Currently, Norfolk Southern trades at a PE ratio of 19.1x. This is below the average for other large peers at 20.6x and well below the broader Transportation industry average of 26.8x. At face value, this suggests that the stock is valued more conservatively compared to rivals in its sector. However, the proprietary Fair Ratio for Norfolk Southern, which accounts for factors such as its earnings outlook and risk profile, is 16.1x. This benchmark helps set a "normal" price that takes the company's unique circumstances into account.