Stock Analysis on Net
Stock Analysis on Net

Norfolk Southern Corp. (NYSE:NSC)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

Norfolk Southern Corp., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Price to earnings (P/E) 30.84 30.73 25.06 23.47 19.04 20.15 17.48 17.38 19.70 17.20 7.35 8.22 7.47 7.28 19.88 18.58 19.92 20.88
Price to operating profit (P/OP) 20.61 20.61 16.88 15.69 12.86 13.75 11.74 11.80 13.44 11.58 11.20 12.45 11.30 10.98 11.05 10.35 10.93 11.33
Price to sales (P/S) 7.25 6.32 5.08 4.80 4.17 4.85 4.19 4.20 4.75 4.00 3.88 4.30 3.86 3.73 3.55 3.28 3.40 3.52
Price to book value (P/BV) 4.85 4.18 3.37 3.31 3.10 3.61 3.16 3.18 3.59 2.99 2.82 2.85 2.51 2.41 2.89 2.65 2.73 2.81 2.12 2.16 2.21

Based on: 10-Q (filing date: 2021-04-28), 10-K (filing date: 2021-02-04), 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-05), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-22).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Norfolk Southern Corp.’s P/E ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Norfolk Southern Corp.’s P/OP ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Norfolk Southern Corp.’s P/S ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Norfolk Southern Corp.’s P/BV ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Price to Earnings (P/E)

Norfolk Southern Corp., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 250,241,009 251,911,634 253,985,338 255,109,247 256,179,130 257,844,180 260,746,663 263,406,773 265,967,039 267,455,326 272,346,940 280,029,764 282,541,886 283,997,242 286,148,766 288,181,852 289,782,660 290,553,713 291,942,235 293,549,767 295,737,821
Selected Financial Data (US$)
Net income (in millions) 673  671  569  392  381  666  657  722  677  702  702  710  552  3,968  506  497  433  416  460  405  387 
Earnings per share (EPS)2 9.21 7.99 7.91 8.22 9.47 10.56 10.58 10.64 10.49 9.97 21.78 20.48 19.55 19.03 6.47 6.27 5.91 5.74 0.00 0.00 0.00
Share price1, 3 284.09 245.57 198.11 192.82 180.33 212.68 184.87 184.99 206.70 171.46 160.19 168.36 145.96 138.61 128.69 116.41 117.82 119.87 90.03 90.14 91.33
Valuation Ratio
P/E ratio4 30.84 30.73 25.06 23.47 19.04 20.15 17.48 17.38 19.70 17.20 7.35 8.22 7.47 7.28 19.88 18.58 19.92 20.88
Benchmarks
P/E Ratio, Competitors5
CSX Corp. 28.80 24.32 22.52 18.90 14.40 18.47 16.04 16.56 18.53 16.78 9.04 9.60 9.20 8.59 26.82 26.54 26.59 25.94
FedEx Corp. 34.80 33.43 568.30 100.48 82.00 13.00 9.72 14.01 13.39 14.90 22.78 20.54 19.29 27.47 27.65 25.07 23.45 43.48 37.47 38.76
Union Pacific Corp. 27.76 25.57 23.48 21.35 17.22 21.44 18.72 20.10 20.68 19.60 9.09 9.20 9.30 9.26 20.03 18.82 21.19 20.86
United Parcel Service Inc. 36.12 104.33 30.09 28.55 19.04 20.59 20.06 21.63 20.06 20.07 16.91 19.63 18.56 18.37 28.23 27.03 26.86 27.32

Based on: 10-Q (filing date: 2021-04-28), 10-K (filing date: 2021-02-04), 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-05), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-22).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
EPS = (Net incomeQ1 2021 + Net incomeQ4 2020 + Net incomeQ3 2020 + Net incomeQ2 2020) ÷ No. shares of common stock outstanding
= (673,000,000 + 671,000,000 + 569,000,000 + 392,000,000) ÷ 250,241,009 = 9.21

3 Closing price as at the filing date of Norfolk Southern Corp.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/E ratio = Share price ÷ EPS
= 284.09 ÷ 9.21 = 30.84

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Norfolk Southern Corp.’s P/E ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Price to Operating Profit (P/OP)

