# Railroads — company-by-company sector analysis

> Railroads: Union Pacific Corporation owns the largest revenue base; L.B. Foster Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## 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.

### 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.

### 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: 9.7%
52-week sector return versus NIFTY 500: 18%
Stocks leading NIFTY: 8/10
Stocks leading sector: 5/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹5.6 L Cr

## 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.

1. Westinghouse Air Brake Technologies Corporation (WAB): 60/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.6/35 | Capital efficiency 14.7/25 | Valuation 8.5/20 | Relative strength 17.5/20
   - 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.
2. L.B. Foster Company (FSTR): 59/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.8/35 | Capital efficiency 8.8/25 | Valuation 9.2/20 | Relative strength 17.0/20
   - 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.
3. CSX Corporation (CSX): 59/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.5/35 | Capital efficiency 13.9/25 | Valuation 8.8/20 | Relative strength 13.5/20
   - 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.
4. Canadian National Railway Company (CNI): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.4/35 | Capital efficiency 13.7/25 | Valuation 10.2/20 | Relative strength 15.0/20
   - 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.
5. Union Pacific Corporation (UNP): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.4/35 | Capital efficiency 14.0/25 | Valuation 8.5/20 | Relative strength 10.4/20
   - 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.
6. Trinity Industries, Inc. (TRN): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.5/35 | Capital efficiency 8.4/25 | Valuation 8.6/20 | Relative strength 10.3/20
   - 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.
7. Norfolk Southern Corporation (NSC): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.7/35 | Capital efficiency 13.2/25 | Valuation 9.5/20 | Relative strength 4.5/20
   - 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.
8. Canadian Pacific Kansas City Limited (CP): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 14.2/25 | Valuation 5.6/20 | Relative strength 7.2/20
   - 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.
9. The Greenbrier Companies, Inc. (GBX): 33/100 — Adverse evidence; evidence 80%
   - Growth & earnings 4.5/35 | Capital efficiency 7.8/25 | Valuation 15.8/20 | Relative strength 4.8/20
   - 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.
10. FreightCar America, Inc. (RAIL): 29/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 9.1/35 | Capital efficiency 5.4/25 | Valuation 11.2/20 | Relative strength 3.0/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Union Pacific Corporation · $24,700 million | 64.8% versus #2 · Canadian Pacific Kansas City Limited | 5/8 recent comparable periods | 6/10 companies · 191 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Union Pacific Corporation (UNP): ₹24.7K Cr
2. Canadian Pacific Kansas City Limited (CP): ₹15.0K Cr
3. The Greenbrier Companies, Inc. (GBX): ₹2.6K Cr
4. Trinity Industries, Inc. (TRN): ₹2.1K Cr
5. L.B. Foster Company (FSTR): ₹563 Cr

### Revenue growth — fastest growers
1. L.B. Foster Company (FSTR): 12%
2. Union Pacific Corporation (UNP): 1.9%
3. Canadian Pacific Kansas City Limited (CP): 1.1%
4. FreightCar America, Inc. (RAIL): -4.9%
5. The Greenbrier Companies, Inc. (GBX): -26%

### 20-quarter Revenue history
- UNP: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹5.9K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.2K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹6.2K Cr | Jun 2026 —
- CSX: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- CP: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- CNI: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- NSC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- WAB: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- TRN: Sep 2021 ₹420 Cr | Dec 2021 ₹472 Cr | Mar 2022 ₹473 Cr | Jun 2022 ₹417 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹591 Cr | Mar 2023 ₹642 Cr | Jun 2023 ₹722 Cr | Sep 2023 ₹821 Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹810 Cr | Jun 2024 ₹841 Cr | Sep 2024 ₹799 Cr | Dec 2024 ₹629 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹506 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹611 Cr | Mar 2026 ₹492 Cr | Jun 2026 —
- GBX: Sep 2021 ₹599 Cr | Dec 2021 ₹551 Cr | Mar 2022 ₹683 Cr | Jun 2022 ₹794 Cr | Sep 2022 ₹951 Cr | Dec 2022 ₹767 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹809 Cr | Mar 2024 ₹863 Cr | Jun 2024 ₹820 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹876 Cr | Mar 2025 ₹762 Cr | Jun 2025 ₹843 Cr | Sep 2025 ₹760 Cr | Dec 2025 ₹706 Cr | Mar 2026 ₹588 Cr | Jun 2026 ₹577 Cr
- FSTR: Sep 2021 ₹130 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹98 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- RAIL: Sep 2021 ₹58 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹113 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹161 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹64 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- UNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 18% | Dec 2022 7.8% | Mar 2023 3.3% | Jun 2023 -4.9% | Sep 2023 -9.5% | Dec 2023 -0.3% | Mar 2024 -0.4% | Jun 2024 0.7% | Sep 2024 2.5% | Dec 2024 -0.6% | Mar 2025 -0.1% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 -0.6% | Mar 2026 3.2% | Jun 2026 —
- CSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 18% | Dec 2022 8.8% | Mar 2023 8.6% | Jun 2023 -3.0% | Sep 2023 -8.3% | Dec 2023 -1.3% | Mar 2024 -0.7% | Jun 2024 0.1% | Sep 2024 1.3% | Dec 2024 -3.8% | Mar 2025 -7.0% | Jun 2025 -3.4% | Sep 2025 -0.9% | Dec 2025 -0.9% | Mar 2026 1.7% | Jun 2026 —
- CP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 19% | Dec 2022 21% | Mar 2023 23% | Jun 2023 44% | Sep 2023 44% | Dec 2023 53% | Mar 2024 55% | Jun 2024 14% | Sep 2024 6.3% | Dec 2024 2.6% | Mar 2025 7.8% | Jun 2025 2.7% | Sep 2025 3.2% | Dec 2025 1.3% | Mar 2026 -2.5% | Jun 2026 —
- CNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 26% | Dec 2022 21% | Mar 2023 16% | Jun 2023 -6.6% | Sep 2023 -12% | Dec 2023 -1.6% | Mar 2024 -1.5% | Jun 2024 6.7% | Sep 2024 3.1% | Dec 2024 -2.5% | Mar 2025 3.6% | Jun 2025 -1.3% | Sep 2025 1.3% | Dec 2025 2.4% | Mar 2026 -0.6% | Jun 2026 —
- NSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 17% | Dec 2022 14% | Mar 2023 7.4% | Jun 2023 -8.3% | Sep 2023 -11% | Dec 2023 -5.1% | Mar 2024 -4.1% | Jun 2024 2.2% | Sep 2024 2.7% | Dec 2024 -1.6% | Mar 2025 -0.4% | Jun 2025 2.2% | Sep 2025 1.7% | Dec 2025 -1.7% | Mar 2026 0.2% | Jun 2026 —
- WAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.8% | Sep 2022 9.1% | Dec 2022 11% | Mar 2023 14% | Jun 2023 18% | Sep 2023 23% | Dec 2023 9.5% | Mar 2024 14% | Jun 2024 9.9% | Sep 2024 4.4% | Dec 2024 2.3% | Mar 2025 4.5% | Jun 2025 2.3% | Sep 2025 8.4% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- TRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 18% | Dec 2022 25% | Mar 2023 36% | Jun 2023 73% | Sep 2023 65% | Dec 2023 35% | Mar 2024 26% | Jun 2024 16% | Sep 2024 -2.7% | Dec 2024 -21% | Mar 2025 -28% | Jun 2025 -40% | Sep 2025 -43% | Dec 2025 -2.9% | Mar 2026 -16% | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 59% | Dec 2022 39% | Mar 2023 64% | Jun 2023 31% | Sep 2023 6.9% | Dec 2023 5.5% | Mar 2024 -23% | Jun 2024 -21% | Sep 2024 3.5% | Dec 2024 8.3% | Mar 2025 -12% | Jun 2025 2.8% | Sep 2025 -28% | Dec 2025 -19% | Mar 2026 -23% | Jun 2026 -32%
- FSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 0.0% | Dec 2022 21% | Mar 2023 16% | Jun 2023 12% | Sep 2023 12% | Dec 2023 -1.5% | Mar 2024 7.8% | Jun 2024 -4.7% | Sep 2024 -5.5% | Dec 2024 -5.2% | Mar 2025 -21% | Jun 2025 2.1% | Sep 2025 0.7% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 48% | Dec 2022 72% | Mar 2023 -13% | Jun 2023 56% | Sep 2023 -28% | Dec 2023 -1.6% | Mar 2024 99% | Jun 2024 65% | Sep 2024 82% | Dec 2024 8.7% | Mar 2025 -40% | Jun 2025 -19% | Sep 2025 42% | Dec 2025 -8.7% | Mar 2026 -33% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Union Pacific Corporation leads opm at 39.5%; CSX Corporation leads margin change at +5.6 percentage points.

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.

Evidence: Union Pacific Corporation · 39.5% | 9.7% versus #2 · CSX Corporation | 6/8 recent comparable periods | 10/10 companies · 191 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Union Pacific Corporation (UNP): 40%
2. CSX Corporation (CSX): 36%
3. Canadian National Railway Company (CNI): 35%
4. Canadian Pacific Kansas City Limited (CP): 34%
5. Norfolk Southern Corporation (NSC): 29%

### Margin change — fastest expanders
1. CSX Corporation (CSX): +5.6 pp
2. L.B. Foster Company (FSTR): +3.7 pp
3. Trinity Industries, Inc. (TRN): +3.5 pp
4. Union Pacific Corporation (UNP): +0.2 pp
5. Canadian Pacific Kansas City Limited (CP): −0.7 pp

### 20-quarter OPM history
- UNP: Sep 2021 44% | Dec 2021 43% | Mar 2022 41% | Jun 2022 40% | Sep 2022 40% | Dec 2022 39% | Mar 2023 38% | Jun 2023 37% | Sep 2023 37% | Dec 2023 39% | Mar 2024 39% | Jun 2024 40% | Sep 2024 40% | Dec 2024 41% | Mar 2025 39% | Jun 2025 41% | Sep 2025 41% | Dec 2025 40% | Mar 2026 40% | Jun 2026 —
- CSX: Sep 2021 44% | Dec 2021 40% | Mar 2022 38% | Jun 2022 45% | Sep 2022 41% | Dec 2022 37% | Mar 2023 40% | Jun 2023 40% | Sep 2023 36% | Dec 2023 34% | Mar 2024 36% | Jun 2024 39% | Sep 2024 37% | Dec 2024 31% | Mar 2025 30% | Jun 2025 36% | Sep 2025 30% | Dec 2025 32% | Mar 2026 36% | Jun 2026 —
- CP: Sep 2021 40% | Dec 2021 41% | Mar 2022 29% | Jun 2022 39% | Sep 2022 41% | Dec 2022 40% | Mar 2023 37% | Jun 2023 30% | Sep 2023 35% | Dec 2023 38% | Mar 2024 33% | Jun 2024 35% | Sep 2024 34% | Dec 2024 40% | Mar 2025 35% | Jun 2025 36% | Sep 2025 37% | Dec 2025 41% | Mar 2026 34% | Jun 2026 —
- CNI: Sep 2021 37% | Dec 2021 42% | Mar 2022 33% | Jun 2022 41% | Sep 2022 43% | Dec 2022 42% | Mar 2023 39% | Jun 2023 39% | Sep 2023 38% | Dec 2023 41% | Mar 2024 36% | Jun 2024 36% | Sep 2024 37% | Dec 2024 37% | Mar 2025 37% | Jun 2025 38% | Sep 2025 39% | Dec 2025 39% | Mar 2026 35% | Jun 2026 —
- NSC: Sep 2021 40% | Dec 2021 40% | Mar 2022 37% | Jun 2022 39% | Sep 2022 38% | Dec 2022 37% | Mar 2023 23% | Jun 2023 19% | Sep 2023 25% | Dec 2023 26% | Mar 2024 7.1% | Jun 2024 37% | Sep 2024 52% | Dec 2024 37% | Mar 2025 38% | Jun 2025 38% | Sep 2025 35% | Dec 2025 32% | Mar 2026 29% | Jun 2026 —
- WAB: Sep 2021 11% | Dec 2021 13% | Mar 2022 12% | Jun 2022 13% | Sep 2022 13% | Dec 2022 11% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 12% | Mar 2024 17% | Jun 2024 16% | Sep 2024 16% | Dec 2024 13% | Mar 2025 18% | Jun 2025 17% | Sep 2025 17% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- TRN: Sep 2021 19% | Dec 2021 15% | Mar 2022 12% | Jun 2022 18% | Sep 2022 19% | Dec 2022 19% | Mar 2023 11% | Jun 2023 14% | Sep 2023 12% | Dec 2023 19% | Mar 2024 14% | Jun 2024 17% | Sep 2024 15% | Dec 2024 18% | Mar 2025 17% | Jun 2025 19% | Sep 2025 26% | Dec 2025 55% | Mar 2026 21% | Jun 2026 —
- GBX: Sep 2021 7.2% | Dec 2021 2.1% | Mar 2022 3.7% | Jun 2022 2.5% | Sep 2022 6.5% | Dec 2022 -0.6% | Mar 2023 6.0% | Jun 2023 4.9% | Sep 2023 6.2% | Dec 2023 8.0% | Mar 2024 7.4% | Jun 2024 8.8% | Sep 2024 12% | Dec 2024 13% | Mar 2025 11% | Jun 2025 11% | Sep 2025 9.5% | Dec 2025 8.7% | Mar 2026 4.3% | Jun 2026 5.5%
- FSTR: Sep 2021 0.6% | Dec 2021 -0.5% | Mar 2022 -2.3% | Jun 2022 1.9% | Sep 2022 -0.9% | Dec 2022 -4.6% | Mar 2023 0.5% | Jun 2023 4.5% | Sep 2023 1.1% | Dec 2023 0.2% | Mar 2024 4.5% | Jun 2024 3.2% | Sep 2024 5.3% | Dec 2024 2.4% | Mar 2025 -2.0% | Jun 2025 5.3% | Sep 2025 6.0% | Dec 2025 4.9% | Mar 2026 1.7% | Jun 2026 —
- RAIL: Sep 2021 -7.1% | Dec 2021 0.1% | Mar 2022 -0.7% | Jun 2022 4.5% | Sep 2022 -12% | Dec 2022 -4.8% | Mar 2023 1.4% | Jun 2023 8.7% | Sep 2023 2.3% | Dec 2023 0.2% | Mar 2024 2.4% | Jun 2024 8.9% | Sep 2024 7.6% | Dec 2024 8.5% | Mar 2025 4.0% | Jun 2025 6.5% | Sep 2025 9.1% | Dec 2025 6.2% | Mar 2026 -0.9% | Jun 2026 —

### 20-quarter Margin change history
- UNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.1 pp | Sep 2022 −3.6 pp | Dec 2022 −3.6 pp | Mar 2023 −2.7 pp | Jun 2023 −2.8 pp | Sep 2023 −3.5 pp | Dec 2023 +0.1 pp | Mar 2024 +1.4 pp | Jun 2024 +3.0 pp | Sep 2024 +3.1 pp | Dec 2024 +2.2 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.1 pp | Dec 2025 −1.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- CSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.0 pp | Sep 2022 −3.1 pp | Dec 2022 −2.6 pp | Mar 2023 +1.9 pp | Jun 2023 −5.0 pp | Sep 2023 −4.9 pp | Dec 2023 −3.1 pp | Mar 2024 −3.2 pp | Jun 2024 −0.5 pp | Sep 2024 +1.8 pp | Dec 2024 −2.9 pp | Mar 2025 −5.9 pp | Jun 2025 −3.2 pp | Sep 2025 −7.1 pp | Dec 2025 +0.3 pp | Mar 2026 +5.6 pp | Jun 2026 —
- CP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +0.6 pp | Dec 2022 −0.6 pp | Mar 2023 +7.5 pp | Jun 2023 −9.7 pp | Sep 2023 −5.4 pp | Dec 2023 −2.0 pp | Mar 2024 −4.0 pp | Jun 2024 +5.5 pp | Sep 2024 −1.2 pp | Dec 2024 +2.1 pp | Mar 2025 +2.1 pp | Jun 2025 +1.1 pp | Sep 2025 +2.6 pp | Dec 2025 +0.8 pp | Mar 2026 −0.7 pp | Jun 2026 —
- CNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +5.5 pp | Dec 2022 +0.4 pp | Mar 2023 +5.4 pp | Jun 2023 −1.3 pp | Sep 2023 −4.8 pp | Dec 2023 −1.4 pp | Mar 2024 −2.1 pp | Jun 2024 −3.4 pp | Sep 2024 −1.1 pp | Dec 2024 −3.3 pp | Mar 2025 +0.2 pp | Jun 2025 +2.3 pp | Sep 2025 +1.7 pp | Dec 2025 +1.4 pp | Mar 2026 −1.2 pp | Jun 2026 —
- NSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.6 pp | Sep 2022 −1.8 pp | Dec 2022 −3.1 pp | Mar 2023 −14.5 pp | Jun 2023 −19.8 pp | Sep 2023 −12.6 pp | Dec 2023 −10.2 pp | Mar 2024 −15.6 pp | Jun 2024 +17.9 pp | Sep 2024 +26.9 pp | Dec 2024 +11.1 pp | Mar 2025 +31.2 pp | Jun 2025 +0.6 pp | Sep 2025 −16.9 pp | Dec 2025 −5.9 pp | Mar 2026 −9.0 pp | Jun 2026 —
- WAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.8 pp | Sep 2022 +1.1 pp | Dec 2022 −2.0 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 +2.0 pp | Dec 2023 +1.5 pp | Mar 2024 +3.9 pp | Jun 2024 +3.3 pp | Sep 2024 +1.8 pp | Dec 2024 +0.7 pp | Mar 2025 +1.7 pp | Jun 2025 +1.1 pp | Sep 2025 +0.7 pp | Dec 2025 −0.9 pp | Mar 2026 −0.7 pp | Jun 2026 —
- TRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 0.0 pp | Dec 2022 +4.5 pp | Mar 2023 −0.8 pp | Jun 2023 −3.8 pp | Sep 2023 −6.5 pp | Dec 2023 −0.6 pp | Mar 2024 +3.4 pp | Jun 2024 +3.2 pp | Sep 2024 +3.1 pp | Dec 2024 −0.8 pp | Mar 2025 +2.8 pp | Jun 2025 +1.9 pp | Sep 2025 +10.8 pp | Dec 2025 +37.1 pp | Mar 2026 +3.5 pp | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −2.7 pp | Mar 2023 +2.3 pp | Jun 2023 +2.4 pp | Sep 2023 −0.3 pp | Dec 2023 +8.6 pp | Mar 2024 +1.4 pp | Jun 2024 +3.9 pp | Sep 2024 +5.6 pp | Dec 2024 +4.8 pp | Mar 2025 +3.6 pp | Jun 2025 +2.2 pp | Sep 2025 −2.3 pp | Dec 2025 −4.1 pp | Mar 2026 −6.7 pp | Jun 2026 −5.5 pp
- FSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −1.5 pp | Dec 2022 −4.1 pp | Mar 2023 +2.8 pp | Jun 2023 +2.6 pp | Sep 2023 +2.0 pp | Dec 2023 +4.8 pp | Mar 2024 +4.0 pp | Jun 2024 −1.3 pp | Sep 2024 +4.2 pp | Dec 2024 +2.2 pp | Mar 2025 −6.5 pp | Jun 2025 +2.1 pp | Sep 2025 +0.7 pp | Dec 2025 +2.5 pp | Mar 2026 +3.7 pp | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +15.7 pp | Sep 2022 −5.3 pp | Dec 2022 −4.9 pp | Mar 2023 +2.1 pp | Jun 2023 +4.2 pp | Sep 2023 +14.7 pp | Dec 2023 +5.0 pp | Mar 2024 +1.0 pp | Jun 2024 +0.2 pp | Sep 2024 +5.3 pp | Dec 2024 +8.3 pp | Mar 2025 +1.6 pp | Jun 2025 −2.4 pp | Sep 2025 +1.5 pp | Dec 2025 −2.3 pp | Mar 2026 −4.9 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Union Pacific Corporation · $7,213 million | 77.1% versus #2 · Canadian Pacific Kansas City Limited | 7/8 recent comparable periods | 6/10 companies · 191 observations

Definition: 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 profit — largest
1. Union Pacific Corporation (UNP): ₹7.2K Cr
2. Canadian Pacific Kansas City Limited (CP): ₹4.1K Cr
3. Trinity Industries, Inc. (TRN): ₹283 Cr
4. The Greenbrier Companies, Inc. (GBX): ₹109 Cr
5. FreightCar America, Inc. (RAIL): ₹30 Cr

### Profit growth — fastest growers
1. Trinity Industries, Inc. (TRN): 68%
2. Union Pacific Corporation (UNP): 7.1%
3. Canadian Pacific Kansas City Limited (CP): 5.9%
4. The Greenbrier Companies, Inc. (GBX): -54%

### 20-quarter Net profit history
- UNP: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- CSX: Sep 2021 ₹968 Cr | Dec 2021 ₹934 Cr | Mar 2022 ₹859 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹966 Cr | Mar 2023 ₹987 Cr | Jun 2023 ₹984 Cr | Sep 2023 ₹828 Cr | Dec 2023 ₹839 Cr | Mar 2024 ₹880 Cr | Jun 2024 ₹963 Cr | Sep 2024 ₹894 Cr | Dec 2024 ₹733 Cr | Mar 2025 ₹646 Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹694 Cr | Dec 2025 ₹720 Cr | Mar 2026 ₹807 Cr | Jun 2026 —
- CP: Sep 2021 ₹472 Cr | Dec 2021 ₹532 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹765 Cr | Sep 2022 ₹891 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹800 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹780 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹774 Cr | Jun 2024 ₹903 Cr | Sep 2024 ₹837 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹909 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹917 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹845 Cr | Jun 2026 —
- CNI: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹918 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- NSC: Sep 2021 ₹753 Cr | Dec 2021 ₹760 Cr | Mar 2022 ₹703 Cr | Jun 2022 ₹819 Cr | Sep 2022 ₹958 Cr | Dec 2022 ₹790 Cr | Mar 2023 ₹466 Cr | Jun 2023 ₹356 Cr | Sep 2023 ₹478 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹737 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹733 Cr | Mar 2025 ₹750 Cr | Jun 2025 ₹768 Cr | Sep 2025 ₹711 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹547 Cr | Jun 2026 —
- WAB: Sep 2021 ₹132 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹163 Cr | Dec 2022 ₹159 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹291 Cr | Sep 2024 ₹286 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹339 Cr | Sep 2025 ₹313 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹363 Cr | Jun 2026 —
- TRN: Sep 2021 ₹26 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- GBX: Sep 2021 ₹36 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹18 Cr
- FSTR: Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-44 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- RAIL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹42 Cr | Jun 2026 —

### 20-quarter Profit growth history
- UNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1% | Sep 2022 13% | Dec 2022 -4.3% | Mar 2023 0.0% | Jun 2023 -15% | Sep 2023 -19% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 6.6% | Sep 2024 9.4% | Dec 2024 6.7% | Mar 2025 -0.9% | Jun 2025 12% | Sep 2025 7.0% | Dec 2025 4.9% | Mar 2026 4.6% | Jun 2026 —
- CSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4% | Sep 2022 15% | Dec 2022 3.4% | Mar 2023 15% | Jun 2023 -16% | Sep 2023 -25% | Dec 2023 -13% | Mar 2024 -11% | Jun 2024 -2.1% | Sep 2024 8.0% | Dec 2024 -13% | Mar 2025 -27% | Jun 2025 -14% | Sep 2025 -22% | Dec 2025 -1.8% | Mar 2026 25% | Jun 2026 —
- CP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 89% | Dec 2022 139% | Mar 2023 36% | Jun 2023 73% | Sep 2023 -12% | Dec 2023 -20% | Mar 2024 -3.3% | Jun 2024 -32% | Sep 2024 7.3% | Dec 2024 18% | Mar 2025 17% | Jun 2025 37% | Sep 2025 9.6% | Dec 2025 -10% | Mar 2026 -7.0% | Jun 2026 —
- CNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -14% | Dec 2022 18% | Mar 2023 33% | Jun 2023 -12% | Sep 2023 -24% | Dec 2023 50% | Mar 2024 -9.6% | Jun 2024 -4.5% | Sep 2024 -2.1% | Dec 2024 -46% | Mar 2025 5.3% | Jun 2025 5.2% | Sep 2025 5.0% | Dec 2025 8.9% | Mar 2026 -1.3% | Jun 2026 —
- NSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 27% | Dec 2022 4.0% | Mar 2023 -34% | Jun 2023 -57% | Sep 2023 -50% | Dec 2023 -33% | Mar 2024 -89% | Jun 2024 107% | Sep 2024 130% | Dec 2024 39% | Mar 2025 1,315% | Jun 2025 4.2% | Sep 2025 -35% | Dec 2025 -12% | Mar 2026 -27% | Jun 2026 —
- WAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 23% | Dec 2022 -18% | Mar 2023 15% | Jun 2023 14% | Sep 2023 48% | Dec 2023 36% | Mar 2024 60% | Jun 2024 51% | Sep 2024 18% | Dec 2024 -1.8% | Mar 2025 18% | Jun 2025 16% | Sep 2025 9.4% | Dec 2025 -4.2% | Mar 2026 11% | Jun 2026 —
- TRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 95% | Mar 2023 70% | Jun 2023 41% | Sep 2023 -13% | Dec 2023 70% | Mar 2024 88% | Jun 2024 142% | Sep 2024 58% | Dec 2024 -44% | Mar 2025 -9.4% | Jun 2025 -62% | Sep 2025 -9.8% | Dec 2025 380% | Mar 2026 -6.9% | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -19% | Dec 2022 -383% | Mar 2023 236% | Jun 2023 238% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 -8.1% | Jun 2024 52% | Sep 2024 124% | Dec 2024 79% | Mar 2025 35% | Jun 2025 66% | Sep 2025 -38% | Dec 2025 -37% | Mar 2026 -70% | Jun 2026 -74%
- FSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -200% | Dec 2022 — | Mar 2023 — | Jun 2023 50% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 -150% | Jun 2025 0.0% | Sep 2025 -89% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1,900% | Dec 2022 -1,100% | Mar 2023 — | Jun 2023 -227% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -3,667% | Dec 2024 — | Mar 2025 — | Jun 2025 50% | Sep 2025 — | Dec 2025 -149% | Mar 2026 -16% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: CSX Corporation · $1,119 million | 19.4% versus #2 · Union Pacific Corporation | 8/8 recent comparable periods | 10/10 companies · 193 observations

Definition: 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.

### CAPEX — largest spenders
1. CSX Corporation (CSX): ₹1.1K Cr
2. Union Pacific Corporation (UNP): ₹937 Cr
3. Canadian National Railway Company (CNI): ₹695 Cr
4. Canadian Pacific Kansas City Limited (CP): ₹669 Cr
5. Norfolk Southern Corporation (NSC): ₹439 Cr

### CAPEX intensity — highest reinvestment intensity
1. CSX Corporation (CSX): 32%
2. Trinity Industries, Inc. (TRN): 32%
3. Canadian Pacific Kansas City Limited (CP): 18%
4. Union Pacific Corporation (UNP): 15%
5. Norfolk Southern Corporation (NSC): 13%

### 20-quarter CAPEX history
- UNP: Sep 2021 ₹755 Cr | Dec 2021 ₹991 Cr | Mar 2022 ₹848 Cr | Jun 2022 ₹797 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹930 Cr | Mar 2023 ₹772 Cr | Jun 2023 ₹835 Cr | Sep 2023 ₹975 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹797 Cr | Jun 2024 ₹902 Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹922 Cr | Mar 2025 ₹906 Cr | Jun 2025 ₹936 Cr | Sep 2025 ₹950 Cr | Dec 2025 ₹999 Cr | Mar 2026 ₹937 Cr | Jun 2026 —
- CSX: Sep 2021 ₹731 Cr | Dec 2021 ₹306 Cr | Mar 2022 ₹406 Cr | Jun 2022 ₹406 Cr | Sep 2022 ₹971 Cr | Dec 2022 ₹331 Cr | Mar 2023 ₹499 Cr | Jun 2023 ₹499 Cr | Sep 2023 ₹817 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹533 Cr | Jun 2024 ₹533 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹838 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 — | Sep 2025 ₹730 Cr | Dec 2025 ₹719 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- CP: Sep 2021 ₹372 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹226 Cr | Jun 2022 ₹370 Cr | Sep 2022 ₹422 Cr | Dec 2022 ₹539 Cr | Mar 2023 ₹405 Cr | Jun 2023 ₹636 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹705 Cr | Mar 2024 ₹531 Cr | Jun 2024 ₹824 Cr | Sep 2024 ₹757 Cr | Dec 2024 ₹751 Cr | Mar 2025 ₹723 Cr | Jun 2025 ₹755 Cr | Sep 2025 ₹867 Cr | Dec 2025 ₹795 Cr | Mar 2026 ₹669 Cr | Jun 2026 —
- CNI: Sep 2021 ₹836 Cr | Dec 2021 ₹914 Cr | Mar 2022 ₹379 Cr | Jun 2022 ₹707 Cr | Sep 2022 ₹744 Cr | Dec 2022 ₹920 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹875 Cr | Sep 2023 ₹917 Cr | Dec 2023 ₹934 Cr | Mar 2024 ₹576 Cr | Jun 2024 ₹853 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹519 Cr | Jun 2025 ₹805 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹439 Cr | Jun 2026 ₹695 Cr
- NSC: Sep 2021 ₹314 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹389 Cr | Jun 2022 ₹722 Cr | Sep 2022 ₹419 Cr | Dec 2022 ₹419 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹520 Cr | Sep 2023 ₹474 Cr | Dec 2023 ₹474 Cr | Mar 2024 ₹557 Cr | Jun 2024 ₹568 Cr | Sep 2024 ₹581 Cr | Dec 2024 ₹675 Cr | Mar 2025 ₹449 Cr | Jun 2025 ₹475 Cr | Sep 2025 ₹551 Cr | Dec 2025 ₹729 Cr | Mar 2026 ₹382 Cr | Jun 2026 ₹439 Cr
- WAB: Sep 2021 ₹23 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹62 Cr
- TRN: Sep 2021 ₹115 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹87 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹238 Cr | Mar 2023 ₹199 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹223 Cr | Mar 2025 ₹129 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹244 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- GBX: Sep 2021 ₹76 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹60 Cr
- FSTR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- RAIL: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- UNP: Sep 2021 14% | Dec 2021 17% | Mar 2022 15% | Jun 2022 13% | Sep 2022 16% | Dec 2022 15% | Mar 2023 13% | Jun 2023 14% | Sep 2023 16% | Dec 2023 17% | Mar 2024 13% | Jun 2024 15% | Sep 2024 14% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- CSX: Sep 2021 22% | Dec 2021 8.9% | Mar 2022 12% | Jun 2022 11% | Sep 2022 25% | Dec 2022 8.9% | Mar 2023 14% | Jun 2023 14% | Sep 2023 23% | Dec 2023 12% | Mar 2024 15% | Jun 2024 14% | Sep 2024 17% | Dec 2024 24% | Mar 2025 44% | Jun 2025 — | Sep 2025 20% | Dec 2025 21% | Mar 2026 32% | Jun 2026 —
- CP: Sep 2021 19% | Dec 2021 21% | Mar 2022 12% | Jun 2022 17% | Sep 2022 18% | Dec 2022 22% | Mar 2023 18% | Jun 2023 20% | Sep 2023 23% | Dec 2023 19% | Mar 2024 15% | Jun 2024 23% | Sep 2024 21% | Dec 2024 19% | Mar 2025 19% | Jun 2025 20% | Sep 2025 24% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- CNI: Sep 2021 23% | Dec 2021 24% | Mar 2022 10% | Jun 2022 16% | Sep 2022 17% | Dec 2022 20% | Mar 2023 11% | Jun 2023 22% | Sep 2023 23% | Dec 2023 21% | Mar 2024 14% | Jun 2024 20% | Sep 2024 29% | Dec 2024 22% | Mar 2025 12% | Jun 2025 19% | Sep 2025 27% | Dec 2025 28% | Mar 2026 10% | Jun 2026 —
- NSC: Sep 2021 11% | Dec 2021 11% | Mar 2022 13% | Jun 2022 22% | Sep 2022 13% | Dec 2022 13% | Mar 2023 14% | Jun 2023 17% | Sep 2023 16% | Dec 2023 15% | Mar 2024 19% | Jun 2024 19% | Sep 2024 19% | Dec 2024 22% | Mar 2025 15% | Jun 2025 15% | Sep 2025 18% | Dec 2025 25% | Mar 2026 13% | Jun 2026 —
- WAB: Sep 2021 1.2% | Dec 2021 2.5% | Mar 2022 1.0% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 2.9% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 1.5% | Dec 2023 3.0% | Mar 2024 1.2% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 3.3% | Mar 2025 1.7% | Jun 2025 1.4% | Sep 2025 1.9% | Dec 2025 4.1% | Mar 2026 1.6% | Jun 2026 —
- TRN: Sep 2021 27% | Dec 2021 40% | Mar 2022 18% | Jun 2022 83% | Sep 2022 57% | Dec 2022 40% | Mar 2023 31% | Jun 2023 31% | Sep 2023 11% | Dec 2023 25% | Mar 2024 19% | Jun 2024 12% | Sep 2024 16% | Dec 2024 36% | Mar 2025 22% | Jun 2025 36% | Sep 2025 54% | Dec 2025 39% | Mar 2026 32% | Jun 2026 —
- GBX: Sep 2021 13% | Dec 2021 34% | Mar 2022 1.6% | Jun 2022 6.4% | Sep 2022 14% | Dec 2022 7.4% | Mar 2023 10% | Jun 2023 8.1% | Sep 2023 11% | Dec 2023 8.4% | Mar 2024 14% | Jun 2024 16% | Sep 2024 7.0% | Dec 2024 6.7% | Mar 2025 8.8% | Jun 2025 9.8% | Sep 2025 9.3% | Dec 2025 8.2% | Mar 2026 5.1% | Jun 2026 10%
- FSTR: Sep 2021 0.8% | Dec 2021 0.9% | Mar 2022 2.0% | Jun 2022 0.8% | Sep 2022 1.5% | Dec 2022 2.2% | Mar 2023 0.9% | Jun 2023 0.7% | Sep 2023 0.7% | Dec 2023 1.5% | Mar 2024 2.4% | Jun 2024 1.4% | Sep 2024 2.2% | Dec 2024 1.6% | Mar 2025 3.1% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 1.3% | Mar 2026 2.5% | Jun 2026 —
- RAIL: Sep 2021 1.7% | Dec 2021 0.0% | Mar 2022 1.1% | Jun 2022 3.5% | Sep 2022 1.2% | Dec 2022 3.1% | Mar 2023 2.5% | Jun 2023 3.4% | Sep 2023 6.5% | Dec 2023 3.1% | Mar 2024 0.6% | Jun 2024 0.7% | Sep 2024 0.9% | Dec 2024 0.7% | Mar 2025 0.0% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: L.B. Foster Company · $83 million | 43.2% versus #2 · FreightCar America, Inc. | 0/8 recent comparable periods | 10/10 companies · 195 observations

Definition: 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 debt — lowest gross debt
1. L.B. Foster Company (FSTR): ₹83 Cr
2. FreightCar America, Inc. (RAIL): ₹146 Cr
3. The Greenbrier Companies, Inc. (GBX): ₹1.8K Cr
4. Trinity Industries, Inc. (TRN): ₹5.4K Cr
5. Westinghouse Air Brake Technologies Corporation (WAB): ₹6.6K Cr

### Net debt — lowest net debt
1. L.B. Foster Company (FSTR): ₹79 Cr
2. FreightCar America, Inc. (RAIL): ₹93 Cr
3. The Greenbrier Companies, Inc. (GBX): ₹1.5K Cr
4. Trinity Industries, Inc. (TRN): ₹5.2K Cr
5. Westinghouse Air Brake Technologies Corporation (WAB): ₹5.9K Cr

### 20-quarter Gross debt history
- UNP: Sep 2021 ₹30.7K Cr | Dec 2021 ₹31.2K Cr | Mar 2022 ₹33.5K Cr | Jun 2022 ₹33.3K Cr | Sep 2022 ₹34.7K Cr | Dec 2022 ₹34.6K Cr | Mar 2023 ₹35.0K Cr | Jun 2023 ₹34.5K Cr | Sep 2023 ₹34.1K Cr | Dec 2023 ₹33.8K Cr | Mar 2024 ₹32.9K Cr | Jun 2024 ₹32.9K Cr | Sep 2024 ₹32.3K Cr | Dec 2024 ₹32.1K Cr | Mar 2025 ₹33.6K Cr | Jun 2025 ₹33.6K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹32.6K Cr | Mar 2026 ₹31.3K Cr | Jun 2026 —
- CSX: Sep 2021 ₹16.9K Cr | Dec 2021 ₹16.8K Cr | Mar 2022 ₹16.8K Cr | Jun 2022 ₹16.7K Cr | Sep 2022 ₹18.5K Cr | Dec 2022 ₹18.5K Cr | Mar 2023 ₹18.4K Cr | Jun 2023 ₹18.4K Cr | Sep 2023 ₹18.9K Cr | Dec 2023 ₹19.0K Cr | Mar 2024 ₹19.0K Cr | Jun 2024 ₹19.0K Cr | Sep 2024 ₹19.0K Cr | Dec 2024 ₹19.0K Cr | Mar 2025 ₹19.6K Cr | Jun 2025 ₹19.7K Cr | Sep 2025 ₹19.6K Cr | Dec 2025 ₹19.4K Cr | Mar 2026 ₹19.3K Cr | Jun 2026 ₹19.4K Cr
- CP: Sep 2021 ₹10.0K Cr | Dec 2021 ₹20.1K Cr | Mar 2022 ₹19.7K Cr | Jun 2022 ₹20.1K Cr | Sep 2022 ₹20.6K Cr | Dec 2022 ₹19.7K Cr | Mar 2023 ₹19.2K Cr | Jun 2023 ₹23.3K Cr | Sep 2023 ₹23.5K Cr | Dec 2023 ₹22.5K Cr | Mar 2024 ₹22.7K Cr | Jun 2024 ₹22.6K Cr | Sep 2024 ₹21.9K Cr | Dec 2024 ₹22.6K Cr | Mar 2025 ₹22.7K Cr | Jun 2025 ₹22.3K Cr | Sep 2025 ₹23.9K Cr | Dec 2025 ₹23.2K Cr | Mar 2026 ₹24.3K Cr | Jun 2026 —
- CNI: Sep 2021 ₹13.9K Cr | Dec 2021 ₹12.8K Cr | Mar 2022 ₹13.7K Cr | Jun 2022 ₹14.7K Cr | Sep 2022 ₹15.7K Cr | Dec 2022 ₹15.8K Cr | Mar 2023 ₹17.0K Cr | Jun 2023 ₹17.2K Cr | Sep 2023 ₹18.7K Cr | Dec 2023 ₹18.8K Cr | Mar 2024 ₹20.0K Cr | Jun 2024 ₹20.8K Cr | Sep 2024 ₹20.9K Cr | Dec 2024 ₹21.2K Cr | Mar 2025 ₹21.1K Cr | Jun 2025 ₹20.8K Cr | Sep 2025 ₹21.5K Cr | Dec 2025 ₹21.5K Cr | Mar 2026 ₹22.5K Cr | Jun 2026 ₹22.6K Cr
- NSC: Sep 2021 ₹13.8K Cr | Dec 2021 ₹13.8K Cr | Mar 2022 ₹14.8K Cr | Jun 2022 ₹15.1K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹15.2K Cr | Mar 2023 ₹15.0K Cr | Jun 2023 ₹15.1K Cr | Sep 2023 ₹16.6K Cr | Dec 2023 ₹17.2K Cr | Mar 2024 ₹17.6K Cr | Jun 2024 ₹17.6K Cr | Sep 2024 ₹17.2K Cr | Dec 2024 ₹17.2K Cr | Mar 2025 ₹17.2K Cr | Jun 2025 ₹17.4K Cr | Sep 2025 ₹17.1K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹17.1K Cr | Jun 2026 ₹16.6K Cr
- WAB: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.6K Cr
- TRN: Sep 2021 ₹5.2K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- GBX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- FSTR: Sep 2021 ₹44 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹103 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- RAIL: Sep 2021 ₹100 Cr | Dec 2021 ₹96 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹152 Cr | Mar 2026 ₹146 Cr | Jun 2026 —

### 20-quarter Net debt history
- UNP: Sep 2021 ₹29.4K Cr | Dec 2021 ₹30.2K Cr | Mar 2022 ₹32.6K Cr | Jun 2022 ₹32.5K Cr | Sep 2022 ₹33.4K Cr | Dec 2022 ₹33.6K Cr | Mar 2023 ₹33.9K Cr | Jun 2023 ₹33.7K Cr | Sep 2023 ₹33.4K Cr | Dec 2023 ₹32.8K Cr | Mar 2024 ₹32.0K Cr | Jun 2024 ₹31.7K Cr | Sep 2024 ₹31.4K Cr | Dec 2024 ₹31.1K Cr | Mar 2025 ₹32.2K Cr | Jun 2025 ₹32.6K Cr | Sep 2025 ₹31.8K Cr | Dec 2025 ₹31.0K Cr | Mar 2026 ₹30.2K Cr | Jun 2026 —
- CSX: Sep 2021 ₹14.7K Cr | Dec 2021 ₹14.5K Cr | Mar 2022 ₹14.8K Cr | Jun 2022 ₹15.9K Cr | Sep 2022 ₹16.1K Cr | Dec 2022 ₹16.4K Cr | Mar 2023 ₹16.9K Cr | Jun 2023 ₹17.4K Cr | Sep 2023 ₹17.5K Cr | Dec 2023 ₹17.6K Cr | Mar 2024 ₹17.5K Cr | Jun 2024 ₹17.8K Cr | Sep 2024 ₹17.4K Cr | Dec 2024 ₹18.0K Cr | Mar 2025 ₹18.5K Cr | Jun 2025 ₹19.3K Cr | Sep 2025 ₹19.0K Cr | Dec 2025 ₹18.7K Cr | Mar 2026 ₹18.2K Cr | Jun 2026 ₹18.0K Cr
- CP: Sep 2021 ₹9.8K Cr | Dec 2021 ₹20.1K Cr | Mar 2022 ₹19.6K Cr | Jun 2022 ₹19.9K Cr | Sep 2022 ₹20.4K Cr | Dec 2022 ₹19.2K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹22.7K Cr | Sep 2023 ₹23.0K Cr | Dec 2023 ₹22.0K Cr | Mar 2024 ₹22.2K Cr | Jun 2024 ₹22.1K Cr | Sep 2024 ₹21.5K Cr | Dec 2024 ₹21.9K Cr | Mar 2025 ₹22.0K Cr | Jun 2025 ₹21.5K Cr | Sep 2025 ₹23.5K Cr | Dec 2025 ₹23.0K Cr | Mar 2026 ₹23.9K Cr | Jun 2026 —
- CNI: Sep 2021 ₹11.7K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹13.2K Cr | Jun 2022 ₹14.2K Cr | Sep 2022 ₹15.3K Cr | Dec 2022 ₹15.4K Cr | Mar 2023 ₹16.5K Cr | Jun 2023 ₹16.7K Cr | Sep 2023 ₹18.2K Cr | Dec 2023 ₹18.3K Cr | Mar 2024 ₹19.6K Cr | Jun 2024 ₹20.4K Cr | Sep 2024 ₹20.7K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹20.9K Cr | Jun 2025 ₹20.5K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹21.2K Cr | Mar 2026 ₹21.9K Cr | Jun 2026 ₹22.3K Cr
- NSC: Sep 2021 ₹12.4K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹13.3K Cr | Jun 2022 ₹13.8K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.7K Cr | Mar 2023 ₹14.4K Cr | Jun 2023 ₹14.6K Cr | Sep 2023 ₹15.1K Cr | Dec 2023 ₹15.6K Cr | Mar 2024 ₹16.9K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹16.2K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹16.2K Cr | Jun 2025 ₹16.1K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹15.8K Cr | Jun 2026 ₹15.5K Cr
- WAB: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹5.9K Cr
- TRN: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- GBX: Sep 2021 ₹552 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹914 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.5K Cr
- FSTR: Sep 2021 ₹38 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- RAIL: Sep 2021 ₹73 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹93 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Union Pacific Corporation · 3.9% | 5.4% versus #2 · CSX Corporation | 6/8 recent comparable periods | 10/10 companies · 194 observations

Definition: 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.

