NSC Industrials

Norfolk Southern Corporation

$340.95-1.37%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Industrials
Industry: Railroads
Country: United States
Market cap: 76.6B USD
Enterprise value: 89.0B USD
Full-time employees: 19,300

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.28 vs a peer median of 0.64), less short-term liquidity (current ratio 0.83 vs a peer median of 1.62) and more debt relative to equity (1.02× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.28 vs peers 0.64), less liquidity (current ratio 0.83 vs peers 1.62) and more debt vs equity (1.02× vs peers 0.40×)

Ranks #1,571 of 2,308 industrials companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Wide margins. Operating margin 32% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 32% vs peers 7.7%.
Norfolk Southern keeps 32% of revenue as operating profit, more than 95% of peers (median 7.7%).
More volatile share price. Beta 1.28: tends to move more than the market.
Norfolk Southern's shares have swung more with the market than most peers' (beta 1.28, above the market's 1.0).

StockQuotient Score

42/ 100

Oct 5 43 → Nov 4 42 (-1)

Valuation

Is the price right?

40/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Held back by:

▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.4%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.11Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.24Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield2.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.42Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield21.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

29/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.9%

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-21.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.14Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth-0.4%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.74Sector median: 0.0421 · MAD: 0.0625

Revenue growth3.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.18Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

86/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin32.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.02Sector median: 0.0773 · MAD: 0.0507

Return on assets5.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.14Sector median: 0.0311 · MAD: 0.0241

Return on invested capital10.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.52Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin45.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity16.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.28

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.33Sector median: 0.6440 · MAD: 0.2745

Current ratio0.83×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.47Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.02×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.84Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Norfolk Southern

Is Norfolk Southern getting weaker?: Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is Norfolk Southern valued vs its peers?: Priced about in line with its peers. Valuation scores 40/100 against 2,459 industrials peers. Free cash flow yield 2.1% vs a peer median of 3.7% (weaker than 64% of peers).Free cash flow yield 2.1% vs peers 3.7% (weaker than 64% of peers).
Is Norfolk Southern growing?: More slowly than most of its peers. Growth scores 29/100 against 2,459 industrials peers. Earnings per share growth -21.3% vs a peer median of 7.1% (weaker than 76% of peers).Earnings per share growth -21.3% vs peers 7.1% (weaker than 76% of peers).
How profitable is Norfolk Southern?: More profitable than most of its peers. Profitability scores 86/100 against 2,459 industrials peers. Operating margin 32.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 32.2% vs peers 7.7% (stronger than 95% of peers).
How risky is Norfolk Southern?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.83× vs a peer median of 1.62× (weaker than 91% of peers).Current ratio 0.83× vs peers 1.62× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 23, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	12.2B USD	12.5B USD	+2.9%
Net income (12 months)	2.7B USD	2.6B USD	−1.3%
Operating margin	33.5%	32.2%	−1.4 pts
Free cash flow (12 months)	1.6B USD	1.6B USD	+0.8%
Debt	17.1B USD	16.6B USD	−2.8%
Cash	1.3B USD	1.1B USD	−20.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Railroads companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	39.9%	37.7%	23.5%	33.6%	35.8%	▲ 2.2 pts
Net margin	27.0%	25.7%	15.0%	21.6%	23.6%	▲ 2.0 pts
Return on assets (ROA)	7.8%	8.4%	4.4%	6.0%	6.4%	▲ 0.3 pts
Return on equity (ROE)	22.0%	25.7%	14.3%	18.3%	18.5%	▲ 0.2 pts
Free cash flow margin	25.0%	17.8%	7.0%	13.8%	17.7%	▲ 3.9 pts
Current ratio	0.86×	0.76×	1.24×	0.90×	0.85×	▼ 5.8%
Debt to equity	1.01×	1.19×	1.34×	1.20×	1.10×	▼ 8.6%
Interest coverage	6.88×	6.95×	3.95×	5.04×	5.50×	▲ 9.0%

NSC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.28 vs a peer median of 0.64), less short-term liquidity (current ratio 0.83 vs a peer median of 1.62) and more debt relative to equity (1.02× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.28 vs peers 0.64), less liquidity (current ratio 0.83 vs peers 1.62) and more debt vs equity (1.02× vs peers 0.40×)

Ranks #1,571 of 2,308 industrials companies (bottom 32%)

See how it ranks against its peers

Worth knowing

Wide margins. Operating margin 32% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 32% vs peers 7.7%.

Norfolk Southern keeps 32% of revenue as operating profit, more than 95% of peers (median 7.7%).

More volatile share price. Beta 1.28: tends to move more than the market.

Norfolk Southern's shares have swung more with the market than most peers' (beta 1.28, above the market's 1.0).

Questions investors ask about Norfolk Southern

Is Norfolk Southern getting weaker?

Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.

How is Norfolk Southern valued vs its peers?

Priced about in line with its peers. Valuation scores 40/100 against 2,459 industrials peers. Free cash flow yield 2.1% vs a peer median of 3.7% (weaker than 64% of peers).Free cash flow yield 2.1% vs peers 3.7% (weaker than 64% of peers).

Is Norfolk Southern growing?

More slowly than most of its peers. Growth scores 29/100 against 2,459 industrials peers. Earnings per share growth -21.3% vs a peer median of 7.1% (weaker than 76% of peers).Earnings per share growth -21.3% vs peers 7.1% (weaker than 76% of peers).

How profitable is Norfolk Southern?

More profitable than most of its peers. Profitability scores 86/100 against 2,459 industrials peers. Operating margin 32.2% vs a peer median of 7.7% (stronger than 95% of peers).Operating margin 32.2% vs peers 7.7% (stronger than 95% of peers).

How risky is Norfolk Southern?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 0.83× vs a peer median of 1.62× (weaker than 91% of peers).Current ratio 0.83× vs peers 1.62× (weaker than 91% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

12.2B USD

12.5B USD

+2.9%

Net income (12 months)

2.7B USD

2.6B USD

−1.3%

Operating margin

33.5%

32.2%

−1.4 pts

Free cash flow (12 months)

1.6B USD

1.6B USD

+0.8%

Debt

17.1B USD

16.6B USD

−2.8%

Cash

1.3B USD

1.1B USD

−20.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

39.9%

37.7%

23.5%

33.6%

35.8%

▲ 2.2 pts

Net margin

27.0%

25.7%

15.0%

21.6%

23.6%

▲ 2.0 pts

Return on assets (ROA)

7.8%

8.4%

4.4%

6.0%

6.4%

▲ 0.3 pts

Return on equity (ROE)

22.0%

25.7%

14.3%

18.3%

18.5%

▲ 0.2 pts

Free cash flow margin

25.0%

17.8%

7.0%

13.8%

17.7%

▲ 3.9 pts

Current ratio

0.86×

0.76×

1.24×

0.90×

0.85×

▼ 5.8%

Debt to equity

1.01×

1.19×

1.34×

1.20×

1.10×

▼ 8.6%

Interest coverage

6.88×

6.95×

3.95×

5.04×

5.50×

▲ 9.0%