Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Union Pacific Corp., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Union Pacific Corp. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Union Pacific Corp. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Union Pacific Corp. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Union Pacific Corp. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
Price to Earnings (P/E)
Union Pacific Corp., historical P/E calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | 690,261,490 | 694,199,885 | 704,529,750 | 707,838,173 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (in millions) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | 1,711) | 1,673) | 1,798) | 1,341) | 1,380) | 1,363) | 1,132) | 1,474) | 1,403) | 1,555) | 1,570) | 1,391) | ||||||
| Earnings per share (EPS)2 | 10.46 | 10.44 | 11.05 | 11.48 | 11.44 | 11.50 | 10.97 | 10.85 | 10.24 | 9.63 | 9.02 | 7.85 | 7.99 | 7.97 | 8.20 | 8.85 | 8.58 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | 183.83 | 163.68 | 174.25 | 176.66 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 23.85 | 20.14 | 21.55 | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | 23.48 | 21.35 | 17.22 | 21.44 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| FedEx Corp. | 16.11 | 17.14 | 12.45 | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | 568.30 | 100.48 | 82.00 | 13.00 | 9.72 | 14.01 | ||||||
| Uber Technologies Inc. | 89.56 | 97.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| United Parcel Service Inc. | 18.89 | 13.92 | 15.41 | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | 30.09 | 28.55 | 19.04 | 20.59 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net incomeQ4 2023
+ Net incomeQ3 2023
+ Net incomeQ2 2023
+ Net incomeQ1 2023)
÷ No. shares of common stock outstanding
= (1,652,000,000 + 1,528,000,000 + 1,569,000,000 + 1,630,000,000)
÷ 609,777,914 = 10.46
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 249.45 ÷ 10.46 = 23.85
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Union Pacific Corp. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Operating Profit (P/OP)
Union Pacific Corp., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | 690,261,490 | 694,199,885 | 704,529,750 | 707,838,173 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (in millions) | 2,407) | 2,177) | 2,204) | 2,294) | 2,412) | 2,633) | 2,495) | 2,377) | 2,440) | 2,432) | 2,473) | 1,993) | 2,006) | 2,031) | 1,654) | 2,143) | 2,100) | 2,234) | 2,260) | 1,960) | ||||||
| Operating profit per share2 | 14.89 | 14.91 | 15.66 | 16.13 | 16.21 | 16.18 | 15.60 | 15.48 | 14.66 | 13.85 | 13.04 | 11.57 | 11.70 | 11.76 | 11.98 | 12.88 | 12.39 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | 183.83 | 163.68 | 174.25 | 176.66 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 16.75 | 14.11 | 15.20 | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | 15.91 | 14.61 | 11.83 | 14.83 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| FedEx Corp. | 13.03 | 9.62 | 7.38 | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | 7.61 | 11.34 | 10.34 | 9.92 | 10.19 | 10.21 | 13.97 | ||||||
| Uber Technologies Inc. | 152.26 | 325.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| United Parcel Service Inc. | 13.86 | 12.08 | 13.27 | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | 17.73 | 16.56 | 10.94 | 11.72 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023
+ Operating incomeQ1 2023)
÷ No. shares of common stock outstanding
= (2,407,000,000 + 2,177,000,000 + 2,204,000,000 + 2,294,000,000)
÷ 609,777,914 = 14.89
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 249.45 ÷ 14.89 = 16.75
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Union Pacific Corp. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Sales (P/S)
Union Pacific Corp., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | 690,261,490 | 694,199,885 | 704,529,750 | 707,838,173 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating revenues (in millions) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | 5,733) | 5,566) | 5,504) | 5,001) | 5,141) | 4,919) | 4,244) | 5,229) | 5,212) | 5,516) | 5,596) | 5,384) | ||||||
| Sales per share2 | 39.55 | 39.60 | 40.63 | 41.12 | 40.65 | 39.73 | 37.52 | 36.09 | 34.23 | 33.00 | 31.54 | 29.06 | 29.16 | 29.09 | 29.76 | 31.76 | 31.45 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | 183.83 | 163.68 | 174.25 | 176.66 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 6.31 | 5.31 | 5.86 | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | 6.43 | 5.88 | 4.79 | 5.85 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.71 | 0.55 | 0.44 | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | 0.36 | 0.62 | 0.65 | 0.64 | 0.68 | 0.70 | 1.00 | ||||||
| Uber Technologies Inc. | 4.53 | 2.86 | 2.74 | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | 6.57 | 4.42 | 3.98 | 4.00 | — | — | — | ||||||
| United Parcel Service Inc. | 1.39 | 1.28 | 1.60 | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | 1.72 | 1.61 | 1.09 | 1.23 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Operating revenuesQ4 2023
+ Operating revenuesQ3 2023
+ Operating revenuesQ2 2023
+ Operating revenuesQ1 2023)
÷ No. shares of common stock outstanding
= (6,159,000,000 + 5,941,000,000 + 5,963,000,000 + 6,056,000,000)
÷ 609,777,914 = 39.55
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 249.45 ÷ 39.55 = 6.31
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Union Pacific Corp. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Book Value (P/BV)
Union Pacific Corp., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | 690,261,490 | 694,199,885 | 704,529,750 | 707,838,173 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Common shareholders’ equity (in millions) | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Book value per share (BVPS)2 | 24.25 | 22.97 | 21.65 | 20.43 | 19.88 | 19.10 | 20.35 | 18.94 | 22.23 | 21.65 | 21.93 | 24.47 | 25.32 | 25.52 | 24.24 | 23.57 | 26.26 | 25.95 | 25.79 | 25.07 | ||||||
| Share price1, 3 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | 183.83 | 163.68 | 174.25 | 176.66 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 10.29 | 9.16 | 10.99 | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | 7.00 | 6.31 | 6.76 | 7.05 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| FedEx Corp. | 2.45 | 2.07 | 1.72 | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | 2.49 | 2.38 | 2.50 | 3.51 | ||||||
| Uber Technologies Inc. | 15.02 | 10.98 | 11.08 | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | 3.99 | 3.17 | 4.28 | — | ||||||
| United Parcel Service Inc. | 7.32 | 6.21 | 7.71 | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | 27.98 | 18.04 | 23.36 | 26.37 | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= 14,788,000,000 ÷ 609,777,914 = 24.25
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 249.45 ÷ 24.25 = 10.29
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Union Pacific Corp. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |