Financials Norfolk Southern Corporation

Equities

NSC

US6558441084

Ground Freight & Logistics

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
239.9 ^USD	-0.37%		-0.56%	+1.51%

Apr. 26	Norfolk Southern Distributes the Communication to the Shareholders	CI
Apr. 26	Top Midday Stories: Google Announces First-Ever Dividend; Oil Giants Down on Earnings Misses; Second Norfolk Southern Union Backs Activist Investor's Board Candidates	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	50,619	60,349	72,446	59,965	53,361	54,206	-	-
Enterprise Value (EV) ¹	62,235	71,915	85,447	74,591	68,972	70,970	71,111	70,859
P/E ratio	18.9 x	30.3 x	24.6 x	17.8 x	29.5 x	22 x	17.3 x	15.6 x
Yield	1.85%	1.58%	1.4%	2.01%	-	2.28%	2.45%	2.71%
Capitalization / Revenue	4.48 x	6.17 x	6.5 x	4.7 x	4.39 x	4.35 x	4.14 x	3.98 x
EV / Revenue	5.51 x	7.35 x	7.67 x	5.85 x	5.67 x	5.7 x	5.43 x	5.2 x
EV / EBITDA	12.1 x	15.5 x	15.2 x	12.4 x	13.1 x	12.7 x	11.7 x	10.8 x
EV / FCF	33.2 x	33.6 x	30.7 x	32.8 x	83.1 x	49.8 x	28.6 x	25.1 x
FCF Yield	3.01%	2.98%	3.26%	3.05%	1.2%	2.01%	3.5%	3.98%
Price to Book	3.3 x	4.12 x	5.24 x	4.41 x	4.21 x	3.98 x	3.81 x	3.66 x
Nbr of stocks (in thousands)	260,747	253,985	243,345	243,345	225,742	225,914	-	-
Reference price ²	194.1	237.6	297.7	246.4	236.4	239.9	239.9	239.9
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/26/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,296	9,789	11,142	12,745	12,156	12,461	13,087	13,635
EBITDA ¹	5,159	4,640	5,628	6,030	5,265	5,568	6,097	6,555
EBIT ¹	4,021	3,486	4,447	4,809	3,967	4,160	4,705	5,112
Operating Margin	35.6%	35.61%	39.91%	37.73%	32.63%	33.39%	35.95%	37.49%
Earnings before Tax (EBT) ¹	3,491	2,530	3,878	4,130	2,320	3,368	3,981	4,288
Net income ¹	2,722	2,013	3,005	3,270	1,827	2,562	3,071	3,395
Net margin	24.1%	20.56%	26.97%	25.66%	15.03%	20.56%	23.47%	24.9%
EPS ²	10.25	7.840	12.11	13.88	8.020	10.89	13.84	15.36
Free Cash Flow ¹	1,873	2,143	2,785	2,274	830	1,426	2,486	2,821
FCF margin	16.58%	21.89%	25%	17.84%	6.83%	11.44%	19%	20.69%
FCF Conversion (EBITDA)	36.31%	46.19%	49.48%	37.71%	15.76%	25.61%	40.78%	43.03%
FCF Conversion (Net income)	68.81%	106.46%	92.68%	69.54%	45.43%	55.67%	80.94%	83.09%
Dividend per Share ²	3.600	3.760	4.160	4.960	-	5.471	5.883	6.503
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/26/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,852	2,900	3,250	3,343	3,237	3,132	2,980	2,971	3,073	3,004	3,070	3,145	3,197	3,146	3,243
EBITDA ¹	1,427	1,387	1,575	1,578	1,490	1,419	1,313	1,245	1,288	1,241	1,388	1,449	1,468	1,412	1,549
EBIT ¹	1,129	1,100	1,271	1,272	1,181	1,098	992	919	958	904	1,039	1,098	1,126	1,060	1,195
Operating Margin	39.59%	37.93%	39.11%	38.05%	36.48%	35.06%	33.29%	30.93%	31.17%	30.09%	33.85%	34.9%	35.23%	33.69%	36.84%
Earnings before Tax (EBT) ¹	985	912	1,087	1,093	1,038	592	463	614	651	-	869.2	934.3	944.8	874.2	1,007
Net income ¹	760	703	819	958	790	466	356	478	527	53	664.2	715	725.3	678.4	781.8
Net margin	26.65%	24.24%	25.2%	28.66%	24.41%	14.88%	11.95%	16.09%	17.15%	1.76%	21.63%	22.73%	22.69%	21.56%	24.11%
EPS ²	3.120	2.930	3.450	4.100	3.420	2.040	1.560	2.100	2.320	0.2300	2.941	3.158	3.216	2.997	3.496
Dividend per Share ²	1.090	1.240	1.240	1.240	1.240	1.350	1.350	-	-	-	1.353	1.385	1.385	1.645	1.645
Announcement Date	1/26/22	4/27/22	7/27/22	10/26/22	1/25/23	4/26/23	7/27/23	10/25/23	1/26/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	11,616	11,566	13,001	14,626	15,611	16,765	16,905	16,653
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.252 x	2.493 x	2.31 x	2.426 x	2.965 x	3.011 x	2.773 x	2.541 x
Free Cash Flow ¹	1,873	2,143	2,785	2,274	830	1,426	2,486	2,821
ROE (net income / shareholders' equity)	17.8%	15.8%	21.1%	24.8%	20.9%	20.5%	22.7%	25.5%
ROA (Net income/ Total Assets)	7.34%	6.26%	7.86%	8.45%	6.63%	6.42%	7.04%	7.5%
Assets ¹	37,079	32,159	38,228	38,689	27,558	39,898	43,633	45,265
Book Value Per Share ²	58.90	57.60	56.80	55.80	56.20	60.40	62.90	65.50
Cash Flow per Share ²	14.70	14.20	17.20	17.90	14.00	19.90	20.30	22.70
Capex ¹	2,019	1,494	1,470	1,948	2,349	3,666	2,175	2,201
Capex / Sales	17.87%	15.26%	13.19%	15.28%	19.32%	29.42%	16.62%	16.14%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/26/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Norfolk Southern Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

239.9 USD

Average target price

269.6 USD

Spread / Average Target

+12.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Railway Freight Operators

	1st Jan change	Capi.
NORFOLK SOUTHERN CORPORATION	+1.51%	54.21B
CSX CORPORATION	-1.96%	66.45B
DAQIN RAILWAY CO., LTD.	+3.19%	18.04B
GMÉXICO TRANSPORTES, S.A.B. DE C.V.	-2.75%	9.46B
CONTAINER CORPORATION OF INDIA LIMITED	+24.24%	7.8B
CHINA RAILWAY MATERIALS COMPANY LIMITED	-2.62%	2.17B
MRS LOGÍSTICA S.A.	+8.31%	1.78B
CHINA RAILWAY TIELONG CONTAINER LOGISTICS CO., LTD	-1.82%	1.07B
NINGXIA WESTERN VENTURE INDUSTRIAL CO.,LTD.	-8.90%	886M
FTAI INFRASTRUCTURE INC.	+87.92%	743M

Railway Freight Operators