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| Company | Headquarters | Sector | Stock Price | Enterprise Value | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Union Pacific | United States of America | Railways | $222 | $165B | 6.7x | 13.1x |
| Canadian Pacific Kansas City | Canada | Railways | CAD 105 | $85.0B | 7.8x | 15.3x |
| CSX | United States of America | Railways | $32 | $79.3B | 5.5x | 11.8x |
| Norfolk Southern | United States of America | Railways | $278 | $78.5B | 6.4x | 13.7x |
| Canadian National Railway | Canada | Railways | CAD 133 | $74.6B | 6.0x | 12.2x |
| Indian Railway Finance Corporation | India | Railways | INR 123 | $64.6B | 78.7x | N/A |
| Cummins | United States of America | Machinery, Industrial Parts, Railways | $395 | $60.1B | 1.8x | 10.3x |
| East Japan Railway | Japan | Railways | JPY 3689 | $58.1B | 2.9x | 10.7x |
| Central Japan Railway | Japan | Railways | JPY 3966 | $52.3B | 4.1x | 8.3x |
| Beijing-Shanghai High Speed Railway | China | Railways | CNY 5 | $41.0B | 6.8x | 11.7x |
| Wabtec | United States of America | Railways | $193 | $36.2B | 3.3x | 15.3x |
| MTR Corp. | Hong Kong | Railways | HKD 26 | $25.4B | 3.4x | 9.5x |
| CRRC Corp. | China | Railways, Rail Infrastructure, Machinery | CNY 7 | $23.4B | 0.6x | 6.5x |
| JR West | Japan | Railways | JPY 3349 | $19.4B | 1.6x | 8.0x |
| Knorr-Bremse | Germany | Automotive Parts, Railways, Industrial Parts, Electronic Components, Sensors & Instruments | €90 | $18.7B | 2.0x | 11.9x |
| Tokyu | Japan | Railways | JPY 1903 | $15.7B | 2.2x | 12.2x |
| Hyundai Rotem | South Korea | Railways | KRW 198800 | $14.8B | 4.0x | 23.3x |
| Tokyo Metro | Japan | Railways | JPY 1738 | $13.7B | 4.9x | 12.6x |
| Alstom | France | Railways, Rail Infrastructure, Machinery | €20 | $12.5B | 0.6x | 6.5x |
| Taiwan High Speed Rail | Taiwan | Railways | TWD 28 | $11.9B | N/A | N/A |
| Daqin Railway | China | Railways | CNY 6 | $10.7B | 1.0x | 4.5x |
| GMexico Transportes | Mexico | Railways | MXN 33 | $9.6B | 2.8x | 6.5x |
| Rumo | Brazil | Railways | BRL 14 | $8.9B | 3.5x | 6.4x |
| Tobu Railway | Japan | Railways | JPY 2761 | $8.8B | 2.0x | 10.2x |
| Trinity Indus | United States of America | Railways | $28 | $8.0B | 3.2x | 10.5x |
| Odakyu Electric Railway | Japan | Railways | JPY 1709 | $7.9B | 2.7x | 12.0x |
| Times Electric | Hong Kong | Railways | HKD 47 | $7.6B | 2.0x | 10.3x |
| Aurizon Holdings | Australia | Railways | AUD 3 | $7.1B | 2.8x | 6.9x |
| Kyushu Railway | Japan | Railways | JPY 4121 | $6.9B | 2.2x | 10.0x |
| Keisei Electric Railway | Japan | Railways | JPY 1391 | $6.7B | 3.1x | 14.5x |
| Indian Railway Catering and Tourism | India | Railways | INR 712 | $6.3B | 11.2x | 32.9x |
| Inner Mongolia First Machinery Group | China | Industrial Parts, Railways | CNY 25 | $5.5B | 3.6x | 44.4x |
| Bangkok Expressway | Thailand | Railways | THB 5 | $5.3B | 10.1x | 18.5x |
| China Railway Signal | Hong Kong | Railways | HKD 6 | $5.1B | 1.1x | 7.0x |
| Nankai Electric Railway | Japan | Railways | JPY 2674 | $4.8B | 2.7x | N/A |
| Container Corporation of India | India | Railways | INR 545 | $4.4B | 4.2x | 19.7x |
| Nishi-Nippon Railroad | Japan | Railways | JPY 2270 | $3.2B | 1.1x | 10.1x |
| FirstGroup | United Kingdom of Great Britain and Northern Ireland | Railways | £2 | $3.2B | 0.5x | 3.1x |
| ComfortDelGro | Singapore | Railways | SGD 1 | $3.1B | 0.8x | 5.3x |
| Greenbrier Companies | United States of America | Railways | $46 | $3.0B | 0.9x | 6.1x |
| Guangshen Railway | China | Railways | CNY 3 | $2.8B | 0.7x | 5.7x |
| MRS Logistica | Brazil | Railways | BRL 26 | $2.8B | N/A | N/A |
| CAF | Spain | Railways | €52 | $2.4B | 0.5x | 5.9x |
| Stadler Rail | Switzerland | Railways | CHF 20 | $2.1B | 0.5x | 6.2x |
| Triangle Defense Co. | China | Defense Systems, Railways, Aircraft & Space Systems | CNY 26 | $1.8B | 6.7x | 21.7x |
| Vossloh | Germany | Railways | €85 | $1.8B | 1.2x | 8.7x |
| Jungfraubahn Holding | Switzerland | Travel Services, Railways | CHF 206 | $1.4B | 3.8x | 8.4x |
| Titagarh Rail Systems | India | Railways | INR 849 | $1.4B | 3.0x | 26.3x |
| Newag | Poland | Railways, Machinery, Rail Infrastructure | PLN 77 | $940M | N/A | N/A |
| Talgo | Spain | Railways | €3 | $928M | 1.2x | 29.3x |
| SAPTCO | Saudi Arabia | Road Transportation, Railways | SAR 13 | $776M | N/A | N/A |
| BVZ Holding | Switzerland | Railways | CHF 1000 | $646M | N/A | N/A |
| Uestra Hannoversche | Germany | Railways | €8 | $350M | N/A | N/A |
| NRC Group | Norway | Railways | NOK 7 | $203M | 0.3x | 7.5x |
| Nurminen Logistics | Finland | Railways | €1 | $96.7M | 0.7x | 3.0x |
| SBF | Germany | Railways | €8 | $91.9M | 1.7x | 42.1x |
| SMT Scharf | Germany | Railways | €7 | $32.3M | 0.3x | 5.1x |
| Signaux Girod | France | Railways | €15 | $16.3M | N/A | N/A |
| Railway Metrics and | Sweden | Railways | SEK 1 | $4.9M | N/A | N/A |
| Fnm | Italy | Railways | €0 | -$220M | -0.3x | -0.8x |
Valuation multiples as of last 12 months (LTM). Stock prices as of September 3, 2025. Financial data powered by Morningstar and FactSet.
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