Price to Book Value (P/BV)
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Calculation
Union Pacific Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Common shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 5, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 6, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
- Share Price Trend
- The share price exhibited a general upward trajectory from 2006 through 2025, increasing from $22.12 to a peak around $249.45 in early 2024 before slightly retracting to $242.08 by 2025. Notable fluctuations included a decline during the 2008-2009 period, likely reflecting broader market stresses, and a sharp drop between 2014 and 2016. However, recovery followed this period, with consistent growth resuming until 2023. The long-term trend reveals robust appreciation in share value over the two decades.
- Book Value per Share (BVPS) Trend
- Book value per share progressed steadily from $12.81 in 2006 to approximately $31.90 in 2018, indicating an accumulation of net assets per share. Subsequent years saw a decline to a low of $19.88 in 2023, followed by a modest recovery to $27.95 in 2025. The earlier steady increase suggests periods of asset growth or earnings retention, whereas the mid-to-late 2010s reveal a reversal, potentially due to asset write-downs, share repurchases, or other balance sheet adjustments.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio started at 1.73 in 2006 and showed an overall rising trend, peaking at 10.90 in 2023 before a slight decrease to 8.66 in 2025. This increase indicates a growing market premium over book value, reflecting heightened investor confidence and expectations for future earnings beyond net asset value. Some volatility is evident, with dips observed during 2009 and 2016, coinciding with share price softness and changes in book value.
- Interrelationship of Metrics
- The divergent trends between share price and book value after 2018 resulted in increasing P/BV multiples, signaling that the market valuation increasingly outweighed the company's net book assets. This may highlight stronger market sentiment, possibly driven by growth prospects, intangible assets value, or improved profitability. Conversely, the interim decline in book value with sustained share price growth suggests strategic capital management or fluctuating asset valuations.
- Summary of Observations
- The data reveals a company experiencing long-term share price growth with intermittent volatility tied to market and economic events. Book value per share generally increased but faced a notable decline starting in the late 2010s. The escalating P/BV ratio indicates growing investor optimism and elevated market expectations relative to net assets. Together, these metrics reflect a complex interaction of market perception, company performance, and balance sheet dynamics over the analyzed period.
Comparison to Competitors
Union Pacific Corp., P/BV, long-term trends, comparison to competitors
| Union Pacific Corp. | FedEx Corp. | Uber Technologies Inc. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Feb 7, 2025 | |||||
| Feb 9, 2024 | |||||
| Feb 10, 2023 | |||||
| Feb 4, 2022 | |||||
| Feb 5, 2021 | |||||
| Feb 7, 2020 | |||||
| Feb 8, 2019 | |||||
| Feb 9, 2018 | |||||
| Feb 3, 2017 | |||||
| Feb 5, 2016 | |||||
| Feb 6, 2015 | |||||
| Feb 7, 2014 | |||||
| Feb 8, 2013 | |||||
| Feb 3, 2012 | |||||
| Feb 4, 2011 | |||||
| Feb 5, 2010 | |||||
| Feb 6, 2009 | |||||
| Feb 28, 2008 | |||||
| Feb 23, 2007 | |||||
| Feb 24, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
Union Pacific Corp., P/BV, long-term trends, comparison to sector (transportation)
| Union Pacific Corp. | Transportation | |
|---|---|---|
| Feb 7, 2025 | ||
| Feb 9, 2024 | ||
| Feb 10, 2023 | ||
| Feb 4, 2022 | ||
| Feb 5, 2021 | ||
| Feb 7, 2020 | ||
| Feb 8, 2019 | ||
| Feb 9, 2018 | ||
| Feb 3, 2017 | ||
| Feb 5, 2016 | ||
| Feb 6, 2015 | ||
| Feb 7, 2014 | ||
| Feb 8, 2013 | ||
| Feb 3, 2012 | ||
| Feb 4, 2011 | ||
| Feb 5, 2010 | ||
| Feb 6, 2009 | ||
| Feb 28, 2008 | ||
| Feb 23, 2007 | ||
| Feb 24, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Union Pacific Corp., P/BV, long-term trends, comparison to industry (industrials)
| Union Pacific Corp. | Industrials | |
|---|---|---|
| Feb 7, 2025 | ||
| Feb 9, 2024 | ||
| Feb 10, 2023 | ||
| Feb 4, 2022 | ||
| Feb 5, 2021 | ||
| Feb 7, 2020 | ||
| Feb 8, 2019 | ||
| Feb 9, 2018 | ||
| Feb 3, 2017 | ||
| Feb 5, 2016 | ||
| Feb 6, 2015 | ||
| Feb 7, 2014 | ||
| Feb 8, 2013 | ||
| Feb 3, 2012 | ||
| Feb 4, 2011 | ||
| Feb 5, 2010 | ||
| Feb 6, 2009 | ||
| Feb 28, 2008 | ||
| Feb 23, 2007 | ||
| Feb 24, 2006 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).