Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Norfolk Southern Corp., long-term (investment) activity ratios (quarterly data)
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a gradual increase from 0.35 in the first quarter of 2018 to 0.37 by the third quarter of 2018, maintaining relative stability through 2019 with minor fluctuations around 0.36 to 0.37. A noticeable decline occurred in 2020, dropping steadily from 0.36 in the first quarter to a low of 0.31 in the fourth quarter. Following this decline, a recovery phase emerged in 2021, as the ratio improved from 0.31 at the beginning of the year to 0.35 by the third quarter, maintaining a slight upward trend into the first quarter of 2022 at 0.36. This pattern suggests an initial solid performance, a disruption during 2020, and subsequent recovery.
- Total Asset Turnover
- The total asset turnover ratio remained relatively stable between 0.30 and 0.32 from early 2018 through the end of 2019. Starting in 2020, the ratio experienced a decline, reaching a low of 0.26 by the end of that year, indicating reduced efficiency in utilizing assets to generate revenue. In 2021, the ratio showed a modest improvement, increasing gradually from 0.26 in the first quarter to 0.29 by the end of the year and maintaining this level into early 2022. This trend indicates that asset utilization efficiency was impacted during the downturn in 2020 but began to recover steadily thereafter.
- Equity Turnover
- The equity turnover ratio demonstrated overall growth across the period analyzed. Starting at 0.65 in the first quarter of 2018, it increased to approximately 0.75 by the end of 2018, remaining stable throughout 2019. In 2020, the ratio declined somewhat, falling to 0.66 by the fourth quarter, reflecting decreased revenue relative to shareholders' equity during that period. However, from 2021 onward, the ratio showed a consistent upward trajectory, rising from 0.67 in early 2021 to 0.85 by the first quarter of 2022. This indicates enhanced efficiency in the use of equity capital to generate sales, particularly in the most recent periods.
Net Fixed Asset Turnover
Norfolk Southern Corp., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Railway operating revenues | |||||||||||||||||||||||
| Properties less accumulated depreciation | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
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).
1 Q1 2022 Calculation
Net fixed asset turnover
= (Railway operating revenuesQ1 2022
+ Railway operating revenuesQ4 2021
+ Railway operating revenuesQ3 2021
+ Railway operating revenuesQ2 2021)
÷ Properties less accumulated depreciation
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data over the examined periods reveal several notable trends in the operational and asset management metrics.
- Railway Operating Revenues
- Revenues demonstrated an overall growth trajectory with fluctuations throughout the periods. Starting at 2,717 million US dollars in early 2018, there was a gradual increase reaching a peak near the end of 2018. A slight decline followed during 2019 and into early 2020, coinciding with a substantial drop to 2,085 million as of mid-2020, likely reflecting external challenges. Post mid-2020, revenues recovered steadily, surpassing pre-2020 levels by the first quarter of 2022, achieving 2,915 million US dollars.
- Properties Less Accumulated Depreciation
- This asset base showed consistent incremental growth across the quarters. Starting around 30,396 million US dollars at the beginning of 2018, the balance gradually increased each period, with only minor fluctuations. By the first quarter of 2022, the value had risen slightly to approximately 31,657 million US dollars, indicating sustained investment or limited asset disposals net of depreciation.
- Net Fixed Asset Turnover
- This ratio, indicating efficiency in using fixed assets to generate revenue, remained relatively stable around 0.35 to 0.37 through 2018 and 2019. There was a noticeable decline starting in early 2020, reaching a low near 0.31 by the end of 2020 and early 2021, suggesting a reduction in asset utilization efficiency during that period. Subsequently, the ratio gradually improved, rising back to approximately 0.36 by the first quarter of 2022, aligning again with the upward revenue trend.
In summary, the company exhibited resilience with revenue recovering strongly after a mid-2020 downturn. Asset values increased steadily with little volatility, reflecting ongoing capital management discipline. The dip and subsequent rebound in net fixed asset turnover suggest temporary challenges in asset efficiency, possibly correlated with the periods of revenue contraction and recovery.
Total Asset Turnover
Norfolk Southern Corp., total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Railway operating revenues | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
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).
1 Q1 2022 Calculation
Total asset turnover
= (Railway operating revenuesQ1 2022
+ Railway operating revenuesQ4 2021
+ Railway operating revenuesQ3 2021
+ Railway operating revenuesQ2 2021)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Railway Operating Revenues
- The railway operating revenues demonstrated a generally stable pattern with moderate fluctuations over the analyzed periods. Initially, revenues grew slightly from $2,717 million in March 2018 to peak around $2,947 million in September 2018, followed by a mild decline towards the end of 2018. Throughout 2019, revenues remained relatively steady, hovering close to $2,800 million, before experiencing a significant decline beginning in the first quarter of 2020, coinciding with broader economic disruptions. The lowest point was observed in June 2020 at $2,085 million. Subsequently, a recovery trend is evident throughout the second half of 2020 and into 2021, with revenues gradually climbing back to levels consistent with pre-2020 figures, reaching $2,852 million in both December 2021 and March 2022.
- Total Assets
- Total assets exhibited a steady growth trajectory over the period, increasing from $36,162 million in March 2018 to $39,361 million in March 2022. The asset base showed incremental increases each quarter, with minor fluctuations but no significant declines. Growth was consistent throughout the quarters, indicating ongoing investment and asset accumulation despite the revenue volatility experienced during 2020.
- Total Asset Turnover
- The total asset turnover ratio, indicating efficiency in using assets to generate revenue, remained relatively stable between 0.30 and 0.32 from 2018 through early 2019. However, this ratio gradually declined starting in 2020, reaching a low point of approximately 0.26 during the mid to late 2020 quarters, consistent with the period of decreased revenues. The turnover ratio then showed a moderate recovery throughout 2021 and into early 2022, improving gradually to 0.29. This trend suggests that asset utilization efficiency was impacted by the revenue downturn but has been recovering alongside revenue improvements.
- Overall Analysis
- The reviewed financial data indicates a business environment characterized by resilience and recovery. Despite facing a noticeable revenue contraction during 2020, assets continued to grow steadily, and operational efficiency, as measured by asset turnover, began to rebound in the subsequent periods. The recovery in revenues toward pre-2020 levels and improving turnover ratio suggest regained market demand and enhanced utilization of the company's asset base following the disruption period.
Equity Turnover
Norfolk Southern Corp., equity turnover calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Railway operating revenues | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
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).
1 Q1 2022 Calculation
Equity turnover
= (Railway operating revenuesQ1 2022
+ Railway operating revenuesQ4 2021
+ Railway operating revenuesQ3 2021
+ Railway operating revenuesQ2 2021)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the seasonal financial data reveals notable patterns in railway operating revenues, stockholders' equity, and equity turnover ratios over the examined periods.
- Railway Operating Revenues
- The revenues exhibited a generally stable trend with some fluctuations over the quarters. During the period starting in early 2018, revenues remained around the 2700 to 2900 million US dollars range, peaking close to 2947 million in the third quarter of 2018. There was a gradual decline observed in 2019, with revenues falling to around 2690 million by the end of that year. A significant drop occurred in the first half of 2020, where revenues reached a low of 2085 million in the second quarter, likely reflecting external challenges impacting operations. Subsequently, there was a recovery trend starting in the latter half of 2020, with revenues growing steadily through 2021 and reaching approximately 2915 million in the first quarter of 2022. This suggests resilience and recovery in operational income.
- Stockholders’ Equity
- A declining pattern was evident in stockholders’ equity over the observed periods. Equity started at around 16,418 million US dollars in the first quarter of 2018 and demonstrated a gradual decrease throughout the subsequent years. By the first quarter of 2020, equity had decreased to approximately 14,884 million US dollars and continued to trend downward through 2021 and into early 2022. The equity stood at around 13,461 million US dollars by the first quarter of 2022, marking a consistent decline. This steady reduction could be indicative of returned capital to shareholders, losses, or other balance sheet adjustments impacting equity levels.
- Equity Turnover Ratio
- The equity turnover ratio showed variability through the periods, reflecting changes in efficiency related to the utilization of stockholders’ equity to generate revenues. Starting at 0.65 in the first quarter of 2018, it exhibited an upward trend towards the end of 2018, reaching 0.75. The ratio remained relatively stable around 0.74 to 0.76 during 2019 and dipped mid-2020, coinciding with revenue declines, to as low as 0.66. However, from early 2021 onward, the ratio increased steadily, peaking at 0.85 in early 2022. This upward movement suggests improved operational efficiency or revenue generation relative to the equity base despite the declining equity figures.