Norfolk Southern Corp
NSC—
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Norfolk Southern Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 38.6% TTM vs industry median 8.9% - 4.4x advantage from rail network pricing power and operating leverage[Operating Margin TTM]
- Negative working capital (-488M) with 1.1x debt/equity and 17.1B total debt - capital-intensive model requires sustained FCF[Working Capital]
- EPS declined 26.7% YoY despite stable revenue - margin compression or one-time charges impacting earnings quality[EPS Growth 1Y]
Watch Triggers
- Operating Margin TTM: Falls below 35% — Would signal operating ratio deterioration, key rail efficiency metric
- EPS Growth 1Y: Remains negative for 2+ quarters — Confirms structural margin compression vs temporary headwinds
- Interest Expense TTM: Exceeds 850M — Debt service consuming more FCF, threatens dividend coverage
Bull Case
Rail duopoly with 38.6% operating margin and 24.2% net margin (6x industry) creates durable moat. 2.1B FCF TTM funds 5.4/share dividend (2.5% yield).
Operating Margin TTMNet Margin TTMFree Cash Flow TTM
Asset-heavy model (36.1B PPE) creates massive barriers to entry. ROE 20.5% TTM vs industry 9.1% despite capital intensity.
PPEROE TTM
Bear Case
17.1B debt at 1.1x D/E with 796M interest expense TTM (6.5% of revenue). Rising rates pressure FCF available for shareholders.
Total DebtInterest Expense TTMDebt to Equity
EPS down 26.7% YoY signals execution issues. P/E 22.2x above industry median 18.8x despite earnings decline.
EPS Growth 1YP/E Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Operating ratio improvements should drive EPS recovery as 2024 headwinds normalize
1-3ymed
- 38.6% operating margin shows structural efficiency
- 2.1B FCF TTM covers 1.2B dividends with cushion
- Rail duopoly pricing power in Eastern US
Operating margin 4.4x industry medianFCF yield 3.2% on 65.8B market capNet margin 24.2% vs industry 4.1%
Valuation Context
Caveats
Public Strategies Rankings
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NSC Fundamentals
Transportation and Warehousing → Rail Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$64.63B | — | ||
$80.4B | — | ||
23 | — | ||
$12.18B | +0.5% | — | |
$12.75 | -6.9% | — | |
37.5% | +1.0% | — | |
23.6% | +2.0% | — | |
$2.16B | +29.1% | — | |
19.3% | -0.1% | — | |
Beta 5Y (Monthly) | unknown | — |
NSC Dividend History
105 dividends
2026
$1.350002/06/26$1.3500
2025
$5.400011/07/25$1.3500
08/01/25$1.3500
05/02/25$1.3500
02/07/25$1.3500
2024
$5.400011/01/24$1.3500
08/02/24$1.3500
05/02/24$1.3500
02/01/24$1.3500
2023
$5.400011/02/23$1.3500
08/03/23$1.3500
05/04/23$1.3500
02/02/23$1.3500
2022
$4.960011/03/22$1.2400
08/05/22$1.2400
05/05/22$1.2400
02/03/22$1.2400
2021
$4.160011/04/21$1.0900
08/06/21$1.0900
05/06/21$0.9900
02/04/21$0.9900
2020
$3.760011/05/20$0.9400
08/06/20$0.9400
05/07/20$0.9400
02/06/20$0.9400
2019
$3.600010/31/19$0.9400
08/02/19$0.9400
05/02/19$0.8600
02/01/19$0.8600
2018
$3.040011/01/18$0.8000
08/03/18$0.8000
05/03/18$0.7200
02/01/18$0.7200
2017
$2.440011/02/17$0.6100
08/03/17$0.6100
05/03/17$0.6100
02/01/17$0.6100
2016
$2.360011/02/16$0.5900
08/04/16$0.5900
05/04/16$0.5900
02/03/16$0.5900
2015
$2.360011/04/15$0.5900
08/05/15$0.5900
05/06/15$0.5900
02/04/15$0.5900
2014
$2.220011/05/14$0.5700
07/30/14$0.5700
04/30/14$0.5400
02/05/14$0.5400
2013
$2.040010/30/13$0.5200
07/31/13$0.5200
05/01/13$0.5000
01/30/13$0.5000
2012
$1.940010/31/12$0.5000
08/09/12$0.5000
05/02/12$0.4700
02/01/12$0.4700
2011
$1.660011/02/11$0.4300
08/03/11$0.4300
05/04/11$0.4000
02/02/11$0.4000
2010
$1.400011/03/10$0.3600
08/04/10$0.3600
05/05/10$0.3400
02/03/10$0.3400
2009
$1.360011/04/09$0.3400
08/05/09$0.3400
04/29/09$0.3400
02/04/09$0.3400
2008
$1.220011/05/08$0.3200
07/30/08$0.3200
04/30/08$0.2900
01/30/08$0.2900
2007
$0.960010/31/07$0.2600
08/01/07$0.2600
05/02/07$0.2200
01/31/07$0.2200
2006
$0.680011/01/06$0.1800
08/02/06$0.1800
05/03/06$0.1600
02/01/06$0.1600
2005
$0.480011/02/05$0.1300
08/03/05$0.1300
05/04/05$0.1100
02/02/05$0.1100
2004
$0.360011/03/04$0.1000
08/04/04$0.1000
05/05/04$0.0800
02/04/04$0.0800
2003
$0.300011/05/03$0.0800
07/30/03$0.0800
04/30/03$0.0700
02/05/03$0.0700
2002
$0.260010/30/02$0.0700
07/31/02$0.0700
05/01/02$0.0600
01/30/02$0.0600
2001
$0.240010/31/01$0.0600
08/01/01$0.0600
05/02/01$0.0600
01/31/01$0.0600
2000
$0.800011/01/00$0.2000
08/02/00$0.2000
05/03/00$0.2000
02/02/00$0.2000
NSC Stock Splits
No stock splits
NSC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/09/26 | 12/31/25 | 10-K | |
10/23/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/23/25 | 03/31/25 | 10-Q | |
02/10/25 | 12/31/24 | 10-K | |
10/22/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/05/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/03/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/04/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/04/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/29/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/06/20 | 12/31/19 | 10-K | |
10/23/19 | 09/30/19 | 10-Q | |
07/24/19 | 06/30/19 | 10-Q | |
04/24/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/25/18 | 03/31/18 | 10-Q | |
02/05/18 | 12/31/17 | 10-K | |
10/25/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
02/06/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
04/22/16 | 03/31/16 | 10-Q | |
02/08/16 | 12/31/15 | 10-K | |
10/28/15 | 09/30/15 | 10-Q | |
07/27/15 | 06/30/15 | 10-Q | |
04/29/15 | 03/31/15 | 10-Q | |
02/11/15 | 12/31/14 | 10-K | |
10/22/14 | 09/30/14 | 10-Q | |
07/23/14 | 06/30/14 | 10-Q | |
04/23/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/23/13 | 09/30/13 | 10-Q | |
07/24/13 | 06/30/13 | 10-Q | |
04/24/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/27/12 | 06/30/12 | 10-Q | |
04/27/12 | 03/31/12 | 10-Q | |
02/15/12 | 12/31/11 | 10-K | |
10/28/11 | 09/30/11 | 10-Q | |
07/29/11 | 06/30/11 | 10-Q | |
04/29/11 | 03/31/11 | 10-Q | |
02/17/11 | 12/31/10 | 10-K | |
10/29/10 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
02/17/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
08/03/09 | 06/30/09 | 10-Q | |
04/24/09 | 03/31/09 | 10-Q | |
02/18/09 | 12/31/08 | 10-K | |
10/24/08 | 09/30/08 | 10-Q | |
07/24/08 | 06/30/08 | 10-Q | |
04/23/08 | 03/31/08 | 10-Q | |
02/15/08 | 12/31/07 | 10-K | |
10/25/07 | 09/30/07 | 10-Q | |
07/27/07 | 06/30/07 | 10-Q | |
04/27/07 | 03/31/07 | 10-Q | |
02/22/07 | 12/31/06 | 10-K | |
10/31/06 | 09/30/06 | 10-Q | |
07/28/06 | 06/30/06 | 10-Q | |
04/28/06 | 03/31/06 | 10-Q | |
02/23/06 | 12/31/05 | 10-K | |
10/28/05 | 09/30/05 | 10-Q | |
08/01/05 | 06/30/05 | 10-Q | |
04/29/05 | 03/31/05 | 10-Q | |
03/02/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 10-Q | |
07/30/04 | 06/30/04 | 10-Q | |
04/28/04 | 03/31/04 | 10-Q | |
02/13/04 | 12/31/03 | 10-K | |
10/31/03 | 09/30/03 | 10-Q | |
07/30/03 | 06/30/03 | 10-Q | |
04/30/03 | 03/31/03 | 10-Q | |
02/24/03 | 12/31/02 | 10-K | |
11/05/02 | 09/30/02 | 10-Q | |
08/08/02 | 06/30/02 | 10-Q | |
04/24/02 | 03/31/02 | 10-Q | |
02/21/02 | 12/31/01 | 10-K | |
11/09/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/09/01 | 03/31/01 | 10-Q | |
03/05/01 | 12/31/00 | 10-K405 | |
11/13/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/10/00 | 03/31/00 | 10-Q |