{"id":62932,"date":"2025-08-08T15:29:18","date_gmt":"2025-08-08T13:29:18","guid":{"rendered":"https:\/\/www.captrader.com\/?post_type=analyse&#038;p=62932"},"modified":"2026-02-20T08:27:19","modified_gmt":"2026-02-20T07:27:19","slug":"dgi-sample-portfolio-the-canadian-national-railway-stock","status":"publish","type":"analyse","link":"https:\/\/www.captrader.com\/en\/analyse\/dgi-musterdepot-die-canadian-national-railway-aktie\/","title":{"rendered":"DGI SAMPLE PORTFOLIO: THE CANADIAN NATIONAL RAILWAY SHARE"},"content":{"rendered":"<style id=\"bricks-inline-css-component-lnntzm\">\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-rtliac:not(.tag), .block-editor-iframe__body .brxe-rtliac img{aspect-ratio: 1; object-fit: contain}\n.block-editor-iframe__body .brxe-rtliac{width: 65px}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-lkidxf{border: 3px solid #F6F6F8; margin-top: -60px; background-color: var(--light)}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-jzmkoh{font-weight: 600; font-size: var(--text-xl); text-transform: uppercase}\n\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-umltno ul li{ list-style: none; position: relative; padding-left: 30px;} .block-editor-iframe__body .brxe-umltno ul li::before{ content: ''; position: absolute; left: 0; top: 0.4em; width: 15px; height: 15px; background-image: url('\/wp-content\/uploads\/2024\/02\/square-full-solid.svg'); background-size: contain; background-repeat: no-repeat;}\n\n\n\/* BREAKPOINT: Mobil Hochformat *\/\n@media (max-width: 478px){\n.block-editor-iframe__body .brxe-xowhkb{margin-top: 20px}\n}\n\n\/* BREAKPOINT: Desktop (BASE) *\/\n.block-editor-iframe__body .brxe-lnntzm{background-color: #F6F6F8; align-items: center; position: relative; margin-top: 60px; padding-right: var(--space-l); padding-bottom: var(--space-l); padding-left: var(--space-l)}\n\n\n\/* Disable links in editor *\/\n.block-editor-iframe__body a.brxe-lnntzm, .block-editor-iframe__body .brxe-lnntzm a{ pointer-events: none; }\n<\/style><div class=\"brxe-lnntzm brxe-block\"><div class=\"brxe-lkidxf brxe-div radius-full padding-s\"><img decoding=\"async\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/06\/Icons_Uebersicht-blau.svg\" class=\"brxe-rtliac brxe-image css-filter size-full\" alt=\"A simple outline of a document with horizontal lines and a yellow magnifying glass in front of it, symbolizing the document check or search.\" \/><\/div><div class=\"brxe-xowhkb brxe-block\"><h2 class=\"brxe-jzmkoh brxe-heading\">The most important in a nutshell<\/h2><div class=\"brxe-umltno brxe-text\"><ul>\n<li>Canadian National Railway operates a profitable and diversified business model in a moat-protected industry characterized by few competitors in North America<\/li>\n<li>The railroad company operates a unique route network that includes all major economic centers in Canada from the Atlantic to the Pacific and connections through the USA to the Gulf of Mexico<\/li>\n<li>Due to the enormous distances involved, railroads are key companies that form the backbone of functioning, cost-efficient supply chains in North America's transportation system<\/li>\n<li>Canadian National Railway places a high value on shareholder return. The company's capital allocation policy is clearly focused on the shareholder through an attractive track record of dividend growth and generous share buybacks<\/li>\n<li>Click here for the&nbsp;<a href=\"https:\/\/www.captrader.com\/en\/dividend-custody-account\/portfolio\/\"><strong>DGI model portfolio<\/strong><\/a>&nbsp;and here to the overview of this series&nbsp;<a href=\"https:\/\/www.captrader.com\/en\/dividend-custody-account\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The dividend custody account<\/strong><\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div>\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"993\" height=\"475\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienchart-Canadian-National.jpg\" alt=\"Line chart of the Canadian National Railway Company share price in CAD from 2016 to 2025, with a general upward trend that peaks around 2022 before declining.\" class=\"wp-image-62949\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienchart-Canadian-National.jpg 993w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienchart-Canadian-National-300x144.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienchart-Canadian-National-768x367.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienchart-Canadian-National-18x9.jpg 18w\" sizes=\"auto, (max-width: 993px) 100vw, 993px\" \/><figcaption class=\"wp-element-caption\"><em>Share chart of Canadian National Railway (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Company profile and business model: Who is Canadian National Railway and what does it do?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Canadian National Railway (CN)<\/strong> was founded in 1918 by the Canadian government to unite several bankrupt railroad companies, including the Grand Trunk Railway, the Intercolonial Railway and the Canadian Northern Railway, into a stable national network and to secure nationwide rail transportation in the interests of the Canadian economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the decades, CN developed into one of the most important railroad companies in the country. It was state-owned for a long time and played a central role in freight and passenger transportation in Canada. In the 1970s, however, passenger transportation was spun off and later taken over by <strong>VIA Rail<\/strong> adopted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Until the 1980s, Canadian National Railway closed most of its financial years with a loss, with the exception of the Second World War period. This was partly due to political influence on the company in strategic matters, such as the operation of chronically financially loss-making branch lines. An important step towards better economic management was taken in 1978 with the recapitalization and repositioning of the company as a profit-making Crown Corporation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The decisive turning point was 1995, when CN was fully liberalized as part of a comprehensive wave of privatization by the Canadian government. At the time, this was the largest IPO in Canadian history. CN then expanded strongly into the USA and became a North American logistics giant with a route network stretching from the Atlantic coast (Nova Scotia) to the Pacific coast (British Columbia). In the following ten years, the company expanded considerably in the United States and acquired the Illinois Central Railroad and Wisconsin Central Transportation, among others. Through its subsidiary in the USA, the Grand Trunk Corporation, CN now owns a rail network that stretches along the Mississippi River from the Great Lakes to the Gulf of Mexico. The company is headquartered in Montreal, Quebec.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"547\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National-1024x547.jpg\" alt=\"Map of the CN rail network in Canada and the USA with 3 access points on the coast, 7 important port connections and various statistics on traffic and network coverage.\" class=\"wp-image-62944\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National-1024x547.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National-300x160.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National-768x411.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Ueberblick-Canadian-National.jpg 1375w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Overview Canadian National Railway (Source: <\/em><a href=\"https:\/\/www.cn.ca\/-\/media\/files\/investors\/investor-day\/20230503-make-the-plan-run-the-plan-en.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation, p. 3<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The company is the largest Canadian railroad company both in terms of the size of its route network (around 32,180 km) and its turnover. The rail company plays a key role in North America in continental freight transportation - particularly for raw materials, agricultural products, industrial products and intermodal containers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>business model<\/strong> is based on the transportation of goods over long distances at the lowest possible cost - efficiently, reliably and predictably. CN earns its money primarily through transportation fees, which are charged for the shipment of various categories of goods. A particular competitive advantage lies in intermodal transportation (combination of rail, truck and ship) as well as in the vertically integrated infrastructure and IT-supported logistics solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CN typically divides its business into the following <strong>seven main segments <\/strong>and an \"Other Revenues\" segment:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Intermodal (22% of sales)<\/strong><br>Transport of containers (e.g. consumer goods) in combined transport between ports, terminals and distribution centers. This area benefits greatly from global trade and e-commerce.<\/li>\n\n\n\n<li><strong>Petroleum &amp; Chemicals (approx. 20%)<\/strong><br>Transport of crude oil, refinery products, chemicals and fertilizers. A very profitable segment, but dependent on the energy sector.<\/li>\n\n\n\n<li><strong>Cereals &amp; Fertilizers (20 %)<\/strong><br>Transportation of grain, oilseeds and agricultural products - particularly relevant for Canadian exporters. Highly seasonal, but stable in volume.<\/li>\n\n\n\n<li><strong>Metals &amp; Minerals (12 %)<\/strong><br>Raw materials such as iron ore, steel, copper and building materials. Closely linked to mining and major industrial projects.<\/li>\n\n\n\n<li><strong>Forest products (11 %)<\/strong><br>Wood, pulp, paper, building materials - a traditional segment that is closely linked to the Canadian forestry industry.<\/li>\n\n\n\n<li><strong>Coal (6 %)<\/strong><br>Transportation of coal, primarily from Western Canada. Although declining, it is still a stable source of income in the export business.<\/li>\n\n\n\n<li><strong>Automotive (5 %)<\/strong><br>Transportation of cars and car parts for manufacturers in Canada and the USA. Dependent on production and sales in the automotive industry.<\/li>\n\n\n\n<li><strong>\"Other revenue\" (4 %)<\/strong><br>Other revenue is derived from non-rail logistics services that support the company's rail business, including ships and docks, distribution, automotive logistics and freight forwarding and transportation management<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"820\" height=\"338\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Geschaeftssegmente-Canadian-National.jpg\" alt=\"Two donut charts show the revenue breakdown for 2024: by business segment (the largest are Intermodal 22%, Petroleum\/Chemicals 20%) and by region (Overseas 35%, Cross-border 32%).\" class=\"wp-image-62958\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Geschaeftssegmente-Canadian-National.jpg 820w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Geschaeftssegmente-Canadian-National-300x124.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Geschaeftssegmente-Canadian-National-768x317.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Geschaeftssegmente-Canadian-National-18x7.jpg 18w\" sizes=\"auto, (max-width: 820px) 100vw, 820px\" \/><figcaption class=\"wp-element-caption\"><em>The business segments of Canadian National Railway (source: <\/em><a href=\"https:\/\/www.cn.ca\/-\/media\/files\/investors\/investor-annual-report\/2024-cn-annual-report.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><em>Annual Report 2024, p. 4<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"824\" height=\"235\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzverteilung-Geschaeftssegmente-Canadian-National.jpg\" alt=\"Table showing annual freight and other revenue by category from 2022 to 2024, with total revenue increasing from $ 16,829 million in 2022 to $ 17,046 million in 2024.\" class=\"wp-image-62946\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzverteilung-Geschaeftssegmente-Canadian-National.jpg 824w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzverteilung-Geschaeftssegmente-Canadian-National-300x86.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzverteilung-Geschaeftssegmente-Canadian-National-768x219.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzverteilung-Geschaeftssegmente-Canadian-National-18x5.jpg 18w\" sizes=\"auto, (max-width: 824px) 100vw, 824px\" \/><figcaption class=\"wp-element-caption\"><em>The distribution of sales by Canadian National Railway's business segments <\/em>(Source: <a href=\"https:\/\/www.cn.ca\/-\/media\/files\/investors\/investor-annual-report\/2024-cn-annual-report.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Annual Report 2024, p. 86<\/a>)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Corporate strategy<\/strong> of Canadian National Railway (CN) is based on a clear focus on sustainable, profitable growth through operational efficiency, strategic network investments and a consistent customer orientation. CN pursues the principle of \"Precision Scheduled Railroading\" (PSR) - an operating model based on scheduled and lean train connections to achieve higher punctuality, lower costs and better asset utilization.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A key strategic goal is the expansion of intermodal transport solutions to enable seamless logistics chains between rail, road and sea. In this context, CN is making targeted investments in ports, container terminals and digital platforms in order to create added value as an integrated logistics service provider beyond pure rail transportation. CN's connections to major ports such as Vancouver, Prince Rupert, Halifax, New Orleans and Mobile are particularly relevant, making CN an important partner in North American and global trade.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"540\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National-1024x540.jpg\" alt=\"Aerial view of a busy port terminal with stacked shipping containers and cranes, alongside a text describing the expansion of the intermodal network and CN&#039;s growth plans.\" class=\"wp-image-62960\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National-1024x540.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National-300x158.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National-768x405.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National-18x9.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Investitionsprojekte-Intermodal-Canadian-National.jpg 1370w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Investment projects in the Intermodal segment (source: <\/em><a href=\"https:\/\/www.cn.ca\/-\/media\/files\/investors\/investor-day\/20230503-make-the-plan-run-the-plan-en.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation, p. 13<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Another <strong>Strategic focus<\/strong> is on expanding the network and modernizing the infrastructure. Every year, CN invests billions in the expansion and maintenance of the rail network, in new locomotives, wagon fleets, modern signaling technology and digital technologies for automated maintenance, monitoring and dispatching. These measures serve to increase capacity, improve safety and reduce emissions. In order to cope with the higher volume of traffic and maintain operations, the company has invested CAD 3.5 billion in 2024 as part of the current \"Capital Plan\".&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"565\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National-1024x565.jpg\" alt=\"Bar chart of CN investments for the period 2020-2024: USD 8.1 billion in core lines and tracks, USD 3.1 billion in information technology, USD 2.6 billion in rolling stock and USD 1.3 billion in capacity and service.\" class=\"wp-image-62961\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National-1024x565.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National-300x165.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National-768x424.