Norfolk Southern Corporation Financial Ratios — NSC 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	2.01	1.69	1.92	2.16	1.71	1.84	2.46	2.33	2.46	2.6	2.83	2.42	2.12	2.11	2.31

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	25,173	19,844	28,954	33,913	25,538	31,762	41,717	40,091	50,067	59,900	71,499	56,203	53,347	53,118	64,795
- 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	32,412	27,858	36,841	41,925	34,530	41,018	50,863	50,878	62,221	71,899	84,913	71,339	69,350	68,955	80,570
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	0.23	0.31	0.26	0.21	0.29	0.25	0.19	0.22	0.2	0.18	0.17	0.22	0.25	0.25	0.21
EV/Sales	2.9	2.52	3.28	3.61	3.29	4.15	4.82	4.44	5.51	7.34	7.62	5.6	5.7	5.69	6.61
EV/EBITDA	7.57	6.7	8.66	9.01	8.51	9.69	10.62	9.6	11.56	14.94	14.4	11.1	12.33	11.07	13.51
EV/EBIT	9.5	8.6	11.06	11.34	11.52	12.8	13.63	12.13	14.66	19.66	18.01	13.71	16.03	14.14	17.63
EV/Cash Flow to Firm	9.19	8.23	10.76	12.82	10.6	12.07	12.1	12.25	14.26	17.39	17.86	14.96	18.51	14.71	16.17
EV/Free Cash Flow to Firm	5.7	4.95	6.83	7.78	6.12	7.76	8.58	8.33	9.75	12.77	13.64	10.62	11.42	9.76	11.21
Diluted Market Cap	25,596	20,110	29,288	34,253	25,749	31,989	42,064	41,901	51,561	60,971	73,862	58,057	53,753	53,136	65,049
Diluted Enterprise Value	32,860	28,139	37,293	42,265	34,741	41,245	51,210	52,688	63,715	72,970	87,276	73,193	69,756	68,973	80,824
EV per Share	93.81	86.81	118.12	135.51	114.37	139.56	176.67	189.78	241.26	285.21	353.56	312.78	307.29	304.68	359.01
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	4.75	3.79	5.8	6.81	4.86	6.5	8.45	7.38	8.72	11.88	12.9	9.41	9.76	8.26	9.91
EV/EBIT	9.5	8.6	11.06	11.34	11.52	12.8	13.63	12.13	14.66	19.66	18.01	13.71	16.03	14.14	17.63
Enterprise Value	32,412	27,858	36,841	41,925	34,530	41,018	50,863	50,878	62,221	71,899	84,913	71,339	69,350	68,955	80,570
Low Price	57.57	56.05	62.65	87.14	72.1	64.51	105.89	127.79	143.6	112.62	230.15	203.65	183.09	206.71	201.63
EV/Sales	2.9	2.52	3.28	3.61	3.29	4.15	4.82	4.44	5.51	7.34	7.62	5.6	5.7	5.69	6.61
EV/EBITDA	7.57	6.7	8.66	9.01	8.51	9.69	10.62	9.6	11.56	14.94	14.4	11.1	12.33	11.07	13.51
Price/Earnings	13.2	11.4	15.21	17.01	16.48	19.1	7.73	15.07	18.43	29.8	23.81	17.2	29.2	20.26	22.55
Price/Earnings Average	12.51	12.63	12.63	15.79	18.04	15.6	6.54	15.76	17.64	24.56	21.3	17.41	26.85	21.01	20.48
Price/Earnings High	14.2	14.48	15.27	18.25	21.82	19.69	7.8	18.84	20.07	31.1	23.93	20.87	32.14	23.96	23.61
Price/Earnings Low	10.43	10.34	10.27	13.52	14.04	11.4	5.65	12.88	13.63	14.12	18.41	14.21	22.62	17.84	15.75
Price/Book Value	2.79	2.22	3	3.18	2.43	2.96	2.88	2.92	3.72	4.56	6.04	5.14	4.88	4.31	4.81
Price/Book Value Average	2.64	2.45	2.49	2.95	2.67	2.42	2.44	3.06	3.56	3.76	5.41	5.21	4.49	4.47	4.37
Price/Book Value High	3	2.81	3.01	3.42	3.22	3.06	2.91	3.66	4.05	4.76	6.08	6.24	5.38	5.1	5.04
Price/Book Value Low	2.2	2.01	2.03	2.53	2.08	1.77	2.11	2.5	2.75	2.16	4.67	4.25	3.78	3.8	3.36
Price/Tangible Book Value	2.48	1.98	2.49	2.66	2.03	2.49	2.49	2.55	3.22	3.94	5.24	4.41	4.17	3.71	4.17
Price/Tangible Book Value Average	2.35	2.19	2.07	2.47	2.22	2.04	2.11	2.66	3.08	3.25	4.69	4.47	3.84	3.85	3.78
Price/Tangible Book Value High	2.67	2.51	2.5	2.85	2.68	2.57	2.52	3.18	3.5	4.12	5.27	5.36	4.59	4.39	4.36
Price/Tangible Book Value Low	1.96	1.79	1.68	2.11	1.73	1.49	1.82	2.18	2.38	1.87	4.05	3.65	3.23	3.27	2.91
Price/Sales	2.25	1.8	2.57	2.92	2.43	3.21	3.95	3.5	4.43	6.12	6.42	4.41	4.39	4.38	5.32
Price/Sales Average	2.14	1.99	2.14	2.71	2.66	2.62	3.35	3.66	4.24	5.04	5.74	4.46	4.03	4.54	4.83
Price/Sales High	2.42	2.28	2.58	3.13	3.22	3.31	3.99	4.37	4.83	6.39	6.45	5.35	4.83	5.18	5.57
Price/Sales Low	1.78	1.63	1.74	2.32	2.07	1.92	2.89	2.99	3.28	2.9	4.96	3.64	3.4	3.86	3.72
Price/Cash Flow	7.8	6.47	9.41	11.63	8.78	10.47	12.82	10.76	12.86	16.47	16.8	13.31	16.78	13.11	14.86
Price/Cash Flow Average	7.39	7.17	7.81	10.8	9.62	8.55	10.85	11.25	12.31	13.57	15.03	13.47	15.43	13.59	13.49
Price/Cash Flow High	8.39	8.22	9.44	12.49	11.63	10.79	12.95	13.45	14.01	17.19	16.89	16.15	18.47	15.51	15.55
Price/Cash Flow Low	6.16	5.87	6.35	9.25	7.49	6.25	9.37	9.19	9.52	7.81	12.99	11	13	11.55	10.38
Price/Free Cash Flow Average	4.5	4.2	4.82	6.32	5.33	5.31	7.15	7.72	8.35	9.79	11.54	9.52	8.98	8.56	9
Price/Free Cash Flow High	5.11	4.81	5.82	7.3	6.44	6.7	8.54	9.23	9.5	12.4	12.97	11.42	10.75	9.77	10.37
Price/Free Cash Flow Low	3.75	3.44	3.91	5.41	4.15	3.88	6.18	6.31	6.45	5.63	9.97	7.78	7.56	7.27	6.92
EV/Sales Average	2.79	2.72	2.85	3.4	3.52	3.56	4.21	4.6	5.32	6.27	6.94	5.65	5.35	5.85	6.12
EV/Sales High	3.07	3.01	3.3	3.82	4.07	4.25	4.86	5.31	5.9	7.61	7.65	6.54	6.15	6.49	6.86
EV/Sales Low	2.43	2.36	2.45	3.01	2.93	2.85	3.76	3.93	4.35	4.13	6.16	4.83	4.72	5.17	5.01
EV/EBITDA Average	7.27	7.21	7.53	8.49	9.11	8.31	9.28	9.95	11.16	12.75	13.13	11.21	11.57	11.38	12.51
EV/EBITDA High	8.02	7.99	8.71	9.55	10.55	9.92	10.7	11.49	12.39	15.49	14.46	12.97	13.29	12.63	14.02
EV/EBITDA Low	6.34	6.25	6.48	7.52	7.58	6.66	8.27	8.5	9.14	8.4	11.65	9.58	10.19	10.05	10.23
EV/EBIT Average	9.12	9.27	9.62	10.69	12.33	10.98	11.91	12.56	14.15	16.78	16.41	13.84	15.04	14.54	16.32
EV/EBIT High	10.06	10.26	11.13	12.02	14.28	13.11	13.74	14.51	15.71	20.38	18.09	16.01	17.27	16.13	18.29
EV/EBIT Low	7.96	8.03	8.27	9.46	10.26	8.81	10.62	10.74	11.59	11.04	14.57	11.83	13.25	12.84	13.35
Last Price	72.86	61.84	92.83	109.61	84.59	108.07	144.9	149.54	194.13	237.61	297.71	246.42	236.38	234.7	288.72
High Price	78.4	78.5	93.17	117.64	112.05	111.43	146.33	186.91	211.46	247.98	299.2	298.99	260.2	277.6	302.24
Enterprise Value Average	31,123	30,008	32,039	39,496	36,955	35,191	44,442	52,711	60,075	61,355	77,380	72,024	65,052	70,913	74,600
Enterprise Value High	34,351	33,220	37,065	44,410	42,820	42,005	51,274	60,897	66,691	74,514	85,271	83,329	74,725	78,664	83,604
Enterprise Value Low	27,154	26,015	27,546	34,973	30,759	28,215	39,632	45,047	49,189	40,390	68,687	61,584	57,323	62,620	61,025

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)