Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Union Pacific Corp., current price multiples
| Union Pacific Corp. | FedEx Corp. | Uber Technologies Inc. | United Airlines Holdings Inc. | United Parcel Service Inc. | Transportation | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | $239.67 | |||||||||
| No. shares of common stock outstanding | 593,391,460 | |||||||||
| Growth rate (g) | 24.23% | |||||||||
| Earnings per share (EPS) | $12.03 | |||||||||
| Next year expected EPS | $14.94 | |||||||||
| Operating profit per share | $16.59 | |||||||||
| Sales per share | $41.30 | |||||||||
| Book value per share (BVPS) | $31.12 | |||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | 19.92 | 20.99 | 14.81 | 9.02 | 15.00 | 16.25 | 28.04 | |||
| Price to next year expected earnings | 16.04 | 18.84 | 13.65 | 8.14 | 13.09 | 13.97 | 25.52 | |||
| Price-earnings-growth (PEG) | 0.82 | 1.84 | 1.75 | 0.83 | 1.03 | 1.00 | 2.83 | |||
| Price to operating profit (P/OP) | 14.44 | 16.46 | 26.75 | 6.42 | 10.62 | 14.78 | 22.52 | |||
| Price to sales (P/S) | 5.80 | 0.98 | 2.86 | 0.51 | 0.94 | 1.57 | 2.67 | |||
| Price to book value (P/BV) | 7.70 | 3.06 | 5.51 | 1.98 | 5.15 | 4.67 | 7.70 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Union Pacific Corp., historical price multiples
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).
The valuation ratios exhibit varied trends over the five-year period. Generally, the ratios decreased from 2021 to 2022, then showed some recovery and stabilization between 2023 and 2025, though not consistently returning to initial levels.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased significantly from 23.67 in 2021 to 17.97 in 2022, indicating a lower price paid for each dollar of earnings. It then rebounded to 23.85 in 2023 before moderating to 21.68 in 2024 and 21.00 in 2025. This suggests a fluctuating investor sentiment regarding earnings potential.
- Price to Operating Profit (P/OP)
- A similar pattern is observed in the Price to Operating Profit ratio, declining from 16.53 in 2021 to 12.68 in 2022. The ratio increased to 16.75 in 2023 and then stabilized around 15.06 and 15.22 in 2024 and 2025, respectively. This indicates a relative stabilization in the market’s valuation of the company’s operating performance.
- Price to Sales (P/S)
- The Price to Sales ratio followed the general trend, decreasing from 7.08 in 2021 to 5.05 in 2022. It then experienced a recovery, reaching 6.31 in 2023, and continued to rise modestly to 6.03 in 2024 and 6.12 in 2025. This suggests a gradual increase in the price investors are willing to pay for each dollar of revenue.
- Price to Book Value (P/BV)
- The Price to Book Value ratio demonstrated a consistent, though moderate, decline throughout the period. Starting at 10.90 in 2021, it decreased to 10.34 in 2022, 10.29 in 2023, 8.66 in 2024, and finally to 8.12 in 2025. This indicates a decreasing valuation relative to the company’s net asset value, potentially reflecting changing market perceptions of asset quality or future growth prospects.
Overall, the period began with relatively higher valuation multiples, followed by a correction in 2022. Subsequent years show a partial recovery and stabilization, but the Price to Book Value ratio continued its downward trajectory. These shifts may warrant further investigation into underlying business performance and market conditions.
