Price to FCFE (P/FCFE)
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Union Pacific Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Union Pacific Corp., FCFE calculation
US$ in millions
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).
Cash provided by operating activities demonstrated a generally positive trend over the observed period, with fluctuations occurring between years. Free cash flow to equity (FCFE) exhibited more pronounced variability. A detailed examination of these trends is presented below.
- Cash Flow from Operations
- Cash provided by operating activities increased from US$9,032 million in 2021 to US$9,362 million in 2022, representing a growth of approximately 3.6%. A subsequent decrease was noted in 2023, falling to US$8,379 million. This was followed by a recovery in 2024, reaching US$9,346 million, and a slight decrease in 2025 to US$9,290 million. Overall, operating cash flow remained relatively stable, fluctuating within a range of approximately US$1,000 million over the five-year period.
- Free Cash Flow to Equity (FCFE)
- FCFE mirrored the operational cash flow trend initially, increasing from US$8,998 million in 2021 to US$9,531 million in 2022, a rise of roughly 5.9%. However, a significant decline occurred in 2023, with FCFE dropping substantially to US$4,182 million. A modest recovery was observed in 2024, reaching US$4,468 million, before a further increase to US$6,066 million in 2025. The volatility in FCFE is considerably higher than that of operating cash flow, suggesting factors beyond core operational performance are influencing its value. The 2023 decline and subsequent recovery warrant further investigation to determine the underlying causes.
- Relationship between Operating Cash Flow and FCFE
- While both metrics generally move in the same direction, the magnitude of change differs. The substantial decrease in FCFE in 2023 was more pronounced than the decrease in operating cash flow, indicating potential changes in financing or investment activities impacting the distribution of cash to equity holders. The recovery in FCFE in 2025, while positive, did not fully restore it to the levels observed in 2021 and 2022.
In summary, the company generated consistent cash from its operations, but the cash available to equity holders experienced significant fluctuations. The substantial decline in FCFE in 2023, followed by a partial recovery, is a key area for further analysis.
Price to FCFE Ratio, Current
Union Pacific Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| FedEx Corp. | |
| Uber Technologies Inc. | |
| United Airlines Holdings Inc. | |
| United Parcel Service Inc. | |
| P/FCFE, Sector | |
| Transportation | |
| P/FCFE, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Union Pacific Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| P/FCFE, Sector | ||||||
| Transportation | ||||||
| P/FCFE, Industry | ||||||
| Industrials | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Union Pacific Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited considerable fluctuation over the five-year period. Initial observations reveal a decrease in the ratio followed by a substantial increase, and then a subsequent decline. A detailed examination of the underlying components and the resulting P/FCFE ratio is presented below.
- Share Price
- The share price demonstrated an initial decline from US$242.39 in 2021 to US$205.50 in 2022. A recovery was then observed, with the price reaching US$249.45 in 2023, before decreasing slightly to US$242.08 in 2024. The share price concluded the period with a value of US$252.62 in 2025, representing a modest increase from the prior year.
- Free Cash Flow to Equity per Share
- FCFE per share increased from US$14.13 in 2021 to US$15.58 in 2022. However, a significant decrease was recorded in 2023, falling to US$6.86. A slight recovery occurred in 2024, with FCFE per share reaching US$7.39, followed by a more substantial increase to US$10.22 in 2025.
- Price to FCFE Ratio
- The P/FCFE ratio began at 17.16 in 2021 and decreased to 13.19 in 2022, coinciding with the share price decline and increasing FCFE per share. A dramatic increase was then observed in 2023, with the ratio reaching 36.37, driven by the substantial decrease in FCFE per share. The ratio remained elevated in 2024 at 32.74, before decreasing to 24.71 in 2025, reflecting the recovery in FCFE per share.
The fluctuations in the P/FCFE ratio are largely attributable to the interplay between share price movements and changes in FCFE per share. The most significant change occurred in 2023, where a substantial drop in FCFE per share led to a considerable increase in the P/FCFE ratio. The subsequent recovery in FCFE per share in 2025 contributed to a decrease in the ratio, although it remained above the levels observed in 2021 and 2022.