX Corporation CSX32%
2Trinity Industries, Inc. TRN32%
3Canadian Pacific Kansas City Limited CP18%
4Union Pacific Corporation UNP15%
5Norfolk Southern Corporation NSC13%
Capital expenditure · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| CSX Corporation CSX | $1.1B | 32% | Jun 2026 |
| Union Pacific Corporation UNP | $937M | 15% | Mar 2026 |
| Canadian National Railway Company CNI | $695M | 10% | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | $669M | 18% | Mar 2026 |
| Norfolk Southern Corporation NSC | $439M | 13% | Jun 2026 |
| Trinity Industries, Inc. TRN | $157M | 32% | Mar 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | $62M | 1.6% | Jun 2026 |
| The Greenbrier Companies, Inc. GBX | $60M | 10% | Jun 2026 |
| L.B. Foster Company FSTR | $3M | 2.5% | Mar 2026 |
| FreightCar America, Inc. RAIL | $0M | 0.0% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Canadian National Railway Company · CNI
$836M
$914M
$379M
$707M
$744M
$920M
$461M
$875M
$917M
$934M
$576M
$853M
$1.2B
$944M
$519M
$805M
$1.1B
$1.2B
$439M
$695M
Canadian Pacific Kansas City Limited · CP
$372M
$421M
$226M
$370M
$422M
$539M
$405M
$636M
$752M
$705M
$531M
$824M
$757M
$751M
$723M
$755M
$867M
$795M
$669M
—
CSX Corporation · CSX
$731M
$306M
$406M
$406M
$971M
$331M
$499M
$499M
$817M
$443M
$533M
$533M
$625M
$838M
$1.5B
—
$730M
$719M
$1.1B
—
FreightCar America, Inc. · RAIL
$1M
$0M
$1M
$2M
$1M
$4M
$2M
$3M
$4M
$4M
$1M
$1M
$1M
$1M
$0M
$1M
$1M
$1M
$0M
—
L.B. Foster Company · FSTR
$1M
$1M
$2M
$1M
$2M
$3M
$1M
$1M
$1M
$2M
$3M
$2M
$3M
$2M
$3M
$3M
$3M
$2M
$3M
—
Norfolk Southern Corporation · NSC
$314M
$314M
$389M
$722M
$419M
$419M
$428M
$520M
$474M
$474M
$557M
$568M
$581M
$675M
$449M
$475M
$551M
$729M
$382M
$439M
The Greenbrier Companies, Inc. · GBX
$76M
$187M
$11M
$51M
$132M
$57M
$113M
$84M
$108M
$68M
$122M
$134M
$74M
$59M
$67M
$83M
$71M
$58M
$30M
$60M
Trinity Industries, Inc. · TRN
$115M
$190M
$87M
$346M
$284M
$238M
$199M
$222M
$92M
$197M
$152M
$97M
$124M
$223M
$129M
$184M
$244M
$238M
$157M
—
Union Pacific Corporation · UNP
$755M
$991M
$848M
$797M
$1.0B
$930M
$772M
$835M
$975M
$1.0B
$797M
$902M
$831M
$922M
$906M
$936M
$950M
$999M
$937M
—
Westinghouse Air Brake Technologies Corporation · WAB
$23M
$52M
$20M
$30M
$32M
$67M
$32M
$38M
$39M
$77M
$31M
$46M
$46M
$84M
$44M
$39M
$55M
$122M
$46M
$62M
CAPEX intensity · reported quarter history
Canadian National Railway Company · CNI
23%
24%
10%
16%
17%
20%
11%
22%
23%
21%
14%
20%
29%
22%
12%
19%
27%
28%
10%
—
Canadian Pacific Kansas City Limited · CP
19%
21%
12%
17%
18%
22%
18%
20%
23%
19%
15%
23%
21%
19%
19%
20%
24%
20%
18%
—
CSX Corporation · CSX
22%
8.9%
12%
11%
25%
8.9%
14%
14%
23%
12%
15%
14%
17%
24%
44%
—
20%
21%
32%
—
FreightCar America, Inc. · RAIL
1.7%
0.0%
1.1%
3.5%
1.2%
3.1%
2.5%
3.4%
6.5%
3.1%
0.6%
0.7%
0.9%
0.7%
0.0%
0.8%
0.6%
0.8%
0.0%
—
L.B. Foster Company · FSTR
0.8%
0.9%
2.0%
0.8%
1.5%
2.2%
0.9%
0.7%
0.7%
1.5%
2.4%
1.4%
2.2%
1.6%
3.1%
2.1%
2.2%
1.3%
2.5%
—
Norfolk Southern Corporation · NSC
11%
11%
13%
22%
13%
13%
14%
17%
16%
15%
19%
19%
19%
22%
15%
15%
18%
25%
13%
—
The Greenbrier Companies, Inc. · GBX
13%
34%
1.6%
6.4%
14%
7.4%
10%
8.1%
11%
8.4%
14%
16%
7.0%
6.7%
8.8%
9.8%
9.3%
8.2%
5.1%
10%
Trinity Industries, Inc. · TRN
27%
40%
18%
83%
57%
40%
31%
31%
11%
25%
19%
12%
16%
36%
22%
36%
54%
39%
32%
—
Union Pacific Corporation · UNP
14%
17%
15%
13%
16%
15%
13%
14%
16%
17%
13%
15%
14%
15%
15%
15%
15%
16%
15%
—
Westinghouse Air Brake Technologies Corporation · WAB
1.2%
2.5%
1.0%
1.5%
1.5%
2.9%
1.5%
1.6%
1.5%
3.0%
1.2%
1.7%
1.7%
3.3%
1.7%
1.4%
1.9%
4.1%
1.6%
—
Annual capital allocation · 5-year view
10/10 capacity base · 10/10 OCF · 10/10 CAPEX · 10/10 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Canadian National Railway Company · CNI
$41.6B
$44.0B
$45.0B
$48.4B
$49.6B
Canadian Pacific Kansas City Limited · CP
$21.2B
$22.4B
$51.7B
$56.0B
$55.3B
CSX Corporation · CSX
$33.5B
$34.7B
$35.2B
$36.1B
$37.3B
FreightCar America, Inc. · RAIL
$55M
$69M
$77M
$78M
$71M
L.B. Foster Company · FSTR
$73M
$103M
$90M
$94M
$105M
Norfolk Southern Corporation · NSC
$31.7B
$32.2B
$33.3B
$35.8B
$36.5B
The Greenbrier Companies, Inc. · GBX
$1.3B
$1.4B
$1.6B
$2.0B
$2.1B
Trinity Industries, Inc. · TRN
$6.8B
$6.9B
$7.0B
$7.0B
$6.6B
Union Pacific Corporation · UNP
$56.7B
$57.7B
$59.0B
$59.6B
$60.7B
Westinghouse Air Brake Technologies Corporation · WAB
$1.5B
$1.4B
$1.5B
$1.4B
$1.6B
Operating cash flow · fiscal-year history
Canadian National Railway Company · CNI
$7.0B
$6.7B
$7.0B
$6.7B
$7.0B
Canadian Pacific Kansas City Limited · CP
$3.7B
$4.1B
$4.1B
$5.3B
$5.3B
CSX Corporation · CSX
$5.1B
$5.5B
$5.5B
$5.2B
$4.6B
FreightCar America, Inc. · RAIL
$-55M
$12M
$5M
$45M
$35M
L.B. Foster Company · FSTR
$-1M
$-11M
$37M
$23M
$36M
Norfolk Southern Corporation · NSC
$4.3B
$4.2B
$3.2B
$4.1B
$4.4B
The Greenbrier Companies, Inc. · GBX
$-41M
$-150M
$71M
$330M
$266M
Trinity Industries, Inc. · TRN
$612M
$-13M
$296M
$574M
$360M
Union Pacific Corporation · UNP
$9.0B
$9.4B
$8.4B
$9.3B
$9.3B
Westinghouse Air Brake Technologies Corporation · WAB
$1.1B
$1.0B
$1.2B
$1.8B
$1.8B
CAPEX · reported cash flow · fiscal-year history
Canadian National Railway Company · CNI
$2.9B
$2.8B
$3.2B
$3.5B
$3.7B
Canadian Pacific Kansas City Limited · CP
$1.5B
$1.6B
$2.5B
$2.9B
$3.1B
CSX Corporation · CSX
$1.8B
$2.1B
$2.3B
$2.5B
$2.9B
FreightCar America, Inc. · RAIL
$2M
$8M
$13M
$5M
$3M
L.B. Foster Company · FSTR
$5M
$8M
$5M
$10M
$10M
Norfolk Southern Corporation · NSC
$1.5B
$1.9B
$2.3B
$2.4B
$2.2B
The Greenbrier Companies, Inc. · GBX
$139M
$381M
$362M
$398M
$280M
Trinity Industries, Inc. · TRN
$571M
$967M
$710M
$596M
$795M
Union Pacific Corporation · UNP
$2.9B
$3.6B
$3.6B
$3.5B
$3.8B
Westinghouse Air Brake Technologies Corporation · WAB
$130M
$149M
$186M
$207M
$260M
Free cash flow · fiscal-year history
Canadian National Railway Company · CNI
$4.1B
$3.9B
$3.8B
$3.2B
$3.4B
Canadian Pacific Kansas City Limited · CP
$2.2B
$2.6B
$1.6B
$2.4B
$2.2B
CSX Corporation · CSX
$3.3B
$3.4B
$3.3B
$2.7B
$1.7B
FreightCar America, Inc. · RAIL
$-58M
$4M
$-8M
$40M
$31M
L.B. Foster Company · FSTR
$-6M
$-18M
$32M
$13M
$25M
Norfolk Southern Corporation · NSC
$2.8B
$2.3B
$852M
$1.7B
$2.2B
The Greenbrier Companies, Inc. · GBX
$-180M
$-531M
$-291M
$-69M
$-15M
Trinity Industries, Inc. · TRN
$41M
$-980M
$-415M
$-22M
$-435M
Union Pacific Corporation · UNP
$6.1B
$5.7B
$4.8B
$5.9B
$5.5B
Westinghouse Air Brake Technologies Corporation · WAB
$943M
$889M
$1.0B
$1.6B
$1.5B
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
L.B. Foster Company has the lowest Gross debt among the 10 Railroads companies compared here, at $83 million. FreightCar America, Inc. is next at $146 million. The same company also holds the lowest Net debt, at $79 million. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: L.B. Foster Company has the clearest covered balance-sheet capacity with $79 million and gross debt of $83 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderL.B. Foster Company · $83 million
Gap43.2% versus #2 · FreightCar America, Inc.