### ROCE — highest
1. Union Pacific Corporation (UNP): 3.9%
2. CSX Corporation (CSX): 3.7%
3. Westinghouse Air Brake Technologies Corporation (WAB): 3.5%
4. Canadian National Railway Company (CNI): 3.2%
5. Norfolk Southern Corporation (NSC): 2.7%

### ROCE change — fastest improvers
1. L.B. Foster Company (FSTR): +1.5 pp
2. Westinghouse Air Brake Technologies Corporation (WAB): +0.6 pp
3. CSX Corporation (CSX): +0.5 pp
4. Trinity Industries, Inc. (TRN): +0.1 pp
5. Union Pacific Corporation (UNP): +0.1 pp

### 20-quarter ROCE history
- UNP: Sep 2021 4.2% | Dec 2021 4.2% | Mar 2022 4.1% | Jun 2022 4.3% | Sep 2022 4.5% | Dec 2022 4.1% | Mar 2023 3.9% | Jun 2023 3.7% | Sep 2023 3.6% | Dec 2023 3.9% | Mar 2024 3.9% | Jun 2024 3.9% | Sep 2024 3.9% | Dec 2024 4.1% | Mar 2025 3.8% | Jun 2025 4.0% | Sep 2025 4.1% | Dec 2025 3.8% | Mar 2026 3.9% | Jun 2026 —
- CSX: Sep 2021 3.8% | Dec 2021 3.6% | Mar 2022 3.4% | Jun 2022 4.5% | Sep 2022 4.1% | Dec 2022 3.6% | Mar 2023 3.8% | Jun 2023 3.8% | Sep 2023 3.2% | Dec 2023 3.2% | Mar 2024 3.4% | Jun 2024 3.7% | Sep 2024 3.4% | Dec 2024 2.8% | Mar 2025 2.6% | Jun 2025 3.2% | Sep 2025 2.7% | Dec 2025 2.8% | Mar 2026 3.1% | Jun 2026 3.7%
- CP: Sep 2021 3.5% | Dec 2021 1.9% | Mar 2022 1.3% | Jun 2022 2.0% | Sep 2022 2.0% | Dec 2022 1.5% | Mar 2023 1.2% | Jun 2023 1.3% | Sep 2023 1.6% | Dec 2023 2.0% | Mar 2024 1.6% | Jun 2024 1.7% | Sep 2024 1.6% | Dec 2024 2.0% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 2.0% | Mar 2026 1.5% | Jun 2026 —
- CNI: Sep 2021 3.1% | Dec 2021 3.6% | Mar 2022 2.8% | Jun 2022 4.1% | Sep 2022 4.2% | Dec 2022 4.1% | Mar 2023 3.7% | Jun 2023 3.5% | Sep 2023 3.2% | Dec 2023 3.8% | Mar 2024 3.3% | Jun 2024 3.2% | Sep 2024 3.1% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.2% | Sep 2025 3.1% | Dec 2025 3.2% | Mar 2026 2.9% | Jun 2026 3.2%
- NSC: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 3.0% | Jun 2022 3.5% | Sep 2022 3.5% | Dec 2022 3.3% | Mar 2023 2.0% | Jun 2023 1.6% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 0.6% | Jun 2024 3.0% | Sep 2024 4.1% | Dec 2024 2.9% | Mar 2025 2.9% | Jun 2025 3.0% | Sep 2025 2.7% | Dec 2025 2.3% | Mar 2026 2.1% | Jun 2026 2.7%
- WAB: Sep 2021 1.4% | Dec 2021 1.7% | Mar 2022 1.5% | Jun 2022 1.7% | Sep 2022 1.7% | Dec 2022 1.6% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 2.5% | Dec 2023 2.1% | Mar 2024 2.7% | Jun 2024 2.9% | Sep 2024 2.9% | Dec 2024 2.2% | Mar 2025 3.1% | Jun 2025 2.9% | Sep 2025 3.0% | Dec 2025 2.2% | Mar 2026 3.2% | Jun 2026 3.5%
- TRN: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 0.7% | Jun 2022 0.9% | Sep 2022 1.2% | Dec 2022 1.4% | Mar 2023 0.9% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 1.8% | Mar 2024 1.4% | Jun 2024 1.7% | Sep 2024 1.5% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 4.2% | Mar 2026 1.3% | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 0.5% | Mar 2022 1.0% | Jun 2022 0.8% | Sep 2022 2.4% | Dec 2022 -0.2% | Mar 2023 2.4% | Jun 2023 1.8% | Sep 2023 2.2% | Dec 2023 2.2% | Mar 2024 2.2% | Jun 2024 2.5% | Sep 2024 3.9% | Dec 2024 3.6% | Mar 2025 2.7% | Jun 2025 2.9% | Sep 2025 2.0% | Dec 2025 1.8% | Mar 2026 0.7% | Jun 2026 0.9%
- FSTR: Sep 2021 0.3% | Dec 2021 -0.2% | Mar 2022 -0.9% | Jun 2022 0.9% | Sep 2022 -0.4% | Dec 2022 -2.4% | Mar 2023 0.2% | Jun 2023 2.5% | Sep 2023 0.6% | Dec 2023 0.1% | Mar 2024 2.3% | Jun 2024 1.8% | Sep 2024 2.9% | Dec 2024 1.3% | Mar 2025 -0.7% | Jun 2025 2.9% | Sep 2025 3.1% | Dec 2025 3.2% | Mar 2026 0.8% | Jun 2026 —
- RAIL: Sep 2021 -3.6% | Dec 2021 0.1% | Mar 2022 -0.6% | Jun 2022 2.2% | Sep 2022 -8.5% | Dec 2022 -5.5% | Mar 2023 1.0% | Jun 2023 6.5% | Sep 2023 1.0% | Dec 2023 0.2% | Mar 2024 3.6% | Jun 2024 11% | Sep 2024 6.1% | Dec 2024 8.8% | Mar 2025 2.9% | Jun 2025 4.6% | Sep 2025 8.3% | Dec 2025 4.5% | Mar 2026 -0.3% | Jun 2026 —

### 20-quarter ROCE change history
- UNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.6 pp | Sep 2023 −0.9 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 +0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- CSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 0.0 pp | Mar 2023 +0.4 pp | Jun 2023 −0.7 pp | Sep 2023 −0.9 pp | Dec 2023 −0.4 pp | Mar 2024 −0.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 −0.4 pp | Mar 2025 −0.8 pp | Jun 2025 −0.5 pp | Sep 2025 −0.7 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp | Jun 2026 +0.5 pp
- CP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −0.4 pp | Mar 2023 −0.1 pp | Jun 2023 −0.7 pp | Sep 2023 −0.4 pp | Dec 2023 +0.5 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- CNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.9 pp | Jun 2023 −0.6 pp | Sep 2023 −1.0 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 −0.6 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.3 pp | Jun 2026 0.0 pp
- NSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.2 pp | Mar 2023 −1.0 pp | Jun 2023 −1.9 pp | Sep 2023 −1.5 pp | Dec 2023 −1.2 pp | Mar 2024 −1.4 pp | Jun 2024 +1.4 pp | Sep 2024 +2.1 pp | Dec 2024 +0.8 pp | Mar 2025 +2.3 pp | Jun 2025 0.0 pp | Sep 2025 −1.4 pp | Dec 2025 −0.6 pp | Mar 2026 −0.8 pp | Jun 2026 −0.3 pp
- WAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.1 pp | Mar 2023 +0.3 pp | Jun 2023 +0.4 pp | Sep 2023 +0.8 pp | Dec 2023 +0.5 pp | Mar 2024 +0.9 pp | Jun 2024 +0.8 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 +0.6 pp
- TRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.5 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 +0.4 pp | Mar 2024 +0.5 pp | Jun 2024 +0.5 pp | Sep 2024 +0.3 pp | Dec 2024 −0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 +2.8 pp | Mar 2026 +0.1 pp | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 +1.4 pp | Jun 2023 +1.0 pp | Sep 2023 −0.2 pp | Dec 2023 +2.4 pp | Mar 2024 −0.2 pp | Jun 2024 +0.7 pp | Sep 2024 +1.7 pp | Dec 2024 +1.4 pp | Mar 2025 +0.5 pp | Jun 2025 +0.4 pp | Sep 2025 −1.9 pp | Dec 2025 −1.8 pp | Mar 2026 −2.0 pp | Jun 2026 −2.0 pp
- FSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −2.2 pp | Mar 2023 +1.1 pp | Jun 2023 +1.6 pp | Sep 2023 +1.0 pp | Dec 2023 +2.5 pp | Mar 2024 +2.1 pp | Jun 2024 −0.7 pp | Sep 2024 +2.3 pp | Dec 2024 +1.2 pp | Mar 2025 −3.0 pp | Jun 2025 +1.1 pp | Sep 2025 +0.2 pp | Dec 2025 +1.9 pp | Mar 2026 +1.5 pp | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 −5.6 pp | Mar 2023 +1.6 pp | Jun 2023 +4.3 pp | Sep 2023 +9.5 pp | Dec 2023 +5.7 pp | Mar 2024 +2.6 pp | Jun 2024 +4.0 pp | Sep 2024 +5.1 pp | Dec 2024 +8.6 pp | Mar 2025 −0.7 pp | Jun 2025 −5.9 pp | Sep 2025 +2.2 pp | Dec 2025 −4.3 pp | Mar 2026 −3.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: The Greenbrier Companies, Inc. · 0.27× | 87.3% versus #2 · Union Pacific Corporation | 0/8 recent comparable periods | 4/10 companies · 48 observations

Definition: 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 PEG — lowest PEG
1. The Greenbrier Companies, Inc. (GBX): 0.3
2. Union Pacific Corporation (UNP): 2.1
3. Trinity Industries, Inc. (TRN): 2.4
4. Canadian Pacific Kansas City Limited (CP): 2.8

### P/E — lowest P/E
1. Trinity Industries, Inc. (TRN): 10.3
2. FreightCar America, Inc. (RAIL): 10.8
3. The Greenbrier Companies, Inc. (GBX): 14.0
4. Union Pacific Corporation (UNP): 20.0
5. Canadian National Railway Company (CNI): 21.7

### 20-quarter Guarded PEG history
- UNP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.3 | Mar 2025 3.5 | Jun 2025 2.4 | Sep 2025 2.5 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 —
- CSX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 2.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.7 | Mar 2026 2.8 | Jun 2026 —
- CNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 2.9 | Sep 2023 — | Dec 2023 1.3 | Mar 2024 3.4 | Jun 2024 2.3 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 2.9 | Jun 2026 —
- NSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.4 | Dec 2024 0.5 | Mar 2025 — | Jun 2025 — | Sep 2025 1.0 | Dec 2025 2.2 | Mar 2026 — | Jun 2026 —
- WAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.2 | Jun 2023 3.3 | Sep 2023 1.6 | Dec 2023 0.9 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.9 | Mar 2025 1.2 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 2.4 | Mar 2026 3.3 | Jun 2026 —
- TRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.8 | Mar 2025 2.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 4.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- UNP: Sep 2021 21.0 | Dec 2021 25.3 | Mar 2022 26.0 | Jun 2022 19.9 | Sep 2022 17.4 | Dec 2022 18.5 | Mar 2023 17.8 | Jun 2023 18.7 | Sep 2023 19.6 | Dec 2023 23.5 | Mar 2024 23.5 | Jun 2024 21.3 | Sep 2024 22.6 | Dec 2024 20.6 | Mar 2025 21.3 | Jun 2025 20.0 | Sep 2025 20.1 | Dec 2025 19.3 | Mar 2026 20.0 | Jun 2026 —
- CSX: Sep 2021 18.7 | Dec 2021 22.4 | Mar 2022 21.3 | Jun 2022 16.3 | Sep 2022 14.3 | Dec 2022 16.1 | Mar 2023 14.8 | Jun 2023 17.2 | Sep 2023 16.4 | Dec 2023 19.1 | Mar 2024 20.6 | Jun 2024 18.6 | Sep 2024 18.7 | Dec 2024 18.0 | Mar 2025 17.6 | Jun 2025 20.1 | Sep 2025 23.2 | Dec 2025 23.5 | Mar 2026 25.2 | Jun 2026 27.5
- CP: Sep 2021 17.8 | Dec 2021 21.8 | Mar 2022 26.3 | Jun 2022 31.1 | Sep 2022 29.3 | Dec 2022 26.8 | Mar 2023 26.0 | Jun 2023 23.3 | Sep 2023 22.5 | Dec 2023 24.9 | Mar 2024 28.5 | Jun 2024 28.8 | Sep 2024 30.4 | Dec 2024 26.2 | Mar 2025 24.5 | Jun 2025 24.2 | Sep 2025 22.6 | Dec 2025 22.4 | Mar 2026 24.4 | Jun 2026 —
- CNI: Sep 2021 22.1 | Dec 2021 22.5 | Mar 2022 24.5 | Jun 2022 19.8 | Sep 2022 21.1 | Dec 2022 21.6 | Mar 2023 20.0 | Jun 2023 20.5 | Sep 2023 20.0 | Dec 2023 19.5 | Mar 2024 21.1 | Jun 2024 19.1 | Sep 2024 18.7 | Dec 2024 20.8 | Mar 2025 19.6 | Jun 2025 19.5 | Sep 2025 17.8 | Dec 2025 17.9 | Mar 2026 18.8 | Jun 2026 21.7
- NSC: Sep 2021 20.6 | Dec 2021 24.6 | Mar 2022 23.0 | Jun 2022 18.1 | Sep 2022 15.4 | Dec 2022 17.8 | Mar 2023 16.3 | Jun 2023 20.4 | Sep 2023 21.6 | Dec 2023 29.5 | Mar 2024 41.0 | Jun 2024 27.2 | Sep 2024 23.3 | Dec 2024 20.3 | Mar 2025 16.2 | Jun 2025 17.3 | Sep 2025 22.9 | Dec 2025 22.6 | Mar 2026 24.2 | Jun 2026 26.8
- WAB: Sep 2021 35.9 | Dec 2021 31.1 | Mar 2022 30.3 | Jun 2022 24.0 | Sep 2022 22.5 | Dec 2022 28.9 | Mar 2023 28.2 | Jun 2023 29.4 | Sep 2023 25.4 | Dec 2023 28.0 | Mar 2024 28.5 | Jun 2024 27.7 | Sep 2024 30.3 | Dec 2024 31.4 | Mar 2025 28.4 | Jun 2025 31.3 | Sep 2025 29.1 | Dec 2025 31.3 | Mar 2026 35.4 | Jun 2026 36.2
- TRN: Sep 2021 — | Dec 2021 79.5 | Mar 2022 19.8 | Jun 2022 13.2 | Sep 2022 11.5 | Dec 2022 29.0 | Mar 2023 26.5 | Jun 2023 26.2 | Sep 2023 26.5 | Dec 2023 20.9 | Mar 2024 17.6 | Jun 2024 14.7 | Sep 2024 16.0 | Dec 2024 21.4 | Mar 2025 16.6 | Jun 2025 22.3 | Sep 2025 24.4 | Dec 2025 8.7 | Mar 2026 10.3 | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 25.3 | Mar 2022 19.8 | Jun 2022 23.9 | Sep 2022 20.4 | Dec 2022 40.4 | Mar 2023 20.9 | Jun 2023 13.0 | Sep 2023 22.5 | Dec 2023 11.3 | Mar 2024 15.2 | Jun 2024 14.5 | Sep 2024 9.8 | Dec 2024 11.9 | Mar 2025 9.0 | Jun 2025 6.4 | Sep 2025 7.3 | Dec 2025 7.8 | Mar 2026 12.2 | Jun 2026 14.0
- FSTR: Sep 2021 26.7 | Dec 2021 40.4 | Mar 2022 49.6 | Jun 2022 58.5 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 169.2 | Mar 2024 37.4 | Jun 2024 32.1 | Sep 2024 5.3 | Dec 2024 6.9 | Mar 2025 6.0 | Jun 2025 6.6 | Sep 2025 59.9 | Dec 2025 39.1 | Mar 2026 27.1 | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.7 | Dec 2025 10.2 | Mar 2026 10.8 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: FreightCar America, Inc. leads ev/ebitda at 6.81×; The Greenbrier Companies, Inc. leads p/bv at 0.93×.

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.

Evidence: FreightCar America, Inc. · 6.81× | 17.6% versus #2 · Trinity Industries, Inc. | 8/8 recent comparable periods | 10/10 companies · 187 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. FreightCar America, Inc. (RAIL): 6.8
2. Trinity Industries, Inc. (TRN): 8.3
3. L.B. Foster Company (FSTR): 9.7
4. The Greenbrier Companies, Inc. (GBX): 9.9
5. Union Pacific Corporation (UNP): 14.0

### P/BV — lowest P/BV
1. The Greenbrier Companies, Inc. (GBX): 0.9
2. L.B. Foster Company (FSTR): 1.7
3. Canadian Pacific Kansas City Limited (CP): 2.1
4. Trinity Industries, Inc. (TRN): 2.4
5. Westinghouse Air Brake Technologies Corporation (WAB): 4.1

### 20-quarter EV/EBITDA history
- UNP: Sep 2021 14.0 | Dec 2021 16.6 | Mar 2022 17.1 | Jun 2022 13.9 | Sep 2022 12.6 | Dec 2022 13.2 | Mar 2023 13.0 | Jun 2023 13.4 | Sep 2023 13.8 | Dec 2023 16.0 | Mar 2024 15.8 | Jun 2024 14.5 | Sep 2024 15.1 | Dec 2024 13.9 | Mar 2025 14.3 | Jun 2025 13.8 | Sep 2025 13.9 | Dec 2025 13.7 | Mar 2026 14.0 | Jun 2026 —
- CSX: Sep 2021 11.8 | Dec 2021 13.9 | Mar 2022 13.3 | Jun 2022 10.8 | Sep 2022 9.7 | Dec 2022 10.8 | Mar 2023 10.1 | Jun 2023 11.5 | Sep 2023 10.9 | Dec 2023 12.0 | Mar 2024 13.0 | Jun 2024 11.9 | Sep 2024 12.0 | Dec 2024 11.5 | Mar 2025 10.5 | Jun 2025 12.4 | Sep 2025 13.7 | Dec 2025 13.9 | Mar 2026 14.8 | Jun 2026 16.0
- CP: Sep 2021 15.8 | Dec 2021 26.1 | Mar 2022 30.6 | Jun 2022 27.0 | Sep 2022 26.5 | Dec 2022 27.1 | Mar 2023 25.8 | Jun 2023 25.9 | Sep 2023 22.5 | Dec 2023 20.3 | Mar 2024 20.7 | Jun 2024 18.0 | Sep 2024 18.8 | Dec 2024 17.0 | Mar 2025 16.1 | Jun 2025 16.5 | Sep 2025 15.6 | Dec 2025 15.0 | Mar 2026 16.2 | Jun 2026 —
- CNI: Sep 2021 16.1 | Dec 2021 16.5 | Mar 2022 18.2 | Jun 2022 15.1 | Sep 2022 14.3 | Dec 2022 14.4 | Mar 2023 13.6 | Jun 2023 13.7 | Sep 2023 13.4 | Dec 2023 14.9 | Mar 2024 16.0 | Jun 2024 14.8 | Sep 2024 14.5 | Dec 2024 13.8 | Mar 2025 13.2 | Jun 2025 13.1 | Sep 2025 12.1 | Dec 2025 12.3 | Mar 2026 12.9 | Jun 2026 14.5
- NSC: Sep 2021 16.4 | Dec 2021 15.0 | Mar 2022 14.3 | Jun 2022 11.5 | Sep 2022 10.5 | Dec 2022 11.8 | Mar 2023 11.1 | Jun 2023 13.2 | Sep 2023 13.3 | Dec 2023 16.6 | Mar 2024 20.4 | Jun 2024 15.5 | Sep 2024 14.3 | Dec 2024 12.7 | Mar 2025 10.9 | Jun 2025 11.5 | Sep 2025 14.0 | Dec 2025 14.0 | Mar 2026 14.6 | Jun 2026 15.8
- WAB: Sep 2021 15.7 | Dec 2021 15.2 | Mar 2022 15.1 | Jun 2022 12.7 | Sep 2022 12.2 | Dec 2022 14.5 | Mar 2023 14.4 | Jun 2023 15.0 | Sep 2023 13.4 | Dec 2023 14.5 | Mar 2024 15.1 | Jun 2024 15.3 | Sep 2024 16.5 | Dec 2024 16.9 | Mar 2025 15.8 | Jun 2025 17.8 | Sep 2025 17.3 | Dec 2025 18.0 | Mar 2026 20.6 | Jun 2026 20.5
- TRN: Sep 2021 16.3 | Dec 2021 14.9 | Mar 2022 15.6 | Jun 2022 14.2 | Sep 2022 13.2 | Dec 2022 13.4 | Mar 2023 12.4 | Jun 2023 12.2 | Sep 2023 11.8 | Dec 2023 11.4 | Mar 2024 10.9 | Jun 2024 10.3 | Sep 2024 10.4 | Dec 2024 10.9 | Mar 2025 10.5 | Jun 2025 11.2 | Sep 2025 11.6 | Dec 2025 7.8 | Mar 2026 8.3 | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 16.1 | Mar 2022 12.3 | Jun 2022 12.9 | Sep 2022 9.7 | Dec 2022 13.6 | Mar 2023 10.0 | Jun 2023 8.3 | Sep 2023 10.1 | Dec 2023 8.0 | Mar 2024 9.4 | Jun 2024 9.2 | Sep 2024 7.1 | Dec 2024 7.9 | Mar 2025 6.8 | Jun 2025 5.7 | Sep 2025 6.4 | Dec 2025 6.8 | Mar 2026 8.4 | Jun 2026 9.9
- FSTR: Sep 2021 9.3 | Dec 2021 9.8 | Mar 2022 12.4 | Jun 2022 13.6 | Sep 2022 16.7 | Dec 2022 27.5 | Mar 2023 19.8 | Jun 2023 16.2 | Sep 2023 15.5 | Dec 2023 12.4 | Mar 2024 13.1 | Jun 2024 12.3 | Sep 2024 9.2 | Dec 2024 10.0 | Mar 2025 11.4 | Jun 2025 11.0 | Sep 2025 11.9 | Dec 2025 9.8 | Mar 2026 9.7 | Jun 2026 —
- RAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 16.0 | Dec 2023 9.3 | Mar 2024 13.4 | Jun 2024 7.4 | Sep 2024 8.4 | Dec 2024 5.8 | Mar 2025 4.8 | Jun 2025 6.7 | Sep 2025 5.5 | Dec 2025 6.4 | Mar 2026 6.8 | Jun 2026 —

### 20-quarter P/BV history
- UNP: Sep 2021 9.1 | Dec 2021 11.4 | Mar 2022 14.4 | Jun 2022 10.5 | Sep 2022 10.2 | Dec 2022 10.4 | Mar 2023 9.9 | Jun 2023 9.5 | Sep 2023 8.9 | Dec 2023 10.1 | Mar 2024 9.6 | Jun 2024 8.4 | Sep 2024 9.0 | Dec 2024 8.2 | Mar 2025 8.8 | Jun 2025 8.4 | Sep 2025 8.1 | Dec 2025 7.4 | Mar 2026 7.4 | Jun 2026 —
- CSX: Sep 2021 5.0 | Dec 2021 6.1 | Mar 2022 6.2 | Jun 2022 4.7 | Sep 2022 4.4 | Dec 2022 5.1 | Mar 2023 4.9 | Jun 2023 5.6 | Sep 2023 5.1 | Dec 2023 5.7 | Mar 2024 5.8 | Jun 2024 5.1 | Sep 2024 5.2 | Dec 2024 4.9 | Mar 2025 4.5 | Jun 2025 4.9 | Sep 2025 5.2 | Dec 2025 5.1 | Mar 2026 5.6 | Jun 2026 6.3
- CP: Sep 2021 5.8 | Dec 2021 2.5 | Mar 2022 2.8 | Jun 2022 2.4 | Sep 2022 2.3 | Dec 2022 2.4 | Mar 2023 2.5 | Jun 2023 2.5 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.6 | Jun 2024 2.3 | Sep 2024 2.5 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.2 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 2.1 | Jun 2026 —
- CNI: Sep 2021 4.8 | Dec 2021 4.8 | Mar 2022 5.3 | Jun 2022 4.6 | Sep 2022 4.6 | Dec 2022 5.1 | Mar 2023 5.1 | Jun 2023 5.2 | Sep 2023 4.8 | Dec 2023 5.3 | Mar 2024 5.7 | Jun 2024 5.3 | Sep 2024 5.1 | Dec 2024 4.4 | Mar 2025 4.1 | Jun 2025 4.1 | Sep 2025 3.8 | Dec 2025 3.9 | Mar 2026 4.1 | Jun 2026 4.7
- NSC: Sep 2021 4.2 | Dec 2021 5.2 | Mar 2022 5.1 | Jun 2022 4.1 | Sep 2022 3.7 | Dec 2022 4.4 | Mar 2023 3.8 | Jun 2023 4.1 | Sep 2023 3.5 | Dec 2023 4.2 | Mar 2024 4.6 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 3.7 | Mar 2025 3.7 | Jun 2025 3.9 | Sep 2025 4.5 | Dec 2025 4.2 | Mar 2026 4.1 | Jun 2026 4.4
- WAB: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.2 | Mar 2024 2.5 | Jun 2024 2.7 | Sep 2024 3.1 | Dec 2024 3.2 | Mar 2025 3.0 | Jun 2025 3.3 | Sep 2025 3.1 | Dec 2025 3.3 | Mar 2026 3.8 | Jun 2026 4.1
- TRN: Sep 2021 2.0 | Dec 2021 2.4 | Mar 2022 2.8 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.4 | Mar 2023 2.0 | Jun 2023 2.1 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 2.0 | Mar 2026 2.4 | Jun 2026 —
- GBX: Sep 2021 — | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 0.7 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 0.9
- FSTR: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 2.0 | Jun 2024 1.6 | Sep 2024 1.2 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 —
- RAIL: Sep 2021 -7.2 | Dec 2021 -35.5 | Mar 2022 -3.8 | Jun 2022 -6.0 | Sep 2022 -3.4 | Dec 2022 -1.9 | Mar 2023 -1.7 | Jun 2023 -1.1 | Sep 2023 -1.1 | Dec 2023 -1.1 | Mar 2024 -1.2 | Jun 2024 -1.4 | Sep 2024 -1.3 | Dec 2024 -1.1 | Mar 2025 -1.1 | Jun 2025 -2.0 | Sep 2025 -2.1 | Dec 2025 -2.0 | Mar 2026 -2.3 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. L.B. Foster Company (FSTR): 88%
2. Westinghouse Air Brake Technologies Corporation (WAB): 64%
3. Trinity Industries, Inc. (TRN): 58%
4. CSX Corporation (CSX): 45%
5. Canadian National Railway Company (CNI): 40%

### Strongest relative strength versus NIFTY 500
1. L.B. Foster Company (FSTR): 26%
2. Westinghouse Air Brake Technologies Corporation (WAB): 22%
3. CSX Corporation (CSX): 19%
4. Trinity Industries, Inc. (TRN): 16%
5. Canadian National Railway Company (CNI): 15%

## What can make this comparison misleading?
- 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.

## Every company
- Union Pacific Corporation (UNP) — market value ₹1.7 L Cr; latest fundamentals Mar 2026
- CSX Corporation (CSX) — market value ₹94.2K Cr; latest fundamentals Jun 2026
- Canadian Pacific Kansas City Limited (CP) — market value ₹81.5K Cr; latest fundamentals Mar 2026
- Canadian National Railway Company (CNI) — market value ₹78.4K Cr; latest fundamentals Jun 2026
- Norfolk Southern Corporation (NSC) — market value ₹76.1K Cr; latest fundamentals Jun 2026
- Westinghouse Air Brake Technologies Corporation (WAB) — market value ₹51.7K Cr; latest fundamentals Jun 2026
- Trinity Industries, Inc. (TRN) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- The Greenbrier Companies, Inc. (GBX) — market value ₹1.6K Cr; latest fundamentals Jun 2026
- L.B. Foster Company (FSTR) — market value ₹439 Cr; latest fundamentals Mar 2026
- FreightCar America, Inc. (RAIL) — market value ₹280 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/railroads