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Price to Earnings (P/E)
Union Pacific Corp., historical P/E 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 | 593,391,460 | 604,286,378 | 609,777,914 | 611,872,981 | 636,898,957 | |
| Selected Financial Data (US$) | ||||||
| Net income (in millions) | 7,138) | 6,747) | 6,379) | 6,998) | 6,523) | |
| Earnings per share (EPS)2 | 12.03 | 11.17 | 10.46 | 11.44 | 10.24 | |
| Share price1, 3 | 252.62 | 242.08 | 249.45 | 205.50 | 242.39 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 21.00 | 21.68 | 23.85 | 17.97 | 23.67 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| FedEx Corp. | 13.01 | 17.21 | 16.11 | 14.80 | 15.07 | |
| Uber Technologies Inc. | 14.33 | 16.83 | 89.56 | — | — | |
| United Airlines Holdings Inc. | 10.54 | 9.58 | 5.70 | 21.74 | — | |
| United Parcel Service Inc. | 17.60 | 17.05 | 18.89 | 13.27 | 14.11 | |
| P/E Ratio, Sector | ||||||
| Transportation | 15.91 | 17.26 | 24.43 | 30.10 | 22.48 | |
| P/E Ratio, Industry | ||||||
| Industrials | 29.14 | 28.42 | 24.85 | 36.06 | 35.59 | |
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 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 7,138,000,000 ÷ 593,391,460 = 12.03
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 252.62 ÷ 12.03 = 21.00
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuations over the five-year period. Initial values decreased before stabilizing and showing a slight downward trend towards the end of the period. Share price and earnings per share (EPS) both demonstrated variability, influencing the observed P/E ratio movements.
- Share Price
- The share price began at 242.39 US$ in 2021, decreased to 205.50 US$ in 2022, and then recovered to 249.45 US$ in 2023. A slight decline to 242.08 US$ occurred in 2024, followed by an increase to 252.62 US$ in 2025. This indicates overall price volatility with a general upward trajectory from the low in 2022.
- Earnings Per Share (EPS)
- EPS increased from 10.24 US$ in 2021 to 11.44 US$ in 2022. A decrease to 10.46 US$ was observed in 2023, followed by increases to 11.17 US$ in 2024 and 12.03 US$ in 2025. The EPS trend suggests a generally positive growth pattern, despite the dip in 2023.
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 23.67 in 2021, then decreased significantly to 17.97 in 2022. It subsequently rose to 23.85 in 2023, followed by a decrease to 21.68 in 2024, and a further slight decrease to 21.00 in 2025. The initial decline in the P/E ratio in 2022 coincided with a larger percentage decrease in share price than in EPS. The subsequent increases and stabilization suggest a re-evaluation by the market, balancing share price and earnings expectations. The final values indicate a moderate valuation level.
The interplay between share price and EPS largely explains the P/E ratio’s movements. The decrease in the P/E ratio in 2022 was primarily driven by the share price decline, while the increases in 2023 and 2024 were influenced by both share price recovery and EPS growth. The slight downward trend in the P/E ratio from 2023 to 2025 suggests that earnings growth may not have fully offset the share price fluctuations during that period.
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Price to Operating Profit (P/OP)
Union Pacific Corp., historical P/OP 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 | 593,391,460 | 604,286,378 | 609,777,914 | 611,872,981 | 636,898,957 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 9,846) | 9,713) | 9,082) | 9,917) | 9,338) | |
| Operating profit per share2 | 16.59 | 16.07 | 14.89 | 16.21 | 14.66 | |
| Share price1, 3 | 252.62 | 242.08 | 249.45 | 205.50 | 242.39 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 15.22 | 15.06 | 16.75 | 12.68 | 16.53 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| FedEx Corp. | 10.21 | 13.40 | 13.03 | 9.07 | 13.46 | |
| Uber Technologies Inc. | 25.88 | 59.27 | 152.26 | — | — | |
| United Airlines Holdings Inc. | 7.50 | 5.92 | 3.54 | 6.86 | — | |
| United Parcel Service Inc. | 12.47 | 11.64 | 13.86 | 11.70 | 14.20 | |
| P/OP Ratio, Sector | ||||||
| Transportation | 14.47 | 16.29 | 18.51 | 14.13 | 21.54 | |
| P/OP Ratio, Industry | ||||||
| Industrials | 23.41 | 23.03 | 20.78 | 19.86 | 22.38 | |
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 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 9,846,000,000 ÷ 593,391,460 = 16.59
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 252.62 ÷ 16.59 = 15.22
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited fluctuations over the five-year period. Initial observations reveal a decrease followed by a recovery and subsequent stabilization. The share price demonstrated a similar pattern of decline and recovery, though not perfectly synchronized with the P/OP ratio.
- Overall Trend
- The P/OP ratio began at 16.53 in 2021, decreased substantially to 12.68 in 2022, and then increased to 16.75 in 2023. A slight decrease to 15.06 was noted in 2024, followed by a further increase to 15.22 in 2025. This suggests a period of valuation compression followed by a re-evaluation, culminating in a relatively stable valuation in the latter years of the observed period.
- Share Price Movement
- The share price mirrored the general trend of the P/OP ratio, declining from US$242.39 in 2021 to US$205.50 in 2022. It then recovered to US$249.45 in 2023, experienced a minor decline to US$242.08 in 2024, and concluded the period at US$252.62 in 2025. The share price fluctuations contributed to the observed changes in the P/OP ratio.
- Operating Profit per Share
- Operating profit per share increased from US$14.66 in 2021 to US$16.21 in 2022, then decreased to US$14.89 in 2023. It subsequently rose to US$16.07 in 2024 and further to US$16.59 in 2025. This demonstrates a generally positive trend in profitability over the period, though with some intermediate volatility. The increase in operating profit per share likely contributed to the recovery of the P/OP ratio after the 2022 decline.
The convergence of share price and operating profit per share movements appears to have stabilized the P/OP ratio in the final two years of the period. The ratio’s movement suggests a dynamic valuation influenced by both market sentiment and underlying business performance.
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Price to Sales (P/S)
Union Pacific Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 593,391,460 | 604,286,378 | 609,777,914 | 611,872,981 | 636,898,957 | |
| Selected Financial Data (US$) | ||||||
| Operating revenues (in millions) | 24,510) | 24,250) | 24,119) | 24,875) | 21,804) | |
| Sales per share2 | 41.30 | 40.13 | 39.55 | 40.65 | 34.23 | |
| Share price1, 3 | 252.62 | 242.08 | 249.45 | 205.50 | 242.39 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 6.12 | 6.03 | 6.31 | 5.05 | 7.08 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| FedEx Corp. | 0.61 | 0.85 | 0.71 | 0.61 | 0.94 | |
| Uber Technologies Inc. | 2.77 | 3.77 | 4.53 | 2.16 | 3.90 | |
| United Airlines Holdings Inc. | 0.60 | 0.53 | 0.28 | 0.36 | 0.63 | |
| United Parcel Service Inc. | 1.11 | 1.08 | 1.39 | 1.53 | 1.87 | |
| P/S Ratio, Sector | ||||||
| Transportation | 1.54 | 1.70 | 1.78 | 1.42 | 2.03 | |
| P/S Ratio, Industry | ||||||
| Industrials | 2.78 | 2.29 | 2.06 | 1.80 | 2.07 | |
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 2025 Calculation
Sales per share = Operating revenues ÷ No. shares of common stock outstanding
= 24,510,000,000 ÷ 593,391,460 = 41.30
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 252.62 ÷ 41.30 = 6.12
5 Click competitor name to see calculations.
The price to sales ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased, followed by a period of relative stability and a slight increase towards the end of the observed timeframe.
- Price to Sales Ratio Trend
- The price to sales ratio began at 7.08 in 2021. A significant decrease was observed in 2022, with the ratio falling to 5.05. The ratio then increased to 6.31 in 2023, followed by a slight decline to 6.03 in 2024. Finally, the ratio experienced a marginal increase to 6.12 in 2025.
Share price movements do not appear to directly correlate with changes in the price to sales ratio. While the share price decreased in 2022, the price to sales ratio experienced its largest decline during the same period. However, the share price increased in 2023 and 2025, while the price to sales ratio showed only modest changes.
- Sales per Share Trend
- Sales per share increased from US$34.23 in 2021 to US$40.65 in 2022, representing a substantial gain. A slight decrease to US$39.55 was noted in 2023. Sales per share then rose to US$40.13 in 2024 and continued to increase to US$41.30 in 2025.
The initial decrease in the price to sales ratio in 2022 coincided with a substantial increase in sales per share, suggesting that the market may have adjusted its valuation based on improved sales performance. The subsequent stabilization and slight increase in the ratio, despite continued growth in sales per share, could indicate a leveling off of investor expectations or other market factors influencing valuation.
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Price to Book Value (P/BV)
Union Pacific Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 593,391,460 | 604,286,378 | 609,777,914 | 611,872,981 | 636,898,957 | |
| Selected Financial Data (US$) | ||||||
| Common shareholders’ equity (in millions) | 18,467) | 16,890) | 14,788) | 12,163) | 14,161) | |
| Book value per share (BVPS)2 | 31.12 | 27.95 | 24.25 | 19.88 | 22.23 | |
| Share price1, 3 | 252.62 | 242.08 | 249.45 | 205.50 | 242.39 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 8.12 | 8.66 | 10.29 | 10.34 | 10.90 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| FedEx Corp. | 1.90 | 2.70 | 2.45 | 2.27 | 3.26 | |
| Uber Technologies Inc. | 5.33 | 7.70 | 15.02 | 9.36 | 4.71 | |
| United Airlines Holdings Inc. | 2.31 | 2.38 | 1.60 | 2.32 | 3.06 | |
| United Parcel Service Inc. | 6.04 | 5.90 | 7.32 | 7.75 | 12.76 | |
| P/BV Ratio, Sector | ||||||
| Transportation | 4.57 | 5.40 | 6.69 | 5.91 | 6.92 | |
| P/BV Ratio, Industry | ||||||
| Industrials | 8.00 | 6.68 | 6.85 | 5.50 | 5.44 | |
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 2025 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= 18,467,000,000 ÷ 593,391,460 = 31.12
3 Closing price as at the filing date of Union Pacific Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 252.62 ÷ 31.12 = 8.12
5 Click competitor name to see calculations.
The price to book value ratio exhibited a generally decreasing trend over the five-year period. Initial values indicated a relatively high valuation based on book value, which subsequently moderated. Fluctuations were observed, but the overall direction points towards a diminishing premium investors were willing to pay for each dollar of net asset value.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 10.90 in 2021, then decreased to 10.34 in 2022. A slight decrease to 10.29 was noted in 2023. A more substantial decline occurred in 2024, with the ratio falling to 8.66. This downward movement continued into 2025, reaching 8.12. This suggests a decreasing investor confidence in the company’s ability to generate earnings relative to its net asset value, or a reassessment of the sustainability of prior valuations.
The share price demonstrated volatility during the period. While it decreased from US$242.39 in 2021 to US$205.50 in 2022, it recovered to US$249.45 in 2023. A slight decrease to US$242.08 was observed in 2024, followed by a modest increase to US$252.62 in 2025. This price movement, in conjunction with the changes in book value per share, influenced the P/BV ratio.
- Book Value per Share (BVPS) Trend
- Book value per share increased consistently throughout the period. Starting at US$22.23 in 2021, it rose to US$19.88 in 2022, then to US$24.25 in 2023. Further increases were recorded in 2024 (US$27.95) and 2025 (US$31.12). This consistent growth in BVPS partially offset the impact of the declining P/BV ratio, indicating that the decrease in the ratio was not solely driven by a deteriorating share price.
The combined effect of the share price fluctuations and the increasing book value per share resulted in the observed P/BV trend. The decreasing ratio suggests that, despite the growth in net asset value, the market’s valuation of the company relative to its book value diminished over the analyzed timeframe.
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