Persistence0/8 recent comparable periods
Coverage10/10 companies · 195 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1L.B. Foster Company FSTR$83M
2FreightCar America, Inc. RAIL$146M
3The Greenbrier Companies, Inc. GBX$1.8B
4Trinity Industries, Inc. TRN$5.4B
5Westinghouse Air Brake Technologies Corporation WAB$6.6B
Net debtlowest net debt
1L.B. Foster Company FSTR$79M
2FreightCar America, Inc. RAIL$93M
3The Greenbrier Companies, Inc. GBX$1.5B
4Trinity Industries, Inc. TRN$5.2B
5Westinghouse Air Brake Technologies Corporation WAB$5.9B
Debt and balance-sheet capacity · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Union Pacific Corporation UNP | $31.3B | $30.2B | Mar 2026 |
| Canadian Pacific Kansas City Limited CP | $24.3B | $23.9B | Mar 2026 |
| Canadian National Railway Company CNI | $22.6B | $22.3B | Jun 2026 |
| CSX Corporation CSX | $19.4B | $18.0B | Jun 2026 |
| Norfolk Southern Corporation NSC | $16.6B | $15.5B | Jun 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | $6.6B | $5.9B | Jun 2026 |
| Trinity Industries, Inc. TRN | $5.4B | $5.2B | Mar 2026 |
| The Greenbrier Companies, Inc. GBX | $1.8B | $1.5B | Jun 2026 |
| FreightCar America, Inc. RAIL | $146M | $93M | Mar 2026 |
| L.B. Foster Company FSTR | $83M | $79M | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Canadian National Railway Company · CNI
$13.9B
$12.8B
$13.7B
$14.7B
$15.7B
$15.8B
$17.0B
$17.2B
$18.7B
$18.8B
$20.0B
$20.8B
$20.9B
$21.2B
$21.1B
$20.8B
$21.5B
$21.5B
$22.5B
$22.6B
Canadian Pacific Kansas City Limited · CP
$10.0B
$20.1B
$19.7B
$20.1B
$20.6B
$19.7B
$19.2B
$23.3B
$23.5B
$22.5B
$22.7B
$22.6B
$21.9B
$22.6B
$22.7B
$22.3B
$23.9B
$23.2B
$24.3B
—
CSX Corporation · CSX
$16.9B
$16.8B
$16.8B
$16.7B
$18.5B
$18.5B
$18.4B
$18.4B
$18.9B
$19.0B
$19.0B
$19.0B
$19.0B
$19.0B
$19.6B
$19.7B
$19.6B
$19.4B
$19.3B
$19.4B
FreightCar America, Inc. · RAIL
$100M
$96M
$107M
$100M
$116M
$127M
$129M
$98M
$67M
$75M
$74M
$49M
$48M
$160M
$158M
$152M
$152M
$152M
$146M
—
L.B. Foster Company · FSTR
$44M
$44M
$47M
$60M
$109M
$106M
$94M
$102M
$84M
$67M
$89M
$98M
$78M
$62M
$103M
$101M
$84M
$67M
$83M
—
Norfolk Southern Corporation · NSC
$13.8B
$13.8B
$14.8B
$15.1B
$15.1B
$15.2B
$15.0B
$15.1B
$16.6B
$17.2B
$17.6B
$17.6B
$17.2B
$17.2B
$17.2B
$17.4B
$17.1B
$17.1B
$17.1B
$16.6B
The Greenbrier Companies, Inc. · GBX
$1.2B
$1.4B
$1.5B
$1.5B
$1.6B
$1.6B
$1.6B
$1.6B
$1.6B
$1.8B
$1.7B
$1.8B
$1.8B
$1.8B
$1.8B
$1.8B
$1.8B
$1.8B
$1.8B
$1.8B
Trinity Industries, Inc. · TRN
$5.2B
$5.2B
$5.2B
$5.5B
$5.5B
$5.6B
$5.7B
$5.8B
$5.8B
$5.8B
$5.9B
$5.7B
$5.7B
$5.7B
$5.6B
$5.9B
$5.9B
$5.4B
$5.4B
—
Union Pacific Corporation · UNP
$30.7B
$31.2B
$33.5B
$33.3B
$34.7B
$34.6B
$35.0B
$34.5B
$34.1B
$33.8B
$32.9B
$32.9B
$32.3B
$32.1B
$33.6B
$33.6B
$32.6B
$32.6B
$31.3B
—
Westinghouse Air Brake Technologies Corporation · WAB
$4.1B
$4.1B
$4.2B
$4.2B
$4.1B
$4.0B
$4.2B
$4.4B
$4.0B
$4.1B
$4.0B
$4.0B
$4.0B
$4.0B
$4.0B
$4.8B
$5.3B
$5.5B
$6.5B
$6.6B
Net debt · reported quarter history
Canadian National Railway Company · CNI
$11.7B
$12.0B
$13.2B
$14.2B
$15.3B
$15.4B
$16.5B
$16.7B
$18.2B
$18.3B
$19.6B
$20.4B
$20.7B
$20.8B
$20.9B
$20.5B
$21.2B
$21.2B
$21.9B
$22.3B
Canadian Pacific Kansas City Limited · CP
$9.8B
$20.1B
$19.6B
$19.9B
$20.4B
$19.2B
$18.9B
$22.7B
$23.0B
$22.0B
$22.2B
$22.1B
$21.5B
$21.9B
$22.0B
$21.5B
$23.5B
$23.0B
$23.9B
—
CSX Corporation · CSX
