Union Pacific Corp., current enterprise value calculation

Current share price (P)	$258.05
No. shares of common stock outstanding	593,713,213
US$ in millions
Common equity (market value)¹	153,208)
Total equity	153,208)
Add: Debt due within one year (per books)	1,520)
Add: Debt due after one year (per books)	30,294)
Total equity and debt	185,022)
Less: Cash and cash equivalents	1,266)
Less: Short-term investments	250)
Enterprise value (EV)	183,506)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 258.05 × 593,713,213

Union Pacific Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$252.62	$242.08	$249.45	$205.50	$242.39
No. shares of common stock outstanding¹	593,391,460	604,286,378	609,777,914	611,872,981	636,898,957
US$ in millions
Common equity (market value)³	149,903)	146,286)	152,109)	125,740)	154,378)
Total equity	149,903)	146,286)	152,109)	125,740)	154,378)
Add: Debt due within one year (book value)	1,520)	1,425)	1,423)	1,678)	2,166)
Add: Debt due after one year (book value)	30,294)	29,767)	31,156)	31,648)	27,563)
Total equity and debt	181,717)	177,478)	184,688)	159,066)	184,107)
Less: Cash and cash equivalents	1,266)	1,016)	1,055)	973)	960)
Less: Short-term investments	250)	20)	16)	46)	46)
Enterprise value (EV)	180,201)	176,442)	183,617)	158,047)	183,101)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Union Pacific Corp. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 252.62 × 593,391,460

The financial data reveals a period of volatility followed by a stabilization in the company's valuation metrics between 2021 and 2025. A significant contraction is observed in 2022 across all measured items, followed by a substantial recovery in 2023, with subsequent years showing minor fluctuations around a stabilized baseline.

Market Value of Common Equity: The market value of common equity experienced a sharp decline of approximately 18.5% between 2021 and 2022, falling from 154,378 million to 125,740 million. This was followed by a strong rebound in 2023, returning to 152,109 million. The valuation remained relatively steady thereafter, ending 2025 at 149,903 million.
Enterprise Value (EV) Trends: Enterprise Value closely mirrored the movement of the market equity, dropping from 183,101 million in 2021 to 158,047 million in 2022. A recovery occurred in 2023, with EV peaking at 183,617 million. The subsequent two years showed a slight moderation, with the value settling at 180,201 million by December 31, 2025.
Capital Structure and Debt Integration: The narrow margin between Total Equity and Debt and the Enterprise Value suggests a consistent capital structure. The difference between these two metrics remained relatively stable throughout the period, indicating that the net debt or cash adjustments used to derive the Enterprise Value did not undergo drastic shifts despite the fluctuations in equity market value.
Comparative Stability Analysis: When comparing the 2021 baseline to the 2025 results, the Enterprise Value shows high resilience, with the 2025 figure representing 98.4% of the 2021 valuation. This indicates that the volatility observed in 2022 was a temporary deviation rather than a long-term devaluation of the company's total operational value.

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Union Pacific Corp. (NYSE:UNP)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)