Owner Scorecard


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An industry chapter · Railroads

Railroads

13 members, 9001 to UNP, A to Z by ticker.

Gross profitability
not read: no member carries three readable years of gross profit and total assets
Capital intensity
median 15.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 9 of 13 members
Net cash
0 of the 13 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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9001 Tobu Railway

Revenue is led by Transportation (33%) and Leisure (29%), with 3 more segments behind.

Owner earnings 2017–2026 ¥20.5B¥6.9B¥9.2B¥7.4B(¥41.1B)¥12.9B¥43.9B¥8.8B(¥20.8B)(¥1.9B)

Retained capital Retained ¥173.9B of earnings over 2017–2026; annual owner earnings fell ¥16.8B, ¥-0.10 per ¥1 retained.

Balance sheet Heavy net debt, ¥744.8B · dividend paid 10 of 10 yrs, cut at least once

9005 Tokyu

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.25T

9007 Odakyu Electric Railway

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥4.8B¥20.4B(¥212M)(¥14.5B)(¥33.5B)(¥24.9B)¥14.9B¥11.3B(¥52.3B)(¥24.7B)

Retained capital Retained ¥177.5B of earnings over 2017–2026; annual owner earnings fell ¥30.2B, ¥-0.17 per ¥1 retained.

Balance sheet Heavy net debt, ¥648.7B · dividend paid 10 of 10 yrs, cut at least once

9008 Keio

Revenue is led by Life Services (27%) and Transportation (27%), with 3 more segments behind.

Owner earnings 2017–2026 (¥16.9B)(¥13.8B)¥2.8B(¥11.7B)(¥39.3B)(¥8.8B)(¥31.1B)¥8.0B(¥20.3B)(¥30.5B)

Retained capital Retained ¥104.5B of earnings over 2017–2026; annual owner earnings fell ¥4.9B, ¥-0.05 per ¥1 retained.

Balance sheet Heavy net debt, ¥440.9B · dividend paid 10 of 10 yrs, cut at least once

9009 Keisei Electric Railway

Revenue is led by Transportation (62%) and Merchandise Sales (18%), with 4 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥356.2B

9020 East Japan Railway (JR East)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥71.2B¥126.0B¥14.8B(¥155.2B)(¥955.5B)(¥392.5B)¥26.2B(¥26.8B)(¥38.7B)(¥123.0B)

Retained capital Retained ¥464.7B of earnings over 2017–2026; annual owner earnings fell ¥133.5B, ¥-0.29 per ¥1 retained.

Balance sheet Heavy net debt, ¥4.84T · dividend paid 10 of 10 yrs, cut at least once

9021 West Japan Railway (JR West)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥1.25T

9022 Central Japan Railway (JR Central)

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥275.4B¥329.2B¥234.9B¥170.4B(¥639.5B)(¥378.8B)¥59.5B¥281.6B¥172.0B¥254.8B

Retained capital Retained ¥2.58T of earnings over 2017–2026; annual owner earnings fell ¥43.7B, ¥-0.02 per ¥1 retained.

Balance sheet Modest net debt, ¥914.6B · dividend paid 10 of 10 yrs, cut at least once

CNI Canadian National Railway Company

A freight railroad, hauling goods across a heavy fixed-cost network it alone owns.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, C$20.9B

CSX CSX Corporation

CSX Corporation is one of the nation's leading transportation companies.

Owner earnings 2016–2025 $1.7B$2.2B$3.3B$3.2B$2.6B$3.7B$4.0B$3.9B$3.6B$2.9B

Retained capital Paid out $331M more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Heavy net debt, $18.2B · buybacks at an average near $24.44 · dividend paid 10 of 10 yrs, never cut

FIP FTAI Infrastructure Inc. Common Stock

Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products including crude oil, refined products and clean fuels.

Owner earnings 2020–2025 ($78M)($116M)($113M)($94M)($95M)($250M)

Retained capital not read

Balance sheet Heavy net debt, $3.7B

NSC Norfolk Southern Corporation

Norfolk Southern Corporation is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company.

Owner earnings 2016–2025 $2.0B$2.2B$2.6B$2.8B$2.5B$2.8B$3.0B$1.9B$2.7B$3.0B

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $243M.

Balance sheet Meaningful net debt, $15.6B · buybacks at an average near $189 · dividend paid 10 of 10 yrs, never cut

UNP Union Pacific Corporation

Union Pacific runs a freight railroad across the western United States. It hauls other companies' goods by rail — bulk commodities such as coal and grain, industrial freight, and shipping containers — moving them from West Coast and Gulf Coast ports through inland markets to eastern gateways. Customers pay it to move the freight; the track and the trains are its own.

Owner earnings 2016–2025 $5.5B$5.1B$6.5B$6.4B$6.3B$6.8B$7.1B$6.1B$6.9B$6.8B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $909M.

Balance sheet Meaningful net debt, $30.5B · buybacks at an average near $162 · dividend paid 10 of 10 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.