$14.7B
$14.5B
$14.8B
$15.9B
$16.1B
$16.4B
$16.9B
$17.4B
$17.5B
$17.6B
$17.5B
$17.8B
$17.4B
$18.0B
$18.5B
$19.3B
$19.0B
$18.7B
$18.2B
$18.0B
FreightCar America, Inc. · RAIL
$73M
$70M
$66M
$78M
$98M
$89M
$101M
$86M
$52M
$34M
$60M
$10M
$3M
$116M
$104M
$91M
$89M
$88M
$93M
—
L.B. Foster Company · FSTR
$38M
$34M
$41M
$52M
$104M
$103M
$91M
$98M
$81M
$64M
$86M
$94M
$75M
$60M
$100M
$97M
$81M
$63M
$79M
—
Norfolk Southern Corporation · NSC
$12.4B
$13.0B
$13.3B
$13.8B
$13.9B
$14.7B
$14.4B
$14.6B
$15.1B
$15.6B
$16.9B
$16.9B
$16.2B
$15.6B
$16.2B
$16.1B
$15.7B
$15.6B
$15.8B
$15.5B
The Greenbrier Companies, Inc. · GBX
$552M
$1.0B
$914M
$1.1B
$1.0B
$1.3B
$1.3B
$1.3B
$1.3B
$1.5B
$1.5B
$1.5B
$1.4B
$1.5B
$1.5B
$1.5B
$1.4B
$1.4B
$1.2B
$1.5B
Trinity Industries, Inc. · TRN
$5.0B
$5.0B
$5.1B
$5.5B
$5.4B
$5.5B
$5.6B
$5.7B
$5.7B
$5.6B
$5.7B
$5.5B
$5.5B
$5.5B
$5.5B
$5.7B
$5.9B
$5.2B
$5.2B
—
Union Pacific Corporation · UNP
$29.4B
$30.2B
$32.6B
$32.5B
$33.4B
$33.6B
$33.9B
$33.7B
$33.4B
$32.8B
$32.0B
$31.7B
$31.4B
$31.1B
$32.2B
$32.6B
$31.8B
$31.0B
$30.2B
—
Westinghouse Air Brake Technologies Corporation · WAB
$3.6B
$3.6B
$3.8B
$3.7B
$3.6B
$3.5B
$3.7B
$4.0B
$3.7B
$3.4B
$3.4B
$3.4B
$3.6B
$3.3B
$3.3B
$3.3B
$4.8B
$4.8B
$6.0B
$5.9B
06 · compare level, then change
Return On Capital Employed
Union Pacific Corporation has the highest ROCE among the 10 Railroads companies compared here, at 3.9%. CSX Corporation is next at 3.7%. L.B. Foster Company has the highest ROCE change at +1.5 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Union Pacific Corporation leads ROCE at 3.9%, 0.2 percentage points above CSX Corporation. L.B. Foster Company has the strongest latest improvement at +1.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderUnion Pacific Corporation · 3.9%
Gap5.4% versus #2 · CSX Corporation
Persistence6/8 recent comparable periods
Coverage10/10 companies · 194 observations
Investor read: Union Pacific Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Union Pacific Corporation UNP3.9%
2CSX Corporation CSX3.7%
3Westinghouse Air Brake Technologies Corporation WAB3.5%
4Canadian National Railway Company CNI3.2%
5Norfolk Southern Corporation NSC2.7%
ROCE changefastest improvers
1L.B. Foster Company FSTR+1.5 pp
2Westinghouse Air Brake Technologies Corporation WAB+0.6 pp
3CSX Corporation CSX+0.5 pp
4Trinity Industries, Inc. TRN+0.1 pp
5Union Pacific Corporation UNP+0.1 pp
Return on capital · company comparison
10/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Union Pacific Corporation UNP | 3.9% | +0.1 pp | Mar 2026 |
| CSX Corporation CSX | 3.7% | +0.5 pp | Jun 2026 |
| Westinghouse Air Brake Technologies Corporation WAB | 3.5% | +0.6 pp | Jun 2026 |
| Canadian National Railway Company CNI | 3.2% | 0.0 pp | Jun 2026 |
| Norfolk Southern Corporation NSC | 2.7% | −0.3 pp | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | 1.5% | −0.2 pp | Mar 2026 |
| Trinity Industries, Inc. TRN | 1.3% | +0.1 pp | Mar 2026 |
| The Greenbrier Companies, Inc. GBX | 0.9% | −2.0 pp | Jun 2026 |
| L.B. Foster Company FSTR | 0.8% | +1.5 pp | Mar 2026 |
| FreightCar America, Inc. RAIL | -0.3% | −3.2 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Canadian National Railway Company · CNI
3.1%
3.6%
2.8%
4.1%
4.2%
4.1%
3.7%
3.5%
3.2%
3.8%
3.3%
3.2%
3.1%
3.2%
3.2%
3.2%
3.1%
3.2%
2.9%
3.2%
Canadian Pacific Kansas City Limited · CP
