Norfolk Southern Corporation Financial Ratios — NFS.DE Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	20.5	19.35	20.45	19.64	14.66	15.68	42.89	18.89	20	15.11	24.06	28.72	16.72	22.56	22.29
Return on Assets (%)	6.75	5.94	6.08	6.09	4.62	4.83	15.31	7.41	7.34	5.31	7.86	8.45	4.54	6.15	6.46
Return on Capital (%)	13.37	12.1	12.28	12.16	9.48	9.79	- -	12.59	12.51	9.57	13.4	14.52	8.71	11.18	11.54
Return on Invested Capital (%)	12.61	11.31	10.84	11.08	8.67	9.13	- -	12.13	12.06	10.33	12.96	14.5	11.5	12.25	10.97
Gross Margin (%)	33.38	32.38	32.57	34.8	32.26	34.83	37.11	37.11	38.97	38.47	42.58	41.11	36.48	37.47	36.35
EBITDA Margin (%)	38.33	37.68	37.82	40.02	38.6	42.82	45.4	46.26	47.66	49.15	52.91	50.42	46.27	51.39	48.97
Operating Margin (%)	30.55	29.33	29.62	31.8	28.52	32.4	35.36	36.62	37.58	37.36	42.31	40.84	35.59	40.23	37.53
Incremental Operating Margin (%)	36.96	132.58	45.37	96.31	62.71	-33.07	79.49	51.27	-30.25	39.02	78.12	30.63	149.24	-1,669.7	-536.84
Pretax Margin (%)	26.12	24.98	26.37	26.96	23.23	26.11	29.65	30.28	30.9	25.85	34.81	32.4	19.09	27.46	30.09
Profit Margin (%)	17.15	15.84	16.99	17.21	14.8	16.87	51.22	23.27	24.1	20.56	26.97	25.66	15.03	21.63	23.59
Net Income to Common Margin (%)	17.07	15.76	16.92	17.15	14.75	16.82	51.18	23.22	24.05	20.53	26.95	25.64	15.03	21.63	23.59
Effective Tax Rate (%)	34.34	36.58	35.58	36.18	36.28	35.4	- -	23.15	22.03	20.43	22.51	20.82	21.25	21.24	21.61
Dvd Payout Ratio (%)	29.73	35.34	33.11	34.15	45.61	41.49	12.94	31.5	34.74	47.61	34.17	35.65	67.05	46.57	42.29
Sustainable Growth Rate (%)	14.4	12.51	13.68	12.93	7.97	9.18	37.34	12.94	13.05	7.92	15.84	18.48	5.51	12.06	12.86

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	7,540	8,682	9,448	8,985	10,093	10,212	9,836	11,145	12,734	13,114	14,253	15,592	17,571	17,478	17,305
ST Debt	150	250	545	102	700	650	700	585	413	668	635	797	109	636	677
LT Debt	7,390	8,432	8,903	8,883	9,393	9,562	9,136	10,560	12,321	12,446	13,618	14,795	17,462	16,842	16,628
Total Debt/EBITDA	1.76	2.09	2.22	1.93	2.49	2.41	2.05	2.1	2.37	2.73	2.42	2.43	3.12	2.81	2.9
Net Debt/EBITDA	1.7	1.93	1.88	1.72	2.22	2.19	1.91	2.04	2.16	2.4	2.21	2.29	2.78	2.5	2.61
Total Debt/EBIT	2.21	2.68	2.84	2.43	3.37	3.19	2.64	2.66	3	3.59	3.02	3	4.06	3.58	3.79
Net Debt/EBIT	2.13	2.48	2.4	2.17	3	2.89	2.45	2.57	2.74	3.16	2.76	2.83	3.61	3.19	3.4
EBITDA to Interest Expense	9.35	8.25	7.92	8.35	7.39	7.52	8.71	9.52	8.91	7.7	9.13	9.29	7.79	7.72	7.53
EBITDA-CapEx/Interest Expense	4.63	3.81	4.25	4.55	3.05	4.17	5.58	6.01	5.57	5.31	6.85	6.47	4.57	4.77	4.75
EBIT to Interest Expense	7.45	6.42	6.2	6.64	5.46	5.69	6.78	7.53	7.03	5.85	7.3	7.52	5.99	6.04	5.77
Interest Expense	458	504	537	557	549	563	550	557	604	625	646	692	722	807	792
Common Equity/Total Assets	31.62	29.52	29.7	32.1	30.73	30.71	40.49	37.83	35.51	34.61	30.73	28.1	26.22	28.21	29.76
Long-Term Debt/Equity (%)	74.56	86.39	78.86	71.59	77.07	77.06	55.85	68.74	81.14	84.15	99.83	116.19	136.62	117.73	106.95
Long-Term Debt/Capital (%)	44.61	47.8	46.62	45.22	45.63	45.69	37.6	42.49	47.03	47.41	52.21	55.79	61.29	56.52	54.05
Long-Term Debt/Total Assets (%)	25.9	27.79	27.41	26.76	27.51	27.4	25.58	29.14	32.49	32.79	35.38	38.05	41.92	38.56	36.76
Total Debt/Equity (%)	76.08	88.95	83.69	72.41	82.81	82.3	60.13	72.55	83.86	88.66	104.49	122.45	137.48	122.17	111.31
Total Debt/Capital (%)	45.52	49.22	49.47	45.74	49.04	48.79	40.48	44.84	48.6	49.96	54.65	58.8	61.67	58.65	56.25
Total Debt/Total Assets (%)	26.42	28.61	29.09	27.06	29.56	29.27	27.54	30.75	33.58	34.55	37.03	40.1	42.19	40.01	38.25
Net Debt to Equity	73.29	82.26	70.91	64.57	73.78	74.59	55.91	70.22	76.5	78.2	95.31	115.65	122.14	108.8	100.06
Net Debt/Capital (%)	44.59	47.27	45.34	42.91	46.16	46.34	38.74	44.04	45.34	46.01	51.51	56.5	57.98	55.28	53.21
EBITDA	4,282	4,160	4,253	4,652	4,057	4,234	4,790	5,300	5,384	4,811	5,895	6,426	5,624	6,230	5,964
EBITDA-CapEx	2,122	1,919	2,282	2,534	1,672	2,347	3,067	3,349	3,365	3,317	4,425	4,478	3,297	3,849	3,760
Operating Income (Loss)	3,413	3,238	3,331	3,696	2,998	3,204	3,731	4,196	4,245	3,657	4,714	5,205	4,326	4,877	4,571

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.18	0.32	0.68	0.55	0.49	0.41	0.27	0.14	0.25	0.52	0.33	0.17	0.6	0.46	0.41
Current Ratio	1.03	1.08	1.33	1.56	1.13	0.98	0.84	0.72	0.9	1.07	0.86	0.76	1.24	0.9	0.85
Quick Ratio	0.78	0.85	1.12	1.14	0.92	0.81	0.65	0.53	0.65	0.91	0.72	0.61	1.03	0.76	0.67
CFO/Avg Current Liab	1.71	1.62	1.4	1.43	1.45	1.33	1.33	1.45	1.59	1.63	1.82	1.63	1.2	1.31	1.19
Common Equity/Total Assets	31.62	29.52	29.7	32.1	30.73	30.71	40.49	37.83	35.51	34.61	30.73	28.1	26.22	28.21	29.76
Long-Term Debt/Equity (%)	74.56	86.39	78.86	71.59	77.07	77.06	55.85	68.74	81.14	84.15	99.83	116.19	136.62	117.73	106.95
Long-Term Debt/Capital (%)	44.61	47.8	46.62	45.22	45.63	45.69	37.6	42.49	47.03	47.41	52.21	55.79	61.29	56.52	54.05
Long-Term Debt/Total Assets (%)	25.9	27.79	27.41	26.76	27.51	27.4	25.58	29.14	32.49	32.79	35.38	38.05	41.92	38.56	36.76
Total Debt/Equity (%)	76.08	88.95	83.69	72.41	82.81	82.3	60.13	72.55	83.86	88.66	104.49	122.45	137.48	122.17	111.31
