# Railroads — company-by-company sector analysis

> Railroads: The Greenbrier Companies, Inc. owns the largest revenue base; L.B. Foster Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Railroads has outperformed S&P 500 by 11.7% over 52 weeks and 2% over 13 weeks. 7 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 10 beat the sector itself. The Greenbrier Companies, Inc. leads with revenue of $2,631 million, based on 3 of 10 comparable companies through Jun 2026.

## Sector relative strength

Railroads has outperformed S&P 500 by 11.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 2%. 7 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 +13.4%.

13-week sector return versus NIFTY 500: 2.0%
52-week sector return versus NIFTY 500: 12%
Stocks leading NIFTY: 7/10
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. CSX Corporation (CSX): 63/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.9/35 | Capital efficiency 16.1/25 | Valuation 9.2/20 | Relative strength 15.6/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 21.9 + 16.1 + 9.2 + 15.6 = 62.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Union Pacific Corporation (UNP): 61/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.9/35 | Capital efficiency 17.2/25 | Valuation 10.2/20 | Relative strength 14.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 18.9 + 17.2 + 10.2 + 14.3 = 60.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Westinghouse Air Brake Technologies Corporation (WAB): 59/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.1/35 | Capital efficiency 13.7/25 | Valuation 8.5/20 | Relative strength 17.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 19.1 + 13.7 + 8.5 + 17.5 = 58.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Canadian National Railway Company (CNI): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.9/35 | Capital efficiency 14.2/25 | Valuation 10.5/20 | Relative strength 16.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 15.9 + 14.2 + 10.5 + 16.3 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. L.B. Foster Company (FSTR): 53/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.3/35 | Capital efficiency 4.5/25 | Valuation 9.5/20 | Relative strength 17.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 22.3 + 4.5 + 9.5 + 17 = 53.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Trinity Industries, Inc. (TRN): 48/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.5/35 | Capital efficiency 11.7/25 | Valuation 11.5/20 | Relative strength 2.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 22.5 + 11.7 + 11.5 + 2 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Norfolk Southern Corporation (NSC): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.7/35 | Capital efficiency 12.8/25 | Valuation 9.8/20 | Relative strength 8.7/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 13.7 + 12.8 + 9.8 + 8.7 = 45
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Canadian Pacific Kansas City Limited (CP): 44/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 17.3/35 | Capital efficiency 11.4/25 | Valuation 8.8/20 | Relative strength 6.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 17.3 + 11.4 + 8.8 + 6.6 = 44.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. The Greenbrier Companies, Inc. (GBX): 31/100 — Adverse evidence; evidence 79%
   - Growth & earnings 3.7/35 | Capital efficiency 7.0/25 | Valuation 15.8/20 | Relative strength 4.0/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 3.7 + 7 + 15.8 + 4 = 30.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. FreightCar America, Inc. (RAIL): 25/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 7.5/35 | Capital efficiency 3.0/25 | Valuation 11.2/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 7.5 + 3 + 11.2 + 3 = 24.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

L.B. Foster Company has the strongest one-year price move in Railroads at +89.6%. It also leads on Mansfield relative strength against the S&P 500 at +19.4%. 7 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. L.B. Foster Company (FSTR): 90%
2. Westinghouse Air Brake Technologies Corporation (WAB): 56%
3. CSX Corporation (CSX): 44%
4. Canadian National Railway Company (CNI): 38%
5. Union Pacific Corporation (UNP): 33%

### Strongest relative strength versus NIFTY 500
1. L.B. Foster Company (FSTR): 19%
2. Westinghouse Air Brake Technologies Corporation (WAB): 14%
3. CSX Corporation (CSX): 14%
4. Canadian National Railway Company (CNI): 8.6%
5. Union Pacific Corporation (UNP): 7.7%

## Revenue Scale & Growth Durability

What the numbers say: The Greenbrier Companies, Inc. is the scale leader at $2,631 million, 367.3% ahead of L.B. Foster Company. 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: The Greenbrier Companies, Inc. 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: The Greenbrier Companies, Inc.'s growth falls below L.B. Foster Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: The Greenbrier Companies, Inc. · $2,631 million | 367.3% versus #2 · L.B. Foster Company | 3/8 recent comparable periods | 3/10 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. The Greenbrier Companies, Inc. (GBX): ₹2.6K Cr
2. L.B. Foster Company (FSTR): ₹563 Cr
3. FreightCar America, Inc. (RAIL): ₹470 Cr

### Revenue growth — fastest growers
1. L.B. Foster Company (FSTR): 12%
2. FreightCar America, Inc. (RAIL): -4.9%
3. 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: The Greenbrier Companies, Inc. leads with $109 million of TTM profit, 263.3% above FreightCar America, Inc.. The Greenbrier Companies, Inc. shows -54.2% growth from a $109 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: The Greenbrier Companies, Inc. 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: The Greenbrier Companies, Inc. · $109 million | 263.3% versus #2 · FreightCar America, Inc. | 4/8 recent comparable periods | 3/10 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. The Greenbrier Companies, Inc. (GBX): ₹109 Cr
2. FreightCar America, Inc. (RAIL): ₹30 Cr
3. L.B. Foster Company (FSTR): ₹10 Cr

