CNI vs NSC: Canadian National Railway and Norfolk Southern compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Norfolk Southern is the larger company, worth $71.6B, close to Canadian National Railway's $70.2B.
- Norfolk Southern grew revenue faster over the last year (+11.4% vs +1.5%).
- Canadian National Railway keeps more of each dollar of revenue as operating profit (38.1% vs 32.2%).
- On earnings, Canadian National Railway is the cheaper stock (20.9x vs 26.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CNI | NSC |
|---|---|---|
| Market cap | $70.2B | $71.6B |
| Share price | $115.75 | $317.79 |
| Revenue (last fiscal year) | $17.3B | $12.2B |
| Free cash flow (last fiscal year) | $3.4B | $2.2B |
| Revenue growth, last year | +1.5% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +4.6% | +2.3% |
| Operating margin | 38.1% | 32.2% |
| Net margin | 27.3% | 21.0% |
| Return on equity | 42.0% | 16.2% |
| P/E (trailing) | 20.9x | 26.8x |
| Price / free cash flow | 20.7x | 33.2x |
| EV / EBITDA | 12.6x | 15.7x |
| FCF growth the price implies | — | 11.6% |
| Dividend yield | 3.1% | 1.7% |
| Debt / equity | 1.24x | 1.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 8 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Canadian National Railway
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $13.8B | $3.3B | 34.6% |
| 2022 | $17.1B | $3.9B | 40.0% |
| 2023 | $16.8B | $3.8B | 39.2% |
| 2024 | $17.0B | $3.1B | 36.6% |
| 2025 | $17.3B | $3.4B | 38.1% |
Norfolk Southern
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.1B | $2.8B | 39.9% |
| 2022 | $12.7B | $2.3B | 37.7% |
| 2023 | $12.2B | $852M | 23.5% |
| 2024 | $12.1B | $1.7B | 33.6% |
| 2025 | $12.2B | $2.2B | 35.8% |
Where the revenue comes from
Canadian National Railway
No segment breakdown reported.
Norfolk Southern · by segments, 2025
Merchandise$7.7B63%
Intermodal$3.0B25%
Coal$1.5B12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CNI in InvestinglyQuestions
Which is bigger, Canadian National Railway or Norfolk Southern?
Norfolk Southern (NSC), at $71.6B against $70.2B.
Is CNI or NSC cheaper?
By trailing P/E, Canadian National Railway (20.9x) is cheaper than Norfolk Southern (26.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNI or NSC?
Norfolk Southern: revenue grew +11.4% over the last year, against +1.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.