CANADIAN NATIONAL RAILWAY CO vs CANADIAN PACIFIC KANSAS CITY LTD/CN, two Railroads stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two Canadian railroads with continent-spanning networks, CP the larger at $78.8B against CNI's $57.1B after the Kansas City Southern merger stretched CP's reach into Mexico. CP earns 8.6% on equity to CNI's 6.49%, and keeps 27.21% of revenue against CNI's 23.8%. CP carries far less leverage, 0.46 turns of debt against 0.99, and trades at 2.26 times book where CNI sits at 3.60. CP's free-cash yield edges ahead, 1.94% against 1.58%. Both are judged on operating ratio, the share of revenue eaten by running the trains, and here the market pays more per book dollar for CNI's older franchise.
Comparison updated 2026-07-11.
| Metric | CNI | CP |
|---|---|---|
| Price | $124.36 | $90.11 |
| Market cap | $58.9B | $80.9B |
| Sector | Railroads | Railroads |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +20.4% |
| P/E | — | 27.4 |
| P/B | 3.72 | 2.32 |
| P/S | 13.62 | 7.34 |
| EV/EBITDA | 36.5 | 17.4 |
| Revenue growth | -16.7% | +1.1% |
| Operating margin | — | 34.0% |
| Net margin | 23.8% | 27.2% |
| Return on equity | 6.5% | 8.6% |
| Return on assets | 2.4% | 4.7% |
| Return on invested capital | 3.9% | 6.0% |
| FCF yield | 1.5% | 1.9% |
| Dividend yield | — | 0.7% |
| Debt / equity | 0.99 | 0.46 |
| Current ratio | 0.67 | 0.67 |
| Altman Z (solvency) | 1.83 | 2.15 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.