NSC vs WAB: Norfolk Southern and Westinghouse Air Brake Technologies 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, about 1.5 times Westinghouse Air Brake Technologies.
- Westinghouse Air Brake Technologies grew revenue faster over the last year (+17.5% vs +11.4%).
- Norfolk Southern keeps more of each dollar of revenue as operating profit (32.2% vs 16.4%).
- On earnings, Norfolk Southern is the cheaper stock (26.8x vs 38.9x).
- Norfolk Southern's price assumes faster free cash flow growth: about 12% a year, against 11% for Westinghouse Air Brake Technologies (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 | WAB |
|---|---|---|
| Market cap | $71.6B | $46.7B |
| Share price | $317.79 | $285.43 |
| Revenue (last fiscal year) | $12.2B | $11.2B |
| Free cash flow (last fiscal year) | $2.2B | $1.5B |
| Revenue growth, last year | +11.4% | +17.5% |
| Revenue growth per year, last 5 fiscal years | +2.3% | +9.3% |
| Operating margin | 32.2% | 16.4% |
| Net margin | 21.0% | 10.6% |
| Return on equity | 16.2% | 11.3% |
| P/E (trailing) | 26.8x | 38.9x |
| Price / free cash flow | 33.2x | 31.1x |
| EV / EBITDA | 15.7x | 20.8x |
| FCF growth the price implies | 11.6% | 10.8% |
| Dividend yield | 1.7% | 0.38% |
| Debt / equity | 1.78x | 1.06x |
| Fundamental grade | C | C |
| Superinvestors holding it | 8 | 5 |
| Insider purchases, last 12 months | 3 | 3 |
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% |
Westinghouse Air Brake Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.8B | $943M | 11.2% |
| 2022 | $8.4B | $889M | 12.1% |
| 2023 | $9.7B | $1.0B | 13.1% |
| 2024 | $10.4B | $1.6B | 15.5% |
| 2025 | $11.2B | $1.5B | 16.1% |
Where the revenue comes from
Norfolk Southern · by segments, 2025
Merchandise$7.7B63%
Intermodal$3.0B25%
Coal$1.5B12%
Westinghouse Air Brake Technologies · by segments, 2025
Freight Segment$8.0B72%
Transit Segment$3.1B28%
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 Westinghouse Air Brake Technologies?
Norfolk Southern (NSC), at $71.6B against $46.7B.
Is NSC or WAB cheaper?
By trailing P/E, Norfolk Southern (26.8x) is cheaper than Westinghouse Air Brake Technologies (38.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, NSC or WAB?
Westinghouse Air Brake Technologies: revenue grew +17.5% 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.