Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Norfolk Southern Corp. (NYSE:NSC)

This company has been moved to the archive! The financial data has not been updated since April 27, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Norfolk Southern Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 3.99 2.18 3.79 4.31 2.63 2.94 3.56 3.01 1.62 1.53 1.21 0.74 1.11 0.99 2.01 1.20 2.96 1.93 2.06 1.84 2.72
Accounts receivable, net 2.72 2.54 2.45 2.43 2.49 2.23 2.31 2.17 2.37 2.43 2.59 2.80 2.83 2.78 2.87 2.89 2.69 2.67 2.77 2.65 2.84
Materials and supplies 0.67 0.57 0.61 0.63 0.64 0.58 0.65 0.68 0.71 0.64 0.71 0.69 0.62 0.57 0.74 0.73 0.68 0.62 0.70 0.83 0.80
Other current assets 0.28 0.35 0.20 0.40 0.32 0.35 0.24 0.34 0.64 0.89 0.87 0.93 0.63 0.79 0.19 0.50 0.52 0.79 0.16 0.23 0.26
Current assets 7.66% 5.63% 7.05% 7.77% 6.07% 6.11% 6.76% 6.19% 5.35% 5.49% 5.38% 5.15% 5.19% 5.14% 5.81% 5.32% 6.86% 6.02% 5.69% 5.54% 6.62%
Investments 9.39 9.63 9.54 9.44 9.50 9.46 9.34 9.46 9.27 9.04 9.00 8.88 8.63 8.58 8.56 8.54 8.35 8.35 8.22 8.16 7.99
Properties less accumulated depreciation 80.43 82.23 81.41 80.91 82.54 82.57 81.82 82.23 83.28 83.36 83.72 83.94 84.07 85.79 84.55 85.34 84.06 84.93 85.80 86.00 85.15
Other assets 2.52 2.51 1.99 1.88 1.89 1.87 2.08 2.12 2.10 2.11 1.90 2.03 2.12 0.49 1.08 0.80 0.74 0.70 0.29 0.30 0.23
Non-current assets 92.34% 94.37% 92.95% 92.23% 93.93% 93.89% 93.24% 93.81% 94.65% 94.51% 94.62% 94.85% 94.81% 94.86% 94.19% 94.68% 93.14% 93.98% 94.31% 94.46% 93.38%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset composition of the balance sheet reflects a capital-intensive operational model, characterized by a predominant concentration in long-term physical assets. Over the period from March 2017 to March 2022, a gradual shift is observed, with a slight reduction in the relative weight of fixed properties and a corresponding increase in investments and liquid assets.

Liquidity and Current Asset Trends
Current assets generally fluctuated between 5.14% and 7.77% of total assets. Cash and cash equivalents exhibited significant volatility; after reaching a low of 0.74% in June 2019, a strengthening trend emerged, peaking at 4.31% in June 2021. This suggests an increase in liquidity buffers during the 2020-2022 period. Accounts receivable remained relatively stable, typically oscillating between 2.17% and 2.89%, indicating consistent credit management relative to the total asset base.
Fixed Asset Concentration
Properties less accumulated depreciation constitute the largest portion of the asset base. However, a consistent downward trend is evident, declining from 85.15% in March 2017 to 80.43% by March 2022. This contraction indicates that the growth of the total asset base has outpaced the growth of net physical infrastructure, or that depreciation has offset new capital expenditures more aggressively over time.
Long-Term Investment and Other Assets
Investments showed a steady upward trajectory, increasing from 7.99% of total assets in March 2017 to 9.39% in March 2022. Simultaneously, "Other assets" experienced a notable structural increase, moving from a range of 0.23% to 1.08% in 2017-2018 to a higher plateau between 1.87% and 2.52% from 2019 through 2022. These trends suggest a strategic diversification of the balance sheet away from purely operational physical assets.

Overall, the balance sheet demonstrates a transition toward a slightly more liquid and diversified asset profile. While non-current assets continue to dominate the structure, the decline in the proportionality of net properties combined with the rise in investments and cash suggests a shift in capital allocation and risk management strategies over the five-year period.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?