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Kapitalinvestitionen-Canadian-National.jpg 1242w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>The capital investments of Canadian National Railway (source: <\/em><a href=\"https:\/\/www.cn.ca\/en\/events\/2025\/05\/agm-2025\/-\/media\/382bc8717f8d432194601f35b0e82419.ashx\" rel=\"nofollow noopener\" target=\"_blank\"><em>AGM Presentation, p. 41<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">CN is also pursuing an ambitious agenda in the area of sustainability and decarbonization. The company is investing in alternative drive technologies (e.g. hydrogen locomotives, hybrid technology), more efficient operating processes and new emission standards in order to achieve its climate targets and at the same time meet the ESG requirements of investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At a strategic level, CN also pursues selective <strong>Acquisitions and partnerships<\/strong>in particular to strengthen its position in the intermodal sector and for vertical integration. One example was the attempt to take over Kansas City Southern - although this was rejected in 2021, it illustrated CN's ambitions to expand its network further south towards Mexico. In April 2023, the Canadian company announced a collaboration with its American competitor Union Pacific and the Mexican railroad company Grupo M\u00e9xico Transportes (GMXT). Together, the three railroad companies form the <strong>Falcon Premium Intermodal Service<\/strong>. As a result, transit times have been reduced by more than six days thanks to a continuous rail link for cross-border intermodal transport in North America.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National-1024x561.jpg\" alt=\"A crane loads a shipping container onto a train; a map shows a rail route from Toronto to Mexico City and illustrates CN&#039;s interline partnerships to speed up freight transportation between the USA and Mexico.\" class=\"wp-image-62955\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National-1024x561.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National-300x164.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National-768x421.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Falcon-Premium-Service-Canadian-National.jpg 1250w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>The cooperation with Union Pacific &amp; GMXT (source: <\/em><a href=\"https:\/\/www.cn.ca\/-\/media\/files\/investors\/investor-day\/20230503-make-the-plan-run-the-plan-en.pdf\" rel=\"nofollow noopener\" target=\"_blank\"><em>Investor Presentation, p. 14<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Since January 2022 <strong>Tracy A. Robinson<\/strong> as Chief Executive Officer of CN. With the election of Robinson, CN prevailed against TCI Fund Management, which had campaigned for a change in the composition of the Board of Directors and proposed another candidate for the position of CEO of CN. Robinson was most recently a top manager in the energy sector at TC Energy. Prior to that, she held various positions at CN's longtime competitor, Canadian Pacific Railway, for a total of 27 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to the usual major shareholders from asset management, the Bill and Melinda Gates Foundation holds around nine percent of the shares in Canadian National Railway. This makes the foundation the largest single shareholder in the Canadian group.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"686\" height=\"441\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Eigentuemerstruktur-Canadian-National.jpg\" alt=\"A table showing the main investors, the value of shares held, the percentage of shares outstanding and the number of shares held by each investor.\" class=\"wp-image-62953\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Eigentuemerstruktur-Canadian-National.jpg 686w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Eigentuemerstruktur-Canadian-National-300x193.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Eigentuemerstruktur-Canadian-National-18x12.jpg 18w\" sizes=\"auto, (max-width: 686px) 100vw, 686px\" \/><figcaption class=\"wp-element-caption\"><em>Ownership structure of Canadian National Railway (Source:<\/em> <em>tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Industry profile and competitive situation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The characteristics of Canadian National Railway's business model and the characteristics of the industry allow for an almost exemplary <strong>Comparison of key figures<\/strong> of Canadian National Railway with its listed competitors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Both companies are part of the elite <strong>Class-1 rail transport<\/strong>which concentrates freight and cargo traffic in Canada and the United States on only six railroads and one railroad company for passenger transport (Amtrak). The West, Midwest and South are dominated by <strong>Burlington Northern Santa Fe (BNSF)<\/strong> - a wholly owned subsidiary of <strong>Berkshire Hathaway<\/strong> - and <strong>Union Pacific<\/strong>. Along the east coast all the way down to the southeast, the <strong>CSX Corporation<\/strong> and <strong>Norfolk Southern<\/strong> set the tone. To round off the oligopoly, the <strong>Canadian National Railway <\/strong>and <strong>Canadian Pacific Kansas City<\/strong> which also occupy a significant position in freight transportation in the USA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let's get an overview thanks to the following comparison. I chose the main competitor in the Canadian domestic market as the appropriate peer group: Canadian Pacific Kansas City<strong>.<\/strong> Investors can decide for themselves whether this selection should be expanded to include other competitors from the United States, for example.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"751\" height=\"535\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Wettbewerbsvergleich-Canadian-National.jpg\" alt=\"Comparative table of Canadian National (CNR) and Canadian Pacific (CP) financials as of August 7, 2025, including market capitalization, earnings, leverage and cash flow data.\" class=\"wp-image-62948\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Wettbewerbsvergleich-Canadian-National.jpg 751w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Wettbewerbsvergleich-Canadian-National-300x214.