NSC vs UNP: Norfolk Southern and Union Pacific compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Union Pacific is the larger company, worth $169.6B, about 2.4 times Norfolk Southern.
- Union Pacific grew revenue faster over the last year (+11.5% vs +11.4%).
- Union Pacific keeps more of each dollar of revenue as operating profit (40.0% vs 32.2%).
- On earnings, Union Pacific is the cheaper stock (23.5x vs 26.8x).
- Norfolk Southern's price assumes faster free cash flow growth: about 12% a year, against 11% for Union Pacific (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NSC | UNP |
|---|---|---|
| Market cap | $71.6B | $169.6B |
| Share price | $317.79 | $278.34 |
| Revenue (last fiscal year) | $12.2B | $24.5B |
| Free cash flow (last fiscal year) | $2.2B | $5.5B |
| Revenue growth, last year | +11.4% | +11.5% |
| Revenue growth per year, last 5 fiscal years | +2.3% | +3.0% |
| Operating margin | 32.2% | 40.0% |
| Net margin | 21.0% | 28.9% |
| Return on equity | 16.2% | 35.5% |
| P/E (trailing) | 26.8x | 23.5x |
| Price / free cash flow | 33.2x | 30.8x |
| EV / EBITDA | 15.7x | 14.7x |
| FCF growth the price implies | 11.6% | 10.7% |
| Dividend yield | 1.7% | 1.9% |
| Debt / equity | 1.78x | 2.44x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 15 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Union Pacific
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $21.8B | $6.1B | 42.8% |
| 2022 | $24.9B | $5.7B | 39.9% |
| 2023 | $24.1B | $4.8B | 37.7% |
| 2024 | $24.2B | $5.9B | 40.1% |
| 2025 | $24.5B | $5.5B | 40.2% |
Where the revenue comes from
Norfolk Southern · by segments, 2025
Merchandise$7.7B63%
Intermodal$3.0B25%
Coal$1.5B12%
Union Pacific · by products, 2025
Total freight revenues$23.2B95%
Other revenues$1.3B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NSC in InvestinglyQuestions
Which is bigger, Norfolk Southern or Union Pacific?
Union Pacific (UNP), at $169.6B against $71.6B.
Is NSC or UNP cheaper?
By trailing P/E, Union Pacific (23.5x) is cheaper than Norfolk Southern (26.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, NSC or UNP?
Union Pacific: revenue grew +11.5% 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.