3.5%
1.9%
1.3%
2.0%
2.0%
1.5%
1.2%
1.3%
1.6%
2.0%
1.6%
1.7%
1.6%
2.0%
1.7%
1.7%
1.7%
2.0%
1.5%
—
CSX Corporation · CSX
3.8%
3.6%
3.4%
4.5%
4.1%
3.6%
3.8%
3.8%
3.2%
3.2%
3.4%
3.7%
3.4%
2.8%
2.6%
3.2%
2.7%
2.8%
3.1%
3.7%
FreightCar America, Inc. · RAIL
-3.6%
0.1%
-0.6%
2.2%
-8.5%
-5.5%
1.0%
6.5%
1.0%
0.2%
3.6%
11%
6.1%
8.8%
2.9%
4.6%
8.3%
4.5%
-0.3%
—
L.B. Foster Company · FSTR
0.3%
-0.2%
-0.9%
0.9%
-0.4%
-2.4%
0.2%
2.5%
0.6%
0.1%
2.3%
1.8%
2.9%
1.3%
-0.7%
2.9%
3.1%
3.2%
0.8%
—
Norfolk Southern Corporation · NSC
3.1%
3.1%
3.0%
3.5%
3.5%
3.3%
2.0%
1.6%
2.0%
2.1%
0.6%
3.0%
4.1%
2.9%
2.9%
3.0%
2.7%
2.3%
2.1%
2.7%
The Greenbrier Companies, Inc. · GBX
—
0.5%
1.0%
0.8%
2.4%
-0.2%
2.4%
1.8%
2.2%
2.2%
2.2%
2.5%
3.9%
3.6%
2.7%
2.9%
2.0%
1.8%
0.7%
0.9%
Trinity Industries, Inc. · TRN
1.0%
0.9%
0.7%
0.9%
1.2%
1.4%
0.9%
1.2%
1.2%
1.8%
1.4%
1.7%
1.5%
1.4%
1.2%
1.1%
1.4%
4.2%
1.3%
—
Union Pacific Corporation · UNP
4.2%
4.2%
4.1%
4.3%
4.5%
4.1%
3.9%
3.7%
3.6%
3.9%
3.9%
3.9%
3.9%
4.1%
3.8%
4.0%
4.1%
3.8%
3.9%
—
Westinghouse Air Brake Technologies Corporation · WAB
1.4%
1.7%
1.5%
1.7%
1.7%
1.6%
1.8%
2.1%
2.5%
2.1%
2.7%
2.9%
2.9%
2.2%
3.1%
2.9%
3.0%
2.2%
3.2%
3.5%
ROCE change · reported quarter history
Canadian National Railway Company · CNI
—
—
—
—
+1.1 pp
+0.5 pp
+0.9 pp
−0.6 pp
−1.0 pp
−0.3 pp
−0.4 pp
−0.3 pp
−0.1 pp
−0.6 pp
−0.1 pp
0.0 pp
0.0 pp
0.0 pp
−0.3 pp
0.0 pp
Canadian Pacific Kansas City Limited · CP
—
—
—
—
−1.5 pp
−0.4 pp
−0.1 pp
−0.7 pp
−0.4 pp
+0.5 pp
+0.4 pp
+0.4 pp
0.0 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp
0.0 pp
−0.2 pp
—
CSX Corporation · CSX
—
—
—
—
+0.3 pp
0.0 pp
+0.4 pp
−0.7 pp
−0.9 pp
−0.4 pp
−0.4 pp
−0.1 pp
+0.2 pp
−0.4 pp
−0.8 pp
−0.5 pp
−0.7 pp
0.0 pp
+0.5 pp
+0.5 pp
FreightCar America, Inc. · RAIL
—
—
—
—
−4.9 pp
−5.6 pp
+1.6 pp
+4.3 pp
+9.5 pp
+5.7 pp
+2.6 pp
+4.0 pp
+5.1 pp
+8.6 pp
−0.7 pp
−5.9 pp
+2.2 pp
−4.3 pp
−3.2 pp
—
L.B. Foster Company · FSTR
—
—
—
—
−0.7 pp
−2.2 pp
+1.1 pp
+1.6 pp
+1.0 pp
+2.5 pp
+2.1 pp
−0.7 pp
+2.3 pp
+1.2 pp
−3.0 pp
+1.1 pp
+0.2 pp
+1.9 pp
+1.5 pp
—
Norfolk Southern Corporation · NSC
—
—
—
—
+0.4 pp
+0.2 pp
−1.0 pp
−1.9 pp
−1.5 pp
−1.2 pp
−1.4 pp
+1.4 pp
+2.1 pp
+0.8 pp
+2.3 pp
0.0 pp
−1.4 pp
−0.6 pp
−0.8 pp
−0.3 pp
The Greenbrier Companies, Inc. · GBX
—
—
—
—
—
−0.7 pp
+1.4 pp
+1.0 pp
−0.2 pp
+2.4 pp
−0.2 pp
+0.7 pp
+1.7 pp
+1.4 pp
+0.5 pp
+0.4 pp
−1.9 pp
−1.8 pp
−2.0 pp
−2.0 pp
Trinity Industries, Inc. · TRN
—
—
—
—
+0.2 pp
+0.5 pp
+0.2 pp
+0.3 pp
0.0 pp
+0.4 pp
+0.5 pp
+0.5 pp
+0.3 pp
−0.4 pp
−0.2 pp
−0.6 pp
−0.1 pp
+2.8 pp
+0.1 pp
—
Union Pacific Corporation · UNP
—
—
—
—
+0.3 pp
−0.1 pp
−0.2 pp
−0.6 pp
−0.9 pp
−0.2 pp
0.0 pp
+0.2 pp
+0.3 pp
+0.2 pp
−0.1 pp
+0.1 pp
+0.2 pp
−0.3 pp
+0.1 pp
—
Westinghouse Air Brake Technologies Corporation · WAB
—
—
—
—
+0.3 pp
−0.1 pp
+0.3 pp
+0.4 pp
+0.8 pp
+0.5 pp
+0.9 pp
+0.8 pp
+0.4 pp
+0.1 pp
+0.4 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp
+0.6 pp
07 · compare level, then change
Valuation Against Growth & Quality
The Greenbrier Companies, Inc. has the lowest Guarded PEG among the 10 Railroads companies compared here, at 0.27×. Union Pacific Corporation is next at 2.13×. Trinity Industries, Inc. has the lowest P/E at 10.3×, so level and change sit with different companies. 4 of 10 companies report a comparable reading, the latest through Jun 2026.
What the numbers say: The Greenbrier Companies, Inc. has the lowest comparable Guarded PEG at 0.27×, 87.3% below Union Pacific Corporation. Only 4 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderThe Greenbrier Companies, Inc. · 0.27×
Gap87.3% versus #2 · Union Pacific Corporation
Persistence0/8 recent comparable periods
Coverage4/10 companies · 48 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1The Greenbrier Companies, Inc. GBX0.3
2Union Pacific Corporation UNP2.1
3Trinity Industries, Inc. TRN2.4
4Canadian Pacific Kansas City Limited CP2.8
P/Elowest P/E
1Trinity Industries, Inc. TRN10.3
2FreightCar America, Inc. RAIL10.8
3The Greenbrier Companies, Inc. GBX14.0
4Union Pacific Corporation UNP20.0
5Canadian National Railway Company CNI21.7
Valuation · company comparison
4/10 level · 10/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Westinghouse Air Brake Technologies Corporation WAB | 3.3 | 36.2 | Jun 2026 |
| Canadian National Railway Company CNI | 2.9 | 21.7 | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | 2.8 | 24.4 | Mar 2026 |
| Trinity Industries, Inc. TRN | 2.4 | 10.3 | Mar 2026 |
| Norfolk Southern Corporation NSC | 2.2 | 26.8 | Jun 2026 |
| Union Pacific Corporation UNP | 2.1 | 20.0 | Mar 2026 |
| CSX Corporation CSX | 1.5 | 27.5 | Jun 2026 |
| The Greenbrier Companies, Inc. GBX | 0.3 | 14.0 | Jun 2026 |
| L.B. Foster Company FSTR | — | 27.1 | Mar 2026 |
| FreightCar America, Inc. RAIL | — | 10.8 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Canadian National Railway Company · CNI
—
—
—
—
—
—
1.2
2.9
—
1.3
3.4
2.3
1.2
—
—
—
—
2.2
2.9
—
Canadian Pacific Kansas City Limited · CP
—
—
—
—
—
—
—
0.4
0.5
2.1
—
—
—
—
—
1.2
1.1
1.7
2.8
—
CSX Corporation · CSX
—
—
—
—
—
—
1.0
1.5
—
—
—
—
—
—
—
—
—
—
—
—
Norfolk Southern Corporation · NSC
—
—
—
—
—
—
3.3
—
—
—
—
—
1.4
0.5
—
—
1.0
2.2
—
—
The Greenbrier Companies, Inc. · GBX
—
—
—
—
—
—
—
0.7
4.5
—
—
—
—
—
—
—
0.3
—
—
—
Trinity Industries, Inc. · TRN
—
—
—
—
—
—
—
—
—
0.4
—
—
—
0.8
2.4
—
—
—
—
—
Union Pacific Corporation · UNP
—
—
—
—
—
—
2.4
—
—
—
—
—
—
3.3
3.5
2.4
2.5
2.4
2.1
—
Westinghouse Air Brake Technologies Corporation · WAB
—
—
—
—
—
—
2.2
3.3
1.6
0.9
0.7
0.5
0.7
0.9
1.2
1.8
2.0
2.4
3.3
—
P/E · reported quarter history
Canadian National Railway Company · CNI
22.1
22.5
24.5
19.8
21.1
21.6
20.0
20.5
20.0
19.5
21.1
19.1
18.7
20.8
19.6
19.5
17.8
17.9
18.8
21.7
Canadian Pacific Kansas City Limited · CP
17.8
21.8
26.3
31.1
29.3
26.8
26.0
23.3
22.5
24.9
28.5
28.8
30.4
26.2
24.5
24.2
22.6
22.4
24.4
—
CSX Corporation · CSX
18.7
22.4
21.3
16.3
14.3
16.1
14.8
17.2
16.4
19.1
20.6
18.6
18.7
18.0
17.6
20.1
23.2
23.5
25.2
27.5
FreightCar America, Inc. · RAIL
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3.7
10.2
10.8
—
L.B. Foster Company · FSTR
26.7
40.4
49.6
58.5
—
—
—
—
—
169.2
37.4
32.1
5.3
6.9
6.0
6.6
59.9
39.1
27.1
—
Norfolk Southern Corporation · NSC
20.6
24.6
23.0
18.1
15.4
17.8
16.3
20.4
21.6
29.5
41.0
27.2
23.3
20.3
16.2
17.3
22.9
22.6
24.2
26.8
The Greenbrier Companies, Inc. · GBX
—
25.3
19.8
23.9
20.4
40.4
20.9
13.0
22.5
11.3
15.2
14.5
9.8
11.9
9.0
6.4
7.3
7.8
12.2
14.0
Trinity Industries, Inc. · TRN
—
79.5
19.8
13.2
11.5
29.0
26.5
26.2
26.5
20.9
17.6
14.7
16.0
21.4
16.6
22.3
24.4
8.7
10.3
—
Union Pacific Corporation · UNP
21.0
25.3
26.0
19.9
17.4
18.5
17.8
18.7
19.6
23.5
23.5
21.3
22.6
20.6
21.3
20.0
20.1
19.3
20.0
—
Westinghouse Air Brake Technologies Corporation · WAB
35.9
31.1
30.3
24.0
22.5
28.9
28.2
29.4
25.4
28.0
28.5
27.7
30.3
31.4
28.4
31.3
29.1
31.3
35.4
36.2
08 · compare level, then change
Enterprise Value & Book Value
FreightCar America, Inc. has the lowest EV/EBITDA among the 10 Railroads companies compared here, at 6.81×. Trinity Industries, Inc. is next at 8.26×. The Greenbrier Companies, Inc. has the lowest P/BV at 0.93×, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: FreightCar America, Inc. leads ev/ebitda at 6.81×; The Greenbrier Companies, Inc. leads p/bv at 0.93×.
LeaderFreightCar America, Inc. · 6.81×
Gap17.6% versus #2 · Trinity Industries, Inc.
Persistence8/8 recent comparable periods
Coverage10/10 companies · 187 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1FreightCar America, Inc. RAIL6.8
2Trinity Industries, Inc. TRN8.3
3L.B. Foster Company FSTR9.7
4The Greenbrier Companies, Inc. GBX9.9
5Union Pacific Corporation UNP14.0
P/BVlowest P/BV
1The Greenbrier Companies, Inc. GBX0.9
2L.B. Foster Company FSTR1.7
3Canadian Pacific Kansas City Limited CP2.1
4Trinity Industries, Inc. TRN2.4
5Westinghouse Air Brake Technologies Corporation WAB4.1
Enterprise and book valuation · company comparison
10/10 level · 9/10 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Westinghouse Air Brake Technologies Corporation WAB | 20.5 | 4.1 | Jun 2026 |
| Canadian Pacific Kansas City Limited CP | 16.2 | 2.1 | Mar 2026 |
| CSX Corporation CSX | 16.0 | 6.3 | Jun 2026 |
| Norfolk Southern Corporation NSC | 15.8 | 4.4 | Jun 2026 |
| Canadian National Railway Company CNI | 14.5 | 4.7 | Jun 2026 |
| Union Pacific Corporation UNP | 14.0 | 7.4 | Mar 2026 |
| The Greenbrier Companies, Inc. GBX | 9.9 | 0.9 | Jun 2026 |
| L.B. Foster Company FSTR | 9.7 | 1.7 | Mar 2026 |
| Trinity Industries, Inc. TRN | 8.3 | 2.4 | Mar 2026 |
| FreightCar America, Inc. RAIL | 6.8 | -2.3 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Canadian National Railway Company · CNI
16.1
16.5
18.2
15.1
14.3
14.4
13.6
13.7
13.4
14.9
16.0
14.8
14.5
13.8
13.2
13.1
12.1
12.3
12.9
14.5
Canadian Pacific Kansas City Limited · CP
15.8
26.1
30.6
27.0
26.5
27.1
25.8
25.9
22.5
20.3
20.7
18.0
18.8
17.0
16.1
16.5
15.6
15.0
16.2
—
CSX Corporation · CSX
11.8
13.9
13.3
10.8
9.7
10.8
10.1
11.5
10.9
12.0
13.0
11.9
12.0
11.5
10.5
12.4
13.7
13.9
14.8
16.0
FreightCar America, Inc. · RAIL
—
—
—
43.7
—
—
—
—
16.0
9.3
13.4
7.4
8.4
5.8
4.8
6.7
5.5
6.4
6.8
—
L.B. Foster Company · FSTR
9.3
9.8
12.4
13.6
16.7
27.5
19.8
16.2
15.5
12.4
13.1
12.3
9.2
10.0
11.4
11.0
11.9
9.8
9.7
—
Norfolk Southern Corporation · NSC
16.4
15.0
14.3
11.5
10.5
11.8
11.1
13.2
13.3
16.6
20.4
15.5
14.3
12.7
10.9
11.5
14.0
14.0
14.6
15.8
The Greenbrier Companies, Inc. · GBX
—
16.1
12.3
12.9
9.7
13.6
10.0
8.3
10.1
8.0
9.4
9.2
7.1
7.9
6.8
5.7
6.4
6.8
8.4
9.9
Trinity Industries, Inc. · TRN
16.3
14.9
15.6
14.2
13.2
13.4
12.4
12.2
11.8
11.4
10.9
10.3
10.4
10.9
10.5
11.2
11.6
7.8
8.3
—
Union Pacific Corporation · UNP
14.0
16.6
17.1
13.9
12.6
13.2
13.0
13.4
13.8
16.0
15.8
14.5
15.1
13.9
14.3
13.8
13.9
13.7
14.0
—
Westinghouse Air Brake Technologies Corporation · WAB
15.7
15.2
15.1
12.7
12.2
14.5
14.4
15.0
13.4
14.5
15.1
15.3
16.5
16.9
15.8
17.8
17.3
18.0
20.6
20.5
P/BV · reported quarter history
Canadian National Railway Company · CNI
4.8
4.8
5.3
4.6
4.6
5.1
5.1
5.2
4.8
5.3
5.7
5.3
5.1
4.4
4.1
4.1
3.8
3.9
4.1
4.7
Canadian Pacific Kansas City Limited · CP
5.8
2.5
2.8
2.4
2.3
2.4
2.5
2.5
2.3
2.4
2.6
2.3
2.5
2.0
2.0
2.2
2.0
2.0
2.1
—
CSX Corporation · CSX
5.0
6.1
6.2
4.7
4.4
5.1
4.9
5.6
5.1
5.7
5.8
5.1
5.2
4.9
4.5
4.9
5.2
5.1
5.6
6.3
FreightCar America, Inc. · RAIL
-7.2
-35.5
-3.8
-6.0
-3.4
-1.9
-1.7
-1.1
-1.1
-1.1
-1.2
-1.4
-1.3
-1.1
-1.1
-2.0
-2.1
-2.0
-2.3
—
L.B. Foster Company · FSTR
0.9
0.8
0.9
0.8
0.6
0.8
0.9
1.1
1.4
1.7
2.0
1.6
1.2
1.6
1.2
1.3
1.6
1.6
1.7
—
Norfolk Southern Corporation · NSC
4.2
5.2
5.1
4.1
3.7
4.4
3.8
4.1
3.5
4.2
4.6
3.7
4.1
3.7
3.7
3.9
4.5
4.2
4.1
4.4
The Greenbrier Companies, Inc. · GBX
—
1.1
1.2
1.1
0.7
1.0
0.8
0.7
1.1
0.9
1.2
1.3
1.1
1.5
1.2
0.9
0.9
0.9
1.1
0.9
Trinity Industries, Inc. · TRN
2.0
2.4
2.8
2.0
1.7
2.4
2.0
2.1
2.0
2.1
2.2
2.3
2.7
2.7
2.2
2.2
2.2
2.0
2.4
—
Union Pacific Corporation · UNP
9.1
11.4
14.4
10.5
10.2
10.4
9.9
9.5
8.9
10.1
9.6
8.4
9.0
8.2
8.8
8.4
8.1
7.4
7.4
—
Westinghouse Air Brake Technologies Corporation · WAB
1.6
1.7
1.8
1.5
1.5
1.8
1.8
1.9
1.8
2.2
2.5
2.7
3.1
3.2
3.0
3.3
3.1
3.3
3.8
4.1
09 · let price answer last
Market action
L.B. Foster Company has the strongest one-year price move in Railroads at +88.3%. It also leads on Mansfield relative strength against the S&P 500 at +25.8%. 8 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Railroads comparison names 4 specific ways its own evidence can mislead, all listed below. All 10 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
10 · the complete set
Which companies are included?
All 10 companies in the canonical Railroads membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals |
|---|---|---|---|---|
| Union Pacific Corporation UNPAHEAD19/26 WEEKS | $174.9B | $294 | 2026-07-28 | Mar 2026 |
| CSX Corporation CSXAHEAD24/26 WEEKS | $94.2B | $50.8 | 2026-07-28 | Jun 2026 |
| Canadian Pacific Kansas City Limited CP18/26 WEEKS | $81.5B | $91.7 | 2026-07-28 | Mar 2026 |
| Canadian National Railway Company CNIAHEAD23/26 WEEKS | $78.4B | $130 | 2026-07-28 | Jun 2026 |
| Norfolk Southern Corporation NSCAHEAD | $76.1B | $339 | 2026-07-28 | Jun 2026 |
| Westinghouse Air Brake Technologies Corporation WABAHEAD18/26 WEEKS | $51.7B | $306 | 2026-07-28 | Jun 2026 |
| Trinity Industries, Inc. TRN19/26 WEEKS | $3.0B | $38.1 | 2026-07-28 | Mar 2026 |
| The Greenbrier Companies, Inc. GBX | $1.6B | $51.8 | 2026-07-28 | Jun 2026 |
| L.B. Foster Company FSTRAHEAD25/26 WEEKS | $439M | $42.0 | 2026-07-28 | Mar 2026 |
| FreightCar America, Inc. RAIL | $280M | $8.5 | 2026-07-28 | Mar 2026 |
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 10 Railroads companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers
Railroads company comparison FAQs
These 18 answers restate the Railroads comparison above in question form. Every one is computed from the same 10 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.
Which Railroads company is the biggest?
Union Pacific Corporation is the largest, with trailing-twelve-month revenue of $24,700 million, ahead of Canadian Pacific Kansas City Limited at $14,984 million. That covers 6 of 10 companies with comparable reporting through Mar 2026.
Which Railroads company is growing fastest?
L.B. Foster Company has the fastest revenue growth at 11.7% year on year, across 6 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Railroads company has the best profit margins?
Union Pacific Corporation has the highest operating margin at 39.5%, from 10 of 10 comparable companies. CSX Corporation shows the biggest recent improvement, at +5.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Railroads company makes the most profit?
Union Pacific Corporation earns the most, at $7,213 million of trailing-twelve-month net profit, from 6 of 10 comparable companies. Trinity Industries, Inc. has the fastest profit growth at 67.5%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Railroads company earns the highest return on capital?
Union Pacific Corporation leads on return on capital employed at 3.9%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Railroads stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — The Greenbrier Companies, Inc. screens cheapest at 0.27×. Only 4 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Railroads company has the strongest balance sheet?
L.B. Foster Company carries the lowest comparable gross debt at $83 million, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Railroads company is investing most in new capacity?
CSX Corporation reports the largest capital spending at $1,119 million, across 10 of 10 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.
Is the Railroads sector beating the market?
Railroads has outperformed S&P 500 by 17.9% over the last 52 weeks and 9.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which Railroads stock has the strongest price momentum?
L.B. Foster Company has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Railroads company scores highest for research priority?
Westinghouse Air Brake Technologies Corporation scores 60.3 out of 100 with 58.7% evidence confidence, from 19.6 points on growth and earnings, 14.7 on capital efficiency, 8.5 on valuation and 17.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Railroads companies does this comparison cover, and over what period?
It compares 10 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Railroads sector?
The 10 Railroads companies on this page carry $562,167 million of combined market value. Union Pacific Corporation is the largest at $174,926 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.
What is the Railroads sector's P/E ratio?
The median price-to-earnings ratio across the 10 Railroads companies on this page is 24.4×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.
How is the Railroads sector performing?
8 of the 10 covered Railroads companies are beating S&P 500 on Mansfield relative strength. The sector itself is 17.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.
How many Railroads stocks are listed in the US?
This comparison covers 10 listed Railroads companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.