Canadian National Railway Co (CNI) is overvalued and Greenbrier Cos. Inc (GBX) is undervalued.
Against our estimates of intrinsic value, GBX trades at the wider discount: a margin of safety of +42%, against -43% for CNI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $83.52; the price of $119.52 is 43% above that value, and 75% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 20.8% (average of 3 methods) values the shares at $74.56; the price of $43.04 is 42% below that value, and 44% of that value comes from beyond year five.
Leak Score 60/100 on 9 of 12 signals
| Metric | CNI | GBX |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $119.52 | $43.04 |
| Intrinsic value | $83.52 | $74.56 |
| Margin of safety | -43% | +42% |
| Leak Score | 59/100 (3/12) | 60/100 (9/12) |
| Market cap | $72.3B | $1.3B |
| Revenue growth, 5 years | 3.8% | 3.0% |
| Operating margin | 37.5% | 5.7% |
| Net margin | 26.9% | 4.1% |
| Return on equity | 22.2% | 7.0% |
| Debt to equity | 1.03 | 1.19 |
| P/E | 21.2x | 12.7x |
| Forward P/E | 18.6x | 11.0x |
| P/B | 4.7x | 0.8x |
| Dividend yield | 2.2% | 3.1% |