Stock

Norfolk Southern Corporation

NSC

Railroads · Industrials

Also trades as: 0K8M.L GBP 3.30 (-1.61%)

Price

$329.99

-8.24 (-2.44%)

Market Cap

$74.12B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

23/30

Growth

Weak

4/20

Cash Flow

Strong

8/10

Stability

Good

5/10

Valuation

Strong

7/10

Ownership

Weak

1/15

Dividends

Weak

1/5

49 of 100 counted points = Winston Score 49.

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Share count falling — buybacks

−9.4% over 4y

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

Diluted shares outstanding: 248.1M (2021) → 224.8M (2025)

§Winston Score History

The full picture

Norfolk Southern runs one of the largest freight railroad networks in the United States. It moves goods like coal, chemicals, cars, and consumer products across roughly 19,500 miles of track in the eastern half of the country. Its main customers are manufacturers, energy companies, and retailers who need to ship heavy cargo long distances.

The company makes money by charging businesses to move freight on its rail network. It operates almost entirely in the eastern U.S., competing mainly with CSX, which runs a similar eastern network. Railroads have a strong natural moat because building new track is extremely expensive, making it nearly impossible for new competitors to enter the market. The biggest risk Norfolk Southern faces is losing freight volume to trucking companies, especially if fuel prices fall and make trucks cheaper to operate relative to rail.

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4 Congressional buys and 7 sells on NSC in the last 12 months.

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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

+11.4% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

-4.4% YoY

Quarterly reporting periods ended:

30 Jun 2025: $3.41

30 Jun 2026: $3.26

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

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 11%. 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

66.8%

Premium pricing power — 66.8% gross margin

Profit after running costs

Operating Margin

32.4%

Excellent — 32.4% operating margin

Return on the money invested

ROCE

12.1%

Good — 12.1% 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

-20.9%

Earnings shrinking (-20.9% 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

7.1%

Modest free cash flow (7.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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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

5.05x

Adequate interest coverage (5.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.2x

Growth-priced — P/E 28.2

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

Cheaper or dearer next year

P/E vs Forward

+7.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.2 → 20.2)

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Dividends

Dividend

Dividend Yield

1.70%

Small dividend — 1.70% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

Payout Ratio

45%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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