Price to Sales (P/S)
since 2005
Calculation
Union Pacific Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | 6.12 | = | 252.62 | ÷ | 41.30 | 41.30 | = | 24,510 | ÷ | 593,391,460 | |
| Feb 7, 2025 | 6.03 | = | 242.08 | ÷ | 40.13 | 40.13 | = | 24,250 | ÷ | 604,286,378 | |
| Feb 9, 2024 | 6.31 | = | 249.45 | ÷ | 39.55 | 39.55 | = | 24,119 | ÷ | 609,777,914 | |
| Feb 10, 2023 | 5.05 | = | 205.50 | ÷ | 40.65 | 40.65 | = | 24,875 | ÷ | 611,872,981 | |
| Feb 4, 2022 | 7.08 | = | 242.39 | ÷ | 34.23 | 34.23 | = | 21,804 | ÷ | 636,898,957 | |
| Feb 5, 2021 | 7.00 | = | 204.20 | ÷ | 29.16 | 29.16 | = | 19,533 | ÷ | 669,829,363 | |
| Feb 7, 2020 | 5.85 | = | 183.83 | ÷ | 31.45 | 31.45 | = | 21,708 | ÷ | 690,261,490 | |
| Feb 8, 2019 | 5.12 | = | 161.72 | ÷ | 31.58 | 31.58 | = | 22,832 | ÷ | 722,877,817 | |
| Feb 9, 2018 | 4.67 | = | 127.28 | ÷ | 27.26 | 27.26 | = | 21,240 | ÷ | 779,305,276 | |
| Feb 3, 2017 | 4.43 | = | 108.51 | ÷ | 24.50 | 24.50 | = | 19,941 | ÷ | 813,795,240 | |
| Feb 5, 2016 | 2.91 | = | 75.03 | ÷ | 25.77 | 25.77 | = | 21,813 | ÷ | 846,414,350 | |
| Feb 6, 2015 | 4.48 | = | 121.81 | ÷ | 27.22 | 27.22 | = | 23,988 | ÷ | 881,284,029 | |
| Feb 7, 2014 | 3.67 | = | 88.45 | ÷ | 24.13 | 24.13 | = | 21,963 | ÷ | 910,115,218 | |
| Feb 8, 2013 | 2.99 | = | 66.58 | ÷ | 22.29 | 22.29 | = | 20,926 | ÷ | 938,597,464 | |
| Feb 3, 2012 | 2.85 | = | 58.06 | ÷ | 20.37 | 20.37 | = | 19,557 | ÷ | 960,135,730 | |
| Feb 4, 2011 | 2.73 | = | 47.13 | ÷ | 17.28 | 17.28 | = | 16,965 | ÷ | 982,002,832 | |
| Feb 5, 2010 | 2.22 | = | 31.05 | ÷ | 14.00 | 14.00 | = | 14,143 | ÷ | 1,010,572,736 | |
| Feb 6, 2009 | 1.38 | = | 24.64 | ÷ | 17.86 | 17.86 | = | 17,970 | ÷ | 1,006,387,066 | |
| Feb 28, 2008 | 2.02 | = | 31.57 | ÷ | 15.61 | 15.61 | = | 16,283 | ÷ | 1,042,802,108 | |
| Feb 23, 2007 | 1.81 | = | 25.97 | ÷ | 14.38 | 14.38 | = | 15,578 | ÷ | 1,083,009,224 | |
| Feb 24, 2006 | 1.74 | = | 22.12 | ÷ | 12.69 | 12.69 | = | 13,578 | ÷ | 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-sales (P/S) ratio for the observed period exhibits considerable fluctuation, generally trending upwards with notable peaks and valleys. Initial values in the early to mid-2000s were relatively stable, followed by a period of increased volatility and a general upward trajectory. A significant decline occurred during the 2008-2009 timeframe, coinciding with broader economic challenges, before recovering and continuing its upward trend.
- Initial Period (2006-2008)
- The P/S ratio began at 1.74 and increased to 2.02 over the three-year period. This represents a modest, consistent increase, suggesting a growing investor confidence relative to sales revenue. The share price also demonstrated growth during this period, while sales per share also increased.
- Economic Downturn (2008-2009)
- A substantial decrease in the P/S ratio is observed, falling from 2.02 to 1.38. This decline correlates with a decrease in share price and an increase in sales per share, potentially indicating market concerns during the financial crisis. Investors were willing to pay less for each dollar of sales.
- Recovery and Growth (2010-2019)
- Following the downturn, the P/S ratio experienced a recovery, rising from 2.22 to 5.12. This period demonstrates a strong positive correlation between share price and the P/S ratio, with both metrics exhibiting substantial growth. Sales per share also increased consistently, supporting the higher valuation. The ratio experienced year-over-year increases, indicating increasing investor optimism.
- Recent Fluctuations (2020-2026)
- The P/S ratio reached a peak of 7.08 in 2022, followed by a decrease to 6.12 in 2026. This recent volatility may be attributed to changing market conditions and investor sentiment. While sales per share continued to increase, the share price experienced a decline in 2023 before stabilizing. The ratio remains elevated compared to its historical average, but the recent trend suggests a potential plateau or correction.
Overall, the P/S ratio demonstrates a long-term upward trend, punctuated by periods of significant volatility. The ratio’s movements appear to be influenced by both company-specific factors, such as sales per share, and broader economic conditions. The recent fluctuations warrant continued monitoring to assess the sustainability of the valuation.
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Comparison to Competitors
Union Pacific Corp., P/S, 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 | 6.12 | 0.61 | 2.77 | 0.60 | 1.11 |
| Feb 7, 2025 | 6.03 | 0.85 | 3.77 | 0.53 | 1.08 |
| Feb 9, 2024 | 6.31 | 0.71 | 4.53 | 0.28 | 1.39 |
| Feb 10, 2023 | 5.05 | 0.61 | 2.16 | 0.36 | 1.53 |
| Feb 4, 2022 | 7.08 | 0.94 | 3.90 | 0.63 | 1.87 |
| Feb 5, 2021 | 7.00 | 0.62 | 9.07 | 1.11 | 1.66 |
| Feb 7, 2020 | 5.85 | 0.64 | 4.00 | 0.40 | 1.23 |
| Feb 8, 2019 | 5.12 | 0.94 | — | 0.57 | 1.34 |
| Feb 9, 2018 | 4.67 | 0.96 | — | 0.50 | 1.37 |
| Feb 3, 2017 | 4.43 | 0.85 | — | 0.64 | 1.54 |
| Feb 5, 2016 | 2.91 | 1.02 | — | 0.49 | 1.48 |
| Feb 6, 2015 | 4.48 | 0.95 | — | 0.67 | 1.58 |
| Feb 7, 2014 | 3.67 | 0.74 | — | 0.44 | 1.59 |
| Feb 8, 2013 | 2.99 | 0.68 | — | 0.24 | 1.46 |
| Feb 3, 2012 | 2.85 | 0.76 | — | 0.19 | 1.39 |
| Feb 4, 2011 | 2.73 | 0.70 | — | 0.35 | 1.47 |
| Feb 5, 2010 | 2.22 | 0.50 | — | 0.18 | 1.29 |
| Feb 6, 2009 | 1.38 | 0.63 | — | 0.03 | 0.80 |
| Feb 28, 2008 | 2.02 | 1.03 | — | 0.18 | 1.46 |
| Feb 23, 2007 | 1.81 | 1.03 | — | 0.22 | 1.57 |
| Feb 24, 2006 | 1.74 | 0.86 | — | 0.22 | 2.00 |
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/S, long-term trends, comparison to sector (transportation)
| Union Pacific Corp. | Transportation | |
|---|---|---|
| Feb 6, 2026 | 6.12 | 1.54 |
| Feb 7, 2025 | 6.03 | 1.70 |
| Feb 9, 2024 | 6.31 | 1.78 |
| Feb 10, 2023 | 5.05 | 1.42 |
| Feb 4, 2022 | 7.08 | 2.03 |
| Feb 5, 2021 | 7.00 | 2.19 |
| Feb 7, 2020 | 5.85 | 1.51 |
| Feb 8, 2019 | 5.12 | 1.48 |
| Feb 9, 2018 | 4.67 | 1.44 |
| Feb 3, 2017 | 4.43 | 1.48 |
| Feb 5, 2016 | 2.91 | 1.31 |
| Feb 6, 2015 | 4.48 | 1.61 |
| Feb 7, 2014 | 3.67 | 1.37 |
| Feb 8, 2013 | 2.99 | 1.16 |
| Feb 3, 2012 | 2.85 | 1.11 |
| Feb 4, 2011 | 2.73 | 1.22 |
| Feb 5, 2010 | 2.22 | 0.99 |
| Feb 6, 2009 | 1.38 | 0.71 |
| Feb 28, 2008 | 2.02 | 1.20 |
| Feb 23, 2007 | 1.81 | 1.23 |
| Feb 24, 2006 | 1.74 | 1.34 |
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/S, long-term trends, comparison to industry (industrials)
| Union Pacific Corp. | Industrials | |
|---|---|---|
| Feb 6, 2026 | 6.12 | 2.78 |
| Feb 7, 2025 | 6.03 | 2.29 |
| Feb 9, 2024 | 6.31 | 2.06 |
| Feb 10, 2023 | 5.05 | 1.80 |
| Feb 4, 2022 | 7.08 | 2.07 |
| Feb 5, 2021 | 7.00 | 2.14 |
| Feb 7, 2020 | 5.85 | 1.77 |
| Feb 8, 2019 | 5.12 | 1.58 |
| Feb 9, 2018 | 4.67 | 1.71 |
| Feb 3, 2017 | 4.43 | 1.68 |
| Feb 5, 2016 | 2.91 | 1.48 |
| Feb 6, 2015 | 4.48 | 1.65 |
| Feb 7, 2014 | 3.67 | 1.57 |
| Feb 8, 2013 | 2.99 | 1.31 |
| Feb 3, 2012 | 2.85 | 1.27 |
| Feb 4, 2011 | 2.73 | 1.39 |
| Feb 5, 2010 | 2.22 | 1.09 |
| Feb 6, 2009 | 1.38 | 0.71 |
| Feb 28, 2008 | 2.02 | 1.62 |
| Feb 23, 2007 | 1.81 | 1.73 |
| Feb 24, 2006 | 1.74 | 1.80 |
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).