Current EV
Historical EV

Norfolk Southern Corp., current enterprise value calculation

Current share price (P)	$262.53
No. shares of common stock outstanding	238,332,514
US$ in millions
Common equity (market value)¹	62,569)
Total equity	62,569)
Add: Short-term debt (per books)	—)
Add: Current maturities of long-term debt (per books)	553)
Add: Long-term debt, excluding current maturities (per books)	13,287)
Total equity and debt	76,409)
Less: Cash and cash equivalents	839)
Enterprise value (EV)	75,570)

Based on: 10-K (reporting date: 2021-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 262.53 × 238,332,514

Norfolk Southern Corp., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$270.42	$245.57	$212.68	$171.46	$138.61
No. shares of common stock outstanding¹	239,777,444	251,911,634	257,844,180	267,455,326	283,997,242
US$ in millions
Common equity (market value)³	64,841)	61,862)	54,838)	45,858)	39,365)
Total equity	64,841)	61,862)	54,838)	45,858)	39,365)
Add: Short-term debt (book value)	—)	—)	—)	—)	100)
Add: Current maturities of long-term debt (book value)	553)	579)	316)	585)	600)
Add: Long-term debt, excluding current maturities (book value)	13,287)	12,102)	11,880)	10,560)	9,136)
Total equity and debt	78,681)	74,543)	67,034)	57,003)	49,201)
Less: Cash and cash equivalents	839)	1,115)	580)	358)	690)
Enterprise value (EV)	77,842)	73,428)	66,454)	56,645)	48,511)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Norfolk Southern Corp. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 270.42 × 239,777,444

Equity Trends: The common equity, which is equivalent to total equity in this dataset, exhibited a consistent upward trend over the five-year period. Starting at 39,365 million USD at the end of 2017, it increased steadily each year, reaching 64,841 million USD by the end of 2021. This pattern indicates a continuous strengthening of the company's equity base over the period analyzed.
Total Equity and Debt Trends: Total equity and debt combined also showed persistent growth throughout the years. Beginning at 49,201 million USD in 2017, this figure increased annually, culminating at 78,681 million USD in 2021. The progression suggests an expansion in the company's capital structure, balancing between equity and borrowed funds.
Enterprise Value (EV) Trends: Enterprise value tracked a similar upward trajectory as equity and total capital measures, rising from 48,511 million USD at the end of 2017 to 77,842 million USD at the end of 2021. This steady increase signifies growing market valuation and investor perception of the company's business, reflecting factors such as increased profitability expectations or asset base enlargement.
General Observations: Overall, the data reflects a positive growth trend in all key financial valuation metrics analyzed. Equity, total capital (equity plus debt), and enterprise value all rose substantially over the five years, indicative of expanding financial strength and market confidence. The synchronization in growth rates across these metrics suggests a stable and balanced capital structure evolution without abrupt shifts between equity and debt financing.

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Norfolk Southern Corp. (NYSE:NSC)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)