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Wettbewerbsvergleich-Canadian-National-18x12.jpg 18w\" sizes=\"auto, (max-width: 751px) 100vw, 751px\" \/><figcaption class=\"wp-element-caption\"><em>Competitive comparison of Canadian National Railway with Canadian Pacific Kansas City (Source: own illustration)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Notes on the values contained in the table:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Green or red coloring of the figures indicates growth or decline compared to the previous year<\/li>\n\n\n\n<li>All values are quoted in Canadian dollars<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The financial situation of Canadian National Railway<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After gaining an overview of the industry in general and taking a closer look at the company, management and competition, we take a look at Canadian National's balance sheet and the key financial figures derived from it. The focus here is on the following aspects <strong>Growth, profitability<\/strong> and the <strong>Financing<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To analyze the financial situation, the first step is to look at the development of sales, profit and free cash flow. I have already discussed the internal distribution of sales by segment above in the section on the business model. On average, the <strong>Turnover<\/strong> in the last five years by <strong>4.9 percent p.a.<\/strong>. an.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"232\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-1024x232.jpg\" alt=\"Line chart showing steady growth in revenue (sales) from October 2015 to 2023, reaching around EUR 175 million by June 2023.\" class=\"wp-image-62945\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-1024x232.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-300x68.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-768x174.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-1536x347.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Umsatzentwicklung-Canadian-National.jpg 1808w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of the turnover of Canadian National Railway (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">At <strong>Earnings per share<\/strong> we have seen an upward trend for ten years. If we look at the past financial year 2024, adjusted earnings per share fell marginally by 2.5% (CAD 7.10 vs. CAD 7.28). In the past financial year, Canadian National Railway generated a <strong>Net profit<\/strong> of CAD 4.5 billion.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"234\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-1024x234.jpg\" alt=\"Line and area chart with profit, dividends received and overall performance in EUR over time, with steady growth from 2016 to 2023. Tooltip shows values for December 2023.\" class=\"wp-image-62959\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-1024x234.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-300x69.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-768x176.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-1536x351.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Gewinnentwicklung-Canadian-National.jpg 1810w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of earnings per share of Canadian National Railway (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The amount available to the company <strong>Free Cash-Flow<\/strong> can be used for capital investments in organic growth, research and development, repayment of debt, expansion via company acquisitions, distributions of (increasing) dividends or share buybacks. In absolute figures - which I primarily like to use - the picture of operating and free cash flow as well as capital investments (CapEx) for the period 2016 to 2024 is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"282\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National-1024x282.jpg\" alt=\"Bar chart showing Canadian National Railway&#039;s cash flow from operations, capital expenditures and free cash flow from 2016 to 2023, with cash flow from operations being the highest in each year.\" class=\"wp-image-62956\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National-1024x282.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National-300x83.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National-768x211.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National-18x5.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Free-Cash-Flow-Entwicklung-Canadian-National.jpg 1504w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Canadian National Railway's free cash flow (source: tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A look at the <strong>Debt situation<\/strong> shows us that, based on the last financial year, Canadian National Railway has a share of interest-bearing financial liabilities of CAD 21.4 billion, which in turn is offset by cash and cash equivalents and securities totaling CAD 0.4 billion. If we now divide the remaining net debt of CAD 21 billion by the most recent EBITDA of CAD 8.7 billion, we arrive at a value of 2.4. This result is below the critical threshold of 3, although it should be noted that the railroad industry is very capital-intensive and all players make quite good use of leverage.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"278\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National-1024x278.jpg\" alt=\"Line chart of Canadian National Railway Company&#039;s net debt and EBITDA from 2016 to 2024, with EBITDA rising sharply after 2021. Net debt remains largely constant.\" class=\"wp-image-62942\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National-1024x278.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National-300x81.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National-768x208.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National-18x5.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Nettoschulden-EBITDA-Canadian-National.jpg 1515w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of net debt and EBITDA of Canadian National Railway (source: tikr.com)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Around the topic <strong>Indebtedness<\/strong> and <strong>External financing<\/strong> it makes sense to look at the <strong>Interest profile<\/strong> and the <strong>Maturity structure<\/strong> of current liabilities. Finally, it is important to assess how vulnerable the company appears to be to key interest rates and to what extent new financing or rescheduling of existing debt is due in the near future. Up to <strong>End of 2029<\/strong> a total of CAD 4.3 billion of the non-current liabilities will fall due. The railroad company almost exclusively chooses a fixed interest rate for its long-term financing.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"349\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National-1024x349.jpg\" alt=\"Table showing debt maturities by year from 2025 to 2030 and beyond, totaling $ 20,894 million, including $ 7 million in finance lease liabilities.\" class=\"wp-image-62957\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National-1024x349.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National-300x102.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National-768x262.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National-18x6.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Fremdkapitalstruktur-Canadian-National.jpg 1063w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Debt capital structure of Canadian National Railway (source: Annual Report 2024, p. 97)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Finally, we look at the <strong>Profitability<\/strong> of Canadian National Railway based on the development of gross, operating and net margins. The constant development in recent years underpins Canadian National Railway's margin strength compared to its competitors.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"233\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-1024x233.jpg\" alt=\"Line chart entitled &quot;Sales and margins&quot;, showing the development of the net profit margin, the operating margin and net sales in millions of CHF from 2013 to 2027, with forecast values after 2023.\" class=\"wp-image-62941\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-1024x233.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-300x68.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-768x174.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-1536x349.jpg 1536w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National-18x4.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Margen-Canadian-National.jpg 1801w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Development of Canadian National Railway's margins (source: Aktienfinder)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Opportunities &amp; risks<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The competitive situation, which is concentrated on just a few providers, reflects the moat character of this industry. To put things in perspective: the leading railroad lines currently handle around 70 percent of freight traffic. This is reflected even more clearly in the financial indicator of turnover: the Class 1 network accounts for almost 95 percent of the industry's total turnover.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is due in particular to the capital investment required to maintain a transregional rail network in the geographical dimensions of North America. In addition, the range of possible alternatives for land freight transport remains limited if a comparable price-performance ratio per transport volume is taken into consideration. Apart from the waterway, railroads are the most efficient and cost-minimizing means of transport for bulk goods on the North American continent. No wonder CN achieves very high margins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But where there is light, there is also shadow. As a cyclical industry, the railroads are cyclically sensitive investments that are dependent on the global economy. If demand for goods of different types falls while stocks rise, the volume of transportation decreases in line with the economic law of supply and demand. This can be due to an overall economic slowdown or to sector-specific challenges such as chip shortages in the automotive industry, periods of drought, pandemic-related lockdowns, a weakening housing market, etc. In intermodal freight transport, dependencies on shipping and road transport are potential risks within the logistics chain. If a cargo ship is stuck in the Suez Canal, the rail company (as well as the waiting customer) suffers from the lack of container deliveries for onward transportation inland.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In recent months, the customs conflict has weighed on CN's shares. The railroads thrive on cross-border freight traffic in their two main markets. In general, tariffs or other trade barriers can slow down or reduce the flow of goods, resulting in lower freight volumes and therefore less turnover. In addition to the ongoing uncertainty for companies, they could reorganize their supply chains in response to tariffs and choose alternative routes or transport routes, which would consequently cost CN market share.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Current valuation of the Canadian National Railway share<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the valuation of companies, I use the so-called <strong>Enterprise Value<\/strong> (EV) is used. In the case of a takeover, the EV indicates the amount required to purchase the assets required for operations and excludes the non-operating assets. I relate this key figure to operating profitability (before interest, taxes and investments (CAPEX)), expressed as EBITDA. The prevailing opinion is that a value of less than 10 indicates a \u201ehealthy valuation\u201c - as is always the case with generic <strong>Rules of thumb <\/strong>the company-specific context must be considered in the analysis by the careful investor himself. In the use case of Canadian National Railway, we have to consider a similarly fair valuation measured against the <strong>Result of 11.4 <\/strong>look back to the year 2020:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"327\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National-1024x327.jpg\" alt=\"Line chart of CINECA&#039;s EV\/EBITDA ratio from 2016 to 2024, which fluctuates between 10 and 18, with a quoted current value of 11.42.\" class=\"wp-image-62954\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National-1024x327.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National-300x96.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National-768x245.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National-18x6.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/EV-EBITDA-Canadian-National.jpg 1083w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Enterprise Value to EBITDA of Canadian National Railway (Source: <\/em><a href=\"https:\/\/www.sahg6dtr.com\/TDW733\/R74QP\/\" rel=\"nofollow noopener\" target=\"_blank\"><em>Seeking Alpha<\/em><\/a><em>)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Maximum decrease<\/strong> in the last ten years is currently approx. <strong>28 percent<\/strong>:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"978\" height=\"495\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Unterwasser-Chart-Canadian-National.jpg\" alt=\"Line chart showing the percentage changes from 2016 to 2025, with strong fluctuations and a notable drop to -273.8 % at the end of the period. The labels are in German.\" class=\"wp-image-62947\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Unterwasser-Chart-Canadian-National.jpg 978w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Unterwasser-Chart-Canadian-National-300x152.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Unterwasser-Chart-Canadian-National-768x389.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Unterwasser-Chart-Canadian-National-18x9.jpg 18w\" sizes=\"auto, (max-width: 978px) 100vw, 978px\" \/><figcaption class=\"wp-element-caption\"><em>Underwater chart of Canadian National Railway (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past ten years, an investment in CN, measured in terms of<strong> Total Return<\/strong>, including dividends received, a <strong>Overall performance<\/strong> from <strong>90 percent <\/strong>for the investor:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"984\" height=\"451\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Total-Return-Canadian-National.jpg\" alt=\"Line graph comparing the percentage growth of two data sets from 2016 to 2025; one peaks at almost 1500 % before declining, the other reaches around 900 % before dropping to 580 %.\" class=\"wp-image-62943\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Total-Return-Canadian-National.jpg 984w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Total-Return-Canadian-National-300x138.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Total-Return-Canadian-National-768x352.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Total-Return-Canadian-National-18x8.jpg 18w\" sizes=\"auto, (max-width: 984px) 100vw, 984px\" \/><figcaption class=\"wp-element-caption\"><em>Total return of Canadian National Railway (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Capital allocation of Canadian National Railway<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since meanwhile <strong>30 years<\/strong> CN pays an annually increasing dividend to its shareholders. This makes the Canadian railroad group a dividend aristocrat that has been continuously increasing its dividend for over 25 years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"983\" height=\"403\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Dividendenhistorie-Canadian-National.jpg\" alt=\"Bar chart showing Canadian National Railway Company&#039;s annual dividends in CAD from 2000 to 2029, with constant growth and forecasts for 2024-2029 in gray bars.\" class=\"wp-image-62952\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Dividendenhistorie-Canadian-National.jpg 983w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Dividendenhistorie-Canadian-National-300x123.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Dividendenhistorie-Canadian-National-768x315.