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Canadian National Railway CoCNI +0.06%90 Graham Number is $56.43 as of Jun. 2026, which is 2537% above its 10-year median of 2.14. GuruFocus rates CNI with a GF Score™ of 90/100 and a GF Value™ of $117.80 (Fairly Valued). The stock has 7 warning signs investors should review. Among 741 Transportation companies, Canadian National Railway Co ranks worse than 83.67% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Canadian National Railway Co's Graham Number or its related term are showing as below:
CNI'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.58 Med: 2.14 Max: 2.61
Current: 2.26
During the past 13 years, the highest Price to Graham Number ratio of Canadian National Railway Co was 2.61. The lowest was 1.58. And the median was 2.14.
CNI's Price-to-Graham-Number is ranked worse than 83.67% of 741
companies
in the Transportation industry
Industry Median: 1.03
vs CNI: 2.26
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Canadian National Railway Co (NYSE:CNI) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Canadian National Railway Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
127.21
/
56.43
=
2.25
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Canadian National Railway Co Graham Number Related Terms
Canadian National Railway Co Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Railroads subindustry, Canadian National Railway Co's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Canadian National Railway Co Price-to-Graham-Number vs Transportation Industry
For the Transportation industry and Industrials sector, Canadian National Railway Co's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Canadian National Railway Co's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Canadian National Railway Co (CNI) has a Graham Number of $56.43 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Canadian National Railway Co and its competitors. This is 2537% above median its historical median of 2.14. Over the past decade, Canadian National Railway Co's Graham Number has ranged from 1.58 to 2.61. According to the industry distribution chart, Canadian National Railway Co ranks #620 out of 741 companies in the Transportation industry, placing it in the top 83.7%.
Is Canadian National Railway Co's Graham Number too high?
Canadian National Railway Co's current Graham Number of $56.43 is 2537% above median its 10-year median of 2.14. Over the past 10 years, this metric has ranged from a low of 1.58 to a high of 2.61. The Transportation industry median Graham Number is 1.03. Canadian National Railway Co's value of $56.43 is 5378.6% above this industry median. Based on the distribution chart, Canadian National Railway Co ranks #620 out of 741 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Canadian National Railway Co has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Canadian National Railway Co's Graham Number compare to UNP and CSX?
According to the Transportation industry distribution chart, Canadian National Railway Co ranks #620 out of 741 companies for Graham Number. This places Canadian National Railway Co in the lower half of its industry. The industry median Graham Number is 1.03. Canadian National Railway Co's value of $56.43 is 5378.6% above this benchmark. Historically, Canadian National Railway Co's own Graham Number has ranged from 1.58 to 2.61 over the past decade. While the company's 10-year median is 2.14 vs. the industry median of 1.03, Canadian National Railway Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Transportation company?
The median Graham Number among Transportation companies is 1.03, based on 741 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Canadian National Railway Co's current Graham Number of $56.43 is 5378.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Canadian National Railway Co and its competitors. For the Transportation industry, the median Graham Number is 1.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Canadian National Railway Co's current Graham Number is $56.43, which is 2537% above median its own 10-year median of 2.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Canadian National Railway Co stock overvalued right now?
Based on GuruFocus' analysis, Canadian National Railway Co (CNI) is currently considered Fairly Valued. The stock's GF Value™ is $117.80, compared to a current price of $127.21 — trading 8% above its estimated fair value. The current Graham Number is $56.43, which is 2537% above median its 10-year median of 2.14 and 5378.6% above the Transportation industry median of 1.03. Canadian National Railway Co's overall GF Score™ is 90/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Canadian National Railway Co (CNI), the current Graham Number is $56.43 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Canadian National Railway Co (CNI) Overvalued in 2026?
Based on GuruFocus' analysis, Canadian National Railway Co stock appears to be overvalued.
The current stock price of $127.21 is trading 8% above its estimated GF Value™ of $117.80.
GuruFocus considers Canadian National Railway Co to be Fairly Valued.
Key valuation signals for CNI:
Graham Number: $56.43 (2537% above median its 10-year median of 2.14)
GF Value™: $117.80 vs. price of $127.21 (8% above fair value)
Industry Position: 5378.6% above the Transportation median (#620 of 741)
No single metric tells the full story. See the CNI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Canadian National's railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico. In 2025, CN generated CAD 17.7 billion in revenue by hauling intermodal containers (22% of consolidated revenue), petroleum and chemicals (21%), grain and fertilizers (23%), forest products (10%), metals and minerals (11%), automotive shipments (5%), and coal (5%). Other items constitute the remaining revenue.
90GF Score
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