Norfolk Southern Corporation

NFS.DE

Railroads · Industrials

Price

€299.95

+2.85 (+0.96%)

Market Cap

€67.37B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Weak

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Share count falling — buybacks

−9.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 248.1M (2021) → 225.3M (2025)

Winston Score History

The full picture

Norfolk Southern runs a large freight railroad network in the eastern United States. It moves goods like coal, chemicals, farm products, cars, and consumer goods for factories, retailers, and energy companies. It is one of only two major freight railroads serving the eastern U.S., making it a critical part of the country's supply chain.

The company earns money by charging customers to ship freight across its roughly 19,500-mile rail network. Because building a competing railroad is nearly impossible, Norfolk Southern has a strong natural monopoly in the regions it serves. However, the company faces real risks from competition with trucking, ongoing pressure to improve its on-time performance after the 2023 East Palestine, Ohio derailment, and sensitivity to economic slowdowns that reduce the volume of goods being shipped.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-4.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Norfolk Southern Corporation is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

34.1%

Modest — 34.1% gross margin

Profit after running costs

Operating Margin

34.1%

Excellent — 34.1% operating margin

Return on the money invested

ROCE

12.6%

Good — 12.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.0%

Nearly flat sales (+3.0% YoY)

Profit growth

EPS YoY

-20.8%

Earnings shrinking (-20.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

142%

Turns 142% of profit into real cash

Spare cash per sale

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.02

Elevated debt (1.02)

Covers its interest

Interest Cover

5.27x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

25.6x

Growth-priced — P/E 25.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.54%

Small dividend — 1.54% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-6.1%

Dividend cut (-6.1% YoY) — warning sign

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