Last 48 quarters of trend data · Industrials · Railroads
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 25.88 | 22.92 | 24.13 | 29.53 | 25.15 | 23.77 | 18.77 | 17.89 | 18.17 | 12.81 | 16.51 | 277.03 | 25.36 | 23.44 | 36.34 | 25.98 | 18.01 | 12.81 | 16.47 | 24.34 | 23.85 |
| — | -3.6% | +28.6% | +65.1% | +38.4% | +85.5% | +13.6% | -93.5% | -28.4% | -45.4% | -54.6% | +966.3% | +40.8% | +82.9% | +120.6% | +6.8% | -24.5% | -34.4% | -18.6% | -3.6% | +6.0% | |
| P/S Ratio | 6.09 | 4.93 | 5.11 | 5.39 | 5.46 | 5.44 | 4.63 | 4.48 | 4.39 | 4.61 | 3.99 | 4.80 | 4.35 | 3.76 | 4.34 | 3.86 | 4.39 | 3.67 | 4.15 | 5.88 | 6.35 |
| — | -9.3% | +10.4% | +20.2% | +24.1% | +17.9% | +16.0% | -6.6% | +1.0% | +22.6% | -8.0% | +24.2% | -0.9% | +2.5% | +4.5% | -34.2% | -30.9% | -29.0% | -29.9% | -8.6% | +8.1% | |
| P/B Ratio | 4.77 | 4.16 | 4.36 | 4.09 | 4.17 | 4.46 | 3.89 | 3.70 | 3.72 | 4.08 | 3.74 | 4.60 | 4.19 | 3.54 | 4.09 | 3.80 | 4.46 | 3.77 | 4.10 | 5.09 | 5.31 |
| — | -6.7% | +11.9% | +10.6% | +12.3% | +9.2% | +4.0% | -19.6% | -11.2% | +15.2% | -8.4% | +21.0% | -6.3% | -5.9% | -0.3% | -25.3% | -16.0% | -11.3% | -11.5% | +9.9% | +29.9% | |
| P/FCF | 34.36 | 23.64 | 28.79 | — | 6.39 | 23.44 | 23.92 | 26.77 | 48.15 | 21.82 | 26.02 | — | — | 99.78 | 84.48 | 16.24 | 107.67 | 12.67 | 23.72 | 28.31 | 36.46 |
| — | +0.8% | +20.4% | — | -86.7% | +7.4% | -8.1% | — | — | -78.1% | -69.2% | — | — | +687.6% | +256.2% | -42.6% | +195.3% | -29.7% | +2.9% | +25.2% | +3.4% | |
| EV / EBITDA | 16.60 | 13.98 | 14.65 | 16.35 | 15.59 | 15.10 | 12.70 | 13.60 | 12.02 | 11.37 | 11.39 | 28.74 | 15.44 | 13.92 | 18.87 | 15.27 | 12.28 | 10.08 | 10.95 | 14.81 | 15.11 |
| — | -7.4% | +15.3% | +20.2% | +29.7% | +32.9% | +11.5% | -52.7% | -22.2% | -18.3% | -39.6% | +88.3% | +25.7% | +38.1% | +72.3% | +3.1% | -18.7% | -19.3% | -22.1% | -2.9% | +6.0% | |
| EV / EBIT | 22.37 | 17.92 | 19.77 | 23.86 | 20.95 | 18.55 | 15.36 | 14.84 | 15.31 | 11.12 | 14.27 | 80.74 | 20.54 | 18.78 | 26.17 | 20.48 | 14.81 | 12.38 | 13.48 | 18.93 | 18.68 |
| — | -3.4% | +28.7% | +60.8% | +36.9% | +66.8% | +7.6% | -81.6% | -25.5% | -40.8% | -45.5% | +294.2% | +38.7% | +51.6% | +94.2% | +8.2% | -20.7% | -20.1% | -17.3% | -2.6% | +5.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.4% | 32.6% | 66.8% | 43.1% | 70.5% | 33.2% | 35.5% | 31.3% | 36.1% | 41.2% | 36.2% | 10.4% | 25.9% | 25.2% | 18.7% | 22.6% | 35.7% | 37.5% | 38.2% | 37.0% | 39.4% |
| — | -1.6% | +88.3% | +37.4% | +95.1% | -19.4% | -2.0% | +201.7% | +39.7% | +63.5% | +93.9% | -54.1% | -27.6% | -32.9% | -51.1% | -38.9% | -9.3% | -5.3% | -2.7% | -3.4% | +3.0% | |
| Operating Margin | 32.9% | 32.6% | 32.4% | 29.3% | 31.5% | 33.2% | 35.5% | 31.3% | 36.1% | 41.2% | 36.2% | 10.4% | 25.9% | 25.2% | 18.7% | 22.6% | 35.7% | 37.5% | 38.2% | 37.0% | 39.4% |
| — | -1.6% | -8.6% | -6.7% | -12.8% | -19.4% | -2.0% | +201.7% | +39.7% | +63.5% | +93.9% | -54.1% | -27.6% | -32.9% | -51.1% | -38.9% | -9.3% | -5.3% | -2.7% | -3.4% | +3.0% | |
| Net Margin | 23.6% | 21.5% | 21.2% | 18.2% | 21.7% | 22.9% | 24.7% | 25.1% | 24.2% | 36.0% | 24.2% | 1.8% | 17.1% | 16.1% | 11.9% | 14.9% | 24.4% | 28.7% | 25.2% | 24.1% | 26.6% |
| — | -6.1% | -14.2% | -27.2% | -10.7% | -36.4% | +2.0% | +1320.3% | +41.3% | +123.9% | +102.7% | -88.1% | -29.7% | -43.9% | -52.6% | -38.3% | -8.4% | +8.5% | -13.9% | -5.4% | +2.2% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.2% | 4.6% | 4.6% | 3.5% | 4.2% | 4.8% | 5.2% | 5.2% | 5.2% | 8.2% | 5.8% | 0.4% | 4.2% | 3.8% | 2.8% | 3.7% | 6.1% | 7.3% | 6.2% | 5.2% | 5.5% |
| — | -3.1% | -12.7% | -33.0% | -19.6% | -42.1% | -9.2% | +1143.2% | +25.7% | +117.0% | +105.8% | -88.6% | -32.3% | -48.3% | -54.4% | -29.4% | +11.1% | +37.1% | +8.8% | +13.4% | +22.3% | |
| ROA | 6.5% | 1.7% | 1.6% | 1.2% | 1.4% | 1.6% | 1.7% | 1.7% | 1.7% | 2.6% | 1.7% | 0.1% | 1.3% | 1.2% | 0.9% | 1.2% | 2.0% | 2.4% | 2.1% | 1.8% | 2.0% |
| — | +4.0% | -6.8% | -29.4% | -15.0% | -37.4% | +0.3% | +1255.4% | +31.8% | +114.3% | +91.7% | -89.4% | -36.7% | -51.0% | -56.4% | -33.9% | +2.5% | +25.1% | -2.5% | +1.8% | +11.9% | |
| ROIC | 9.8% | 2.7% | 2.7% | 2.1% | 2.3% | 2.5% | 2.7% | 2.3% | 2.7% | 3.1% | 2.8% | 0.8% | 2.1% | 2.0% | 1.5% | 1.9% | 3.2% | 3.5% | 3.5% | 3.0% | 3.2% |
| — | +8.4% | -1.1% | -9.2% | -16.7% | -20.4% | -3.5% | +187.7% | +29.1% | +53.9% | +81.3% | -58.4% | -33.3% | -41.6% | -55.8% | -35.9% | +0.2% | +8.5% | +10.8% | +5.3% | +13.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.10 | 0.99 | 1.02 | 1.08 | 1.10 | 1.13 | 1.17 | 1.19 | 1.22 | 1.25 | 1.36 | 1.40 | 1.37 | 1.31 | 1.20 | 1.18 | 1.22 | 1.16 | 1.14 | 1.10 | 1.04 |
| — | -12.0% | -13.0% | -8.8% | -10.0% | -9.6% | -13.3% | -15.4% | -11.1% | -5.1% | +13.2% | +19.1% | +12.3% | +13.6% | +4.6% | +6.8% | +17.2% | +16.2% | +19.5% | +28.0% | +17.8% | |
| Debt / EBITDA | 3.16 | 10.98 | 11.27 | 13.91 | 13.25 | 12.41 | 11.98 | 13.41 | 12.18 | 10.78 | 12.23 | 27.09 | 15.62 | 15.44 | 17.23 | 14.57 | 10.64 | 9.65 | 9.73 | 10.75 | 10.03 |
| — | -11.5% | -5.9% | +3.8% | +8.8% | +15.1% | -2.1% | -50.5% | -22.0% | -30.2% | -29.0% | +86.0% | +46.8% | +60.0% | +77.1% | +35.5% | +6.1% | -0.3% | -1.1% | +11.0% | -2.8% | |
| Current Ratio | 0.85 | 0.90 | 0.83 | 0.91 | 0.85 | 0.86 | 0.79 | 0.78 | 0.90 | 0.73 | 0.63 | 0.68 | 1.24 | 1.08 | 0.68 | 0.75 | 0.76 | 0.97 | 1.10 | 0.96 | 0.86 |
| — | +4.8% | +4.8% | +15.8% | -5.8% | +17.8% | +26.2% | +14.5% | -27.6% | -32.2% | -7.6% | -9.0% | +64.0% | +11.1% | -37.9% | -21.6% | -11.9% | -14.1% | +1.7% | -6.4% | -19.9% | |
| Quick Ratio | 0.78 | 0.81 | 0.73 | 0.81 | 0.78 | 0.78 | 0.71 | 0.70 | 0.82 | 0.65 | 0.54 | 0.61 | 1.14 | 0.97 | 0.59 | 0.66 | 0.66 | 0.87 | 0.98 | 0.87 | 0.77 |
| — | +3.9% | +3.8% | +15.5% | -5.6% | +19.0% | +30.0% | +16.3% | -28.1% | -32.9% | -7.6% | -8.1% | +72.5% | +11.8% | -40.2% | -24.7% | -14.4% | -15.5% | -0.5% | -4.7% | -20.4% | |
| Interest Coverage | 5.63 | 6.11 | 5.54 | 4.27 | 4.92 | 5.69 | 5.97 | 5.91 | 5.66 | 8.03 | 5.63 | 1.15 | 4.34 | 4.37 | 3.72 | 4.38 | 6.86 | 7.18 | 7.39 | 6.43 | 6.97 |
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Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying NSC stock.
Norfolk Southern Corporation's current P/E is 25.9x. The average P/E over the last 4 quarters is 25.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Norfolk Southern Corporation's current operating margin is 32.9%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Norfolk Southern Corporation's business trajectory between earnings reports.