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Canadian Pacific Railway Ltd CP

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Morningstar’s Analysis

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Economic Moat




Reiterating Railroads' Wide Moat Ratings Following a Fresh Look at Competitive Landscape

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

We took a fresh, in-depth look at the competitive positioning of the North American Class I railroads we cover: Union Pacific, CSX, Norfolk Southern, Kansas City Southern, Canadian National, and Canadian Pacific. We reiterate our view that each railroad enjoys a wide economic moat rooted in cost advantages and efficient scale. Core pricing and margin resilience in past freight recessions and in the face of substantial coal volume losses over the past decade-plus is a testament to their robust competitive positioning.

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Company Profile

Business Description

Canadian Pacific is a CAD 7.3 billion railroad operating on 12,500 miles of track across most of Canada and into parts of the Midwestern and Northeastern United States. It is the second-smallest Class I railroad by revenue and route miles. In 2019, CP hauled shipments of grain (22% of freight revenue), intermodal containers (21%), energy products (like crude and frac sand), chemicals, and plastics (20%) coal (9%), fertilizer and potash (9%%), automotive products (5%), and a diverse mix of other merchandize.

7550 Ogden Dale Road S E
Calgary, AB, T2C 4X9, Canada
T +1 403 319-3591
Sector Industrials
Industry Railroads
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 12,330