Total Debt/Capital (%)	45.52	49.22	49.47	45.74	49.04	48.79	40.48	44.84	48.6	49.96	54.65	58.8	61.67	58.65	56.25
Total Debt/Total Assets (%)	26.42	28.61	29.09	27.06	29.56	29.27	27.54	30.75	33.58	34.55	37.03	40.1	42.19	40.01	38.25
CFO/Total Liabilities	17.32	14.89	14.52	14.02	13.25	13.49	16.81	17.85	17.12	15.7	17.12	16.14	11.01	13.79	14.69
CFO/CapEx	1.49	1.37	1.56	1.38	1.22	1.61	1.89	1.91	1.93	2.43	2.89	2.17	1.37	1.7	1.98
Altman's Z-Score	1.81	1.55	1.75	1.98	1.6	1.72	2.3	2.2	2.34	2.46	2.71	2.37	2.09	2.1	2.32

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	12.22	10.36	10.54	11.18	10.51	10.46	12.8	15.88	15.89	14.93	16.27	15.58	13.68	14.53	16.22
Days Sales Outstanding	29.88	35.23	34.62	32.64	34.74	34.9	28.51	22.98	22.97	24.44	22.44	23.43	26.68	25.13	22.51
Inventory Turnover	39.38	35.13	34.54	33.02	28.09	24.41	27.71	33.59	30.57	25.91	29.15	31.87	29.87	28.02	28.3
Days Inventory Outstanding	9.27	10.39	10.57	11.05	13	14.95	13.17	10.86	11.94	14.09	12.52	11.45	12.22	13.03	12.9
Accounts Payable Turnover	8.91	11.71	10.38	10.6	10.6	10.27	8.97	8.72	9.01	9.51	9.12	9.66	9.05	7.66	7.49
Accounts Payable Turnover Days	40.97	31.17	35.16	34.45	34.43	35.53	40.7	41.88	40.5	38.39	40.01	37.8	40.34	47.64	48.72
Cash Conversion Cycle	-1.83	14.45	10.03	9.25	13.3	14.32	0.98	-8.03	-5.58	0.15	-5.05	-2.92	-1.44	-9.49	-13.31
Inventory to Cash Days	20.61	24.84	24.05	21.59	21.75	19.95	15.33	12.12	11.04	10.35	9.92	11.97	14.46	12.1	9.61
Inventories	209	216	223	236	271	257	222	207	244	221	218	253	264	277	271
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	209	216	223	236	271	257	222	207	244	221	218	253	264	277	271

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	18,740	15,052	22,724	27,977	21,349	27,235	36,463	35,535	45,630	54,476	66,462	53,920	52,006	52,756	65,385
- Cash & Cash Equivalents	276	653	1,443	973	1,101	956	690	358	580	1,115	839	456	1,568	1,641	1,530
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	7,540	8,682	9,448	8,985	10,093	10,212	9,836	11,145	12,734	13,114	14,253	15,592	17,571	17,478	17,305
Enterprise Value	25,979	23,066	30,611	35,989	30,341	36,491	45,609	46,322	57,784	66,475	79,876	69,056	68,009	68,593	81,160
Total Capital	16,565	17,640	19,097	19,643	20,583	20,929	24,297	24,854	26,200	26,251	26,081	26,519	28,493	29,799	30,766
Total Debt/Capital (%)	45.52	49.22	49.47	45.74	49.04	48.79	40.48	44.84	48.6	49.96	54.65	58.8	61.67	58.65	56.25
Total Debt / EV	0.29	0.38	0.31	0.25	0.33	0.28	0.22	0.24	0.22	0.2	0.18	0.23	0.26	0.25	0.21