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Dividendenhistorie-Canadian-National-18x7.jpg 18w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/><figcaption class=\"wp-element-caption\"><em>Dividend history of Canadian National Railway (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">At the current share price of CAD 127.10, this results in a <strong>Dividend yield of 2.8 percent<\/strong>. Die F\u00fcnfjahres-<strong>Dividendenwachstumsrate<\/strong> amounts to <strong>9.5 percent<\/strong> p.a. or <strong>13 percent<\/strong> p.a. in the <strong>Ten-year period<\/strong>. The company last increased its dividend by 5 percent this January. To round things off, here is an overview of the last few years of dividend increases:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2024<\/strong>: +7,0 %<\/li>\n\n\n\n<li><strong>2023<\/strong>: +7,9 %<\/li>\n\n\n\n<li><strong>2022<\/strong>: +19,1 %<\/li>\n\n\n\n<li><strong>2021<\/strong>: +7,0 %<\/li>\n\n\n\n<li><strong>2020<\/strong>: +7,0 %<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>quartalsweise ausgesch\u00fcttete Dividende<\/strong> currently amounts to CAD 0.8875 per share and is paid out at the beginning of each quarter (January, April, July, October).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If we take the average value of the <strong>Free Cash-Flow<\/strong> of the last three years as the basis for determining the payout ratio, we end up with a moderate result of <strong>53.3 percent<\/strong> for the payout ratio of CN.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Number of shares outstanding<\/strong> decreased overall by <strong>21.7 percent<\/strong> in the past ten years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"994\" height=\"500\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaeufe-Canadian-National.jpg\" alt=\"The line graph shows a steady decline from 2016 to 2025 and ends at -21.73 %. The x-axis shows the years, the y-axis the percentage change. Supported by aktien.guide.\" class=\"wp-image-62950\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaeufe-Canadian-National.jpg 994w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaeufe-Canadian-National-300x151.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaeufe-Canadian-National-768x386.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaeufe-Canadian-National-18x9.jpg 18w\" sizes=\"auto, (max-width: 994px) 100vw, 994px\" \/><figcaption class=\"wp-element-caption\"><em>Share buybacks by Canadian National Railway (source: aktien.guide)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The current <strong>Aktienr\u00fcckkaufprogramm<\/strong> grants the management the power to buy back a total of 20 million treasury shares by February 2026:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"548\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National-1024x548.jpg\" alt=\"Table detailing annual and monthly common share repurchases and amounts for NCIB programs, with a highlighted reference to a new repurchase program authorized for up to 20 million shares.\" class=\"wp-image-62951\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National-1024x548.jpg 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National-300x161.jpg 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National-768x411.jpg 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National-18x10.jpg 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/08\/Aktienrueckkaufprogramm-Canadian-National.jpg 1083w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Share buyback program of Canadian National Railway (source: Annual Report 2024, p. 45)<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Conclusion: Considerations for my decision to invest in Canadian National Railway<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Canadian National Railway's share price has suffered considerably in recent months, particularly due to the impending consequences of the tariff conflict between Canada and the United States. Despite this challenge, CN remains a key company in the North American transportation system with geostrategic importance in terms of functioning supply chains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The broad moat, the shareholder-friendly management and diversified business model as well as the company's strategic positioning make me confident in the long term. Should the macroeconomic tailwinds improve, the railroad company still has sufficient growth and share price potential. Overall, CN is pursuing a strategy geared towards efficiency, capacity growth, digitalization and sustainability in order to secure its role as a leading North American logistics provider and its competitiveness in the long term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The strong financial performance, coupled with an attractive dividend policy and solid cash flows, makes CN a reliable investment for investors looking for stable returns.<\/p>","protected":false},"excerpt":{"rendered":"<p>Unternehmensprofil und Gesch\u00e4ftsmodell: Wer ist und was macht die Canadian National Railway Die Canadian National Railway (CN) wurde im Jahr 1918 von der kanadischen Regierung gegr\u00fcndet, um mehrere bankrotte Eisenbahngesellschaften, darunter die Grand Trunk Railway, die Intercolonial Railway und die Canadian Northern Railway, zu einem stabilen nationalen Netz zu vereinen und den landesweiten Schienenverkehr im [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":47388,"template":"","analysen-kategorie":[4606,850],"class_list":["post-62932","analyse","type-analyse","status-publish","has-post-thumbnail","hentry","analysen-kategorie-canadian-national-railway","analysen-kategorie-dividenden-depot"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse\/62932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/analyse"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/45"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/47388"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=62932"}],"wp:term":[{"taxonomy":"analysen-kategorie","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analysen-kategorie?post=62932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}