Alaska Air Group
ALK · Passenger Airlines
$34.40
2.8%CSX
CSX · Rail Transportation
$50.79
1.7%The short version
- Alaska Air Group is the larger business, with $14.2B of revenue in fiscal 2025 against $14.1B for CSX.
- Alaska Air Group grew revenue faster (21.3%, against −3.1%).
- CSX kept more of each dollar of sales as operating profit (32.1% operating margin, against 2.1% operating margin).
- CSX turned more of its sales into free cash flow (12.1% FCF margin, against 6.6% FCF margin).
- CSX earned a higher return on the capital invested in it (11.3%, against 2.9%).
| Latest fiscal year | ALK · FY25 | CSX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $94.1B |
| Revenue | $14.2B | $14.1B |
| Free cash flow | $940M | $1.7B |
| Net income | $100M | $2.9B |
| Growth | ||
| Revenue growth | 21.3% | −3.1% |
| 5-year growth | 31.9% | 5.9% |
| Share count change | −6.6% | −3.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.1% | 32.1% |
| Net margin | 0.7% | 20.5% |
| FCF margin | 6.6% | 12.1% |
| Return on capital | 2.9% | 11.3% |
| Return on equity | 2.4% | 22.5% |
| Balance sheet | ||
| Net debt | $3.4B | $18.2B |
| Net debt / EBITDA | 3.1x | 2.9x |
| Dividends and buybacks | $570M | $2.4B |
| Valuation & quality | ||
| P/E | — | 26.5x |
| Piotroski F-score | 5 | 4 |
FY16
ALK $5.9B
CSX $11.1B
FY17
ALK $7.9B
CSX $11.4B
FY18
ALK $8.3B
CSX $12.3B
FY19
ALK $8.8B
CSX $11.9B
FY20
ALK $3.6B
CSX $10.6B
FY21
ALK $6.2B
CSX $12.5B
FY22
ALK $9.6B
CSX $14.9B
FY23
ALK $10.4B
CSX $14.7B
FY24
ALK $11.7B
CSX $14.5B
FY25
ALK $14.2B
CSX $14.1B
ALK
CSX
FY16
ALK 22.0%
CSX 30.8%
FY17
ALK 15.3%
CSX 32.6%
FY18
ALK 7.8%
CSX 39.8%
FY19
ALK 12.1%
CSX 41.6%
FY20
ALK −49.8%
CSX 41.2%
FY21
ALK 11.1%
CSX 44.7%
FY22
ALK 0.7%
CSX 40.1%
FY23
ALK 3.8%
CSX 37.5%
FY24
ALK 4.9%
CSX 36.1%
FY25
ALK 2.1%
CSX 32.1%
ALK
CSX
FY16
ALK $708M
CSX $643M
FY17
ALK $564M
CSX $1.4B
FY18
ALK $235M
CSX $2.9B
FY19
ALK $1.0B
CSX $3.2B
FY20
ALK −$456M
CSX $2.6B
FY21
ALK $738M
CSX $3.3B
FY22
ALK −$253M
CSX $3.4B
FY23
ALK −$444M
CSX $3.3B
FY24
ALK $1.2B
CSX $2.7B
FY25
ALK $940M
CSX $1.7B
ALK
CSX
FY16
ALK 26.8%
CSX 10.0%
FY17
ALK 23.4%
CSX 15.5%
FY18
ALK 10.6%
CSX 14.3%
FY19
ALK 18.0%
CSX 14.6%
FY20
ALK −37.7%
CSX 12.6%
FY21
ALK 16.4%
CSX 15.8%
FY22
ALK 1.5%
CSX 16.4%
FY23
ALK 6.8%
CSX 14.5%
FY24
ALK 7.1%
CSX 13.5%
FY25
ALK 2.9%
CSX 11.3%
ALK
CSX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.