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Corporation","tier":2,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"adobe","name":"어도비","name_en":"Adobe Inc.","tier":2,"returns_yearly":{"2021":13.4,"2022":-40.7,"2023":77.3,"2024":-25.5,"2025":-21.3,"2026":-23.9}},{"slug":"autodesk","name":"오토데스크","name_en":"Autodesk, Inc.","tier":2,"returns_yearly":{"2021":-7.9,"2022":-33.5,"2023":30.3,"2024":21.4,"2025":0.1,"2026":-26.4}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-35.2}},{"slug":"fair-isaac","name":"페어 아이작","name_en":"Fair Isaac Corporation","tier":2,"returns_yearly":{"2021":-15.1,"2022":38,"2023":94.5,"2024":71,"2025":-15.1,"2026":-44.9}},{"slug":"intuit","name":"인튜이트","name_en":"Intuit Inc.","tier":2,"returns_yearly":{"2021":70.3,"2022":-39.1,"2023":61.8,"2024":1.2,"2025":6.1,"2026":-53.7}},{"slug":"corteva","name":"코르테바","name_en":"Corteva, Inc.","tier":2,"returns_yearly":{"2021":23.6,"2022":25.6,"2023":-17.5,"2024":20.2,"2025":18.9,"2026":-80.1}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"archer-daniels-midland","name":"아처 대니얼스 미들랜드","name_en":"Archer-Daniels-Midland Company","tier":1,"returns_yearly":{"2021":37.3,"2022":40,"2023":-20.4,"2024":-27.5,"2025":18.2,"2026":41.8}},{"slug":"j-b-hunt","name":"J.B. 헌트","name_en":"J.B. Hunt Transport Services, Inc.","tier":1,"returns_yearly":{"2021":50.6,"2022":-13.9,"2023":15.6,"2024":-13.8,"2025":15.2,"2026":18.6}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}}],"benefiting":[{"slug":"wabtec","name":"웹텍","name_en":"Wabtec Corporation","tier":1,"returns_yearly":{"2021":26.5,"2022":9.1,"2023":28,"2024":50.1,"2025":13.2,"2026":34.2}},{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","tier":1,"returns_yearly":{"2021":23.3,"2022":-15.9,"2023":21.6,"2024":-5.1,"2025":3.9,"2026":22.1}},{"slug":"vulcan-materials-company","name":"벌컨 머티리얼스","name_en":"Vulcan Materials Company","tier":2,"returns_yearly":{"2021":41.1,"2022":-14.9,"2023":30.8,"2024":14.1,"2025":11.7,"2026":-7.4}},{"slug":"martin-marietta-materials","name":"마틴 마리에타 머티리얼스","name_en":"Martin Marietta Materials, Inc.","tier":2,"returns_yearly":{"2021":56.1,"2022":-22.7,"2023":48.6,"2024":4.1,"2025":21.3,"2026":-17}},{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":3,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":40.6}},{"slug":"komatsu","name":"고마쓰","name_en":"Komatsu","tier":3,"returns_yearly":{"2021":0.5,"2022":17.4,"2023":40.1,"2024":16.4,"2025":30.5,"2026":28.3}}],"analysis":"미 동부 화물철도 기업. 2026년 +15.6%다. 본주(+15.6%)와 수요단(평균 +12%)이 같은 보폭으로 움직인다.","analysis_en":"Norfolk Southern operates across Eastern U.S. freight railroad. It is +15.6% in 2026. The stock (+15.6%) and its demand side (avg +12%) are moving in step. It spends on locomotive modernization and pooled railcar use, owns an interest in a railcar pooling company, and is pursuing a merger with Union Pacific.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"유니언 퍼시픽","counterparty_slug":"union-pacific","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-07-29","basis":"노퍽 서던의 공시된 기업가치 기준 합병 거래가치","value":85000000000,"period":"transaction announced 2025-07-29, pending regulatory approval","basis_en":"Announced merger transaction value based on Norfolk Southern enterprise value","qualifier":null},"note":"유니언 퍼시픽은 주식과 현금을 지급해 노퍽 서던을 인수하는 합병 계약을 체결했다. 거래 종결에는 미국 지상교통위원회 심사와 기타 조건 충족이 필요하다.","note_en":"Union Pacific agreed to acquire Norfolk Southern in a stock-and-cash merger. Closing remains subject to Surface Transportation Board review and other conditions.","sources":[{"stance":"confirms","publisher":"삼일PwC경영연구원","publisher_en":"Samil PwC Management Research Institute","kind":"research","lang":"ko","published_at":"2026-03-01","url":"https://www.pwc.com/kr/ko/insights/samil-insight/samilpwc_global-mna-industry-trends2026.pdf","title":"2026년 M&A 시장 전망","title_en":"M&A Industry Trends: 2026 Outlook","excerpt":"유니온퍼시픽의 노퍽 서던 인수를 통한 미국 전역 물류 네트워크 재편","excerpt_en":"Union Pacific's acquisition of Norfolk Southern reshapes the U.S. nationwide logistics network."},{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-07-29","url":"https://www.sec.gov/Archives/edgar/data/100885/000119312525167154/d64537dex991.htm","title":"유니언 퍼시픽과 노퍽 서던, 미국 최초 대륙횡단 철도 설립 합의","title_en":"Union Pacific and Norfolk Southern to Create America's First Transcontinental Railroad","excerpt":"SEC 제출 보도자료는 거래가 노퍽 서던의 기업가치를 850억 달러로 평가한다고 밝혔다.","excerpt_en":"Transaction values Norfolk Southern at an enterprise value of $85 billion"}]},{"direction":"cost","counterparty":"TTX Company","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-09","basis":"TTX 장비 사용 비용","value":316000000,"period":"FY2025","basis_en":"Expense incurred for use of TTX equipment","qualifier":null},"note":"노퍽 서던은 인터모달·자동차·일반화물용 공동 철도차량을 TTX에서 정해진 요율로 사용한다. 해당 장비 사용료는 구매 서비스와 임차료에 반영된다.","note_en":"Norfolk Southern uses TTX's pooled intermodal, automotive, and general-use railcars at stated rates. The equipment charges are recorded in purchased services and rents.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.sec.gov/Archives/edgar/data/702165/000162828026006268/nsc-20251231.htm","title":"노퍽 서던 2025 회계연도 10-K","title_en":"Norfolk Southern Corporation 2025 Form 10-K","excerpt":"노퍽 서던은 2025 회계연도 TTX 장비 사용 비용을 3억1,600만 달러로 공시했다.","excerpt_en":"Expenses incurred for use of TTX equipment ... amounted to $316 million"}]},{"direction":"cost","counterparty":"웹텍","counterparty_slug":"wabtec","confidence":"high","metric":{"type":"count","unit":"locomotives","as_of":"2022-03-23","basis":"웹텍 추가 현대화 발주 대상 기관차 수","value":330,"period":"multi-year order announced 2022, completion targeted 2025","basis_en":"Locomotives covered by the additional Wabtec modernization order","qualifier":null},"note":"노퍽 서던은 웹텍에 노후 기관차의 교류 견인 방식 현대화를 맡긴다. 회사와 공급사 양쪽 자료가 지속적인 현대화 프로그램을 확인한다.","note_en":"Norfolk Southern contracts Wabtec to modernize aging locomotives with AC traction. Disclosures from both the railroad and supplier confirm the continuing program.","sources":[{"stance":"confirms","publisher":"노퍽 서던","publisher_en":"Norfolk Southern","kind":"ir","lang":"en","published_at":"2025-10-08","url":"https://www.norfolksouthern.com/en/newsroom/story-yard/norfolk-southern-powers-past-1-000th-locomotive-modernization","title":"노퍽 서던, 기관차 현대화 1,000대 돌파","title_en":"Norfolk Southern Powers Past 1,000th Locomotive Modernization","excerpt":"노퍽 서던은 웹텍이 자사 기관차 현대화 프로그램에서 큰 역할을 맡았다고 밝혔다.","excerpt_en":"Wabtec is also playing a large role"},{"stance":"confirms","publisher":"웹텍","publisher_en":"Wabtec Corporation","kind":"ir","lang":"en","published_at":"2022-03-23","url":"https://ir.wabteccorp.com/news-releases/news-release-details/wabtec-modernize-330-norfolk-southern-locomotives/","title":"웹텍, 