EV/Sales	2.33	2.09	2.72	3.1	2.89	3.69	4.32	4.04	5.12	6.79	7.17	5.42	5.59	5.66	6.66
EV/EBITDA	6.07	5.54	7.2	7.74	7.48	8.62	9.52	8.74	10.73	13.82	13.55	10.75	12.09	11.01	13.61
EV/EBIT	7.61	7.12	9.19	9.74	10.12	11.39	12.22	11.04	13.61	18.18	16.94	13.27	15.72	14.06	17.76
EV/Cash Flow to Firm	7.36	6.82	8.94	11	9.31	10.74	10.85	11.15	13.24	16.08	16.8	14.48	18.15	14.63	16.29
EV/Free Cash Flow to Firm	4.57	4.1	5.67	6.68	5.38	6.91	7.7	7.59	9.05	11.81	12.83	10.28	11.2	9.7	11.29
Diluted Market Cap	19,055	15,254	22,986	28,257	21,526	27,430	36,767	37,139	46,991	55,450	68,658	55,699	52,402	52,774	65,641
Diluted Enterprise Value	26,319	23,283	30,991	36,269	30,518	36,686	45,913	47,926	59,145	67,449	82,072	70,835	68,405	68,611	81,416
EV per Share	75.19	71.88	98.14	116.32	100.5	124.16	158.42	172.78	224.05	263.69	332.59	302.78	301.35	303.08	361.64
TTM Sales	11,172	11,040	11,245	11,624	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123	12,180
TTM EBITDA	4,282	4,160	4,253	4,652	4,057	4,234	4,790	5,300	5,384	4,811	5,895	6,426	5,624	6,230	5,964
TTM Operating Income	3,413	3,238	3,331	3,696	2,998	3,204	3,731	4,196	4,245	3,657	4,714	5,205	4,326	4,877	4,571
TTM Cash Flow to Firm	3,528	3,385	3,424	3,270	3,258	3,398	4,203	4,154	4,363	4,134	4,756	4,770	3,748	4,688	4,982
TTM Free Cash Flow to Firm	5,688	5,626	5,395	5,388	5,643	5,285	5,926	6,105	6,382	5,628	6,226	6,718	6,075	7,069	7,186

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.54	2.87	4.55	5.61	4.07	5.57	7.39	6.54	7.95	10.81	11.99	9.03	9.52	8.2	10
EV/EBIT	7.61	7.12	9.19	9.74	10.12	11.39	12.22	11.04	13.61	18.18	16.94	13.27	15.72	14.06	17.76
Enterprise Value	25,979	23,066	30,611	35,989	30,341	36,491	45,609	46,322	57,784	66,475	79,876	69,056	68,009	68,593	81,160
Low Price	59.9	56.52	61.24	87.24	72.82	66.07	106.55	120.93	145.08	116.92	232.62	205.38	183.99	207.85	199.2
EV/Sales	2.33	2.09	2.72	3.1	2.89	3.69	4.32	4.04	5.12	6.79	7.17	5.42	5.59	5.66	6.66
EV/EBITDA	6.07	5.54	7.2	7.74	7.48	8.62	9.52	8.74	10.73	13.82	13.55	10.75	12.09	11.01	13.61
Price/Earnings	9.83	8.65	11.94	14.03	13.77	16.38	6.75	13.36	16.79	27.1	22.13	16.5	28.47	20.12	22.76
Price/Earnings Average	9.15	9.53	9.81	12.55	14.69	13.1	5.61	13.86	15.75	22.44	19.77	16.43	25.97	20.88	20.42
Price/Earnings High	13.93	14.4	15.18	18.65	21.97	19.58	7.8	18.89	19.87	30.94	23.68	20.86	32.03	24.67	23.63
Price/Earnings Low	10.85	10.42	10.04	13.54	14.18	11.68	5.68	12.19	13.77	14.66	18.6	14.33	22.73	17.94	15.56
