Canadian Pacific Kansas City Limited
Canadian Pacific Kansas City Limited’s revenue for fiscal 2025 (year ended December 2025) was $10.8 billion, up 1.65% from fiscal 2024. In the quarter to June 2026, revenue grew 12.5%, EPS fell 13.4%, free cash flow grew 54.8% and total debt rose 12.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Canadian Pacific Kansas City Limited (CP) Altman Z-score
Canadian Pacific Kansas City Limited's Altman Z-score for fiscal 2025 is 2.12, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.12 | 0.05 |
| FY2024 | 2.07 | (0.11) |
| FY2023 | 2.18 | 0.11 |
| FY2022 | 2.06 | 0.54 |
| FY2021 | 1.52 | (1.99) |
| FY2020 | 3.51 | 0.45 |
| FY2019 | 3.07 | 0.54 |
| FY2018 | 2.52 | (0.16) |
| FY2017 | 2.68 | 0.45 |
| FY2016 | 2.23 | 0.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.04 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.07 | — | 0.22 | |
| Market value of equity / total liabilities | 2.41 | — | 1.45 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | Grey zone | 2.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.21 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FSTR L.B. Foster Company compare | 3.9× |
| UNP Union Pacific Corporation compare | 3.8× |
| WAB Wabtec compare | 3.1× |
| CSX CSX Corporation compare | 2.3× |
| NSC Norfolk Southern Corporation compare | 2.3× |
| CP Canadian Pacific Kansas City Limited | 2.1× |
| RAIL Freightcar America, Inc. compare | 2.1× |
| GBX Greenbrier Companies, Inc. (The) compare | 2.0× |
| TRN Trinity Industries, Inc. compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets