Question 1

What is Norfolk Southern's P/E ratio?

Accepted Answer

Norfolk Southern (NSC) P/E ratio is 27.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Norfolk Southern specifically, the relevant sector benchmark is the current sector median of 27.8×.

Question 5

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

Accepted Answer

Norfolk Southern's P/E ratio of 27.9× is above its own 5-year average of 22.0× and above the sector median of 27.8×. That places the current reading at the 85th 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/E ratio range?

Accepted Answer

In the available daily series, Norfolk Southern (NSC) P/E ratio has ranged from a low of 6.9× in 2018 to a high of 40.2× in 2024. The 5-year average is 22.0× and the 5-year median is 21.9×.

Question 7

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

Accepted Answer

Norfolk Southern (NSC) P/E ratio at the end of 2025 was 22.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$2.87B	22.6×	+2.3×	Dec 31, 2025
2024	$53.1B	$2.62B	20.2×	-9.0×	Dec 31, 2024
2023	$53.3B	$1.83B	29.2×	+11.9×	Dec 31, 2023
2022	$56.7B	$3.27B	17.3×	-6.5×	Dec 31, 2022
2021	$71.5B	$3.01B	23.8×	-6.0×	Dec 31, 2021
2020	$59.9B	$2.01B	29.8×	+11.4×	Dec 31, 2020
2019	$50.1B	$2.72B	18.4×	+3.4×	Dec 31, 2019
2018	$40.1B	$2.67B	15.0×	+7.4×	Dec 31, 2018
2017	$41.3B	$5.4B	7.6×	-11.2×	Dec 31, 2017
2016	$31.5B	$1.67B	18.9×	+2.7×	Dec 31, 2016
2015	$25.2B	$1.56B	16.2×	-0.7×	Dec 31, 2015
2014	$33.9B	$2B	16.9×	+1.9×	Dec 31, 2014
2013	$28.7B	$1.91B	15.0×	+3.9×	Dec 31, 2013
2012	$19.5B	$1.75B	11.1×	-1.4×	Dec 31, 2012
2011	$23.9B	$1.92B	12.5×	-2.4×	Dec 31, 2011
2010	$22.3B	$1.5B	14.9×	-3.7×	Dec 31, 2010
2009	$19.3B	$1.03B	18.7×	+8.6×	Dec 31, 2009
2008	$17.2B	$1.72B	10.0×	-3.0×	Dec 31, 2008
2007	$19.1B	$1.46B	13.0×	-0.4×	Dec 31, 2007
2006	$19.9B	$1.48B	13.4×	-0.8×	Dec 31, 2006
2005	$18.3B	$1.28B	14.3×	-1.5×	Dec 31, 2005
2004	$14.5B	$923M	15.7×	-1.7×	Dec 31, 2004
2003	$9.31B	$535M	17.4×	+0.6×	Dec 31, 2003
2002	$7.74B	$460M	16.8×	—	Dec 31, 2002


Pentair (PNR)	21.1×
Lennox International (LII)	20.6×
Copart (CPRT)	20.4×
Union Pacific (UNP)	19.9×
Allegion (ALLE)	19.7×
Alamo Group (ALG)	19.6×
Andersons (ANDE)	19.0×
Carlisle Companies (CSL)	18.8×
Snap-on (SNA)	18.5×
Brady (BRC)	18.5×
Canadian National Railway (CNI)	18.4×
FedEx (FDX)	18.4×
Pool (POOL)	18.1×
McGrath RentCorp (MGRC)	17.5×
Honeywell International (HON)	17.5×
A. O. Smith (AOS)	17.4×
Textron (TXT)	16.6×
Northrop Grumman (NOC)	16.1×
United Parcel Service (UPS)	15.9×
Delta Air Lines (DAL)	15.5×
ABM Industries (ABM)	15.2×
Masco (MAS)	14.6×
Upwork (UPWK)	12.9×
United Airlines Holdings (UAL)	12.7×
AGCO (AGCO)	10.9×

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

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

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

About P/E Ratio at Norfolk Southern (NSC)

Norfolk Southern P/E Ratio by Year

Norfolk Southern P/E Ratio 2025: 22.6×

Norfolk Southern P/E Ratio 2024: 20.2×

Norfolk Southern P/E Ratio 2023: 29.2×

Norfolk Southern P/E Ratio 2022: 17.3×

Norfolk Southern P/E Ratio 2021: 23.8×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Norfolk Southern (NSC) Key Financials