CNI
Canadian National Railway Company
CNI has a slight edge over RDW overall, supported by lower modeled downside.
RDW
Redwire Corporation
RDW offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
CNI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
CNI's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
RDW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
RDW's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
CNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $102 | -20% |
| Fair | 21x | $115 | -10% |
| Current | 23x | $128 | — |
| Expensive | 24x | $134 | +4.7% |
Historical ranges are pointers, not guarantees.
CNI's PE is 23x, but its earnings don't support one, so it isn't a reliable read right now.
RDW PE Valuation
RDW has no meaningful PE right now: it lost money over the past year.
CNI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for CNI, with profitability improving.
RDW Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect RDW's losses to shrink, with revenue growing.
CNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.48 | +7.5% |
| Q1 2026 | $5.34 | +6.4% |
| Q4 2025 | $5.32 | +7.9% |
| Q3 2025 | $5.18 | -13% |
| Q2 2025 | $5.10 | -14% |
| Q1 2025 | $5.02 | -16% |
| Q4 2024 | $4.93 | -18% |
| Q3 2024 | $5.96 | +15% |
CNI has the edge over RDW on earnings quality, reporting a profit while its opponent remains loss making.
RDW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.17 | +$2.01 |
| Q2 2026 | -$1.37 | +$1.89 |
| Q1 2026 | -$2.59 | -$0.32 |
| Q4 2025 | -$2.28 | +$0.07 |
| Q3 2025 | -$3.18 | -$1.97 |
| Q2 2025 | -$3.26 | -$2.28 |
| Q1 2025 | -$2.27 | -$1.55 |
| Q4 2024 | -$2.35 | -$1.62 |
RDW is still losing money, but far less than before: $1.17 per share over the past year, against $3.26 at its worst in mid-2025.
CNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.3B | +11% |
| Q1 2026 | $3.1B | -0.3% |
| Q4 2025 | $3.1B | +2.3% |
| Q3 2025 | $2.9B | +1.5% |
| Q2 2025 | $3B | -1.3% |
| Q1 2025 | $3.1B | +3.6% |
| Q4 2024 | $3.1B | -2.5% |
| Q3 2024 | $2.9B | +3.1% |
CNI's revenue grew through 2022 and has held roughly level since: $3.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | -0.9 points |
| Q1 2026 | 35% | -1.2 points |
| Q4 2025 | 39% | +1.5 points |
| Q3 2025 | 39% | +1.6 points |
| Q2 2025 | 38% | +2.4 points |
| Q1 2025 | 37% | +0.2 points |
| Q4 2024 | 37% | -3.3 points |
| Q3 2024 | 37% | -1.2 points |
CNI has the edge over RDW on profitability, with a higher operating margin.
RDW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $109M | +5.4% |
| Q2 2026 | $117.1M | +90% |
| Q1 2026 | $97M | +58% |
| Q4 2025 | $108.8M | +56% |
| Q3 2025 | $103.4M | +51% |
| Q2 2025 | $61.8M | -21% |
| Q1 2025 | $61.4M | -30% |
| Q4 2024 | $69.6M | +9.6% |
RDW has the edge over CNI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | +16 points |
| Q2 2026 | -19% | +130 points |
| Q1 2026 | -72% | -49 points |
| Q4 2025 | -75% | -48 points |
| Q3 2025 | -40% | -22 points |
| Q2 2025 | -149% | -140 points |
| Q1 2025 | -23% | -19 points |
| Q4 2024 | -27% | -17 points |
RDW's operating margin was −24% last quarter, up 16 points from the same quarter a year ago.
CNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $644.3M | -2.5% |
| Q1 2026 | $582.2M | +28% |
| Q4 2025 | $701.1M | -5.1% |
| Q3 2025 | $568.1M | +35% |
| Q2 2025 | $660.9M | -2.1% |
| Q1 2025 | $453.5M | +19% |
| Q4 2024 | $738.9M | -29% |
| Q3 2024 | $420.4M | +0.5% |
CNI has the edge over RDW on cash generation, producing positive trailing cash flow while its opponent burns cash.
RDW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$65.3M | -$38.5M |
| Q2 2026 | -$33.5M | +$57.2M |
| Q1 2026 | -$11.4M | +$35.5M |
| Q4 2025 | -$26.5M | -659% |
| Q3 2025 | -$26.9M | -$7.6M |
| Q2 2025 | -$90.6M | -$80.2M |
| Q1 2025 | -$46.9M | -3996% |
| Q4 2024 | $4.7M | -65% |
RDW has burned cash in most quarters: −$137M over the past year, against −$160M the year before.
CNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -4.4M shares |
| 1 year | -3.3% | -20.5M shares |
| 3 years | -8.4% | -55.6M shares |
| 5 years | -15% | -103M shares |
| Available history | -16% | -113M shares |
CNI has the edge over RDW on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $327.1M |
| Q1 2026 | $631.5M |
| Q4 2025 | $429.9M |
| Q3 2025 | $730.5M |
| Q2 2025 | $213M |
| Q1 2025 | $113.9M |
| Q4 2024 | $111.1M |
| Q3 2024 | $313.6M |
CNI spent $2.1B buying back its own shares over the past year, up 182% from the year before.
RDW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +29.6M shares |
| 1 year | +179% | +160M shares |
| 3 years | +289% | +186M shares |
| 5 years | +319% | +190M shares |
RDW has 250M diluted shares, up 179% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
CNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.3x | Moderate |
CNI's net debt is about 2.5 years of its operating earnings (EBITDA), up from 2.3 years a year ago.
RDW Net Leverage
RDW's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
CNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 66.0 | Neutral |
CNI's weekly RSI is 62 (neutral) and its Stochastic is 66 (neutral).
RDW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.3 | Neutral |
| Stochastic | 16.1 | Oversold |
RDW's weekly RSI is 42 (neutral) and its Stochastic is 16 (oversold).
CNI PE vs Industrials Sector
| Metric | CNI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 3.1% below |
| PE % | 78 | 58 | 20 pts above |
CNI is trading at 23x earnings, in line with the Industrials sector's median of 24x, though its earnings don't support one.
RDW PE vs Industrials Sector
RDW has no meaningful PE right now: it lost money over the past year.
CNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $122.4 | 4.4% above |
| 20 week MA | $124.2 | 2.9% above |
| 50 week MA | $113.9 | 12% above |
| 100 week MA | $106.5 | 20% above |
| 200 week MA | $112.5 | 14% above |
CNI has the edge over RDW on trend strength, trading above more of its moving averages.
RDW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.06 | 11% below |
| 20 week MA | $10.1 | 20% below |
| 50 week MA | $10.6 | 24% below |
| 100 week MA | $11.6 | 31% below |
| 200 week MA | $8.07 | 0.5% below |
RDW is in a downtrend: it's below all five of its weekly moving averages, and 0.5% below its 200-week average.
CNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $90.9 | $109.7 | +21% |
| 2021 | $109.7 | $121.7 | +11% |
| 2022 | $121.7 | $120.4 | -1% |
| 2023 | $120.4 | $125.6 | +4.3% |
| 2024 | $125.6 | $102.0 | -19% |
| 2025 | $102.0 | $98.7 | -3.2% |
| 2026 YTD | $98.7 | $127.8 | +29% |
CNI has the edge over RDW on returns for 2026, with the stronger performance.
RDW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.2 | $7.34 | -28% |
| 2022 | $7.34 | $1.92 | -74% |
| 2023 | $1.92 | $2.85 | +48% |
| 2024 | $2.85 | $17.1 | +501% |
| 2025 | $17.1 | $7.15 | -58% |
| 2026 YTD | $7.15 | $8.03 | +12% |
RDW's yearly returns have swung widely, from +501% in 2024 to −74% in 2022. It's up 12% so far in 2026.