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Norfolk Southern (NSC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Norfolk Southern
NYSE•Industrials•Railroads
$316.66-2.31(-0.01%)Market open
Market Cap
$71.64B
P/E
27.2x
P/S
5.7x
P/B
4.4x

Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals, including sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and operates an intermodal network. Norfolk Southern Corporation was incorporated in 1980 and is headquartered in Atlanta, Georgia.

C

How this company scores

AverageMetricSide Score: 57/100

Strongest: Profitability (19/25); weakest: Cash & Earnings Quality (11/25).

Profitability19/25
Growth11/25
Balance Sheet & Red Flags16/25
Cash & Earnings Quality11/25
Strengths
Strong marginsHigh ROEImproving leverageConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 27.2x5y range 15.4x – 40.2x
P/E 27.2x · near its 20-quarter median

Currently near its 20-quarter median.

P/S · 5.7x5y range 3.6x – 6.4x
P/S 5.7x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 4.4x5y range 3.5x – 5.2x
P/B 4.4x · near its 20-quarter median

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 22.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume
Market Cap $71.64B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$12.54B
2Q
Q. Revenue
$3.46B
2Q
TTM EBITDA
$5.45B
4Q
TTM Op. Income
$4.04B
4Q
Q. Op. Income
$1.12B
4%
TTM Net Income
$2.64B
4Q
Q. Net Income
$734.00M
4%
EPS
$3.26
4%
Shares Out.
$224.60M
0%
$12.54B in TTM revenue grew 3.0% YoY, reaching $3.46B last quarter. TTM EBITDA of $5.45B and TTM operating income of $4.04B show growth is flowing through to the bottom line. TTM net income of $2.64B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
42.8%
13%
Op. Margin
32.4%
14%
Net Margin
21.2%
14%
Op. margin of 32.4% is down 5.3% YoY — costs are rising relative to revenue. Net margin at 21.2% Over the past year, operating margin is down 14% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
27.2x
2Q
P/S Ratio
5.7x
21%
P/B Ratio
4.4x
13%
At 27.2x P/E, the stock trades within typical market levels. P/S of 5.7x and P/B of 4.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$45.12B
2%
Cash
$1.07B
2Q
Long-Term Debt
$15.97B
3%
Book Value
$16.25B
7Q
D/E Ratio
1.0
7Q
Debt/EBITDA
10.8
0%
With $45.12B in assets and $15.97B in long-term debt, D/E is 1.0and book value is $16.25B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$1.05B
2%
TTM Free Cash Flow
$1.63B
19%
FCF Margin
13.0%
2Q
FCF / Net Income
0.6
2%
TTM FCF of $1.63B on $1.05B in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 19% — an improving trend.

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