Price to Earnings (P/E)
since 2005
Calculation
Union Pacific Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | 21.00 | = | 252.62 | ÷ | 12.03 | 12.03 | = | 7,138 | ÷ | 593,391,460 | |
| Feb 7, 2025 | 21.68 | = | 242.08 | ÷ | 11.17 | 11.17 | = | 6,747 | ÷ | 604,286,378 | |
| Feb 9, 2024 | 23.85 | = | 249.45 | ÷ | 10.46 | 10.46 | = | 6,379 | ÷ | 609,777,914 | |
| Feb 10, 2023 | 17.97 | = | 205.50 | ÷ | 11.44 | 11.44 | = | 6,998 | ÷ | 611,872,981 | |
| Feb 4, 2022 | 23.67 | = | 242.39 | ÷ | 10.24 | 10.24 | = | 6,523 | ÷ | 636,898,957 | |
| Feb 5, 2021 | 25.57 | = | 204.20 | ÷ | 7.99 | 7.99 | = | 5,349 | ÷ | 669,829,363 | |
| Feb 7, 2020 | 21.44 | = | 183.83 | ÷ | 8.58 | 8.58 | = | 5,919 | ÷ | 690,261,490 | |
| Feb 8, 2019 | 19.60 | = | 161.72 | ÷ | 8.25 | 8.25 | = | 5,966 | ÷ | 722,877,817 | |
| Feb 9, 2018 | 9.26 | = | 127.28 | ÷ | 13.75 | 13.75 | = | 10,712 | ÷ | 779,305,276 | |
| Feb 3, 2017 | 20.86 | = | 108.51 | ÷ | 5.20 | 5.20 | = | 4,233 | ÷ | 813,795,240 | |
| Feb 5, 2016 | 13.31 | = | 75.03 | ÷ | 5.64 | 5.64 | = | 4,772 | ÷ | 846,414,350 | |
| Feb 6, 2015 | 20.72 | = | 121.81 | ÷ | 5.88 | 5.88 | = | 5,180 | ÷ | 881,284,029 | |
| Feb 7, 2014 | 18.35 | = | 88.45 | ÷ | 4.82 | 4.82 | = | 4,388 | ÷ | 910,115,218 | |
| Feb 8, 2013 | 15.85 | = | 66.58 | ÷ | 4.20 | 4.20 | = | 3,943 | ÷ | 938,597,464 | |
| Feb 3, 2012 | 16.93 | = | 58.06 | ÷ | 3.43 | 3.43 | = | 3,292 | ÷ | 960,135,730 | |
| Feb 4, 2011 | 16.65 | = | 47.13 | ÷ | 2.83 | 2.83 | = | 2,780 | ÷ | 982,002,832 | |
| Feb 5, 2010 | 16.53 | = | 31.05 | ÷ | 1.88 | 1.88 | = | 1,898 | ÷ | 1,010,572,736 | |
| Feb 6, 2009 | 10.61 | = | 24.64 | ÷ | 2.32 | 2.32 | = | 2,338 | ÷ | 1,006,387,066 | |
| Feb 28, 2008 | 17.75 | = | 31.57 | ÷ | 1.78 | 1.78 | = | 1,855 | ÷ | 1,042,802,108 | |
| Feb 23, 2007 | 17.51 | = | 25.97 | ÷ | 1.48 | 1.48 | = | 1,606 | ÷ | 1,083,009,224 | |
| Feb 24, 2006 | 23.08 | = | 22.12 | ÷ | 0.96 | 0.96 | = | 1,026 | ÷ | 1,070,337,948 |
Based on: 10-K (reporting date: 2025-12-31), 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.
The price-to-earnings (P/E) ratio for the observed period exhibits considerable fluctuation, though generally trends within a range of approximately 9 to 26. Initial values in the early to mid-2000s demonstrate a relatively stable P/E ratio, fluctuating between 16 and 23. A significant decrease is then observed in 2009, falling to a low of 10.61, before recovering and exhibiting increased volatility in subsequent years.
- Overall Trend
- From 2009 through 2017, the P/E ratio experienced a period of increased variability. It rose to a peak of 20.86 in 2017, followed by a sharp decline to 9.26 in 2018. This suggests a potential correction or shift in market sentiment regarding the company’s valuation. Following 2018, the P/E ratio generally trended upwards, reaching levels between 19 and 26, before decreasing again in the most recent years.
- Volatility and Peaks
- The period between 2010 and 2017 demonstrates the highest volatility in the P/E ratio. The peak value of 20.86 in 2017 coincides with a substantial increase in earnings per share (EPS), indicating a potentially optimistic market outlook at that time. The subsequent drop in 2018, despite still-positive EPS, suggests a change in investor expectations or a reassessment of future growth prospects.
- Recent Performance (2020-2026)
- From 2020 to 2026, the P/E ratio has fluctuated between approximately 17 and 26. While EPS generally increased during this period, the P/E ratio did not consistently follow suit, indicating that market perception of the company’s value relative to its earnings has been dynamic. The most recent values suggest a slight downward trend, with the P/E ratio decreasing from 23.85 in 2023 to 21.00 in 2026.
- Relationship to EPS
- The P/E ratio’s movements are clearly influenced by changes in EPS. Periods of increasing EPS generally correlate with increases in the P/E ratio, though this relationship is not always consistent. The discrepancy between EPS and P/E in certain years suggests that factors beyond earnings, such as broader market conditions, investor sentiment, and perceived future growth potential, play a significant role in determining the company’s valuation.
In conclusion, the P/E ratio has demonstrated a complex pattern over the analyzed timeframe, characterized by periods of stability, volatility, and fluctuating trends. The ratio’s movements appear to be influenced by both company-specific factors, such as EPS, and broader market dynamics.
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Comparison to Competitors
Union Pacific Corp., P/E, long-term trends, comparison to competitors
| Union Pacific Corp. | FedEx Corp. | Uber Technologies Inc. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Feb 6, 2026 | 21.00 | 13.01 | 14.33 | 10.54 | 17.60 |
| Feb 7, 2025 | 21.68 | 17.21 | 16.83 | 9.58 | 17.05 |
| Feb 9, 2024 | 23.85 | 16.11 | 89.56 | 5.70 | 18.89 |
| Feb 10, 2023 | 17.97 | 14.80 | — | 21.74 | 13.27 |
| Feb 4, 2022 | 23.67 | 15.07 | — | — | 14.11 |
| Feb 5, 2021 | 25.57 | 33.43 | — | — | 104.33 |
| Feb 7, 2020 | 21.44 | 82.00 | — | 5.82 | 20.59 |
| Feb 8, 2019 | 19.60 | 13.39 | — | 11.00 | 20.07 |
| Feb 9, 2018 | 9.26 | 19.29 | — | 8.91 | 18.37 |
| Feb 3, 2017 | 20.86 | 23.45 | — | 10.37 | 27.32 |
| Feb 5, 2016 | 13.31 | 46.06 | — | 2.54 | 17.84 |
| Feb 6, 2015 | 20.72 | 20.56 | — | 23.08 | 30.28 |
| Feb 7, 2014 | 18.35 | 21.03 | — | 29.73 | 20.22 |
| Feb 8, 2013 | 15.85 | 14.32 | — | — | 97.65 |
| Feb 3, 2012 | 16.93 | 20.54 | — | 8.28 | 19.35 |
| Feb 4, 2011 | 16.65 | 20.51 | — | 31.74 | 20.89 |
| Feb 5, 2010 | 16.53 | 182.81 | — | — | 27.10 |
| Feb 6, 2009 | 10.61 | 21.29 | — | — | 13.65 |
| Feb 28, 2008 | 17.75 | 17.96 | — | 8.95 | 190.19 |
| Feb 23, 2007 | 17.51 | 18.49 | — | 0.19 | 17.80 |
| Feb 24, 2006 | 23.08 | 17.42 | — | — | 22.04 |
Based on: 10-K (reporting date: 2025-12-31), 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/E, long-term trends, comparison to sector (transportation)
| Union Pacific Corp. | Transportation | |
|---|---|---|
| Feb 6, 2026 | 21.00 | 15.91 |
| Feb 7, 2025 | 21.68 | 17.26 |
| Feb 9, 2024 | 23.85 | 24.43 |
| Feb 10, 2023 | 17.97 | 30.10 |
| Feb 4, 2022 | 23.67 | 22.48 |
| Feb 5, 2021 | 25.57 | — |
| Feb 7, 2020 | 21.44 | 62.33 |
| Feb 8, 2019 | 19.60 | 17.05 |
| Feb 9, 2018 | 9.26 | 12.83 |
| Feb 3, 2017 | 20.86 | 21.13 |
| Feb 5, 2016 | 13.31 | 12.05 |
| Feb 6, 2015 | 20.72 | 23.46 |
| Feb 7, 2014 | 18.35 | 20.08 |
| Feb 8, 2013 | 15.85 | 29.57 |
| Feb 3, 2012 | 16.93 | 17.70 |
| Feb 4, 2011 | 16.65 | 19.66 |
| Feb 5, 2010 | 16.53 | 31.59 |
| Feb 6, 2009 | 10.61 | 80.82 |
| Feb 28, 2008 | 17.75 | 31.23 |
| Feb 23, 2007 | 17.51 | 4.61 |
| Feb 24, 2006 | 23.08 | — |
Based on: 10-K (reporting date: 2025-12-31), 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/E, long-term trends, comparison to industry (industrials)
| Union Pacific Corp. | Industrials | |
|---|---|---|
| Feb 6, 2026 | 21.00 | 29.14 |
| Feb 7, 2025 | 21.68 | 28.42 |
| Feb 9, 2024 | 23.85 | 24.85 |
| Feb 10, 2023 | 17.97 | 36.06 |
| Feb 4, 2022 | 23.67 | 35.59 |
| Feb 5, 2021 | 25.57 | — |
| Feb 7, 2020 | 21.44 | 43.95 |
| Feb 8, 2019 | 19.60 | 33.70 |
| Feb 9, 2018 | 9.26 | 29.83 |
| Feb 3, 2017 | 20.86 | 22.92 |
| Feb 5, 2016 | 13.31 | 22.89 |
| Feb 6, 2015 | 20.72 | 18.79 |
| Feb 7, 2014 | 18.35 | 19.13 |
| Feb 8, 2013 | 15.85 | 17.77 |
| Feb 3, 2012 | 16.93 | 15.75 |
| Feb 4, 2011 | 16.65 | 18.72 |
| Feb 5, 2010 | 16.53 | 19.17 |
| Feb 6, 2009 | 10.61 | 9.73 |
| Feb 28, 2008 | 17.75 | 16.93 |
| Feb 23, 2007 | 17.51 | 11.65 |
| Feb 24, 2006 | 23.08 | 50.62 |
Based on: 10-K (reporting date: 2025-12-31), 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).