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NSC

Norfolk Southern Corporation

US$310.26+0.41% (US$1.26)
Day's range
US$305.43 – US$311.21
Day's volume
US$288m
52-week range
US$274.69 – US$352.98

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NSC in numbers

Market cap
US$69.7bn
P/E
26.44
P/B
4.29
Dividend yield (12m)
1.74%

The 12-month dividend yield of NSC is 1.74%, below its 5-year average of 1.97%.

NSC price history

02/10/202501/10/2026
Compare with

NSC risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+4.67%+67.19%+43.43%
Volatility (annualised)22.44%25.33%28.49%
Largest drawdown-9.86%-18.34%-33.46%
Positive months7/1221/3630/60

How much did investing in NSC return?

US$1,000.00 invested on 01/09/2021 would be worth US$1,434.34 today.

Value today in NSC
US$1,434.34
Return over the period
+43.43%
Return per year
+7.48%
In the S&P 500
US$1,776.31

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

NSC fundamentals

Valuation

  • P/E
    26.44
  • P/B
    4.29
  • EV/EBITDA
    12.79
  • EV/EBIT
    17.27
  • EV/Revenue
    5.56
  • P/EBIT
    17.27
  • P/S
    5.56
  • P/OCF
    18.67
  • P/FCF
    42.73
  • Earnings yield
    5.79%
  • PEG ratio
    —
  • Earnings per share
    US$11.74
  • Book value per share
    US$72.36

Debt

  • Net debt
    —
  • Net debt/EBITDA
    —
  • Net debt/Equity
    —
  • Debt/Equity
    —
  • Current ratio
    0.83
  • Quick ratio
    —
  • Cash ratio
    0.32

Efficiency

  • Gross margin
    —
  • EBITDA margin
    43.44%
  • Operating margin
    32.19%
  • Net margin
    21.02%
  • Asset turnover
    0.28

Profitability

  • ROE
    16.22%
  • ROA
    5.84%
  • ROIC
    19.46%
  • Payout
    46.01%

Growth

  • Revenue CAGR (5 years)
    3.58%
  • Earnings CAGR (5 years)
    -0.71%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is NSC's fair price?

Two classic value formulas, with today's numbers. The current price is US$310.26.

Graham's fair price
US$138.23
55.45% below the price

√(22.50 × US$11.74 × US$72.36)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$84.40
72.80% below the price

US$5.06 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

NSC indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E22.5720.2729.2217.1723.7629.7418.3915.00
P/B4.173.714.184.415.234.053.302.60
EV/EBITDA11.289.8012.499.2512.5314.409.767.83
Dividend yield1.87%2.30%2.28%2.01%1.40%1.58%1.85%2.03%
Earnings per shareUS$12.79US$11.58US$8.09US$14.36US$12.53US$7.99US$10.56US$9.97
Book value per shareUS$69.23US$63.18US$56.58US$55.90US$56.89US$58.72US$58.89US$57.44
ROE18.48%18.33%14.29%25.68%22.03%13.61%17.93%17.35%
ROIC21.96%22.41%20.02%30.76%26.92%16.15%20.48%20.28%
EBITDA margin47.20%44.74%34.13%47.31%50.51%42.46%45.40%44.19%
Net margin23.59%21.63%15.03%25.66%26.97%20.56%24.10%23.27%
Net debt/EBITDA——-0.38-0.06-0.15——-0.07

NSC financial statements

Line202520242023202220212020
Net revenueUS$12.2bnUS$12.1bnUS$12.2bnUS$12.7bnUS$11.1bnUS$9.8bn
Cost of sales——————
Gross profit——————
EBITDAUS$5.7bnUS$5.4bnUS$4.1bnUS$6bnUS$5.6bnUS$4.2bn
EBITUS$4.4bnUS$4.1bnUS$2.9bnUS$4.8bnUS$4.4bnUS$3bn
Net finance result——————
Profit before taxUS$3.7bnUS$3.3bnUS$2.3bnUS$4.1bnUS$3.9bnUS$2.5bn
Income tax-US$792m-US$707m-US$493m-US$860m-US$873m-US$517m
Net incomeUS$2.9bnUS$2.6bnUS$1.8bnUS$3.3bnUS$3bnUS$2bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does NSC pay dividends?

Dividend yield per year

  • 1.68%2017
  • 2.03%2018
  • 1.85%2019
  • 1.58%2020
  • 1.40%2021
  • 2.01%2022
  • 2.28%2023
  • 2.30%2024
  • 1.87%2025
  • 1.31%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend06/08/202620/08/2026US$1.35
Dividend07/05/202620/05/2026US$1.35
Dividend05/02/202620/02/2026US$1.35
Dividend06/11/202520/11/2025US$1.35
Dividend31/07/202520/08/2025US$1.35
Dividend01/05/202520/05/2025US$1.35
Dividend06/02/202520/02/2025US$1.35
Dividend31/10/202420/11/2024US$1.35
Dividend01/08/202420/08/2024US$1.35
Dividend01/05/202420/05/2024US$1.35
Dividend31/01/202420/02/2024US$1.35
Dividend01/11/202320/11/2023US$1.35
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend02/08/202321/08/2023US$1.35
Dividend03/05/202320/05/2023US$1.35
Dividend01/02/202321/02/2023US$1.35
Dividend02/11/202221/11/2022US$1.24
Dividend04/08/202220/08/2022US$1.24
Dividend04/05/202220/05/2022US$1.24
Dividend02/02/202221/02/2022US$1.24
Dividend03/11/202119/11/2021US$1.09
Dividend05/08/202120/08/2021US$1.09
Dividend05/05/202120/05/2021US$0.99
Dividend03/02/202110/03/2021US$0.99
Dividend04/11/202010/12/2020US$0.94
Dividend05/08/202010/09/2020US$0.94
Dividend06/05/202010/06/2020US$0.94
Dividend05/02/202010/03/2020US$0.94
Dividend30/10/201910/12/2019US$0.94
Dividend01/08/201910/09/2019US$0.94
Dividend01/05/201910/06/2019US$0.86
Dividend31/01/201911/03/2019US$0.86
Dividend31/10/201810/12/2018US$0.80
Dividend02/08/201810/09/2018US$0.80
Dividend02/05/201811/06/2018US$0.72
Dividend31/01/201810/03/2018US$0.72
Dividend01/11/201711/12/2017US$0.61
Dividend02/08/201711/09/2017US$0.61
Dividend02/05/201710/06/2017US$0.61
Dividend31/01/201710/03/2017US$0.61
Dividend01/11/201610/12/2016US$0.59

About Norfolk Southern

Sector
Transportation and utilities

Questions about NSC

How much is NSC today?

NSC is at US$310.26 (0.41% on the day), last traded on 01/10/2026.

How much did NSC pay in dividends in 2025?

NSC paid US$5.40 per share in 2025, a dividend yield of 1.87%.

What are the P/E and P/B of NSC?

NSC trades at a P/E of 26.44 and a P/B of 4.29.

How much did NSC return in 12 months?

NSC returned 4.67% in 12 months, with annualised volatility of 22.44% and a largest drawdown of -9.86%.