노퍽 서던 기관차 330대 현대화","title_en":"Wabtec to Modernize 330 Norfolk Southern Locomotives","excerpt":"웹텍은 노퍽 서던 기관차 330대를 현대화하는 추가 다년 발주를 발표했다.","excerpt_en":"an additional multi-year order from Norfolk Southern to modernize 330 locomotives"}]},{"direction":"cost","counterparty":"Progress Rail","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"locomotives","as_of":"2026-03-09","basis":"Progress Rail 현대화 계약 대상 EMD SD70M-2 기관차 수","value":96,"period":"deliveries scheduled 2027-2029","basis_en":"EMD SD70M-2 locomotives covered by the Progress Rail modernization agreement","qualifier":null},"note":"노퍽 서던은 캐터필러 자회사 Progress Rail과 기관차 현대화 계약을 체결했다. 납품은 단계적으로 진행될 예정이며 계약 금액은 공개되지 않았다.","note_en":"Norfolk Southern signed a locomotive modernization agreement with Caterpillar subsidiary Progress Rail. Deliveries are scheduled in phases, and the contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"Progress Rail","publisher_en":"Progress Rail","kind":"ir","lang":"en","published_at":"2026-03-09","url":"https://www.progressrail.com/en/company/news/press-releases/2026-progress-rail-partners","title":"Progress Rail, 노퍽 서던 기관차 현대화 협력","title_en":"Progress Rail Partners with Norfolk Southern to Modernize Locomotive Fleet","excerpt":"Progress Rail은 노퍽 서던 기관차 96대를 현대화하는 계약을 체결했다고 밝혔다.","excerpt_en":"signed an agreement with Norfolk Southern to modernize 96 EMD SD70M-2 locomotives"}]},{"direction":"investment","counterparty":"TTX Company","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-02-09","basis":"노퍽 서던의 TTX 소유 지분","value":19.78,"period":"as of 2025-12-31","basis_en":"Norfolk Southern ownership interest in TTX","qualifier":null},"note":"노퍽 서던은 다른 북미 철도회사들과 함께 철도차량 공동 운영사 TTX를 소유한다. 이 지분은 장비 이용 관계와 함께 지분법 투자로 공시된다.","note_en":"Norfolk Southern owns TTX alongside six other North American railroads. The stake is reported as an equity-method investment alongside the equipment-use relationship.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-09","url":"https://www.sec.gov/Archives/edgar/data/702165/000162828026006268/nsc-20251231.htm","title":"노퍽 서던 2025 회계연도 10-K","title_en":"Norfolk Southern Corporation 2025 Form 10-K","excerpt":"노퍽 서던은 TTX 지분 19.78%를 보유한다고 공시했다.","excerpt_en":"We have a 19.78% ownership interest in TTX."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-07-29","basis":"아마존 인터모달 화물 운송에서 발생하는 매출","value":null,"period":"as of 2025-07-29","basis_en":"Revenue from transporting Amazon intermodal freight","qualifier":"confirmed_no_disclosed_value"},"note":"노퍽 서던은 회사 투자자 행사에서 아마존을 최대 인터모달 고객이라고 밝혔다. 이후 합병 보도에서도 아마존은 양사 서비스 변화의 영향을 받는 화주로 다뤄졌다.","note_en":"Norfolk Southern identified Amazon as its largest intermodal customer at its investor day. Later merger coverage continued to describe Amazon as a shipper affected by changes to the two railroads' service.","sources":[{"stance":"mentions","publisher":"AP통신","publisher_en":"Associated Press","kind":"news","lang":"en","published_at":"2025-07-29","url":"https://apnews.com/article/union-pacific-norfolk-southern-transcontinental-railroad-merger-b15664ec5cc55b985a0a32a1bf990d41","title":"유니언 퍼시픽과 노퍽 서던, 대규모 합병으로 첫 대륙횡단 철도 추진","title_en":"Union Pacific and Norfolk Seek First Transcontinental Railroad Through a Massive Merger","excerpt":"AP는 아마존을 합병 뒤 더 빠르고 안정적인 배송의 수혜 가능 화주로 지목했다.","excerpt_en":"other shippers like Amazon and UPS may see benefits"},{"stance":"confirms","publisher":"팩트셋 콜스트리트·레일웨이 에이지","publisher_en":"FactSet CallStreet and Railway Age","kind":"ir","lang":"en","published_at":"2022-12-06","url":"https://www.railwayage.com/wp-content/uploads/2022/12/RAW-TRANSCRIPT_-Norfolk-Southern-Corp.NSC-US-Investor-Day-6-December-2022-10_00-AM-ET-1.pdf","title":"노퍽 서던 2022 투자자의 날 원문 기록","title_en":"Norfolk Southern Corp. Investor Day Raw Transcript","excerpt":"노퍽 서던은 아마존을 당시 최대 인터모달 고객이라고 설명했다.","excerpt_en":"today, Norfolk Southern's largest intermodal customer."}]},{"direction":"revenue","counterparty":"J.B. 헌트","counterparty_slug":"j-b-hunt","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-24","basis":"J.B. 헌트 인터모달 물량 운송에서 발생하는 매출","value":null,"period":"FY2025","basis_en":"Revenue from transporting J.B. Hunt intermodal volume","qualifier":"confirmed_no_disclosed_value"},"note":"J.B. 헌트는 노퍽 서던의 핵심 인터모달 채널 고객이다. J.B. 헌트의 최신 연차공시는 자사 물량의 대부분이 BNSF와 노퍽 서던 철도를 이용한다고 밝혔다.","note_en":"J.B. Hunt is a major intermodal channel customer of Norfolk Southern. J.B. Hunt's latest annual filing says most of its business moves on BNSF and Norfolk Southern railways.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/728535/000143774926005294/jbht20251231_10k.htm","title":"J.B. 헌트 운송 서비스 2025 회계연도 10-K","title_en":"J.B. Hunt Transport Services FY2025 Form 10-K","excerpt":"J.B. 헌트는 자사 사업 대부분이 BNSF와 노퍽 서던 철도를 이용한다고 공시했다.","excerpt_en":"the majority of our business travels on the BNSF and the Norfolk Southern railways."},{"stance":"confirms","publisher":"팩트셋 콜스트리트·레일웨이 에이지","publisher_en":"FactSet CallStreet and Railway Age","kind":"ir","lang":"en","published_at":"2022-12-06","url":"https://www.railwayage.com/wp-content/uploads/2022/12/RAW-TRANSCRIPT_-Norfolk-Southern-Corp.NSC-US-Investor-Day-6-December-2022-10_00-AM-ET-1.pdf","title":"노퍽 서던 2022 투자자의 날 원문 기록","title_en":"Norfolk Southern Corp. Investor Day Raw Transcript","excerpt":"노퍽 서던은 J.B. 헌트를 성장에 이해가 맞는 강력한 인터모달 파트너로 설명했다.","excerpt_en":"these powerful partners are aligned with Norfolk Southern for growth."}]},{"direction":"revenue","counterparty":"아처 대니얼스 미들랜드","counterparty_slug":"archer-daniels-midland","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2023-09-12","basis":"ADM이 노퍽 서던 철도 서비스에 지급한 운송비","value":null,"period":"current relationship confirmed in 2023","basis_en":"Transportation expense paid by ADM for Norfolk Southern rail service","qualifier":"confirmed_no_disclosed_value"},"note":"노퍽 서던은 일리노이주 디케이터 터미널을 통해 ADM 같은 주요 농업 고객에게 철도 물류를 제공하지만, ADM의 운송비 가운데 노퍽 서던별 지급액은 공개되지 않았다.","note_en":"Norfolk Southern provides rail service through its Decatur, Illinois terminal to major agricultural customers including ADM, which does not disclose its transportation payments to Norfolk Southern.","sources":[{"stance":"confirms","publisher":"노퍽 서던","publisher_en":"Norfolk Southern","kind":"ir","lang":"en","published_at":"2023-09-12","url":"https://www.norfolksouthern.com/en/newsroom/story-archive/2023/our-engineering-team-in-action-40-hours-in-decatur","title":"디케이터에서 진행한 40시간의 엔지니어링 작업","title_en":"Our Engineering Team in Action: 40 Hours in Decatur","excerpt":"3.6마일 길이의 시설은 ADM 같은 주요 농업 고객에게 서비스를 제공한다.","excerpt_en":"The 3.6-mile-long facility serves major agricultural customers such as Archer Daniels Midland (ADM)"}]}]}