Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Union Pacific Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation ratios exhibit a period of significant volatility between early 2022 and late 2023, followed by a phase of relative stabilization through early 2026. A consistent pattern is observed across earnings, operating profit, and sales multiples, where valuations declined throughout 2022 before rebounding in 2023. In contrast, the book value multiple demonstrates a persistent long-term compression over the entire period.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios followed a nearly identical trajectory, reaching their lowest points in September 2022 at 16.21 and 11.53, respectively. A recovery phase ensued, with valuations peaking in December 2023 at 23.85 for P/E and 16.75 for P/OP. From 2024 through March 2026, these multiples remained relatively range-bound, concluding at 22.33 and 16.21, indicating a return to valuation levels similar to those seen at the start of the analyzed period.
- Price to Sales (P/S)
- The P/S ratio mirrors the trends seen in earnings and operating profit multiples. It decreased from 6.77 in March 2022 to a low of 4.69 in September 2022. This was followed by an upward trend that peaked at 6.31 in December 2023. The ratio maintained a baseline between 5.31 and 6.03 throughout 2024 and 2025 before rising to 6.52 by March 2026.
- Price to Book Value (P/BV)
- Unlike the other valuation metrics, the P/BV ratio exhibits a clear and sustained downward trend. Starting at a high of 12.90 in March 2022, the ratio declined steadily, reaching a minimum of 7.54 in September 2025. Although a slight recovery occurred toward the end of the period to 8.29 in March 2026, the overall movement represents a significant reduction in the market premium attributed to the company's book value.
Price to Earnings (P/E)
Union Pacific Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of common stock valuation ratios reveals a period of volatility in share pricing and valuation multiples, contrasted by a steady recovery and growth in earnings per share over the observed timeframe.
- Share Price Performance
- The share price exhibited significant fluctuations, starting at 244.40 in March 2022 and declining to a period low of 186.45 by September 2022. A subsequent recovery phase occurred, peaking at 249.45 in December 2023. Following a period of relative stability between 215.45 and 242.08 throughout 2024 and early 2025, a strong upward trend emerged, with the price reaching a maximum of 271.26 by March 2026.
- Earnings Per Share (EPS) Trends
- Earnings per share remained relatively stable with a gradual long-term increase. Initial values of 10.85 in early 2022 rose to 11.50 by September 2022, followed by a slight contraction to 10.44 by September 2023. From March 2024 onward, a consistent upward trajectory is observed, with EPS increasing steadily from 10.47 to 12.15 by March 2026, indicating a strengthening of fundamental earnings power.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio demonstrated considerable variance, reflecting shifts in market sentiment and valuation premiums. A compression phase was noted in 2022, where the ratio dropped from 22.53 to a low of 16.21. This was followed by a phase of expansion, reaching a peak of 23.85 in December 2023. A gradual valuation correction occurred throughout 2024 and 2025, bringing the ratio down to 18.51 by September 2025, before trending upward again to 22.33 by March 2026.
Price to Operating Profit (P/OP)
Union Pacific Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited significant volatility over the analyzed period, characterized by distinct cycles of contraction and expansion. The ratio fluctuated between a low of 11.53 in September 2022 and a peak of 16.75 in December 2023, eventually closing the period at 16.21 in March 2026.
- Share Price Volatility and Valuation Impact
- Market valuation was primarily driven by fluctuations in the share price rather than shifts in operational performance. A notable decline in share price from March 2022 to September 2022 led to a compression of the P/OP ratio from 15.79 to 11.53. Conversely, the valuation expanded as the share price recovered, reaching a peak in December 2023 and again in March 2026, where the share price reached its highest recorded value of 271.26.
- Operating Profit Stability
- Operating profit per share remained relatively stable throughout the period, oscillating within a narrow range between 14.89 and 16.81. This consistency indicates that the underlying operational efficiency was maintained regardless of the market's valuation of the stock. A gradual upward trend in operating profit per share is observed from March 2024 through March 2026, rising from 15.01 to 16.73.
- P/OP Ratio Trends and Periodicity
- The P/OP ratio followed a cyclical pattern. An initial contraction occurred through late 2022, followed by a steady expansion throughout 2023. A secondary period of valuation compression was observed between December 2023 and September 2025, where the ratio dropped from 16.75 to 13.09. The period concluded with a sharp increase in the ratio, returning to 16.21 by March 2026, coinciding with a significant surge in the share price.
Price to Sales (P/S)
Union Pacific Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits significant volatility over the analyzed period, characterized by an initial contraction followed by a phased recovery and subsequent expansion in valuation multiples.
- P/S Ratio Trend Analysis
- A notable decline in the P/S ratio occurred during the first three quarters of 2022, falling from a peak of 6.77 in March to a period low of 4.69 by September. Following this trough, the ratio entered a recovery phase, peaking at 6.31 in December 2023. A period of relative consolidation followed between March 2024 and March 2025, with the ratio fluctuating between 5.31 and 6.17, before trending upward to reach 6.52 by March 2026.
- Driver Analysis: Share Price versus Sales per Share
- The fluctuations in the P/S ratio are primarily attributable to volatility in the share price rather than changes in revenue. Sales per share demonstrated a stable and gradual upward trajectory, increasing from 36.09 in March 2022 to 41.60 in March 2026. Conversely, the share price experienced significant swings, decreasing from 244.40 to 186.45 in 2022 and eventually ascending to a peak of 271.26 by March 2026. This indicates that the P/S ratio movements reflect shifts in market sentiment and equity valuation rather than fundamental volatility in top-line sales performance.
- Recent Valuation Momentum
- The final year of the period shows a marked increase in the valuation multiple. From March 2025 to March 2026, the P/S ratio rose from 5.31 to 6.52. This expansion was driven by a sharp increase in the share price from 215.45 to 271.26, while sales per share grew by a modest 2.5%. This suggests a strengthening of market confidence or an increase in the premium assigned to each dollar of sales toward the end of the sequence.
Price to Book Value (P/BV)
Union Pacific Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Common shareholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics between March 2022 and March 2026 reveal a systemic compression of the Price to Book Value (P/BV) ratio. Despite significant fluctuations in share price, the consistent growth of the book value per share has led to a lower valuation multiple over time, suggesting a shift in how the market prices the company relative to its accounting equity.
- Price to Book Value (P/BV) Ratio Trends
- A clear downward trajectory is observed in the P/BV ratio, which began at a period high of 12.90 in March 2022 and concluded at 8.29 in March 2026. The ratio experienced a notable decline throughout 2022 and 2023, subsequently stabilizing within a tighter range between 7.54 and 8.70 from March 2024 through September 2025. This indicates a reduction in the premium the market is willing to pay over the net asset value.
- Book Value per Share (BVPS) Performance
- The book value per share exhibited a steady and consistent upward trend for the majority of the period. Rising from 18.94 in March 2022 to 32.71 by March 2026, the BVPS increased by approximately 72%. This growth reflects a sustained accumulation of equity and an increase in the intrinsic accounting value of each outstanding share.
- Share Price Correlation and Volatility
- The share price displayed significant volatility, with a trough of 186.45 in September 2022 and a peak of 271.26 in March 2026. Because the growth in book value remained constant while the share price fluctuated, the P/BV ratio became more sensitive to price drops. Even during periods of price recovery, such as the increase to 271.26 in early 2026, the P/BV ratio remained significantly lower than the 2022 levels due to the substantially higher book value base.
In summary, the period is characterized by a divergence where the underlying accounting value grew aggressively while the market valuation multiple contracted. The result is a more conservative valuation profile by March 2026 compared to the start of the analysis period.