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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. NSC Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Norfolk Southern (NSC)

Market Price (9/17/2025): $278.16 | Market Cap: $62.6 Bil
Sector: Industrials | Industry: Rail Transportation

Norfolk Southern (NSC)

Market Price (9/17/2025): $278.16
Market Cap: $62.6 Bil
Sector: Industrials
Industry: Rail Transportation

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%		 Trading close to highs
Dist 52W High is -2.9%, Dist 3Y High is -2.9%		 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%		 Weak multi-year price returns
2Y Excs Rtn is -1.4%, 3Y Excs Rtn is -43%		 
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.2 Bil, FCF LTM is 2.0 Bil		  
3 Low stock price volatility
Vol 12M is 27%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 4.2 Bil, FCF LTM is 2.0 Bil
3 Low stock price volatility
Vol 12M is 27%
4 Trading close to highs
Dist 52W High is -2.9%, Dist 3Y High is -2.9%
5 Weak multi-year price returns
2Y Excs Rtn is -1.4%, 3Y Excs Rtn is -43%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%

Market Valuation

 9/17/252024202320222021
Share Price CYE$278.16$230.89$227.37$231.14$273.83
Market Cap CYE ($ Bil)62.652.351.453.266.3
Total Debt ($ Bil)17.417.517.615.614.3
Total Cash ($ Bil)1.31.61.60.50.8
Enterprise Value ($ Bil)78.769.869.068.880.6
Valuation Ratios     
P/S TTM5.14.44.44.56.6
P/EBIT TTM12.212.817.612.016.2
P/E TTM18.720.229.417.724.5
Sector Ratios     
P/S TTM (Sector)1.61.41.41.11.6
P/EBIT TTM (Sector)11.410.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/17/2520242023
Share Price CYE$278.16$230.89$227.37
Market Cap CYE ($ Bil)62.652.351.4
Total Debt ($ Bil)17.417.517.6
Total Cash ($ Bil)1.31.61.6
Enterprise Value ($ Bil)78.769.869.0
Valuation Ratios   
P/S TTM5.14.44.4
P/EBIT TTM12.212.817.6
P/E TTM18.720.229.4
Sector Ratios   
P/S TTM (Sector)1.61.41.4
P/EBIT TTM (Sector)11.410.210.0
P/E TTM (Sector)16.613.713.9

Market Cap Chart

Business Description

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, scrap paper, beverages, canned goods, and consumer products; chemicals consist of sulfur and related chemicals, petroleum products, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, and sand; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and provides commuter rail passenger transportation services and operates an intermodal network. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
NSC Return25%27%-16%-2%2%20%59%
Peers Return23%25%-16%11%-3%6%48%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: UNP, CSX, NSC. See NSC Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Interactive Breakdown

Norfolk Southern Interactive Breakdown Analysis

Better Bets than Norfolk Southern (NSC)

 NSCBetter Performance than NSC
MetricValueIndustry (Rail Transportation)
Rev Chg LTM0.7%UNP (1.1%), CP (4.8%), SWVL (22.5%)
Rev Chg 3Y Avg1.0%UNP (1.4%), CP (23.8%), CNI (3.9%), FSTR (2.6%), RAIL (19.6%)
Op Mgn LTM42.1%
CFO/Rev LTM34.5%UNP (40.4%), CP (36.8%), CSX (35.1%), CNI (39.0%)
FCF/Rev LTM16.6%UNP (25.7%), CP (16.8%), CNI (18.9%)
Total Yield5.4%UNP (7.9%), CP (7.0%), CSX (6.3%), CNI (11.2%), FSTR (12.6%)
 NSCBetter Performance than NSC
MetricValueAll Other Sectors
Rev Chg LTM0.7%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg1.0%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM42.1%NVDA (58.1%), MSFT (45.6%), META (42.9%), LLY (43.0%), V (66.5%)
CFO/Rev LTM34.5%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM16.6%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield5.4%BRK-B (5.9%), JPM (6.6%), XOM (9.7%), JNJ (8.2%), HD (5.7%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Norfolk Southern Earnings Notes  
2Norfolk Southern vs Cheniere Energy: Which Is A Better Investment?Counter-Intuitive Comparisons 
3Norfolk Southern vs Willis Lease Finance: Which Is A Better Investment?Counter-Intuitive Comparisons 
4How Does NSC Stack Up Against Its Peers?Peer Comparison 
5Better Bet Than NSC Stock: Pay Less Than Norfolk Southern To Get More From MRK, AEP   
6Better Bet Than NSC Stock: Pay Less Than Norfolk Southern To Get More From LDOS, BAH   
7NSC Dip Buy Analysis  
8Norfolk Southern Total Shareholder Return (TSR): 3.5% in 2024 and -3.3% 3-yr compounded annual returns (below peer average)  
9Norfolk Southern (NSC) Operating Cash Flow ComparisonFinancials 
10Norfolk Southern (NSC) Net Income ComparisonFinancials 
11ARTICLES  
12Better Bet Than CSX Stock: Pay Less To Get More From NSC August 25th, 2025
13Buy or Sell Norfolk Southern Stock Ahead of Its Upcoming Earnings? July 25th, 2025
14S&P 500 Stocks Trading At 52-Week High July 23rd, 2025
15Is CSX A Better Railroad Pick Over Norfolk Southern Stock? September 9th, 2024
16What’s Next For Norfolk Southern Stock After A Q2 Earnings Beat? July 30th, 2024
Title
0DASHBOARDS
1Better Bet Than CSX Stock: Pay Less To Get More From NSC
2Buy or Sell Norfolk Southern Stock Ahead of Its Upcoming Earnings?
3S&P 500 Stocks Trading At 52-Week High
4Is CSX A Better Railroad Pick Over Norfolk Southern Stock?
5What’s Next For Norfolk Southern Stock After A Q2 Earnings Beat?
6ARTICLES
7Norfolk Southern Earnings Notes
8Norfolk Southern vs Cheniere Energy: Which Is A Better Investment?
9Norfolk Southern vs Willis Lease Finance: Which Is A Better Investment?
10How Does NSC Stack Up Against Its Peers?
11Better Bet Than NSC Stock: Pay Less Than Norfolk Southern To Get More From MRK, AEP 
12Better Bet Than NSC Stock: Pay Less Than Norfolk Southern To Get More From LDOS, BAH 
13NSC Dip Buy Analysis
14Norfolk Southern Total Shareholder Return (TSR): 3.5% in 2024 and -3.3% 3-yr compounded annual returns (below peer average)
15Norfolk Southern (NSC) Operating Cash Flow Comparison
16Norfolk Southern (NSC) Net Income Comparison

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#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
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4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
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9YYGHYY-56.6%-78.5%
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More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Norfolk Southern

Financials

NSCUNPCSXMedian
NameNorfolk .Union Pa.CSX  
Mkt Price278.09216.0032.47216.00
Mkt Cap62.6128.360.662.6
Rev LTM12,17824,39314,15514,155
Op Inc LTM5,1299,8374,9405,129
FCF LTM2,0246,2612,0062,024
FCF 3Y Avg1,5755,5292,6882,688
CFO LTM4,2049,8564,9644,964
CFO 3Y Avg3,8239,1545,2165,216

Growth & Margins

NSCUNPCSXMedian
NameNorfolk .Union Pa.CSX  
Rev Chg LTM0.7%1.1%-3.3%0.7%
Rev Chg 3Y Avg1.0%1.4%0.6%1.0%
Rev Chg Q2.2%2.4%-3.4%2.2%
QoQ Delta Rev Chg LTM0.5%0.6%-0.9%0.5%
Op Mgn LTM42.1%40.3%34.9%40.3%
Op Mgn 3Y Avg38.7%39.2%36.9%38.7%
QoQ Delta Op Mgn LTM0.5%0.3%-0.8%0.3%
CFO/Rev LTM34.5%40.4%35.1%35.1%
CFO/Rev 3Y Avg31.0%37.5%35.7%35.7%
FCF/Rev LTM16.6%25.7%14.2%16.6%
FCF/Rev 3Y Avg12.7%22.6%18.3%18.3%

Valuation

NSCUNPCSXMedian
NameNorfolk .Union Pa.CSX  
Mkt Cap62.6128.360.662.6
P/S5.15.34.35.1
P/EBIT12.212.612.412.4
P/E18.718.519.518.7
P/CFO14.913.012.213.0
Total Yield5.4%7.9%6.3%6.3%
Dividend Yield0.0%2.5%1.2%1.2%
FCF Yield 3Y Avg2.9%4.2%4.1%4.1%
D/E0.30.30.30.3
Net D/E0.30.30.30.3

