Norfolk Southern's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Norfolk Southern (NSC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Norfolk Southern vs Its Competitors
- TTM: Trailing 12-month revenue of 12,540M vs 502,105M combined for tracked competitors (2.4% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+10.5% annualized vs trailing 12 months), vs accelerating (+9.1%) for its tracked peer group.
- Growth: Norfolk Southern generated 11.4% revenue growth year over year in Q2 2026, vs 16.9% for its tracked competitors combined.
- Profitability: Its 21.2% net margin compares with 22.8% for the peer group.
- Scale: Norfolk Southern ranks #4 of 11 companies by market capitalization in the Railroads industry, holding 15.6% of industry market cap.
- Peer revenue share: Norfolk Southern accounted for 2.5% of combined revenue among its tracked peer group, down from 2.6% a year earlier.
- Peer differentiation: Revenue per employee of $0.65M compares with $1.02M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NSC Sales vs. its Competitors, Q2 2026
Norfolk Southern reported revenue growth of 11.41 % year on year in Q2 2026, below its competitors' combined revenue growth of 16.94 %.
With a net margin of 21.15 %, Norfolk Southern reported lower profitability than its competitors (22.78 %).
Norfolk Southern generated 2.47 % of the combined sales of its peer group, down from 2.59 % a year earlier.
Norfolk Southern vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Norfolk Southern and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Norfolk Southern Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Norfolk Southern's competitor groups requires a Commercial License.
For context: the Railroads industry grew revenue 6.9% year over year, combined, vs 11.4% for Norfolk Southern. Norfolk Southern's share of combined industry revenue moved from 7.48% to 7.79%, a gain of 0.32 percentage points.
Norfolk Southern's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Norfolk Southern Corp | Yes | Yes | Yes | No |
| Competitors combined (9) | ||||
| High-Confidence Competitors (2) | ||||
| Similar-Size Competitors (8) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 75.00 % (6 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NSC Stock Performance relative to its Competitors
NSC Stock Performance relative to High-Confidence Competitors
NSC Stock Performance relative to Similar-Size Competitors
NSC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Csx Corporation | 282.9% | Outperformed |
| 2 | Sunoco Lp | 282.9% | Outperformed |
| 3 | Union Pacific Corp | 282.9% | Outperformed |
| 4 | Canadian Pacific Kansas City Ltd | 282.9% | Outperformed |
| 5 | American Electric Power Co Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Norfolk Southern's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Norfolk Southern's Comment on Competition and Industry Peers
Our primary rail competitor is CSX Corporation; both railroads operate throughout
much of the same territory. Other railroads also operate in parts of the territory.
We also compete with motor carriers, water carriers, and with shippers who have
the additional options of handling their own goods in private carriage, sourcing
products from different geographic areas, and using substitute products.
