Price to Book Value (P/BV)
since 2005
Calculation
Norfolk Southern Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2022 | 4.75 | = | 270.42 | ÷ | 56.89 | 56.89 | = | 13,641 | ÷ | 239,777,444 | |
| Feb 4, 2021 | 4.18 | = | 245.57 | ÷ | 58.72 | 58.72 | = | 14,791 | ÷ | 251,911,634 | |
| Feb 6, 2020 | 3.61 | = | 212.68 | ÷ | 58.89 | 58.89 | = | 15,184 | ÷ | 257,844,180 | |
| Feb 8, 2019 | 2.99 | = | 171.46 | ÷ | 57.44 | 57.44 | = | 15,362 | ÷ | 267,455,326 | |
| Feb 5, 2018 | 2.41 | = | 138.61 | ÷ | 57.60 | 57.60 | = | 16,359 | ÷ | 283,997,242 | |
| Feb 6, 2017 | 2.81 | = | 119.87 | ÷ | 42.71 | 42.71 | = | 12,409 | ÷ | 290,553,713 | |
| Feb 8, 2016 | 1.72 | = | 70.49 | ÷ | 40.87 | 40.87 | = | 12,188 | ÷ | 298,198,651 | |
| Feb 11, 2015 | 2.70 | = | 109.11 | ÷ | 40.36 | 40.36 | = | 12,408 | ÷ | 307,411,965 | |
| Feb 14, 2014 | 2.55 | = | 92.84 | ÷ | 36.45 | 36.45 | = | 11,289 | ÷ | 309,715,149 | |
| Feb 15, 2013 | 2.30 | = | 71.50 | ÷ | 31.03 | 31.03 | = | 9,760 | ÷ | 314,516,374 | |
| Feb 15, 2012 | 2.26 | = | 67.84 | ÷ | 30.02 | 30.02 | = | 9,911 | ÷ | 330,141,306 | |
| Feb 17, 2011 | 2.18 | = | 65.20 | ÷ | 29.96 | 29.96 | = | 10,669 | ÷ | 356,109,351 | |
| Feb 17, 2010 | 1.76 | = | 49.26 | ÷ | 28.01 | 28.01 | = | 10,353 | ÷ | 369,655,129 | |
| Feb 18, 2009 | 1.36 | = | 35.56 | ÷ | 26.22 | 26.22 | = | 9,607 | ÷ | 366,460,780 | |
| Feb 15, 2008 | 2.09 | = | 53.94 | ÷ | 25.85 | 25.85 | = | 9,727 | ÷ | 376,332,668 | |
| Feb 22, 2007 | 2.11 | = | 51.19 | ÷ | 24.22 | 24.22 | = | 9,615 | ÷ | 396,986,263 | |
| Feb 23, 2006 | 2.23 | = | 50.30 | ÷ | 22.53 | 22.53 | = | 9,289 | ÷ | 412,236,777 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Norfolk Southern Corp. Annual Report.
- Share Price Trend
- The share price exhibits a generally upward trajectory from 2006 to 2022, rising from $50.30 in 2006 to $270.42 in 2022. Notably, there is a significant dip in 2009, where the share price decreased to $35.56, likely reflecting broader market or company-specific challenges during that period. Following this decline, the share price recovers and shows strong growth, peaking at $270.42 in 2022. Some volatility is evident, particularly in 2016 when the share price dropped sharply to $70.49 before increasing again in subsequent years.
- Book Value Per Share (BVPS) Trend
- The BVPS shows a steady increase from $22.53 in 2006 to a peak of $58.89 in 2020. Post-2020, there is a slight decline, with BVPS decreasing to $56.89 by 2022. Overall, this indicates consistent growth in the company’s net asset value on a per-share basis, albeit with a minor reduction in the most recent period.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio fluctuates throughout the period. It starts at 2.23 in 2006 and descends to a low of 1.36 in 2009, corresponding with the share price dip. After 2009, the ratio rises again, showing periods of volatility. Notable spikes occur in 2017 (2.81) and 2022 (4.75), indicating that the market valuation of the company’s shares has grown more expensive relative to its book value. The increasing P/BV ratio towards the end of the period suggests heightened investor confidence or market speculation driving share prices above the underlying book value.
- Overall Insights
- The data portrays a company with strong growth in share price over the analyzed period, outpacing the growth in book value per share. The declining and then rising P/BV ratio reflects changing market perceptions of the company's value relative to its net assets. The dip in the financial crisis period (2009) and the sharp price drop in 2016 hint at reactionary market movements or internal challenges, followed by recoveries. The high P/BV ratios in recent years suggest investor optimism and a premium attached to the stock relative to its book value.
Comparison to Competitors
Norfolk Southern Corp., P/BV, long-term trends, comparison to competitors
| Norfolk Southern Corp. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|---|
| Feb 4, 2022 | 4.75 | 3.26 | 4.71 | 10.90 | 3.06 | 12.76 |
| Feb 4, 2021 | 4.18 | 2.35 | 8.24 | 8.07 | 2.85 | 213.26 |
| Feb 6, 2020 | 3.61 | 2.49 | 3.99 | 7.00 | 1.52 | 27.98 |
| Feb 8, 2019 | 2.99 | 3.15 | — | 5.72 | 2.34 | 31.82 |
| Feb 5, 2018 | 2.41 | 3.60 | — | 3.99 | 2.16 | 90.21 |
| Feb 6, 2017 | 2.81 | 3.10 | — | 4.43 | 2.71 | 231.41 |
| Feb 8, 2016 | 1.72 | 3.23 | — | 3.07 | 2.08 | 34.99 |
| Feb 11, 2015 | 2.70 | 2.82 | — | 5.07 | 10.91 | 42.88 |
| Feb 14, 2014 | 2.55 | 1.89 | — | 3.79 | 5.69 | 13.65 |
| Feb 15, 2013 | 2.30 | 1.98 | — | 3.14 | 18.18 | 16.94 |
| Feb 15, 2012 | 2.26 | 1.96 | — | 3.00 | 3.85 | 10.46 |
| Feb 17, 2011 | 2.18 | 1.76 | — | 2.61 | 4.65 | 9.13 |
| Feb 17, 2010 | 1.76 | 1.31 | — | 1.85 | — | 7.64 |
| Feb 18, 2009 | 1.36 | 1.65 | — | 1.61 | — | 6.05 |
| Feb 15, 2008 | 2.09 | 2.86 | — | 2.11 | 1.49 | 5.96 |
| Feb 22, 2007 | 2.11 | 2.90 | — | 1.84 | 2.02 | 4.83 |
| Feb 23, 2006 | 2.23 | 2.63 | — | 1.73 | — | 5.05 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
Norfolk Southern Corp., P/BV, long-term trends, comparison to sector (transportation)
| Norfolk Southern Corp. | Transportation | |
|---|---|---|
| Feb 4, 2022 | 4.75 | 6.92 |
| Feb 4, 2021 | 4.18 | 8.09 |
| Feb 6, 2020 | 3.61 | 5.19 |
| Feb 8, 2019 | 2.99 | 5.63 |
| Feb 5, 2018 | 2.41 | 5.25 |
| Feb 6, 2017 | 2.81 | 5.80 |
| Feb 8, 2016 | 1.72 | 4.60 |
| Feb 11, 2015 | 2.70 | 6.55 |
| Feb 14, 2014 | 2.55 | 4.55 |
| Feb 15, 2013 | 2.30 | 4.51 |
| Feb 15, 2012 | 2.26 | 3.90 |
| Feb 17, 2011 | 2.18 | 3.67 |
| Feb 17, 2010 | 1.76 | 3.12 |
| Feb 18, 2009 | 1.36 | 2.64 |
| Feb 15, 2008 | 2.09 | 3.39 |
| Feb 22, 2007 | 2.11 | 3.16 |
| Feb 23, 2006 | 2.23 | 9.45 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Norfolk Southern Corp., P/BV, long-term trends, comparison to industry (industrials)
| Norfolk Southern Corp. | Industrials | |
|---|---|---|
| Feb 4, 2022 | 4.75 | 5.44 |
| Feb 4, 2021 | 4.18 | 5.89 |
| Feb 6, 2020 | 3.61 | 6.28 |
| Feb 8, 2019 | 2.99 | 5.96 |
| Feb 5, 2018 | 2.41 | 5.37 |
| Feb 6, 2017 | 2.81 | 4.89 |
| Feb 8, 2016 | 1.72 | 3.68 |
| Feb 11, 2015 | 2.70 | 3.70 |
| Feb 14, 2014 | 2.55 | 3.14 |
| Feb 15, 2013 | 2.30 | 3.06 |
| Feb 15, 2012 | 2.26 | 3.09 |
| Feb 17, 2011 | 2.18 | 3.05 |
| Feb 17, 2010 | 1.76 | 2.43 |
| Feb 18, 2009 | 1.36 | 2.01 |
| Feb 15, 2008 | 2.09 | 3.45 |
| Feb 22, 2007 | 2.11 | 3.75 |
| Feb 23, 2006 | 2.23 | 3.95 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).