Price to FCFE (P/FCFE)
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Norfolk Southern Corp. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Norfolk Southern Corp., FCFE calculation
US$ in millions
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).
- Net cash provided by operating activities
- The net cash provided by operating activities showed an overall increasing trend from 2017 through 2021. Starting at 3,253 million US dollars in 2017, it rose consistently to 3,726 million in 2018 and further to 3,892 million in 2019. A slight decline was observed in 2020, down to 3,637 million, likely reflecting operational challenges during that year. However, the figure rebounded strongly in 2021, reaching 4,255 million, marking the highest level over the period examined.
- Free cash flow to equity (FCFE)
- Free cash flow to equity exhibited significant growth over the same timeframe. Beginning at 1,320 million US dollars in 2017, it nearly doubled by 2018 to 3,252 million and remained stable in 2019 at 3,254 million. A decline occurred in 2020 to 2,879 million, paralleling the dip in operating cash flow. The FCFE then increased substantially in 2021 to 4,036 million, surpassing previous years and suggesting improved capacity for returning value to shareholders or funding growth initiatives.
- Key insights
- Both operating cash flow and free cash flow to equity experienced growth over the five-year span, interrupted only by a moderate downturn in 2020. The recovery and subsequent peak levels in 2021 indicate resilience and strengthened cash generation capabilities. The noticeable increase in FCFE relative to operating cash flow suggests enhanced efficiency or changes in capital expenditure, debt servicing, or working capital management that positively impacted cash available to equity holders.
Price to FCFE Ratio, Current
Norfolk Southern Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| FedEx Corp. | |
| Uber Technologies Inc. | |
| Union Pacific Corp. | |
| United Airlines Holdings Inc. | |
| United Parcel Service Inc. | |
| P/FCFE, Sector | |
| Transportation | |
Based on: 10-K (reporting date: 2021-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Norfolk Southern Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| P/FCFE, Sector | ||||||
| Transportation | ||||||
| P/FCFE, Industry | ||||||
| Industrials | ||||||
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.
3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Norfolk Southern Corp. Annual Report.
5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price displayed a consistent upward trend throughout the five-year period, increasing from $138.61 at the end of 2017 to $270.42 by the end of 2021. This represents a substantial growth, almost doubling in value over the period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed a significant increase from 2017 to 2018, rising from $4.65 to $12.16. It remained relatively stable between 2018 and 2019, with a slight increase to $12.62, followed by a moderate decline to $11.43 in 2020. A notable recovery and growth occurred in 2021, with FCFE reaching $16.83, the highest value in the period analyzed.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio showed considerable fluctuations over the five years. It started quite high in 2017 at 29.82, then dramatically decreased to 14.1 in 2018. In 2019, the ratio increased to 16.85, followed by a further rise to 21.49 in 2020. By 2021, it decreased again to 16.07. This ratio indicates varying market valuations relative to the company’s FCFE, with the lowest valuation occurring in 2018 and the highest in 2017.