Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Paying user area
Try for free
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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Norfolk Southern Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Norfolk Southern Corp., historical price multiples (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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Price to Earnings (P/E) Ratio
- From the first available value in March 2018, the P/E ratio showed moderate fluctuations between 7.28 and 8.22 until December 2018. Starting in March 2019, there was a significant increase, reaching a peak around December 2020 with values above 25. This heightened level indicates increased market valuation relative to earnings. After this peak period, the P/E ratio declined gradually through 2021 and into early 2022, settling around 20.62 by March 2022.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored a similar trend as the P/E ratio. Initially, from March to December 2018, it remained relatively stable around 10.98 to 12.45. From 2019 onward, a rising trend emerged, peaking in December 2020 at 20.61, indicating investors were valuing operating profit more highly. Following this peak, there was a noticeable decline throughout 2021, and by March 2022, the ratio decreased to 13.85, suggesting a normalization in valuation relative to operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited steady growth over the reported periods. Starting from 3.73 in March 2018, it gradually increased, surpassing 5.0 by December 2020 and reaching its peak at 7.25 in June 2021. Post this peak, the ratio showed a downward adjustment, declining to 5.48 by March 2022. This trend reflects a market reassessment of the company's sales valuation, with a notable surge during 2020-2021 followed by a moderation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data from March 2017 shows a relatively stable range between 2.41 and 2.99 up to December 2018. Beginning in 2019, the ratio showed an upward trajectory, reaching a maximum around June 2021 at 5.03. Thereafter, the ratio experienced a slight decline, reducing to 4.65 by March 2022. This progression indicates an increasing premium placed on the company’s book value over time, with stabilization in the most recent quarters.
Price to Earnings (P/E)
Norfolk Southern Corp., historical P/E 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
EPS
= (Net incomeQ1 2022
+ Net incomeQ4 2021
+ Net incomeQ3 2021
+ Net incomeQ2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Norfolk Southern Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a generally upward trajectory over the observed periods. Beginning at $117.82 on March 31, 2017, it steadily increased through 2017 and 2018, with some minor fluctuations. The price peaked at $212.68 at the end of 2019, followed by a dip and subsequent recovery in 2020. A significant surge occurred in 2021, reaching a high of $287.06 on September 30, 2021. Despite a slight decline towards early 2022, the price remained elevated compared to earlier periods.
- Earnings Per Share (EPS) Trends
- EPS data is available from March 31, 2018, onwards. The figure rose steadily from 19.03 to a peak of 21.78 by December 31, 2018. Subsequently, there was a sharp decline to around 10.56 by December 31, 2019, which coincided with a broader market downturn. The lowest EPS was observed in the September 30, 2020 quarter at 7.91. From that point, EPS gradually improved through 2021 and early 2022, reaching 12.73 by March 31, 2022, indicating a recovery phase.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio reflected substantial variability across the quarters. It started relatively low between 7.28 and 8.22 in 2018, corresponding to higher EPS and moderate share prices. Entering 2019 and 2020, the P/E ratio increased significantly, peaking at 30.84 in June 2021, despite falling EPS. This rise suggests that share prices outpaced earnings growth, possibly due to elevated investor expectations or market conditions. The ratio then declined modestly to 20.62 by March 31, 2022, aligning with the EPS improvement and slight share price adjustment.
- Overall Observations
- The data reveals a period of strong growth in share price through 2017 to 2019, followed by earnings declines and share price volatility in 2020, reflecting broader economic challenges. Recovery trends in both EPS and share price became evident during 2021 and into early 2022. The P/E ratio's elevation during periods of earnings weakness suggests market optimism or other factors influencing valuation beyond earnings fundamentals. The patterns indicate a cyclical influence on financial performance, with gradual stabilization and recovery as the most recent trend.
Price to Operating Profit (P/OP)
Norfolk Southern Corp., historical P/OP 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income from railway operations (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Operating profit per share
= (Income from railway operationsQ1 2022
+ Income from railway operationsQ4 2021
+ Income from railway operationsQ3 2021
+ Income from railway operationsQ2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Norfolk Southern Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2017 through March 2022, rising from approximately $118 to around $263. Notable fluctuations occurred, including a peak at $207 in March 2019, a decline in mid-2019, and a significant increase starting late 2020, reaching the highest value of approximately $287 in September 2021. A slight decline followed into early 2022.
- Operating Profit per Share (OPPS) Trend
- Data for operating profit per share is available from March 2018 onwards. It started at $12.63, showing a moderate increase through 2018 and 2019, peaking around $15.74 by December 2019. In 2020, OPPS declined steadily to a low of $11.73 in September 2020, likely reflecting external pressures. From late 2020, it recovered and rose steadily, reaching a high of $18.95 by March 2022, surpassing previous peaks.
- Price to Operating Profit Ratio (P/OP) Analysis
- This ratio, indicative of market valuation relative to operating profit, shows variability with periods of increase and decrease. Starting around 10.98 in March 2018, it rose to a peak of 20.61 in December 2020 and June 2021, suggesting heightened market valuations relative to profits during these periods. Following this peak, the ratio declined to around 13.85 by March 2022, indicating a relative normalization of valuation levels.
- Insights
- The share price's general upward trend coupled with the recovery and growth of operating profit per share post-2020 suggests improved investor confidence and operational performance after a dip likely caused by external factors in 2020. The elevated P/OP ratios during late 2020 and mid-2021 indicate periods where market optimism outpaced profit growth, potentially reflecting expectations of future improvements. The subsequent decline in this ratio suggests a market recalibration of valuation in line with profit realities.
Price to Sales (P/S)
Norfolk Southern Corp., historical P/S calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Railway operating revenues (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
Sales per share
= (Railway operating revenuesQ1 2022
+ Railway operating revenuesQ4 2021
+ Railway operating revenuesQ3 2021
+ Railway operating revenuesQ2 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Norfolk Southern Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in the share price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price generally exhibited an upward trajectory from early 2017 through the first quarter of 2022. Initially, the price increased steadily from approximately $117.82 in March 2017 to a peak of $212.68 by December 2019. A decline occurred around the early quarters of 2020, coinciding with broader market disruptions, with the price dipping to $180.33 in March 2020. Subsequently, the price recovered robustly, reaching a new high of $287.06 by September 2021. The share price then experienced a slight downturn, ending at $262.53 in March 2022. Overall, the share price more than doubled over this five-year span despite interim volatility.
- Sales Per Share
- Sales per share data begins from March 2018 and shows a gradual increase from $37.15 to $44.11 by December 2019. However, a declining trend is observable starting in early 2020, dropping to $38.86 by September 2020, likely reflecting the economic challenges during that period. Recovery phases followed, with sales per share rising steadily again and ending at $47.91 in March 2022, surpassing previous peaks. This pattern indicates resilience and recovery in the company’s sales performance over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrates fluctuations aligned with changes in both share price and sales per share. From March 2018 to December 2019, the ratio varied but mostly remained between 3.73 and 4.85, reflecting moderately stable market valuation relative to sales. During 2020, while sales per share declined, the P/S ratio exhibited volatility, peaking at 5.08 in December 2020, indicating that the market valuation remained relatively elevated despite reduced sales. The ratio surged to a maximum of 7.25 in June 2021, evidencing a period when share prices outpaced sales growth substantially. This elevated ratio tapered somewhat to 5.48 by March 2022, suggesting a partial normalization of the company’s valuation relative to sales.
In summary, the data indicates strong share price growth over the observed period with a temporary setback in early 2020. Sales per share showed resilience despite a mid-period decline, eventually surpassing prior highs. The P/S ratio's volatility suggests shifts in market sentiment and valuation multiples, particularly during periods of economic uncertainty and recovery.
Price to Book Value (P/BV)
Norfolk Southern Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Norfolk Southern Corp. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company demonstrates a generally upward trend across the reported periods, with notable fluctuations. Initially, the share price increased steadily from $117.82 at the end of March 2017 to a peak of $171.46 by December 2018. Following this, there was a significant rise to $212.68 by December 2019, interrupted briefly by declines in early 2020, likely corresponding to broader market impacts. Subsequently, the share price exhibited a strong recovery and further growth, reaching as high as $287.06 in September 2021 before slightly decreasing to $262.53 by March 2022.
The book value per share (BVPS) maintains relative stability over time, showing a mild upward movement from $43.23 in March 2017 to a peak of $59.13 in June 2018. After this peak, the BVPS fluctuated modestly within a narrow range around $56 to $59, ending the period at $56.48 in March 2022. This stability suggests consistent underlying equity value despite external market variations.
The price-to-book value ratio (P/BV) reflects the relationship between the market valuation and the company's net asset value. Initially, the ratio fluctuates between 2.41 and 2.99 through 2017 and 2018, indicating moderate market optimism relative to book value. Beginning in early 2019, the P/BV ratio increases markedly, peaking at 5.03 in September 2021. This rising trend implies growing investor confidence and possibly an expectation of improved future earnings beyond the book value alone. Toward the end of the period, the ratio slightly declines to 4.65, still maintaining an elevated level compared to earlier years.
Overall, the analysis indicates that market valuation, as reflected in share price and P/BV ratio, has grown substantially over the timeframe, particularly from 2019 onwards. The relatively stable BVPS suggests that this enhanced valuation is driven more by market sentiment and anticipated growth prospects than by fundamental changes in book equity. The increased premium investors are willing to pay over book value points to positive expectations regarding the company’s future performance.