### Profit growth — fastest growers
1. 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 —

## Return On Capital Employed

What the numbers say: Union Pacific Corporation leads ROCE at 4.3%, 0.6 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 · 4.3% | 16.2% versus #2 · CSX Corporation | 6/8 recent comparable periods | 10/10 companies · 197 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): 4.3%
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. Trinity Industries, Inc. (TRN): +1.4 pp
3. Westinghouse Air Brake Technologies Corporation (WAB): +0.6 pp
4. CSX Corporation (CSX): +0.5 pp
5. Union Pacific Corporation (UNP): +0.3 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 4.3%
- 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 1.8%
- 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 2.5%
- 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 +0.3 pp
- 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 +0.1 pp
- 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 +1.4 pp
- 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 PEG at 0.27×. Only 1 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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× | Not enough peers | 0/8 recent comparable periods | 1/10 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. The Greenbrier Companies, Inc. (GBX): 0.3

### P/E — lowest P/E
1. Trinity Industries, Inc. (TRN): 8.3
2. FreightCar America, Inc. (RAIL): 10.8
3. The Greenbrier Companies, Inc. (GBX): 14.0
4. Canadian National Railway Company (CNI): 21.7
5. Union Pacific Corporation (UNP): 22.0

### 20-quarter 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 22.0
- 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 26.9 | Mar 2023 26.0 | Jun 2023 23.3 | Sep 2023 22.6 | Dec 2023 24.9 | Mar 2024 28.5 | Jun 2024 28.8 | Sep 2024 30.5 | Dec 2024 26.1 | Mar 2025 24.5 | Jun 2025 24.1 | Sep 2025 22.6 | Dec 2025 22.4 | Mar 2026 24.4 | Jun 2026 28.6
- CNI: Sep 2021 22.1 | Dec 2021 22.5 | Mar 2022 24.5 | Jun 2022 19.8 | Sep 2022 21.2 | Dec 2022 21.7 | 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 21.8
- 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 8.3
- 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 —


## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Union Pacific Corporation (UNP) — market value ₹1.8 L Cr; latest fundamentals Jun 2026
- CSX Corporation (CSX) — market value ₹94.5K Cr; latest fundamentals Jun 2026
- Canadian Pacific Kansas City Limited (CP) — market value ₹78.0K Cr; latest fundamentals Jun 2026
- Canadian National Railway Company (CNI) — market value ₹76.9K Cr; latest fundamentals Jun 2026
- Norfolk Southern Corporation (NSC) — market value ₹76.7K Cr; latest fundamentals Jun 2026
- Westinghouse Air Brake Technologies Corporation (WAB) — market value ₹50.5K Cr; latest fundamentals Jun 2026
- Trinity Industries, Inc. (TRN) — market value ₹2.6K Cr; latest fundamentals Jun 2026
- The Greenbrier Companies, Inc. (GBX) — market value ₹1.6K Cr; latest fundamentals Jun 2026
- L.B. Foster Company (FSTR) — market value ₹438 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 2026-08-04.
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

### Is the Railroads sector outperforming S&P 500?

Railroads has outperformed S&P 500 by 11.7% over 52 weeks and 2% over 13 weeks. 7 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?

The Greenbrier Companies, Inc. leads with revenue of $2,631 million, based on 3 of 10 comparable companies through Jun 2026.

### Which Railroads company is growing fastest?

L.B. Foster Company has the fastest current revenue growth at 11.7%, across 3 of 10 comparable companies.

### Which Railroads company has the strongest 4-Factor Sector Score?

CSX Corporation ranks first at 62.8/100 with 57.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Railroads company has the lowest comparable PEG?

The Greenbrier Companies, Inc. has the lowest comparable PEG at 0.27, among 1 of 10 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Railroads comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### Which Railroads company is the biggest?

The Greenbrier Companies, Inc. is the largest, with trailing-twelve-month revenue of $2,631 million, ahead of L.B. Foster Company at $563 million. That covers 3 of 10 companies with comparable reporting through Jun 2026.

### 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?

The Greenbrier Companies, Inc. earns the most, at $109 million of trailing-twelve-month net profit, from 3 of 10 comparable companies. The Greenbrier Companies, Inc. has the fastest profit growth at -54.2%, 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 4.3%, 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 PEG — where a LOWER number is cheaper — The Greenbrier Companies, Inc. screens cheapest at 0.27×. Only 1 of 10 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Railroads sector beating the market?

Railroads has outperformed S&P 500 by 11.7% over the last 52 weeks and 2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 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?

CSX Corporation scores 62.8 out of 100 with 57.8% evidence confidence, from 21.9 points on growth and earnings, 16.1 on capital efficiency, 9.2 on valuation and 15.6 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, 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 $557,501 million of combined market value. Union Pacific Corporation is the largest at $176,054 million, about 32% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### What is the Railroads sector's P/E ratio?

The median price-to-earnings ratio across the 10 Railroads companies on this page is 26.8×, 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 2026-08-04.

### How is the Railroads sector performing?

7 of the 10 covered Railroads companies are beating S&P 500 on Mansfield relative strength. The sector itself is 11.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.