# Norfolk Southern Corporation (NSC) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Industrials / Road & Rail. Price $329.46, market value $74.0 billion.

## Valuation
- **P/E (trailing): 28.1×** (5-yr avg 21.8×, 3-yr avg 23.4×). Norfolk Southern Corporation trades at 28.1× trailing earnings, well above its own five-year average of 21.8×: investors are paying up relative to the company's past. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 23.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 2.26**. A PEG of 2.26 means the P/E is high relative to expected earnings growth; the price already assumes a lot.
- **Price / sales: 5.9×**. Each dollar of revenue is priced at 5.9×.
- **Price / book: 4.6×**. The shares trade at 4.6× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 13.4×**. Enterprise value is 13.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 2.2%** (5-yr avg 3.3%). Free cash flow equals 2.2% of the market value, below its five-year average of 3.3%, so the shares are pricier on cash than usual.
- **Earnings yield: 3.6%**. The inverse of the P/E: 3.6% of the price is earned each year.

## Profitability
- **Operating margin: 32.2%**. 32.2% of revenue is left after running the business, an exceptional level.
- **Net margin: 23.6%**. 23.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 18.5%**. 18.5% on shareholders' equity is solid.
- **Return on invested capital: 21.8%**. Return on all capital, debt included, is 21.8%: comfortably above what that capital costs.
- **Return on assets: 5.8%**. Each dollar of assets produces 5.8% of profit.

## Growth
- **Revenue growth (1 yr): 0.5%** (3-yr -1.5%/yr, 5-yr 4.5%/yr). Revenue grew 0.5% over the last year, against 4.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 10.2%** (3-yr -2.8%/yr, 5-yr 10.2%/yr). Earnings per share rose 10.2%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -1.7%/yr**. Free cash flow has compounded at -1.7% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.04**. Debt is 0.04 times equity: a conservative balance sheet.
- **Net debt / EBITDA: net cash**. Norfolk Southern Corporation holds more cash than debt.
- **Altman Z-score: 2.56**. A Z-score of 2.56 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.64%** ($5.40 per share, trailing). Norfolk Southern Corporation yields 1.64%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 42%** (74% of free cash flow). 42% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 9**. 9 straight years of increases.
- **Dividend growth (5 yr): 7.5%/yr** (1-yr 0.0%). The dividend has grown 7.5% a year over five years.

## Analyst view
- **Analyst consensus: hold** (18 analysts). 18 analysts cover Norfolk Southern Corporation; the consensus is hold, with an average price target of $365.28 (+11% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 19.4%** (YTD 15.1%, 3-mo 5.1%). The shares are up 19.4% over twelve months including dividends.
- **From 52-week high: -8.1%** (22.8% above the low). Trading 8% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 40**. An RSI of 40 is neutral.
- **Beta (1 yr): 0.26** (volatility 21%). Beta of 0.26 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NSC · Page: https://foliofundamentals.com/stocks/nsc

Not investment advice.