Certain marketing strategies among railroads and between railroads and motor
carriers enable railroads to compete more effectively in specific markets
Publicly Traded Peers of Norfolk Southern Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Norfolk Southern Corp | 70,436.25 | 12,540.00 |
| Union Pacific Corp | 162,815.40 | 25,490.00 |
| Csx Corporation | 86,926.84 | 14,512.00 |
| Canadian Pacific Kansas City Ltd | 76,787.38 | 11,664.11 |
| American Electric Power Co Inc | 64,661.80 | 22,432.60 |
| Loews Corp | 21,574.57 | 18,694.00 |
| SUBTOTAL | 502,281.99 | 540,806.38 |
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Sources: Norfolk Southern Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Norfolk Southern Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Norfolk Southern's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Csx Corporation | Named by the company | 85% |
| CEIX | Named by the company | 85% |
| Core Natural Resources Inc | Named by the company | 85% |
| CSX Corporation | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Norfolk Southern's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Norfolk Southern's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Norfolk Southern Corp | Railway Operating Revenues Market Group Merchandise 61.56 % |
| Union Pacific Corp | Reportable 98.85 % |
| Csx Corporation | Rail 94.20 % |
| American Electric Power Co Inc | Vertically Integrated Utilities 57.14 % |
| Loews Corp | CNA Financial Corporation 80.72 % |
| Broadridge Financial Solutions Inc | Investor Communication Solutions 74.37 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Norfolk Southern's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Norfolk Southern Corp | 70,436 | 649,741 | 136,528 |
| Union Pacific Corp | 162,815 | 870,352 | 250,282 |
| Csx Corporation | 86,927 | 630,957 | 140,130 |
| Canadian Pacific Kansas City Ltd | 76,787 | 598,804 | 149,766 |
| American Electric Power Co Inc | 64,662 | 1,275,957 | 215,960 |
| Loews Corp | 21,575 | 1,427,023 | 136,565 |
| PEERS TOTAL | 431,846 | 1,019,707 | 209,957 |
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Norfolk Southern's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Broadridge Financial Solutions Inc | United States 85.26 % |
| Hub Group Inc | US 96.93 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Norfolk Southern's Position in Industry Market Structure
Market-capitalization share and concentration across all 10 companies in Norfolk Southern's industry classification, broader than the peer set above. Market cap in millions of $.Norfolk Southern ranks #4 of 10 companies by market capitalization in its industry, holding 15.63 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,333, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Union Pacific Corp | 162,815 | 36.12 % |
| 2 | Csx Corporation | 86,927 | 19.29 % |
| 3 | Canadian Pacific Kansas City Ltd | 76,787 | 17.04 % |
| 4 | Norfolk Southern Corp | 70,436 | 15.63 % |
| 5 | Westinghouse Air Brake Technologies Corporation | 1,234 | 5.2% |
| 6 | Trinity Industries Inc | 1,234 | 5.2% |
| 7 | The Greenbrier Companies Inc | 1,234 | 5.2% |
| 8 | Ftai Infrastructure Inc | 1,234 | 5.2% |
| 9 | Freightcar America Inc | 1,234 | 5.2% |
| 10 | Rail Vision Ltd | 1,234 | 5.2% |
Market cap and industry share for the rest of Norfolk Southern's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Norfolk Southern's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Union Pacific Corp | 162,815 | 18.28 % |
| 2 | Csx Corporation | 86,927 | 38.43 % |
| 3 | Canadian Pacific Kansas City Ltd | 76,787 | 16.88 % |
| 4 | Norfolk Southern Corp | 70,436 | 10.78 % |
| 5 | Westinghouse Air Brake Technologies Corporation | 1,234 | 12.3% |
| 6 | Trinity Industries Inc | 1,234 | 12.3% |
| 7 | The Greenbrier Companies Inc | 1,234 | 12.3% |
| 8 | Ftai Infrastructure Inc | 1,234 | 12.3% |
| 9 | Freightcar America Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Norfolk Southern's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Norfolk Southern's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Railroads industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (17 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 90.99 % | 54.96 % (avg) | +36.0 pp |
| Operating Margin | 32.19 % | industry median | -2.0 pp |
| EBITDA Margin | 38.07 % | 29.62 % (avg) | +8.5 pp |
| Capital Intensity (Capex / Revenue) | 16.75 % | 11.51 % (avg) | +5.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Norfolk Southern's Valuation vs Competitive Position
Valuation multiples vs the Railroads industry average (17 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 27.2x | 20.9x | +6.4x |
| EV / EBITDA | 18.3x | 16.1x | +2.2x |
| P/B | 4.6x | 3.6x | +1.0x |
| Return on Equity | 16.80 % | industry aggregate | -6.57 % |
| Return on Invested Capital | 7.06 % | 4.90 % (avg) | 2.17 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Norfolk Southern's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 8.60 % | -1.41 % | -13.34 % | 13.82 % | 14.39 % | -4.62 % | -0.27 % | 0.47 % |
| Operating Margin | 34.55 % | 35.31 % | 30.67 % | 39.91 % | 37.73 % | 23.45 % | 33.58 % | 35.76 % |
| Return on Invested Capital | 7.98 % | 7.97 % | 5.92 % | 8.88 % | 9.71 % | 5.70 % | 7.72 % | 7.80 % |
| P/E | 16.9x | 19.1x | 30.4x | 23.3x | 17.8x | 27.7x | 21.9x | 22.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Norfolk Southern's Strategic Group Map
Every company in Norfolk Southern's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Norfolk Southern is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Norfolk Southern's BCG Growth-Share Matrix
Relative market share (vs Norfolk Southern's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Norfolk Southern falls in the Dog quadrant: relative market share of 0.43x vs its largest competitor, in an industry growing revenue 2.3% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Union Pacific Corp alone holds 36% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Norfolk Southern's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,333 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 16.75 % vs industry average 11.51 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Norfolk Southern's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Norfolk Southern's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Norfolk Southern's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Norfolk Southern falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Norfolk Southern's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+10.5% annualized vs trailing 12 months).
Weaknesses
- Return on equity 6.6 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.43x).
Opportunities
- A meaningful share of tracked competitors (37.50 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by Union Pacific Corp, holding 36.12 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Norfolk Southern's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Norfolk Southern Corp | 0.38 | 0.86 | 1.08 |
| Union Pacific Corp | 0.22 | 0.89 | 1.64 |
| Csx Corporation | - | 0.86 | 1.77 |
| Canadian Pacific Kansas City Ltd | 0.09 | 0.66 | 0.49 |
| American Electric Power Co Inc | 0.04 | 0.55 | 1.51 |
| Loews Corp | 0.05 | 0.89 | 0.47 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Norfolk Southern's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Norfolk Southern Corp | Q2 2026 | +11.4 % | -4.6 % |
| Union Pacific Corp | Q2 2026 | +12.8 % | +6.2 % |
| Csx Corporation | Q2 2026 | +10.1 % | +20.9 % |
| Canadian Pacific Kansas City Ltd | Q2 2026 | +6.6 % | -21.4 % |
| American Electric Power Co Inc | Q1 2026 | +10.2 % | +12.6 % |
| Loews Corp | Q2 2026 | +3.9 % | +13.2 % |
| PEERS TOTAL | +16.3 % | +72.4 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Norfolk Southern's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Norfolk Southern Corp | Q2 2026 | +84.9 % | -7.6 % |
| Union Pacific Corp | Q2 2026 | +62.8 % | -6.7 % |
| Csx Corporation | Q2 2026 | +65.8 % | -25.8 % |
| Canadian Pacific Kansas City Ltd | Q2 2026 | +44.5 % | -7.7 % |
| American Electric Power Co Inc | Q1 2026 | +14.3 % | - |
| Loews Corp | Q2 2026 | +2.6 % | +92.5 % |
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Norfolk Southern's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Norfolk Southern Corp | 5.85% | 6.35% | 16.80% |
| Union Pacific Corp | 10.50% | 11.20% | 38.65% |
| Csx Corporation | 7.33% | 6.28% | 24.06% |
| Canadian Pacific Kansas City Ltd | 4.41% | 4.64% | 8.10% |
| American Electric Power Co Inc | 3.37% | 3.75% | 11.90% |
| Loews Corp | 2.07% | 2.73% | 9.12% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Norfolk Southern's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Norfolk Southern Corp | 26.73 | 5.62 |
| Union Pacific Corp | 22.21 | 6.39 |
| Csx Corporation | 27.19 | 5.99 |
| Canadian Pacific Kansas City Ltd | 21.91 | 6.58 |
| American Electric Power Co Inc | 17.43 | 2.88 |
| Loews Corp | 12.89 | 1.15 |
| PEERS AVERAGE | 4.51 | 0.93 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.