Price to Sales (P/S)
since 2005
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Norfolk Southern Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Calculation
Norfolk Southern Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Railway operating revenues1 (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.
The analysis of the annual financial data reveals several notable trends and shifts over the examined period.
- Share Price
- The share price exhibits considerable growth overall. Starting from approximately $50.30 in early 2006, it fluctuated modestly until 2009 when it dropped to $35.56, likely linked to external market conditions. From 2010 onward, a generally strong upward trajectory is observed, peaking at $270.42 in early 2022, reflecting a more than fivefold increase from the initial value.
- Sales per Share
- Sales per share demonstrate a relatively stable yet moderately increasing trend. Initial levels near $20.68 rose steadily to about $29.09 in 2009, suggesting organic growth before experiencing a slight dip in 2010. Subsequently, sales per share climbed, reaching $46.47 by early 2022, indicating solid revenue growth supporting the equity's value, albeit with some fluctuations.
- Price-to-Sales (P/S) Ratio
- The P/S ratio began at 2.43 in 2006, declined to a low of 1.22 in 2009, coinciding with the share price dip, and then recovered strongly. A sharp increase is evident from 2016 onwards, peaking at 6.32 in early 2021 before slightly decreasing to 5.82 in 2022. This rise suggests a growing market premium on each sales dollar, possibly reflecting increased investor confidence, improved profitability, or market expectations of future growth.
In summary, while sales per share have grown steadily, the share price has appreciated at a faster rate, especially in the latter years, resulting in an elevated P/S ratio. The divergence between the share price and sales growth in recent years implies higher valuation multiples, highlighting increased investor optimism or shifts in market valuation standards for the company.
Comparison to Competitors
Norfolk Southern Corp., P/S, 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).
Comparison to Sector (Transportation)
Norfolk Southern Corp., P/S, long-term trends, comparison to sector (transportation)
| Norfolk Southern Corp. | Transportation | |
|---|---|---|
| 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).
Comparison to Industry (Industrials)
Norfolk Southern Corp., P/S, long-term trends, comparison to industry (industrials)
| Norfolk Southern Corp. | Industrials | |
|---|---|---|
| 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).