Norfolk Southern CorporationNSC
NYSE•Industrials•Railroads
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports agriculture, forest, and consumer products comprising soybeans, wheat, corn, fertilizers, livestock and poultry feed, food products, food oils, flour, sweeteners, ethanol, lumber and wood products, pulp board and paper products, wood fibers, wood pulp, beverages, and canned goods; chemicals, including sulfur and related chemicals, petroleum products comprising crude oil, chlorine and bleaching compounds, plastics, rubber, industrial chemicals, chemical wastes, sand, and natural gas liquids; metals and construction materials, such as steel, aluminum products, machinery, scrap metals, cement, aggregates, minerals, clay, transportation equipment, and military-related products; and automotive, including finished motor vehicles and automotive parts, as well as coal. It also transports overseas freight through various Atlantic and Gulf Coast ports; and operates an intermodal network. Norfolk Southern Corporation was incorporated in 1980 and is headquartered in Atlanta, Georgia.
Norfolk Southern Corporation (NSC) reported trailing twelve months revenue of $12.19B as of March 2026, a 0.6% increase year-over-year. Quarterly revenue reached $3.00B, reflecting continued top-line momentum.
Norfolk Southern Corporation generated $2.67B in TTM net income, with quarterly EBITDA of $1.19B. The operating margin contracted from 31.3% to 29.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (29.3%) and net margin (18.2%) indicates moderate non-operating costs. Net margin has narrowed from 25.1% a year ago, reflecting increased costs or interest expense.
NSC trades at a P/E of 23.8x (in line with broad market averages) and a P/S of 5.2x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-38.00M, indicating cash consumption over the period. The balance sheet shows $45.11B in total assets with $16.49B in long-term debt against $15.80B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~34.3% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 18.8% but has fluctuated — the competitive advantage may be cyclical or emerging.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 10.7% — watch for continued compression, which may signal competitive or cost pressure.
FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation