The article examines the determinants of the potential competitiveness of JSC "Ukrzaliznytsia" in conditions of uncertainty. The peculiarities of the operation of the enterprise in modern conditions are revealed. The problems that have arisen in JSC "Ukrzaliznytsia" since the beginning of military operations on the territory of our country are highlighted. The difference between the concepts of "competitiveness potential" and "potential competitiveness" is defined. The existing approaches to the classification of factors affecting the competitiveness of railway enterprises are considered. The author classified the determinants of the competitiveness of the enterprise's potential at four levels: global, national, branch, enterprise level. A list of determinants is defined for each of these levels. The article establishes that over the past three years, railway transport has been losing it's carrying capacity and is increasingly degrading, which has a negative impact on the national economy, and poses a threat to the country's national stability and defense capability. The author conducted a SWOT analysis of JSC "Ukrzaliznytsia" using the expert method by means of a questionnaire. Middle managers of the enterprise, as well as independent external experts in the railway industry, acted as experts. Based on the results of the expert questionnaire, a SWOT analysis matrix was constructed. The conducted SWOT analysis showed that the threats and weaknesses of the enterprise significantly outweigh the opportunities and strengths. The necessity of carrying out the restructuring of JSC "Ukrzaliznytsia" in order to increase the competitiveness of its potential is substantiated. It was established that the future restructuring of the enterprise will consist in the creation of a holding structure based on the functional principle. The strategic vector of the enterprise's development and the steps for further transformation in order to overcome the existing determinants of potential competitiveness are defined. It is substantiated that conditions of uncertainty cause determinants of the global level, which cannot be influenced.