Name: Norfolk Southern Corp. (NYSE:NSC) | Enterprise Value (EV)
Creator: Stock Analysis on Net

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

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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

A consistent upward trajectory is observed across all valuation metrics from 2017 through 2021. The growth is characterized by a steady increase in both the market valuation of equity and the overall enterprise value, indicating a sustained expansion in the perceived total value of the organization over the five-year period.

Market Equity Growth: The market value of common equity grew from 39,365 million USD in 2017 to 64,841 million USD by 2021. This represents a continuous year-over-year increase, with the most significant absolute growth occurring between 2018 and 2019, where the valuation increased by approximately 8,980 million USD.
Enterprise Value (EV) Trends: Enterprise value followed a growth pattern closely aligned with equity valuation, rising from 48,511 million USD in 2017 to 77,842 million USD in 2021. The steady escalation of EV suggests an increase in the total cost to acquire the business, accounting for both equity and net debt components.
Capital Structure and Debt Analysis: Total equity and debt increased from 49,201 million USD in 2017 to 78,681 million USD in 2021. While both equity and debt contributions grew, the proportion of equity within the total capital structure expanded more rapidly than the debt component. The marginal difference between total equity and debt and the enterprise value indicates a relatively stable relationship between gross debt and cash holdings over the analyzed period.

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Norfolk Southern Corp. (NYSE:NSC)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)