• Norfolk Southern average debt/equity ratio for 2023 was 1.23, a 12.84% decline from 2022.
• Norfolk Southern average debt/equity ratio for 2022 was 1.09, a 19.78% increase from 2021.
• Norfolk Southern average debt/equity ratio for 2021 was 0.91, a 9.64% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.