All research in Freight Railroads — 1 reports.
An Eastern U.S. Class I railroad with 2025 revenue of 12.18 billion and net income of 2.873 billion, but already under acquisition by Union Pacific (1 UNP share + $88.82 cash per share), turning the investment case into event-driven merger arbitrage. On a standalone basis NSC trades at 24.7x P/E and 32.7x P/FCF, with an ideal buy range of $160 to $210 versus the current $314.53, leaving thin margin of safety. Rating Watch: a deep-moat railroad whose price is now driven by a deal, not by standalone value.
