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.
The Price to Book Value (P/BV) ratio for Norfolk Southern Corp. exhibited a long-term upward trajectory between February 2006 and February 2022, characterized by periods of volatility and a significant valuation expansion in the latter half of the timeframe. While the book value per share grew consistently, the share price experienced more aggressive fluctuations and growth, resulting in an overall increase in the market premium attributed to the company's assets.
- Early Period Stability and 2009 Contraction
- From 2006 to 2008, the P/BV ratio remained relatively stable, fluctuating within a narrow range between 2.09 and 2.23. A sharp contraction occurred in February 2009, with the ratio falling to 1.36, the lowest point in the analyzed period. This decline was primarily driven by a significant reduction in share price, which fell to 35.56 USD, while the book value per share remained resilient.
- Mid-Period Recovery and 2016 Correction
- A recovery phase began in 2010, with the P/BV ratio steadily climbing from 1.76 to a peak of 2.70 by February 2015. This growth trend was interrupted in February 2016, when the ratio dropped sharply to 1.72. This correction mirrored a substantial decrease in share price during that year, despite the book value per share continuing its steady upward climb to 40.87 USD.
- Accelerated Valuation Expansion (2017–2022)
- Starting in 2017, a sustained period of valuation expansion is observed. The P/BV ratio rose from 2.81 in 2017 to 4.75 by February 2022. This represents the most aggressive growth phase in the data set, indicating that the market began valuing the company at a much higher multiple of its book value. During this period, the share price grew from 119.87 USD to 270.42 USD, far outpacing the growth of the book value per share.
- Book Value per Share Trends
- The book value per share demonstrated a consistent and linear growth pattern for most of the period, increasing from 22.53 USD in 2006 to a peak of 58.89 USD in 2021. A slight contraction to 56.89 USD occurred in 2022; however, because the share price continued to rise during this time, the P/BV ratio reached its period maximum of 4.75.
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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).