Norfolk Southern Corp., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 250,241,009 251,911,634 253,985,338 255,109,247 256,179,130 257,844,180 260,746,663 263,406,773 265,967,039 267,455,326 272,346,940 280,029,764 282,541,886 283,997,242 286,148,766 288,181,852 289,782,660 290,553,713 291,942,235 293,549,767 295,737,821
Selected Financial Data (US$)
Income from railway operations (in millions) 1,015  984  840  610  568  962  996  1,065  966  1,078  1,020  1,026  835  1,014  911  888  773  761  820  770  723 
Operating profit per share2 13.78 11.92 11.73 12.29 14.02 15.47 15.74 15.68 15.38 14.80 14.30 13.52 12.91 12.63 11.65 11.25 10.78 10.58 0.00 0.00 0.00
Share price1, 3 284.09 245.57 198.11 192.82 180.33 212.68 184.87 184.99 206.70 171.46 160.19 168.36 145.96 138.61 128.69 116.41 117.82 119.87 90.03 90.14 91.33
Valuation Ratio
P/OP ratio4 20.61 20.61 16.88 15.69 12.86 13.75 11.74 11.80 13.44 11.58 11.20 12.45 11.30 10.98 11.05 10.35 10.93 11.33
Benchmarks
P/OP Ratio, Competitors5
CSX Corp. 18.15 15.41 14.53 12.31 9.56 12.39 10.79 11.25 12.66 11.41 12.59 13.70 13.35 12.82 13.51 13.48 13.46 13.12
FedEx Corp. 20.51 17.79 7.61 11.34 10.34 9.92 10.19 10.21 13.97 12.57 13.41 13.49 12.09 11.48 15.46 15.87 14.45 13.87 23.74 20.95 21.66
Union Pacific Corp. 18.84 17.46 15.91 14.61 11.83 14.83 13.11 14.11 14.65 13.73 12.41 12.51 12.41 12.30 11.79 11.00 12.42 12.14
United Parcel Service Inc. 19.92 18.23 17.73 16.56 10.94 11.72 13.08 14.16 13.25 13.69 14.12 14.96 13.02 11.98 17.96 17.23 17.11 17.14

Based on: 10-Q (filing date: 2021-04-28), 10-K (filing date: 2021-02-04), 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-05), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-22).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
Operating profit per share = (Income from railway operationsQ1 2021 + Income from railway operationsQ4 2020 + Income from railway operationsQ3 2020 + Income from railway operationsQ2 2020) ÷ No. shares of common stock outstanding
= (1,015,000,000 + 984,000,000 + 840,000,000 + 610,000,000) ÷ 250,241,009 = 13.78

3 Closing price as at the filing date of Norfolk Southern Corp.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 284.09 ÷ 13.78 = 20.61

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Norfolk Southern Corp.’s P/OP ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Price to Sales (P/S)

Norfolk Southern Corp., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 250,241,009 251,911,634 253,985,338 255,109,247 256,179,130 257,844,180 260,746,663 263,406,773 265,967,039 267,455,326 272,346,940 280,029,764 282,541,886 283,997,242 286,148,766 288,181,852 289,782,660 290,553,713 291,942,235 293,549,767 295,737,821
Selected Financial Data (US$)
Railway operating revenues (in millions) 2,639  2,573  2,506  2,085  2,625  2,690  2,841  2,925  2,840  2,896  2,947  2,898  2,717  2,669  2,670  2,637  2,575  2,490  2,524  2,454  2,420 
Sales per share2 39.17 38.86 39.00 40.14 43.25 43.81 44.11 44.07 43.54 42.84 41.24 39.12 37.85 37.15 36.25 35.48 34.66 34.03 0.00 0.00 0.00
Share price1, 3 284.09 245.57 198.11 192.82 180.33 212.68 184.87 184.99 206.70 171.46 160.19 168.36 145.96 138.61 128.69 116.41 117.82 119.87 90.03 90.14 91.33
Valuation Ratio
P/S ratio4 7.25 6.32 5.08 4.80 4.17 4.85 4.19 4.20 4.75 4.00 3.88 4.30 3.86 3.73 3.55 3.28 3.40 3.52
Benchmarks
P/S Ratio, Competitors5
CSX Corp. 7.38 6.35 5.87 4.99 3.99 5.15 4.48 4.61 5.16 4.53 4.99 5.12 4.68 4.12 4.14 4.10 4.04 4.02
FedEx Corp. 0.87 0.62 0.36 0.62 0.65 0.64 0.68 0.70 1.00 0.94 1.04 1.08 0.97 0.96 0.91 0.93 0.88 0.85 0.87 0.86 0.88
Union Pacific Corp. 7.50 7.00 6.43 5.88 4.79 5.85 5.11 5.42 5.50 5.12 4.72 4.72 4.72 4.67 4.37 4.10 4.53 4.43
United Parcel Service Inc. 2.09 1.66 1.72 1.61 1.09 1.23 1.37 1.42 1.27 1.34 1.30 1.47 1.40 1.37 1.57 1.53 1.50 1.54

Based on: 10-Q (filing date: 2021-04-28), 10-K (filing date: 2021-02-04), 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-05), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-22).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
Sales per share = (Railway operating revenuesQ1 2021 + Railway operating revenuesQ4 2020 + Railway operating revenuesQ3 2020 + Railway operating revenuesQ2 2020) ÷ No. shares of common stock outstanding
= (2,639,000,000 + 2,573,000,000 + 2,506,000,000 + 2,085,000,000) ÷ 250,241,009 = 39.17

3 Closing price as at the filing date of Norfolk Southern Corp.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 284.09 ÷ 39.17 = 7.25

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Norfolk Southern Corp.’s P/S ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.

Price to Book Value (P/BV)

Norfolk Southern Corp., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 250,241,009 251,911,634 253,985,338 255,109,247 256,179,130 257,844,180 260,746,663 263,406,773 265,967,039 267,455,326 272,346,940 280,029,764 282,541,886 283,997,242 286,148,766 288,181,852 289,782,660 290,553,713 291,942,235 293,549,767 295,737,821
Selected Financial Data (US$)
Stockholders’ equity (in millions) 14,643  14,791  14,941  14,861  14,884  15,184  15,238  15,311  15,331  15,362  15,480  16,559  16,418  16,359  12,727  12,662  12,527  12,409  12,396  12,273  12,223 
Book value per share (BVPS)2 58.52 58.72 58.83 58.25 58.10 58.89 58.44 58.13 57.64 57.44 56.84 59.13 58.11 57.60 44.48 43.94 43.23 42.71 42.46 41.81 41.33
Share price1, 3 284.09 245.57 198.11 192.82 180.33 212.68 184.87 184.99 206.70 171.46 160.19 168.36 145.96 138.61 128.69 116.41 117.82 119.87 90.03 90.14 91.33
Valuation Ratio
P/BV ratio4 4.85 4.18 3.37 3.31 3.10 3.61 3.16 3.18 3.59 2.99 2.82 2.85 2.51 2.41 2.89 2.65 2.73 2.81 2.12 2.16 2.21
Benchmarks
P/BV Ratio, Competitors5
CSX Corp. 5.91 5.13 4.92 4.50 3.96 5.19 4.60 4.64 5.14 4.42 4.35 4.23 3.71 3.20 4.41 4.09 3.92 3.81 2.43 2.37 2.15
FedEx Corp. 3.19 2.35 1.32 2.28 2.49 2.49 2.38 2.50 3.51 3.15 3.52 3.94 3.56 3.60 3.45 3.52 3.27 3.10 3.02 2.79 2.76
Union Pacific Corp. 8.91 8.07 7.33 7.22 6.46 7.00 6.31 6.76 7.05 5.72 5.14 5.22 4.17 3.99 4.79 4.33 4.65 4.43 3.68 3.71 3.59
United Parcel Service Inc. 26.13 213.26 24.66 28.64 24.78 27.98 18.04 23.36 26.37 31.82 29.70 43.83 70.40 90.21 66.74 77.63 173.63 231.41 34.19 36.38 37.24

Based on: 10-Q (filing date: 2021-04-28), 10-K (filing date: 2021-02-04), 10-Q (filing date: 2020-10-28), 10-Q (filing date: 2020-07-29), 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-06), 10-Q (filing date: 2019-10-23), 10-Q (filing date: 2019-07-24), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-08), 10-Q (filing date: 2018-10-24), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-25), 10-K (filing date: 2018-02-05), 10-Q (filing date: 2017-10-25), 10-Q (filing date: 2017-07-26), 10-Q (filing date: 2017-04-26), 10-K (filing date: 2017-02-06), 10-Q (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-22).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 14,643,000,000 ÷ 250,241,009 = 58.52

3 Closing price as at the filing date of Norfolk Southern Corp.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 284.09 ÷ 58.52 = 4.85

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Norfolk Southern Corp.’s P/BV ratio increased from Q3 2020 to Q4 2020 and from Q4 2020 to Q1 2021.