Price to Operating Profit (P/OP)
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Calculation
Norfolk Southern Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income from railway operations1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2006 | = | ÷ | = | ÷ |
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 Trends
- The share price demonstrated fluctuations over the analyzed period, starting at $50.30 in early 2006 and reaching $270.42 by early 2022. There was a notable dip in 2009 to $35.56, likely coinciding with broader market conditions. Post-2009, the share price showed a consistent upward trajectory, peaking at $245.57 in 2021 before increasing further in 2022.
- Operating Profit per Share Trends
- Operating profit per share exhibited a generally positive trend, increasing from $5.14 in 2006 to $18.55 in 2022. Despite a temporary decline in 2010 to $5.31, the metric largely rose steadily, with some volatility observed between 2019 and 2021, where it decreased from $15.47 to $11.92 before rising again in 2022.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio experienced considerable variability throughout the period. It started at 9.79 in 2006, falling significantly to a low of 4.23 in 2009, indicative of relatively higher earnings compared to the share price at that time. From 2010 onwards, the ratio generally rose, reaching a peak of 20.61 in 2021, suggesting increased market valuation relative to operating profit. In 2022, the ratio decreased to 14.58, reflecting a balance between share price appreciation and earnings.
- Insights and Observations
- The share price and operating profit per share both exhibit upward trends over the long term, indicating growth in profitability and market confidence. The dip in 2009 across all metrics aligns with known economic challenges during that period. The elevated P/OP ratios in recent years suggest that the market may be assigning a higher premium to the company's operating earnings, possibly due to expectations of future growth or improved market positioning. The slight reduction in P/OP ratio in 2022, despite a high share price, may indicate improved operating profits or a normalization of market valuations.
Comparison to Competitors
Norfolk Southern Corp., P/OP, 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 | ||||||
| Feb 4, 2021 | ||||||
| Feb 6, 2020 | ||||||
| Feb 8, 2019 | ||||||
| Feb 5, 2018 | ||||||
| Feb 6, 2017 | ||||||
| Feb 8, 2016 | ||||||
| Feb 11, 2015 | ||||||
| Feb 14, 2014 | ||||||
| Feb 15, 2013 | ||||||
| Feb 15, 2012 | ||||||
| Feb 17, 2011 | ||||||
| Feb 17, 2010 | ||||||
| Feb 18, 2009 | ||||||
| Feb 15, 2008 | ||||||
| Feb 22, 2007 | ||||||
| Feb 23, 2006 |
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).