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).
Historical Valuation Ratios (Summary)
Union Pacific Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins from the first quarter of 2021, starting at 25.57 and showing a gradual decline through the year 2022, reaching a low of 16.21 by the fourth quarter of 2022. During 2023, the ratio fluctuated between 17.65 and 23.85, indicating some volatility in earnings valuation. In 2024, the ratio generally stabilized in the low 20s, ranging between 19.12 and 23.25. By the first quarter of 2025, the P/E ratio decreased slightly to 19.12. Overall, the trend suggests an initial decrease followed by moderate fluctuations and later stabilization at a lower level compared to the peak.
- Price to Operating Profit (P/OP) Ratio
- This ratio was first reported in early 2021 at 17.46 and exhibited a general downward trend until late 2022, reaching a trough of 11.53 in the fourth quarter of 2021, before slightly increasing again. In 2023, the ratio increased with some fluctuation, peaking at 16.75 in the third quarter, and then declined gradually through 2024, ending near 13.25 by early 2025. The data indicates a cyclical pattern with troughs around the end of 2021 and peaks in mid-2023, suggesting variations in operating profit valuation relative to market price.
- Price to Sales (P/S) Ratio
- The P/S ratio started at 7.00 in the first quarter of 2021, hovering close to this level until mid-2021, then declined steadily through 2022 to a low of 4.69 in the fourth quarter of that year. It rebounded somewhat in 2023, reaching a high of 6.31 in the third quarter, but did not regain previous peak levels. Over 2024, the ratio showed mild volatility around the mid-5 range, finishing at 5.31 in the first quarter of 2025. This pattern reflects decreasing price valuation relative to sales in early 2022, followed by partial recovery and stabilization at a moderate level.
- Price to Book Value (P/BV) Ratio
- This ratio starts in 2020 at 6.46 and displays an upward trend through 2021, peaking at 12.90 in the first quarter of 2022, suggesting increased market valuation relative to book value. After this peak, the ratio declines through 2022 and 2023, fluctuating mostly between 9.16 and 10.99. In 2024, the ratio continues a gentle downward trend, settling around 8.03 at the start of 2025. The pattern suggests a cycle of market optimism peaking in early 2022, followed by correction and a moderate decrease in valuation relative to book value in the subsequent years.
Price to Earnings (P/E)
Union Pacific Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 597,475,610 | 604,286,378 | 606,256,627 | 609,197,628 | 610,122,122 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in millions) | 1,626) | 1,762) | 1,671) | 1,673) | 1,641) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | 1,711) | 1,673) | 1,798) | 1,341) | 1,380) | 1,363) | 1,132) | 1,474) | |||||||
| Earnings per share (EPS)2 | 11.27 | 11.17 | 10.95 | 10.66 | 10.47 | 10.46 | 10.44 | 11.05 | 11.48 | 11.44 | 11.50 | 10.97 | 10.85 | 10.24 | 9.63 | 9.02 | 7.85 | 7.99 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 215.45 | 242.08 | 230.75 | 235.35 | 243.55 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 19.12 | 21.68 | 21.08 | 22.08 | 23.25 | 23.85 | 20.14 | 21.55 | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | 23.67 | 24.01 | 24.34 | 27.76 | 25.57 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 18.13 | 17.21 | 14.83 | 16.32 | 15.09 | 16.11 | 17.14 | 12.45 | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | 15.07 | 23.08 | 31.59 | 34.80 | 33.43 | — | 568.30 | 100.48 | |||||||
| Uber Technologies Inc. | 14.24 | 16.83 | 34.47 | 67.77 | 99.82 | 89.56 | 97.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 5.98 | 9.58 | 8.57 | 5.20 | 5.96 | 5.70 | 4.15 | 6.96 | 7.67 | 21.74 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 13.59 | 17.05 | 20.17 | 20.11 | 21.14 | 18.89 | 13.92 | 15.41 | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | 14.11 | 28.39 | 27.60 | 36.12 | 104.33 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024
+ Net incomeQ2 2024)
÷ No. shares of common stock outstanding
= (1,626,000,000 + 1,762,000,000 + 1,671,000,000 + 1,673,000,000)
÷ 597,475,610 = 11.27
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 215.45 ÷ 11.27 = 19.12
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a generally upward trajectory from March 31, 2020, starting at $152.29 and reaching a peak above $249 in December 2023. Following this peak, there is some volatility with prices fluctuating between approximately $215 and $243 through early 2025. A notable decline occurred in the mid-2022 period, with the price dropping from $244.4 to a low of $186.45 in September 2022 before recovering.
- Earnings Per Share (EPS) Trend
- EPS figures are first available from March 31, 2021, showing steady growth from 7.99 to a peak of 11.5 in December 2022. Subsequently, EPS stabilizes around a range slightly below this peak, with minor fluctuations hovering between 10.44 and 11.27 from March 31, 2023, until March 31, 2025. This suggests a consistent earnings performance with limited volatility over the observed periods.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio starts off relatively high in early 2021 at 25.57, then undergoes a general decline reaching a low of 16.21 in December 2022, coinciding with the period of peak EPS and lower share prices. Following this trough, the ratio increases again, displaying some volatility and climbing back above 23 in late 2023 and 2024 before decreasing to 19.12 by March 31, 2025. This pattern indicates varying market valuations relative to earnings, reflecting changes in investor sentiment or expectations.
- Combined Insights
- The overall data suggests that while earnings have shown a strong and relatively stable upward trend after 2021, the share price has experienced more pronounced fluctuations, influenced by broader market dynamics. The P/E ratio's variability points to changing perceptions of valuation, with lower ratios during periods of higher earnings and share price declines, and elevated ratios as prices recover or market optimism increases. These patterns highlight a mature earnings growth profile accompanied by market price adjustments over the quarterly periods observed.
Price to Operating Profit (P/OP)
Union Pacific Corp., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 597,475,610 | 604,286,378 | 606,256,627 | 609,197,628 | 610,122,122 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 2,371) | 2,525) | 2,416) | 2,400) | 2,372) | 2,407) | 2,177) | 2,204) | 2,294) | 2,412) | 2,633) | 2,495) | 2,377) | 2,440) | 2,432) | 2,473) | 1,993) | 2,006) | 2,031) | 1,654) | 2,143) | |||||||
| Operating profit per share2 | 16.26 | 16.07 | 15.83 | 15.36 | 15.01 | 14.89 | 14.91 | 15.66 | 16.13 | 16.21 | 16.18 | 15.60 | 15.48 | 14.66 | 13.85 | 13.04 | 11.57 | 11.70 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 215.45 | 242.08 | 230.75 | 235.35 | 243.55 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 13.25 | 15.06 | 14.58 | 15.32 | 16.22 | 16.75 | 14.11 | 15.20 | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | 16.53 | 16.70 | 16.84 | 18.84 | 17.46 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 14.24 | 13.40 | 11.83 | 13.19 | 12.10 | 13.03 | 9.62 | 7.38 | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | 13.46 | 15.42 | 19.66 | 20.51 | 17.79 | 7.61 | 11.34 | 10.34 | |||||||
| Uber Technologies Inc. | 45.38 | 59.27 | 56.59 | 67.67 | 89.86 | 152.26 | 325.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| United Airlines Holdings Inc. | 3.90 | 5.92 | 5.16 | 3.20 | 3.68 | 3.54 | 2.59 | 4.31 | 4.01 | 6.86 | 23.16 | 93.38 | — | — | — | — | — | — | — | — | — | |||||||
| United Parcel Service Inc. | 9.34 | 11.64 | 14.25 | 14.32 | 15.25 | 13.86 | 12.08 | 13.27 | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | 14.20 | 16.72 | 16.10 | 19.92 | 18.23 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= (2,371,000,000 + 2,525,000,000 + 2,416,000,000 + 2,400,000,000)
÷ 597,475,610 = 16.26
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 215.45 ÷ 16.26 = 13.25
5 Click competitor name to see calculations.
The share price displayed a generally upward trajectory from March 2020 to December 2021, increasing from $152.29 to a peak of $242.39. This upward trend was followed by a period of volatility and some decline through 2022, where the price dropped to a low of approximately $186.45 in September 2022. A recovery phase ensued from late 2022 into 2023, with the share price fluctuating between roughly $202.60 and $249.45. The subsequent quarters through March 2025 saw moderate fluctuations with a slight downward bias, ending at $215.45.
Operating profit per share (OPPS) data, available from March 2021 onward, showed consistent growth over the period. The OPPS rose steadily from $11.70 in March 2021 to $16.26 by March 2025, indicating gradual improvement in profitability on a per-share basis. The growth was relatively smooth, without significant downturns, reflecting strengthening operational performance.
The price to operating profit ratio (P/OP) demonstrated variability inversely related to share price and operating profit trends. Starting at 17.46 in March 2021, the ratio fluctuated significantly and generally decreased to a low of 11.53 in December 2021, coinciding with the period of rising profits and share price. Following this low, the ratio increased and showed more variability, oscillating between approximately 12 and 16 through 2023 and into early 2025. This pattern suggests changing market valuation perceptions relative to the company's operating earnings, with periods of both more cautious and more optimistic investor sentiment.
- Share price trend
- General increase from early 2020 through late 2021, followed by notable volatility and a decline in 2022, partial recovery in 2023, and moderate fluctuations thereafter.
- Operating profit per share trend
- Continuous upward trend from early 2021 to early 2025, indicating improved operational profitability.
- Price to operating profit ratio trends
- Initially high and decreasing to a trough in late 2021, then fluctuating with some increase and volatility through early 2025, reflecting varying market valuation relative to earnings.
Overall, the data suggests the company experienced robust operational improvement alongside fluctuating market sentiment, as reflected in varying share price levels and valuation multiples. The operating profit per share growth indicates strengthening earnings capacity, while the P/OP ratio variability points to shifts in investor expectations or market conditions impacting the valuation independently of underlying operating profit trends.
Price to Sales (P/S)
Union Pacific Corp., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 597,475,610 | 604,286,378 | 606,256,627 | 609,197,628 | 610,122,122 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating revenues (in millions) | 6,027) | 6,121) | 6,091) | 6,007) | 6,031) | 6,159) | 5,941) | 5,963) | 6,056) | 6,180) | 6,566) | 6,269) | 5,860) | 5,733) | 5,566) | 5,504) | 5,001) | 5,141) | 4,919) | 4,244) | 5,229) | |||||||
| Sales per share2 | 40.58 | 40.13 | 40.06 | 39.62 | 39.49 | 39.55 | 39.60 | 40.63 | 41.12 | 40.65 | 39.73 | 37.52 | 36.09 | 34.23 | 33.00 | 31.54 | 29.06 | 29.16 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 215.45 | 242.08 | 230.75 | 235.35 | 243.55 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 5.31 | 6.03 | 5.76 | 5.94 | 6.17 | 6.31 | 5.31 | 5.86 | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | 7.08 | 7.01 | 6.96 | 7.50 | 7.00 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 0.84 | 0.85 | 0.74 | 0.80 | 0.71 | 0.71 | 0.55 | 0.44 | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | 0.94 | 0.89 | 1.04 | 0.87 | 0.62 | 0.36 | 0.62 | 0.65 | |||||||
| Uber Technologies Inc. | 3.85 | 3.77 | 3.62 | 3.40 | 3.60 | 4.53 | 2.86 | 2.74 | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | 3.90 | 5.95 | 6.34 | 8.09 | 9.07 | — | — | — | |||||||
| United Airlines Holdings Inc. | 0.38 | 0.53 | 0.42 | 0.27 | 0.29 | 0.28 | 0.23 | 0.36 | 0.30 | 0.36 | 0.31 | 0.34 | 0.57 | 0.63 | 0.75 | 1.06 | 1.56 | 1.11 | — | — | — | |||||||
| United Parcel Service Inc. | 0.88 | 1.08 | 1.26 | 1.18 | 1.40 | 1.39 | 1.28 | 1.60 | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | 1.87 | 1.94 | 1.81 | 2.09 | 1.66 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ No. shares of common stock outstanding
= (6,027,000,000 + 6,121,000,000 + 6,091,000,000 + 6,007,000,000)
÷ 597,475,610 = 40.58
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 215.45 ÷ 40.58 = 5.31
5 Click competitor name to see calculations.
The analyzed data reveals several observable trends regarding the share price, sales per share, and price-to-sales (P/S) ratio over multiple quarters.
- Share Price
- The share price generally exhibited an upward trajectory from early 2020 through the end of 2021, increasing from $152.29 to a peak above $242. This indicates a sustained period of market confidence and appreciation in value during this time. However, from early 2022, the share price experienced volatility and a downward adjustment, declining to around $186.45 by the third quarter of 2022, before recovering somewhat. The pattern since late 2022 has shown fluctuations with prices oscillating between approximately $210 and $249, suggesting a period of market uncertainty or sector-specific challenges. The most recent quarter, March 2025, shows a moderate decline from the previous quarter's level.
- Sales per Share
- Sales per share data is available starting from the first quarter of 2021, beginning at $29.16. This metric shows a steady and consistent increase through late 2022, reaching a level just above $40 per share. From this peak, sales per share have mostly stabilized around the $39.5 to $40.6 range over subsequent quarters, indicating that revenue generation on a per-share basis has matured and stabilized, with minor fluctuations.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrates a declining trend from about 7 in early 2021 to a low of approximately 4.69 by the third quarter of 2022. This suggests that the market valuation relative to sales contracted during this period, possibly reflecting either an adjustment in market expectations or external factors affecting valuation multiples. Following this trough, the ratio rebounded moderately but remained volatile, with increases and decreases reflecting changing investor sentiment and valuation dynamics. The P/S ratio has fluctuated mostly between 5 and 6.3 since late 2022, pointing to a more cautious but somewhat recovering market appraisal. The latest data indicates the ratio around 5.31, signaling continued moderate valuation relative to sales.
