Norfolk Southern Corporation (NSC) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	295	234.7	236.4	246.4	297.7	237.6	194.1	149.5	144.9	108.1	84.6
Total Shares Outstanding	224.4	226.3	225.7	228.1	240.2	252.1	257.9	268.1	284.2	290.4	297.8
Market Cap	66,191.8	53,117.5	53,346.5	56,202.6	71,498.9	59,900.3	50,067.1	40,091.4	41,174.4	31,385.4	25,190.5
Total Enterprise Value (TEV)	81,856.8	68,682.5	68,957.5	70,928.6	84,499.9	71,466.3	61,683.1	50,878.4	50,320.4	40,641.4	34,182.5
Dividend Yield	—	2.3%	2.3%	2%	1.4%	1.6%	1.9%	2%	1.7%	2.2%	2.8%
Buyback Yield	—	-0%	1.2%	5.5%	4.7%	2.3%	4.1%	6.8%	2.2%	2.4%	4.2%
Debt Paydown Yield	—	0%	-3.7%	-2.3%	-1.5%	-0.7%	-2%	-3.2%	1%	-0.3%	-4.3%
Shareholder Yield	—	-0%	-2.5%	3.3%	3.2%	1.6%	2.1%	3.7%	3.3%	2.1%	-0%
P/S	5.4	4.4	4.4	4.4	6.4	6.1	4.4	3.5	3.9	3.2	2.4
P/Gross Profit	6.2	4.9	5.3	5.3	7.3	7	5.2	4.1	4.6	3.7	2.9
P/E	22.5	20.3	29.5	17.8	24.6	30.3	18.9	15.7	7.8	19.2	16.6
Earnings Yield	4.4%	4.9%	3.4%	5.6%	4.1%	3.3%	5.3%	6.4%	12.8%	5.2%	6%
P/OCF	—	13.1	16.8	13.3	16.8	16.5	12.9	10.8	12.7	10.3	8.7
P/FCF	—	31.8	62.6	24.7	25.7	28	26.7	22.6	26.9	27.4	48.2
FCF Yield	—	3.1%	1.6%	4%	3.9%	3.6%	3.7%	4.4%	3.7%	3.7%	2.1%
P/B	4.4	3.7	4.2	4.4	5.2	4	3.3	2.6	2.5	2.5	2.1
EV/Sales	6.7	5.7	5.7	5.6	7.6	7.3	5.5	4.4	4.8	4.1	3.3
EV/Gross Profit	7.7	6.4	6.8	6.7	8.6	8.3	6.4	5.2	5.6	4.8	4
EV/EBITDA	18	12.7	16.6	11.8	15	17.2	12	10	11	10.1	8.7
EV/EBIT	18	16.9	24.2	14.7	19	23.8	15.5	12.9	14.3	13.5	11.9
EV/OCF	—	17	21.7	16.8	19.9	19.6	15.8	13.7	15.5	13.4	11.8
EV/FCF	—	41.1	80.9	31.2	30.3	33.3	32.9	28.7	32.9	35.4	65.4

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	—	2.3%	2.3%	2%	1.4%	1.6%	1.9%	2%	1.7%	2.2%	2.8%
DPS	—	5.4	5.4	5	4.2	3.8	3.6	3	2.4	2.4	2.4
Payout Ratio	—	46.6%	67%	35.7%	34.2%	47.7%	34.9%	31.7%	13%	41.7%	45.8%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	86.8%	89.1%	83.5%	83%	87.9%	87.9%	85%	84.8%	85%	84.9%	81.8%
Operating Margin	37.2%	33.6%	23.5%	37.7%	39.9%	30.7%	35.3%	34.6%	33.4%	30.4%	27.4%
EBITDA Margin	37.2%	44.7%	34.1%	47.3%	50.5%	42.5%	45.4%	44.2%	43.4%	40.8%	37.5%
Net Profit Margin	24.2%	21.6%	15%	25.7%	27%	20.6%	24.1%	23.3%	51.2%	16.9%	14.8%
Effective Tax Rate	22.6%	21.2%	21.3%	20.8%	22.5%	20.4%	22%	23.1%	-72.8%	35.4%	36.3%
Pre-Tax Profit Margin	31.3%	27.5%	19.1%	32.4%	34.8%	25.8%	30.9%	30.3%	29.6%	26.1%	23.2%
Free Cash Flow Margin	—	13.8%	7%	17.8%	25%	21.9%	16.6%	15.5%	14.5%	11.6%	5%
OCF / Sales	—	33.4%	26.2%	33.1%	38.2%	37.2%	34.5%	32.5%	30.8%	30.7%	27.7%
OCF / Net Income	—	154.5%	174%	129.1%	141.6%	180.7%	143%	139.8%	60.2%	181.9%	186.9%
FCF / OCF	—	41.2%	26.8%	53.9%	65.5%	58.9%	48.1%	47.6%	47%	37.8%	18%
FCF / Net Income	—	63.7%	46.6%	69.5%	92.7%	106.5%	68.8%	66.6%	28.3%	68.8%	33.6%
FCF / EBITDA	—	30.8%	20.5%	37.7%	49.5%	51.6%	36.5%	35.1%	33.4%	28.4%	13.3%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	8.1%	7.8%	5.8%	10.1%	9.3%	6.5%	8.6%	8.7%	17.8%	5.8%	5.8%
Return on Assets	8%	7.5%	5.6%	9.8%	9%	6.3%	8.4%	8.5%	17.2%	5.6%	5.5%
Return on Equity	20.1%	19.4%	14.3%	24.8%	21.1%	13.4%	17.8%	16.8%	37.6%	13.6%	12.7%
Return on Total Capital	20.3%	18.4%	13.7%	25.8%	25.5%	18.8%	26.1%	28.3%	59%	18.6%	18.7%
Return on Capital Employed	11.1%	10.3%	7.6%	13.3%	12.4%	8.4%	11.5%	11.9%	10.7%	9.3%	9.1%
Return on Tangible Assets	6.6%	6.1%	4.5%	8.5%	7.9%	5.3%	7.3%	7.4%	15.3%	4.8%	4.6%
Receivables Turnover	11.3	10.9	10.6	12	12.2	11.1	11.7	11.7	11.1	10.5	10.5
Days Sales Outstanding	32.4	33.4	34.5	30.4	29.9	33	31.2	31.3	32.9	34.9	34.7
Payables Turnover	1	0.8	1.4	1.6	1.1	1	1.2	1.2	1.2	1.3	1.6
Days Payables Outstanding	381	462.1	267.2	222.2	320.9	375.4	316.2	304.4	302	281.1	222.1
Inventory Turnover	5.6	4.9	7.7	9.2	6.1	5.1	7.5	8.1	6.6	5.7	7.5
Days Inventory Outstanding	65.1	74.8	47.1	39.6	59.5	71.4	48.6	44.9	55.3	64.4	48.4
Cash Conversion Cycle	-283.5	-353.9	-185.6	-152.2	-231.5	-271.1	-236.4	-228.2	-213.8	-181.9	-138.9
Asset Turnover	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Fixed Asset Turnover	0.3	0.4	0.4	0.4	0.4	0.3	0.4	0.4	0.4	0.3	0.4
Operating Cycle	97.5	108.2	81.6	70	89.4	104.4	79.8	76.2	88.2	99.3	83.2
CapEx to OCF	—	0.6	0.7	0.5	0.3	0.4	0.5	0.5	0.5	0.6	0.8
CapEx to Revenue	—	0.2	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2
CapEx to Depreciation	—	1.8	1.8	1.6	1.2	1.3	1.8	1.8	1.6	1.8	2.3

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	17,083	17,206	17,179	15,182	13,840	12,681	12,196	11,145	9,836	10,212	10,093
Net Debt	15,665	15,565	15,611	14,726	13,001	11,566	11,616	10,787	9,146	9,256	8,992
Current Ratio	0.9	0.9	1.2	0.8	0.9	1.1	0.9	0.7	0.8	1	1.1
Quick Ratio	0.7	0.8	1	0.6	0.7	0.9	0.7	0.5	0.6	0.8	0.9
Cash Ratio	0.4	0.5	0.6	0.2	0.3	0.5	0.3	0.1	0.3	0.4	0.5
Debt Ratio	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3
Assets to Equity	2.9	3.1	3.3	3.1	2.8	2.6	2.5	2.4	2.2	2.8	2.8
Cash Flow to Debt Ratio	—	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Long-term Debt to Assets	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Net Current Asset Value	-26,403	-26,188	-25,600	-24,145	-22,685	-20,853	-20,658	-19,015	-17,203	-20,192	-19,439
Debt / Equity	1.1	1.2	1.3	1.2	1	0.9	0.8	0.7	0.6	0.8	0.8
Total Debt / Capitalization	1	1	1	1	1	1	1	1	1	1	1
Long Term Debt / Capitalization	1	1	1	0.9	0.9	0.9	1	0.9	0.9	0.9	0.9
Long-Term Debt / Equity	1.1	1.2	1.3	1.1	1	0.8	0.8	0.7	0.6	0.8	0.8
Net Debt / EBITDA	3.4	2.9	3.8	2.4	2.3	2.8	2.3	2.1	2	2.3	2.3
EBIT / Interest Expense	5.7	5	3.9	6.9	6.9	4.8	6.6	7.1	6.4	5.3	5.3
EBITDA / Interest Expense	5.7	6.7	5.7	8.7	8.7	6.6	8.5	9.1	8.3	7.2	7.2
(EBITDA - Capex) / Interest Expense	5.7	3.8	2.5	5.9	6.4	4.3	5.1	5.6	5.2	3.8	2.9

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	54.2	53.5	53.5	54.1	44.9	38.1	42.5	40.9	36.3	33.4	34.5
Basic EPS	13.1	11.6	8	13.9	12.2	7.9	10.3	9.6	18.8	5.7	5.1
Diluted EPS	13.1	11.6	8	13.9	12.1	7.8	10.3	9.5	18.6	5.6	5.1
Book Value per Share	67.1	63.2	56.2	54	55	57.6	57.2	54.8	56.4	41.9	40
Tangible Book Value per Share	67.1	63.2	56.2	54	55	57.6	57.2	54.8	56.4	41.9	40
Cash per Share	6.3	7.2	6.9	1.9	3.4	4.3	2.2	1.3	2.4	3.2	3.6
Operating Cash Flow per Share	—	17.9	14	17.9	17.2	14.2	14.7	13.3	11.2	10.3	9.6
Free Cash Flow per Share	—	7.4	3.7	9.7	11.2	8.4	7.1	6.3	5.3	3.9	1.7
CapEx per Share	—	10.5	10.2	8.3	5.9	5.8	7.6	7	5.9	6.4	7.8
Weighted Avg. Shares Outstanding	225.6	226.1	226.9	234.8	246.9	255.1	263.3	277.7	287.9	293.9	301.9
Weighted Avg. Shares Outstanding Diluted	225.8	226.4	227.4	235.6	248.1	256.6	265.6	280.2	290.3	296	304.4

Common Size