Price/Book Value	2.08	1.68	2.36	2.62	2.04	2.54	2.52	2.59	3.39	4.15	5.62	4.93	4.76	4.28	4.86
Price/Book Value Average	1.93	1.85	1.93	2.35	2.17	2.03	2.1	2.69	3.18	3.43	5.02	4.92	4.34	4.44	4.36
Price/Book Value High	2.94	2.8	2.99	3.49	3.25	3.04	2.91	3.67	4.01	4.73	6.01	6.24	5.36	5.25	5.04
Price/Book Value Low	2.29	2.02	1.98	2.53	2.1	1.81	2.12	2.36	2.78	2.24	4.72	4.29	3.8	3.82	3.32
Price/Tangible Book Value	1.84	1.5	1.96	2.19	1.69	2.14	2.18	2.26	2.93	3.59	4.87	4.23	4.07	3.69	4.21
Price/Tangible Book Value Average	1.72	1.65	1.61	1.96	1.81	1.71	1.81	2.34	2.75	2.97	4.35	4.22	3.71	3.83	3.77
Price/Tangible Book Value High	2.61	2.5	2.49	2.91	2.7	2.56	2.52	3.19	3.47	4.09	5.21	5.35	4.58	4.52	4.37
Price/Tangible Book Value Low	2.04	1.81	1.65	2.12	1.74	1.52	1.83	2.06	2.4	1.94	4.1	3.68	3.25	3.29	2.88
Price/Sales	1.68	1.36	2.02	2.41	2.03	2.75	3.46	3.1	4.04	5.57	5.96	4.23	4.28	4.35	5.37
Price/Sales Average	1.56	1.5	1.66	2.15	2.17	2.2	2.87	3.22	3.79	4.61	5.33	4.21	3.9	4.52	4.82
Price/Sales High	2.38	2.27	2.57	3.2	3.24	3.29	3.99	4.39	4.78	6.35	6.38	5.35	4.81	5.34	5.57
Price/Sales Low	1.85	1.64	1.7	2.32	2.09	1.96	2.91	2.83	3.31	3.01	5.01	3.68	3.42	3.88	3.67
Price/Cash Flow	5.81	4.91	7.38	9.6	7.34	8.98	11.21	9.54	11.72	14.98	15.62	12.77	16.36	13.02	14.99
Price/Cash Flow Average	5.41	5.41	6.07	8.59	7.83	7.18	9.32	9.9	11	12.4	13.95	12.72	14.93	13.51	13.45
Price/Cash Flow High	8.23	8.18	9.38	12.76	11.71	10.73	12.94	13.49	13.87	17.1	16.71	16.15	18.41	15.96	15.57
Price/Cash Flow Low	6.41	5.92	6.21	9.26	7.56	6.4	9.43	8.7	9.61	8.1	13.13	11.09	13.06	11.61	10.25
Price/Free Cash Flow Average	3.29	3.17	3.74	5.02	4.34	4.46	6.14	6.79	7.46	8.95	10.71	8.99	8.68	8.51	8.97
Price/Free Cash Flow High	5.01	4.79	5.79	7.46	6.49	6.66	8.53	9.25	9.41	12.34	12.83	11.41	10.71	10.06	10.38
Price/Free Cash Flow Low	3.91	3.46	3.83	5.42	4.19	3.97	6.22	5.97	6.52	5.85	10.08	7.84	7.6	7.31	6.84
EV/Sales Average	2.21	2.23	2.37	2.84	3.02	3.14	3.74	4.16	4.86	5.83	6.53	5.4	5.22	5.82	6.11
EV/Sales High	3.03	3	3.28	3.89	4.1	4.23	4.86	5.33	5.86	7.58	7.59	6.54	6.13	6.64	6.87
EV/Sales Low	2.5	2.37	2.41	3.01	2.95	2.9	3.77	3.77	4.39	4.24	6.22	4.86	4.73	5.19	4.97
EV/EBITDA Average	5.77	5.91	6.27	7.1	7.83	7.33	8.24	8.99	10.21	11.87	12.34	10.71	11.28	11.33	12.48
EV/EBITDA High	7.9	7.95	8.67	9.71	10.61	9.88	10.7	11.52	12.28	15.42	14.34	12.96	13.25	12.92	14.03
EV/EBITDA Low	6.53	6.29	6.37	7.52	7.64	6.77	8.31	8.15	9.21	8.62	11.75	9.64	10.23	10.09	10.14
EV/EBIT Average	7.24	7.6	8.01	8.94	10.59	9.69	10.58	11.36	12.95	15.62	15.44	13.23	14.67	14.47	16.28
EV/EBIT High	9.91	10.22	11.07	12.23	14.36	13.05	13.74	14.55	15.58	20.29	17.93	16.01	17.23	16.51	18.31
EV/EBIT Low	8.19	8.08	8.14	9.47	10.33	8.95	10.67	10.3	11.68	11.34	14.7	11.91	13.3	12.89	13.23
Last Price	54.24	46.91	72.86	90.42	70.71	92.67	126.65	132.55	176.93	216.09	276.74	236.41	230.44	233.1	291.35
High Price	76.89	78.09	92.59	120.17	112.82	110.79	146.25	187.45	209.32	246.72	296.1	298.91	259.32	285.81	302.55
Enterprise Value Average	24,719	24,603	26,675	33,045	31,761	31,033	39,461	47,661	54,954	57,113	72,769	68,844	63,451	70,574	74,438
Enterprise Value High	33,829	33,087	36,883	45,193	43,052	41,816	51,250	61,042	66,139	74,196	84,526	83,309	74,526	80,521	83,673
Enterprise Value Low	27,958	26,165	27,107	35,005	30,977	28,675	39,823	43,209	49,570	41,474	69,281	61,979	57,527	62,877	60,479

Shares Outstanding	330	314	309	308	298	290	284	268	258	252	240	228	226	226	224
Diluted Weighted Avg Shares	351	325	316	312	304	296	290	280	266	257	248	236	227	226	225
Basic Weighted Avg Shares	346	321	312	309	302	294	288	268	258	252	240	228	226	226	224
Revenue per Share	32.34	34.4	36.05	37.57	34.82	33.64	36.65	42.74	43.8	38.83	46.39	55.88	53.86	53.57	54.27
EBITDA per Share	12.39	12.96	13.64	15.04	13.44	14.41	16.64	19.77	20.88	19.08	24.55	28.17	24.92	27.53	26.58
Operating Income per Share	9.88	10.09	10.68	11.95	9.93	10.9	12.96	15.65	16.46	14.51	19.63	22.82	19.17	21.55	20.37
Basic EPS, GAAP	5.52	5.42	6.1	6.44	5.13	5.66	18.76	9.92	10.53	7.97	12.5	14.33	8.1	11.59	12.8
Basic EPS from Cont Ops	5.55	5.45	6.12	6.46	5.15	5.68	18.77	9.94	10.55	7.99	12.51	14.34	8.1	11.59	12.8
Diluted EPS, GAAP	5.43	5.35	6.03	6.38	5.09	5.62	18.6	9.49	10.23	7.83	12.1	13.87	8.03	11.58	12.75
Diluted EPS from Cont Ops	5.45	5.38	6.05	6.4	5.11	5.64	18.62	9.51	10.25	7.84	12.11	13.88	8.03	11.58	12.75
Dividend per Share	1.67	1.94	2.04	2.22	2.36	2.36	2.44	3.15	3.68	3.81	4.28	5.12	5.43	5.39	5.41
Cash Flow per Share	9.34	9.55	9.87	9.42	9.63	10.32	11.3	13.9	15.09	14.43	17.72	18.51	14.09	17.9	19.43
Free Cash Flow per Basic Share	3.09	2.57	3.55	2.58	1.73	3.9	5.31	6.62	7.26	8.5	11.6	9.97	3.78	7.38	9.61
Cash & Equivalents per Share	0.87	2.08	5	3.14	3.65	3.25	2.4	1.34	2.25	4.42	3.49	2	6.95	7.25	6.82
Book Value per Share	26.12	27.92	30.94	34.45	34.75	36.46	50.23	51.13	52.21	52.11	49.25	47.91	48.4	54.44	59.98
Tangible Book Value per Share	29.42	31.29	37.21	41.23	41.77	43.34	58.09	58.72	60.38	60.26	56.8	55.83	56.63	63.21	69.28

Norfolk Southern Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)