Overall, the data suggests a company experiencing initial strong growth in market value and sales performance through 2021, followed by a correction and stabilization phase through 2022 and 2023. Sales per share have shown steady growth and stabilization, while the P/S ratio and share price have exhibited more volatility, implying market adjustments in valuation perceptions despite underlying sales strength.
Price to Book Value (P/BV)
Union Pacific Corp., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 597,475,610 | 604,286,378 | 606,256,627 | 609,197,628 | 610,122,122 | 609,777,914 | 609,597,495 | 609,456,215 | 609,695,454 | 611,872,981 | 614,800,800 | 624,478,594 | 628,025,156 | 636,898,957 | 642,875,700 | 652,122,933 | 664,302,521 | 669,829,363 | 673,868,865 | 678,838,800 | 678,568,053 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Common shareholders’ equity (in millions) | 16,039) | 16,890) | 16,584) | 16,489) | 15,665) | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | |||||||
| Book value per share (BVPS)2 | 26.84 | 27.95 | 27.35 | 27.07 | 25.68 | 24.25 | 22.97 | 21.65 | 20.43 | 19.88 | 19.10 | 20.35 | 18.94 | 22.23 | 21.65 | 21.93 | 24.47 | 25.32 | 25.52 | 24.24 | 23.57 | |||||||
| Share price1, 3 | 215.45 | 242.08 | 230.75 | 235.35 | 243.55 | 249.45 | 210.33 | 238.00 | 202.60 | 205.50 | 186.45 | 211.90 | 244.40 | 242.39 | 231.28 | 219.54 | 217.98 | 204.20 | 187.14 | 175.00 | 152.29 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 8.03 | 8.66 | 8.44 | 8.70 | 9.49 | 10.29 | 9.16 | 10.99 | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | 10.90 | 10.68 | 10.01 | 8.91 | 8.07 | 7.33 | 7.22 | 6.46 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| FedEx Corp. | 2.70 | 2.70 | 2.47 | 2.61 | 2.37 | 2.45 | 2.07 | 1.72 | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | 3.26 | 3.18 | 3.68 | 3.19 | 2.35 | 1.32 | 2.28 | 2.49 | |||||||
| Uber Technologies Inc. | 7.96 | 7.70 | 10.26 | 11.04 | 12.55 | 15.02 | 10.98 | 11.08 | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | 4.71 | 6.34 | 5.73 | 6.42 | 8.24 | 8.85 | 6.04 | 5.01 | |||||||
| United Airlines Holdings Inc. | 1.73 | 2.38 | 2.07 | 1.45 | 1.74 | 1.60 | 1.34 | 2.41 | 2.21 | 2.32 | 2.61 | 3.09 | 4.58 | 3.06 | 2.74 | 3.16 | 3.17 | 2.85 | 1.42 | 1.08 | 0.78 | |||||||
| United Parcel Service Inc. | 5.08 | 5.90 | 6.78 | 6.20 | 7.41 | 7.32 | 6.21 | 7.71 | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | 12.76 | 15.21 | 15.53 | 26.13 | 213.26 | 24.66 | 28.64 | 24.78 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= 16,039,000,000 ÷ 597,475,610 = 26.84
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 215.45 ÷ 26.84 = 8.03
5 Click competitor name to see calculations.
The analysis of the financial data demonstrates notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited an overall upward trend from March 31, 2020 (US$152.29) to December 31, 2021 (US$242.39), reflecting a strong growth phase. However, a decline followed in 2022, bottoming around September 30, 2022 (US$186.45). In 2023, the share price showed volatility with growth peaking at December 31, 2023 (US$249.45) before retracting again in early 2024. This pattern indicates periods of market correction amid underlying growth dynamics.
- Book Value Per Share (BVPS)
- BVPS displayed a fluctuating but generally increasing trend across the timeframe. Starting at US$23.57 on March 31, 2020, it initially declined to the lowest value of US$18.94 by March 31, 2022. From this low point, BVPS steadily increased through 2023 and into 2024, reaching a peak of US$27.95 on December 31, 2024 before a slight decrease to US$26.84 on March 31, 2025. This steady rise post-2022 suggests efforts toward improving equity value per share.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started at 6.46 in the first quarter of 2020 and climbed markedly to a peak of 12.9 by March 31, 2022, indicating an increased market valuation relative to book value. Following this peak, the ratio exhibited a downward trend with fluctuations, dropping close to 8.03 by March 31, 2025. This reduction aligns with the share price corrections and the rising book value, suggesting a recalibration of market expectations toward intrinsic value.
In summary, the data reveals that after a strong initial period of share price appreciation and increasing market valuation relative to book value, there was a pronounced correction phase in 2022. Subsequent recovery in share price and consistent growth in book value have moderated the P/BV ratio, reflecting a more balanced market assessment of equity value. These patterns highlight the interplay between market sentiment and fundamental book value changes over the observed quarters.