Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Norfolk Southern Corp., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Norfolk Southern Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Norfolk Southern Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Norfolk Southern Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Norfolk Southern Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Net Fixed Asset Turnover
Norfolk Southern Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Railway operating revenues | 11,142) | 9,789) | 11,296) | 11,458) | 10,551) | |
| Properties less accumulated depreciation | 31,653) | 31,345) | 31,614) | 31,091) | 30,330) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 0.35 | 0.31 | 0.36 | 0.37 | 0.35 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 2.35 | 2.06 | 2.29 | — | — | |
| Uber Technologies Inc. | 9.42 | 6.14 | — | — | — | |
| Union Pacific Corp. | 0.40 | 0.36 | — | — | — | |
| United Airlines Holdings Inc. | 0.77 | 0.49 | — | — | — | |
| United Parcel Service Inc. | 2.91 | 2.62 | — | — | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | 1.55 | 1.30 | — | — | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 2.72 | 2.17 | — | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover = Railway operating revenues ÷ Properties less accumulated depreciation
= 11,142 ÷ 31,653 = 0.35
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Norfolk Southern Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Norfolk Southern Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Railway operating revenues | 11,142) | 9,789) | 11,296) | 11,458) | 10,551) | |
| Properties less accumulated depreciation | 31,653) | 31,345) | 31,614) | 31,091) | 30,330) | |
| Operating lease ROU assets (classified in Other assets) | 411) | 433) | 539) | —) | —) | |
| Properties less accumulated depreciation (including operating lease, right-of-use asset) | 32,064) | 31,778) | 32,153) | 31,091) | 30,330) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.35 | 0.31 | 0.35 | 0.37 | 0.35 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | 1.64 | 1.46 | 2.29 | — | — | |
| Uber Technologies Inc. | 5.39 | 3.61 | — | — | — | |
| Union Pacific Corp. | 0.38 | 0.35 | — | — | — | |
| United Airlines Holdings Inc. | 0.67 | 0.43 | — | — | — | |
| United Parcel Service Inc. | 2.63 | 2.40 | — | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | 1.33 | 1.12 | — | — | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 2.34 | 1.92 | — | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Railway operating revenues ÷ Properties less accumulated depreciation (including operating lease, right-of-use asset)
= 11,142 ÷ 32,064 = 0.35
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Norfolk Southern Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Total Asset Turnover
Norfolk Southern Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Railway operating revenues | 11,142) | 9,789) | 11,296) | 11,458) | 10,551) | |
| Total assets | 38,493) | 37,962) | 37,923) | 36,239) | 35,711) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.29 | 0.26 | 0.30 | 0.32 | 0.30 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 1.01 | 0.94 | 1.28 | — | — | |
| Uber Technologies Inc. | 0.45 | 0.33 | — | — | — | |
| Union Pacific Corp. | 0.34 | 0.31 | — | — | — | |
| United Airlines Holdings Inc. | 0.36 | 0.26 | — | — | — | |
| United Parcel Service Inc. | 1.40 | 1.36 | — | — | — | |
| Total Asset Turnover, Sector | ||||||
| Transportation | 0.76 | 0.69 | — | — | — | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.58 | 0.50 | — | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Total asset turnover = Railway operating revenues ÷ Total assets
= 11,142 ÷ 38,493 = 0.29
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Norfolk Southern Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level. |
Equity Turnover
Norfolk Southern Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Railway operating revenues | 11,142) | 9,789) | 11,296) | 11,458) | 10,551) | |
| Stockholders’ equity | 13,641) | 14,791) | 15,184) | 15,362) | 16,359) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 0.82 | 0.66 | 0.74 | 0.75 | 0.64 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | 3.47 | 3.78 | 3.92 | — | — | |
| Uber Technologies Inc. | 1.21 | 0.91 | — | — | — | |
| Union Pacific Corp. | 1.54 | 1.15 | — | — | — | |
| United Airlines Holdings Inc. | 4.90 | 2.58 | — | — | — | |
| United Parcel Service Inc. | 6.83 | 128.81 | — | — | — | |
| Equity Turnover, Sector | ||||||
| Transportation | 3.40 | 3.69 | — | — | — | |
| Equity Turnover, Industry | ||||||
| Industrials | 2.63 | 2.75 | — | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 2021 Calculation
Equity turnover = Railway operating revenues ÷ Stockholders’ equity
= 11,142 ÷ 13,641 = 0.82
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Norfolk Southern Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |