CANADIAN NATIONAL RAILWAY CO vs NORFOLK SOUTHERN CORP, two Railroads stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Norfolk Southern hauls freight across the eastern US, CNI across Canada and down to the Gulf coast, similar cost structures on different geography. NSC earns 16.89% on equity to CNI's 6.49%, more than double, while CNI holds a slim margin edge, 23.8% of revenue against 21.91%. Debt levels nearly match, NSC at 1.04 turns and CNI at 0.99. NSC trades at 4.45 times book, CNI cheaper at 3.60, and NSC yields more free cash, 2.3% against 1.58%. The market pays up for Norfolk Southern's return on capital and its 1.73% dividend, while CNI's larger network turns capital at a slower pace.
Comparison updated 2026-07-11.
| Metric | CNI | NSC |
|---|---|---|
| Price | $124.36 | $327.44 |
| Market cap | $58.9B | $73.7B |
| Sector | Railroads | Railroads |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +15.1% |
| P/E | — | 27.6 |
| P/B | 3.72 | 4.66 |
| P/S | 13.62 | 6.05 |
| EV/EBITDA | 36.5 | 16.2 |
| Revenue growth | -16.7% | +0.6% |
| Operating margin | — | 29.3% |
| Net margin | 23.8% | 21.9% |
| Return on equity | 6.5% | 16.9% |
| Return on assets | 2.4% | 5.9% |
| Return on invested capital | 3.9% | 9.7% |
| FCF yield | 1.5% | 2.2% |
| Dividend yield | — | 1.6% |
| Debt / equity | 0.99 | 1.04 |
| Current ratio | 0.67 | 0.91 |
| Altman Z (solvency) | 1.83 | 2.25 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.