Question 1

What is Norfolk Southern's P/B ratio?

Accepted Answer

Norfolk Southern (NSC) P/B ratio is 4.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Norfolk Southern?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Norfolk Southern specifically, the relevant sector benchmark is the current sector median of 4.6×.

Question 5

Is Norfolk Southern's P/B ratio high or low?

Accepted Answer

Norfolk Southern's P/B ratio of 4.7× is above its own 5-year average of 4.2× and above the sector median of 4.6×. That places the current reading at the 90th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Norfolk Southern's historical P/B ratio range?

Accepted Answer

In the available daily series, Norfolk Southern (NSC) P/B ratio has ranged from a low of 1.0× in 2003 to a high of 5.3× in 2021. The 5-year average is 4.2× and the 5-year median is 4.1×.

Question 7

What was Norfolk Southern's P/B ratio in 2025?

Accepted Answer

Norfolk Southern (NSC) P/B ratio at the end of 2025 was 4.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Norfolk Southern's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$64.9B	$15.5B	4.2×	+0.5×	Dec 31, 2025
2024	$53.1B	$14.3B	3.7×	-0.5×	Dec 31, 2024
2023	$53.3B	$12.8B	4.2×	-0.3×	Dec 31, 2023
2022	$56.7B	$12.7B	4.4×	-0.8×	Dec 31, 2022
2021	$71.5B	$13.6B	5.2×	+1.2×	Dec 31, 2021
2020	$59.9B	$14.8B	4.0×	+0.8×	Dec 31, 2020
2019	$50.1B	$15.2B	3.3×	+0.7×	Dec 31, 2019
2018	$40.1B	$15.4B	2.6×	+0.1×	Dec 31, 2018
2017	$41.3B	$16.4B	2.5×	-0.0×	Dec 31, 2017
2016	$31.5B	$12.4B	2.5×	+0.5×	Dec 31, 2016
2015	$25.2B	$12.2B	2.1×	-0.7×	Dec 31, 2015
2014	$33.9B	$12.4B	2.7×	+0.2×	Dec 31, 2014
2013	$28.7B	$11.3B	2.5×	+0.5×	Dec 31, 2013
2012	$19.5B	$9.76B	2.0×	-0.4×	Dec 31, 2012
2011	$23.9B	$9.91B	2.4×	+0.3×	Dec 31, 2011
2010	$22.3B	$10.7B	2.1×	+0.2×	Dec 31, 2010
2009	$19.3B	$10.4B	1.9×	+0.1×	Dec 31, 2009
2008	$17.2B	$9.61B	1.8×	-0.2×	Dec 31, 2008
2007	$19.1B	$9.73B	2.0×	-0.1×	Dec 31, 2007
2006	$19.9B	$9.62B	2.1×	+0.1×	Dec 31, 2006
2005	$18.3B	$9.29B	2.0×	+0.1×	Dec 31, 2005
2004	$14.5B	$7.99B	1.8×	+0.5×	Dec 31, 2004
2003	$9.31B	$6.98B	1.3×	+0.1×	Dec 31, 2003
2002	$7.74B	$6.5B	1.2×	—	Dec 31, 2002


Thomson Reuters (TRI)	3.3×
Snap-on (SNA)	3.2×
Ingersoll Rand (IR)	3.1×
PACCAR (PCAR)	3.1×
Franklin Electric Co. (FELE)	3.0×
Huntington Ingalls Industries (HII)	2.9×
Brady (BRC)	2.9×
Delta Air Lines (DAL)	2.8×
United Airlines Holdings (UAL)	2.7×
Xylem (XYL)	2.6×
FedEx (FDX)	2.6×
Upwork (UPWK)	2.5×
McGrath RentCorp (MGRC)	2.2×
Tennant (TNC)	2.2×
Serve Robotics (SERV)	2.0×
AGCO (AGCO)	2.0×
Textron (TXT)	1.9×
Andersons (ANDE)	1.9×
Archer Aviation (ACHR)	1.9×
Alamo Group (ALG)	1.7×
Matthews International (MATW)	1.6×
Redwire (RDW)	1.5×
Amentum Holdings (AMTM)	1.4×
ABM Industries (ABM)	1.4×
Stanley Black & Decker (SWK)	1.2×

P/B Ratio for Norfolk Southern (NSC) 2002-2026

P/B Ratio daily chart for Norfolk Southern (NSC)

Historical P/B Ratio for Norfolk Southern (NSC) from 2002 to 2025

About P/B Ratio at Norfolk Southern (NSC)

Norfolk Southern P/B Ratio by Year

Norfolk Southern P/B Ratio 2025: 4.2×

Norfolk Southern P/B Ratio 2024: 3.7×

Norfolk Southern P/B Ratio 2023: 4.2×

Norfolk Southern P/B Ratio 2022: 4.4×

Norfolk Southern P/B Ratio 2021: 5.2×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Norfolk Southern (NSC) Key Financials