Returns

NSCUNPCSXMedian
NameNorfolk .Union Pa.CSX  
1M Rtn-0.9%-1.6%-10.2%-1.6%
3M Rtn11.6%-1.5%1.5%1.5%
6M Rtn19.9%-7.8%8.2%8.2%
12M Rtn15.0%-12.4%-2.5%-2.5%
3Y Rtn27.4%9.4%15.0%15.0%
1M Excs Rtn-3.4%-4.0%-12.7%-4.0%
3M Excs Rtn1.3%-12.8%-9.4%-9.4%
6M Excs Rtn3.5%-24.5%-8.5%-8.5%
12M Excs Rtn-6.4%-29.2%-19.5%-19.5%
3Y Excs Rtn-43.1%-62.5%-58.5%-58.5%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/29/20254/23/20252/10/202510/22/20247/26/20244/24/20242/5/202410/25/20237/27/20234/26/20232/3/202310/26/2022
Key Financials Quarterly            
Total Revenue3,1102,9933,0243,0513,0443,0043,0732,9712,9803,1323,2373,343
Ebitda1,5451,5231,4691,9691,4835681,1761,1229541,0881,5241,576
Operating Income1,2311,0271,3081,5631,1389521,1469761,0711,1521,4061,330
Net Income7687507331,09973753527478356466790958
EPS3.413.313.244.863.260.232.342.111.562.043.464.11
Key Financials TTM            
Total Revenue TTM12,17812,11212,12312,17212,09212,02812,15612,32012,69212,96212,74512,360
Ebitda TTM6,5066,4445,4895,1964,3493,8204,3404,6885,1425,7496,0435,967
Operating Income TTM5,1295,0364,9614,7994,2124,1454,3454,6054,9595,2235,2055,058
Net Income TTM3,3503,3192,6222,4161,7951,4141,8272,0902,5703,0333,2703,240
Growth Rates Quarterly            
Total Revenue Growth2.2%-0.4%-1.6%2.7%2.1%-4.1%-5.1%-11.1%-8.3%7.4%13.5%17.2%
EBITDA Growth4.2%168.1%24.9%75.5%55.5%-47.8%-22.8%-28.8%-38.9%-21.3%5.2%8.9%
Operating Income Growth8.2%7.9%14.1%60.1%6.3%-17.4%-18.5%-26.6%-19.8%1.6%11.7%11.6%
Net Income Growth4.2%1315.1%39.1%129.9%107.0%-88.6%-33.3%-50.1%-56.5%-33.7%3.9%27.2%
Margins Quarterly            
EBITDA Margin49.7%50.9%48.6%64.5%48.7%18.9%38.3%37.8%32.0%34.7%47.1%47.1%
Operating Income Margin39.6%34.3%43.3%51.2%37.4%31.7%37.3%32.9%35.9%36.8%43.4%39.8%
Net Income Margin24.7%25.1%24.2%36.0%24.2%1.8%17.1%16.1%11.9%14.9%24.4%28.7%
Cash & Debt            
Total Cash1,3031,0061,6419756596521,5681,5065565524561,214
Total Debt17,36717,21517,47817,19917,59217,58317,57116,58415,12914,98815,59215,068
Net Debt / (Cash)16,06416,20915,83716,22416,93316,93116,00315,07814,57314,43615,13613,854
Cash Flows Quarterly            
FCF from Operations1,0779509511,2261,0368396736606731,1737981,413
Cash Flows TTM            
FCF from Operations TTM4,2044,1634,0523,7743,2082,8453,1793,3044,0574,4014,2224,366
Returns to Shareholders Quarterly            
Dividends303306306305305305305305308307286290
Share Repurchases207257-0-5-16110200139173825821
Return on Invested Capital (ROIC) Quarterly            
ROIC20.7%17.1%22.9%26.2%18.7%20.0%20.5%17.8%19.8%22.0%24.9%29.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM21.7%21.2%21.6%20.7%17.7%17.5%18.9%20.8%24.1%25.3%24.0%25.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Intermodal3,0903,6813,1632,6542,824
Agriculture, forest and consumer products2,5302,4932,2512,1162,256
Chemicals2,0542,1481,9511,8092,092
Coal1,7131,7331,3101,0471,669
Metals and construction1,6341,6521,5621,3331,461
Automotive1,1351,038905830994
Total12,15612,74511,1429,78911,296


Price Behavior

NSC Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.420.570.650.830.820.85
Up Beta0.230.480.750.800.930.92
Down Beta0.110.751.120.920.800.81
Up Capture54%77%71%82%60%52%
Bmk +ve Days10223571142415
Stock +ve Days9223569128392
Down Capture64%27%11%78%78%97%
Bmk -ve Days11192754106334
Stock -ve Days12202857120358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity2,943,243
Short Interest: % Change Since 815202525.0%
Average Daily Volume2,376,216
Days-to-Cover Short Interest1.24
Basic Shares Quantity225,000,000
Short % of Basic Shares1.3%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-3.0%-2.9%-3.4%
4/23/20250.9%1.5%9.5%
1/29/20251.8%0.2%-3.5%
10/22/20244.9%2.2%5.2%
7/25/202410.9%10.6%8.6%
4/9/20241.3%-1.9%-6.6%
1/26/2024-1.5%7.9%7.6%
10/25/2023-5.3%-2.8%9.8%
...
SUMMARY STATS   
# Positive121413
# Negative121011
Median Positive3.0%2.1%7.2%
Median Negative-2.1%-2.0%-6.6%
Max Positive10.9%10.6%17.0%
Max Negative-5.3%-3.9%-12.0%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025423202510-Q 3/31/2025
12312024210202510-K 12/31/2024
93020241022202410-Q 9/30/2024
6302024726202410-Q 6/30/2024
3312024424202410-Q 3/31/2024
12312023205202410-K 12/31/2023
93020231025202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023426202310-Q 3/31/2023
12312022203202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022727202210-Q 6/30/2022
3312022427202210-Q 3/31/2022
12312021204202210-K 12/31/2021
93020211027202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0LAMPHERE GILBERT H 2032025Buy259.86607157,735646,272Form
1ANDERSON RICHARD H 12162024Buy248.6920049,7381,044,498Form
2Clyburn William Jr. 12162024Buy248.4120149,93049,930Form
3Fahmy Sameh 12132024Buy249.3735087,2802,580,990Form
4George Mark RPresident & CEO12122024Buy249.8420049,9673,436,980Form

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