CP vs NSC: Canadian Pacific Kansas City Limited 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.
- Canadian Pacific Kansas City Limited is the larger company, worth $74.5B, close to Norfolk Southern's $71.6B.
- Canadian Pacific Kansas City Limited grew revenue faster over the last year (+12.6% vs +11.4%).
- Canadian Pacific Kansas City Limited keeps more of each dollar of revenue as operating profit (36.8% vs 32.2%).
- On earnings, Canadian Pacific Kansas City Limited is the cheaper stock (25.7x 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 | CP | NSC |
|---|---|---|
| Market cap | $74.5B | $71.6B |
| Share price | $84.46 | $317.79 |
| Revenue (last fiscal year) | $15.1B | $12.2B |
| Free cash flow (last fiscal year) | $2.2B | $2.2B |
| Revenue growth, last year | +12.6% | +11.4% |
| Revenue growth per year, last 5 fiscal years | +17.2% | +2.3% |
| Operating margin | 36.8% | 32.2% |
| Net margin | 25.0% | 21.0% |
| Return on equity | 8.3% | 16.2% |
| P/E (trailing) | 25.7x | 26.8x |
| Price / free cash flow | 34.3x | 33.2x |
| EV / EBITDA | 15.4x | 15.7x |
| FCF growth the price implies | — | 11.6% |
| Dividend yield | 1.1% | 1.7% |
| Debt / equity | 0.89x | 1.78x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 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 Pacific Kansas City Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.0B | $2.2B | 40.1% |
| 2022 | $8.8B | $2.6B | 37.8% |
| 2023 | $12.6B | $1.7B | 35.0% |
| 2024 | $14.5B | $2.4B | 35.6% |
| 2025 | $15.1B | $2.2B | 37.2% |
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 Pacific Kansas City Limited · by products, 2025
Norfolk Southern · by segments, 2025
Questions
Which is bigger, Canadian Pacific Kansas City Limited or Norfolk Southern?
Canadian Pacific Kansas City Limited (CP), at $74.5B against $71.6B.
Is CP or NSC cheaper?
By trailing P/E, Canadian Pacific Kansas City Limited (25.7x) is cheaper than Norfolk Southern (26.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CP or NSC?
Canadian Pacific Kansas City Limited: revenue grew +12.6% over the last year, against +11.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.