Is Norfolk Southern (NSC) overvalued or fairly valued?

MarketChacha shows Norfolk Southern's valuation in context — a trailing P/E of about 26.7, a forward P/E of about 22.8, a price-to-book of about 4.5 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Norfolk Southern's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.58×) from reported figures — education, not a rating.

What is Norfolk Southern's revenue?

Norfolk Southern reported revenue of $12.2B for FY2025, with net profit of $2.9B, per official filings.

What is the share price of Norfolk Southern (NSC)?

Norfolk Southern last traded at $326.92 (+0.6% on the day), as of 10/16/2026 — a delayed quote shown for education, not investment advice.

Norfolk Southern

NSC · NYSE · Industrials · United States

Snapshot

TickerNSC

ExchangeNYSE

SectorIndustrials

IndustryRailroads

CountryUnited States

Employees19,300

HeadquartersAtlanta, United States

Websitewww.norfolksouthern.com

Filings tracked19

About Norfolk Southern

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.

Who owns it

Insiders0.0%
Institutions77.6%
Public & other22.4%

2,288 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.7.12%
Vanguard Capital Management LLC6.53%
State Street Corporation4.56%
Vanguard Portfolio Management LLC3.21%
Millennium Management Llc2.32%
Geode Capital Management, LLC2.28%
Bank of America Corporation1.39%
NORGES BANK1.35%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.58×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend15.0% → 23.6%

Margin has expanded by about 8.6 points — the business is getting more profitable.

Return on equity18.5%

Latest ROE of 18.5% — capital is generating a healthy return.

Growth qualityrev 0% · PAT 25%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $3.4B · EPS 3.21

Est. earnings growth -0.2%

Next fiscal year

Rev $13.9B · EPS 14.32

Est. earnings growth +11.4%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$12.2B

Net margin

23.6%

ROE

18.5%

Revenue CAGR (2y)

+0.1%

Profit CAGR (2y)

+25.4%

EPS (FY2025)

12.75

Net profit (FY2025)

$2.9B

Ask MarketChacha about NSC

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$12.2B	$2.9B	12.75	23.6%	18.5%
FY2024	$12.1B	$2.6B	11.57	21.6%	18.3%
FY2023	$12.2B	$1.8B	8.02	15.0%	14.3%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$3.5B	$734.0M	3.26	21.2%
2026Q1	$3.0B	$547.0M	2.43	18.2%
2025Q3	$3.1B	$711.0M	3.16	22.9%
2025Q2	$3.1B	$768.0M	3.41	24.7%
2025Q1	$3.0B	$750.0M	3.31	25.1%
2024Q3	$3.1B	$1.1B	4.85	36.0%
2024Q2	$3.0B	$737.0M	3.25	24.2%
2024Q1	$3.0B	$53.0M	0.23	1.8%
2023Q3	$3.0B	$478.0M	2.10	16.1%
2023Q2	$3.0B	$356.0M	1.56	11.9%
2023Q1	$3.1B	$466.0M	2.04	14.9%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC7/23/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/23/2026material
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC6/1/2026material
8-K — Shareholder vote results
SEC5/8/2026material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC4/24/2026material
10-Q filing
SEC4/24/2026
8-K — Material agreement, Exhibits
SEC4/2/2026material
10-K filing
SEC2/9/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC1/29/2026material

2025

8-K — Reg FD disclosure, Exhibits
SEC12/19/2025material
8-K — Shareholder vote results, Other events, Exhibits
SEC11/17/2025material
8-K — Other events
SEC11/6/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/23/2025material
10-Q filing
SEC10/23/2025
8-K — Executive/director change, Exhibits
SEC9/29/2025material
8-K — Other events, Exhibits
SEC7/29/2025material
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC7/29/2025material
10-Q filing
SEC7/29/2025
8-K — Material agreement, Exhibits
SEC7/29/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.