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NSCNorfolk Southern Corporation
$315.01$70.8B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
NSC logo

Norfolk Southern Corporation

NSC
NYSE · Railroads
$315.01
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$70.75B
P/E24.7x
52W High$358.60
Volume696.96K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Margin Recovery Masks Persistent Cost and Leverage Risks

Norfolk Southern's revenue has stabilized around $3.0-3.5B per quarter, with 2026Q2 showing 11.4% YoY growth, but operating margin compression from 36.1% in 2024Q4 to 32.4% in 2026Q2 suggests cost pressures persist. The balance sheet has strengthened with D/E ...

GrowthStable
ProfitabilityStable
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

NSC price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

-20% Peers

P/E is 20% below peer median

03

Market leadership

RS 52 · Avg

Average momentum (RS Rating: 52)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Oct 23
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue is range-bound around $3.0-3.5B with 2026Q2 up 11.4% YoY, but operating margin has declined from 36.1% in 2024Q4 to 32.4% in 2026Q2, reflecting cost pressures.

Analyst Consensus+16.7% target
Hold(48 analysts)
21 Buy24 Hold3 Sell

The Bull Case

Upside Catalysts

Activist-driven efficiency improvements

Accelerated operating ratio improvement under activist-aligned management could drive EPS meaningfully above consensus, warranting significant multiple expansion.

Strong dividend payout

Norfolk Southern announced a quarterly dividend of $1.35 per share, demonstrating commitment to returning value to shareholders.

Long-established market presence

With operations since 1827 and a network spanning 22 states, Norfolk Southern has a robust and enduring infrastructure.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
NSC+10.85%
S&P 500 (^GSPC)+12.39%
1-Year Return
NSC+9.70%
S&P 500 (^GSPC)+15.77%
3-Year Return
NSC+63.25%
S&P 500 (^GSPC)+77.84%
5-Year Return
NSC+40.94%
S&P 500 (^GSPC)+71.92%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
24.7x
Forward P/EExpansion
24.3x
EV/EBITDA80th %ile
16.0x
FCF YieldCash Flow
3.0%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
24.7x
22.6x
80th· High
EV/EBITDA
16.0x
14.9x
80th· High
Price/FCF
32.8x
30.1x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$101.09-67.9%
Base (Fair)$251.85-19.8%
Bull$437.09+38.8%
$101.09 Bear$251.85 Base$437.09 Bull
Current Market Price: $315.01
Trades at a 25.1% premium to Base DCF ($251.85)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$12.18B+0.5% YoY
Net income
$2.87B+9.6% YoY
Free cash flow
$2.16B+29.1% YoY
Operating margin
32.9%+1.9 pts YoY
ROIC (TTM)9.8%
Avg ROIC 5Y-
ROE (TTM)19.2%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate8/12 (67%)
Revenue Beat Rate6/12 (50%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 23, 2026
$3.52+6.0%
vs $3.32
$3.5B+3.6%
vs $3.4B
Q2 2026
Apr 24, 2026
$2.65+6.4%
vs $2.49
$3.0B+0.1%
vs $3.0B
Q1 2026
Jan 29, 2026
$3.22+16.7%
vs $2.76
$3.0B-0.9%
vs $3.0B
Q4 2025
Oct 23, 2025
$3.30+3.4%
vs $3.19
$3.1B-0.3%
vs $3.1B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·1d ago
Union Pacific Railroad and Norfolk Southern Combination Gains Additional Momentum

OMAHA, Neb. & ATLANTA--(BUSINESS WIRE)--Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) today acknowledged two significant milestones in the creation of America's first transcontinental railroad, which will eliminate time-consuming interchanges between railroads and strengthen the nation's supply chain. The Surface Transportation Board (STB) has unanimously denied merger opponents' requests to dismiss the companies' revised merger application. With the rejecti.

MarketBeat·6d ago
Norfolk Southern Sees Fuel Hit but Eyes Freight Share Gains From Trucking

Norfolk Southern NYSE: NSC said higher fuel prices are expected to pressure its operating ratio in the second half of the year, reversing the tailwind management had anticipated just two months earlier, while the railroad sees opportunities to gain freight share from trucking and continue investing in service and capacity.

PRNewsWire·Sep 16, 2026
More Than 500 Customers Back Union Pacific-Norfolk Southern Combination as a Catalyst for American Growth

Shippers Across U.S. Industries Cite Expanded Market Access, Stronger Supply Chains and New Growth Opportunities as the Combination's Key Benefits  OMAHA, Neb. and ATLANTA, Sept.

Fool - Investing News·Sep 16, 2026
CEO of Iconic Railroad Stock Unloads More Than 1,000 Shares

Disposition was non-discretionary, executed to cover tax withholding on vesting restricted stock units. George's direct holdings increased to 22,783 shares, representing 0.0101% ownership.

Filtered for Norfolk Southern CorporationMore Headlines
04

Compare before deciding

Benchmark NSC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Norfolk Southern Corporation (NSC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NSC logoNSCNorfolk Southern CorporationCurrent
$315.01$70.75B24.710.47%23.59%19.25%1.72%
CSX logoCSXCSX Corporation
$47.19$87.42B30.64-3.08%22.21%24.06%—
UNP logoUNPUnion Pacific Corporation
$275.53$163.69B23.021.07%28.85%38.65%—
CP logoCPCanadian Pacific Kansas City Ltd.
$88.28$77.61B27.623.66%18.76%9.58%—
WAB logoWABWestinghouse Air Brake Technologies Corporation
$292.31$49.37B42.807.51%10.59%11.32%—
RAIL logoRAILFreightCar America, Inc.
$7.40$242.66M6.79-10.45%-2.69%——

Compare NSC vs Peers

Norfolk Southern Corporation (NSC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CSX

Most directly comparable listed peer for NSC.

Scale Benchmark

vs CAT

Larger-name benchmark to compare NSC against a more recognizable public peer.

Peer Set

Compare Top 5

vs CSX, UNP, CP, WAB

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

NSC SEC Filings & Documents

Norfolk Southern Corporation (NSC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 23, 2026·SEC

Material company update

Jun 1, 2026·SEC

Material company update

May 8, 2026·SEC

10-K Annual Reports

1
FY 2026

Feb 9, 2026·SEC

10-Q Quarterly Reports

4
FY 2026

Jul 23, 2026·SEC

FY 2026

Apr 24, 2026·SEC

FY 2025

Oct 23, 2025·SEC

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NSC Frequently Asked Questions

Norfolk Southern Corporation (NSC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Norfolk Southern Corporation's revenue?

Norfolk Southern Corporation (NSC) reported $12.54B in revenue for fiscal year 2025. This represents a 163% increase from $4.77B in 1996.

How fast is Norfolk Southern Corporation growing?

Norfolk Southern Corporation (NSC) grew revenue by 0.5% over the past year. Growth has been modest.

Is NSC profitable?

Yes, Norfolk Southern Corporation (NSC) is profitable, generating $2.64B in net income for fiscal year 2025 (23.6% net margin).

Dividend & Returns
Does NSC pay dividends?

Yes, Norfolk Southern Corporation (NSC) pays a dividend with a yield of 1.72%. This makes it attractive for income-focused investors.

What is NSC's return on equity?

Norfolk Southern Corporation (NSC) has a return on equity (ROE) of 19.2%. This is reasonable for most industries.

What is Norfolk Southern Corporation's free cash flow?

Norfolk Southern Corporation (NSC) generated $3.83B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NSC back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →