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| Company | Headquarters | Sector | Stock Price | Enterprise Value | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Union Pacific | United States of America | Railways | $215 | $160B | 6.5x | 12.8x |
| Canadian Pacific Kansas City | Canada | Railways | CAD 104 | $84.5B | 7.8x | 15.1x |
| CSX | United States of America | Railways | $32 | $79.8B | 5.6x | 11.9x |
| Norfolk Southern | United States of America | Railways | $275 | $77.7B | 6.3x | 13.6x |
| Canadian National Railway | Canada | Railways | CAD 129 | $73.2B | 5.9x | 12.0x |
| Indian Railway Finance Corporation | India | Railways | INR 126 | $64.4B | 78.8x | N/A |
| Cummins | United States of America | Machinery, Industrial Parts, Railways | $410 | $62.1B | 1.9x | 10.7x |
| East Japan Railway | Japan | Railways | JPY 3680 | $58.4B | 2.9x | 10.7x |
| Central Japan Railway | Japan | Railways | JPY 4187 | $54.0B | 4.2x | 8.5x |
| Beijing-Shanghai High Speed Railway | China | Railways | CNY 5 | $41.0B | 6.8x | 11.6x |
| Wabtec | United States of America | Railways | $189 | $35.6B | 3.3x | 14.9x |
| MTR Corp. | Hong Kong | Railways | HKD 27 | $25.7B | 3.4x | 9.5x |
| CRRC Corp. | China | Railways, Rail Infrastructure, Machinery | CNY 7 | $24.1B | 0.6x | 6.7x |
| JR West | Japan | Railways | JPY 3350 | $19.6B | 1.6x | 8.0x |
| Knorr-Bremse | Germany | Automotive Parts, Railways, Industrial Parts, Electronic Components, Sensors & Instruments | €86 | $18.1B | 1.9x | 11.4x |
| Hyundai Rotem | South Korea | Railways | KRW 215000 | $16.2B | 4.3x | 24.7x |
| Tokyu | Japan | Railways | JPY 1872 | $15.7B | 2.2x | 12.1x |
| Tokyo Metro | Japan | Railways | JPY 1718 | $13.7B | 4.9x | 12.6x |
| Alstom | France | Railways, Rail Infrastructure, Machinery | €21 | $12.9B | 0.6x | 6.6x |
| Taiwan High Speed Rail | Taiwan | Railways | TWD 28 | $11.8B | N/A | N/A |
| Daqin Railway | China | Railways | CNY 6 | $10.5B | 1.0x | 4.4x |
| GMexico Transportes | Mexico | Railways | MXN 33 | $9.6B | 2.8x | 6.4x |
| Rumo | Brazil | Railways | BRL 15 | $9.2B | 3.6x | 6.4x |
| Tobu Railway | Japan | Railways | JPY 2718 | $8.8B | 2.0x | 10.1x |
| Trinity Indus | United States of America | Railways | $28 | $8.0B | 3.3x | 10.5x |
| Odakyu Electric Railway | Japan | Railways | JPY 1722 | $7.9B | 2.8x | 12.0x |
| Times Electric | Hong Kong | Railways | HKD 48 | $7.9B | 2.1x | 10.6x |
| Aurizon Holdings | Australia | Railways | AUD 3 | $7.2B | 2.8x | 6.9x |
| Kyushu Railway | Japan | Railways | JPY 4150 | $7.0B | 2.2x | 10.0x |
| Keisei Electric Railway | Japan | Railways | JPY 1381 | $6.7B | 3.0x | 14.4x |
| Indian Railway Catering and Tourism | India | Railways | INR 722 | $6.3B | 11.3x | 33.1x |
| China Railway Signal | Hong Kong | Railways | HKD 5 | $5.6B | 1.2x | 7.9x |
| Bangkok Expressway | Thailand | Railways | THB 5 | $5.5B | 10.3x | 18.9x |
| Nankai Electric Railway | Japan | Railways | JPY 2733 | $4.8B | 2.7x | N/A |
| Container Corporation of India | India | Railways | INR 550 | $4.4B | 4.2x | 19.8x |
| Inner Mongolia First Machinery Group | China | Industrial Parts, Railways | CNY 20 | $4.4B | 2.9x | 35.5x |
| Nishi-Nippon Railroad | Japan | Railways | JPY 2312 | $3.3B | 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 |
| Guangshen Railway | China | Railways | CNY 3 | $3.0B | 0.8x | 5.9x |
| Greenbrier Companies | United States of America | Railways | $46 | $3.0B | 0.9x | 6.1x |
| MRS Logistica | Brazil | Railways | BRL 26 | $2.8B | N/A | N/A |
| CAF | Spain | Railways | €54 | $2.5B | 0.5x | 6.1x |
| Stadler Rail | Switzerland | Railways | CHF 21 | $2.2B | 0.5x | 6.4x |
| Vossloh | Germany | Railways | €88 | $1.9B | 1.3x | 9.2x |
| Triangle Defense Co. | China | Defense Systems, Railways, Aircraft & Space Systems | CNY 25 | $1.7B | 6.3x | 20.1x |
| Jungfraubahn Holding | Switzerland | Travel Services, Railways | CHF 217 | $1.5B | 4.0x | 8.9x |
| Titagarh Rail Systems | India | Railways | INR 927 | $1.5B | 3.2x | 28.5x |
| Newag | Poland | Railways, Machinery, Rail Infrastructure | PLN 84 | $1.0B | N/A | N/A |
| Talgo | Spain | Railways | €3 | $938M | 1.3x | 29.4x |
| SAPTCO | Saudi Arabia | Road Transportation, Railways | SAR 13 | $752M | N/A | N/A |
| BVZ Holding | Switzerland | Railways | CHF 1030 | $662M | N/A | N/A |
| Uestra Hannoversche | Germany | Railways | €9 | $361M | N/A | N/A |
| NRC Group | Norway | Railways | NOK 9 | $228M | 0.3x | 8.1x |
| Nurminen Logistics | Finland | Railways | €1 | $99.1M | 0.7x | 3.1x |
| SBF | Germany | Railways | €8 | $91.6M | 1.7x | 40.2x |
| SMT Scharf | Germany | Railways | €7 | $28.2M | 0.2x | 4.5x |
| Signaux Girod | France | Railways | €15 | $16.4M | N/A | N/A |
| Railway Metrics and | Sweden | Railways | SEK 1 | $6.4M | N/A | N/A |
| Fnm | Italy | Railways | €0 | -$228M | -0.3x | -0.8x |
Valuation multiples as of last 12 months (LTM). Stock prices as of September 15, 2025. Financial data powered by Morningstar and FactSet.
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