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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Union Pacific Corp., historical price multiples (quarterly data)
Based on: 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), 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).
The analysis of the financial ratios over the reported quarters reveals diverse trends across four valuation metrics: Price to Earnings (P/E), Price to Operating Profit (P/OP), Price to Sales (P/S), and Price to Book Value (P/BV).
- Price to Earnings (P/E) ratio
- The P/E ratio initiated its available recorded trend in the first quarter of 2021 at 25.57, experiencing a gradual decline to a low of 16.21 in the last quarter of 2022. Subsequently, it exhibited a recovery trend, peaking at 23.85 in the third quarter of 2023, followed by moderate fluctuations around the low twenties through to the mid-year of 2025. Overall, the ratio suggests a period of valuation contraction followed by a partial rebound and stabilization around mid-range levels.
- Price to Operating Profit (P/OP) ratio
- The P/OP ratio follows a broadly similar but less volatile trajectory compared to the P/E ratio. Starting from 17.46 in early 2021, it declined steadily to reach 11.53 by the last quarter of 2022. Thereafter, the ratio increased again to values near 16.75 in late 2023 before resuming a mild downward pattern, finishing the series slightly above 13 by mid-2025. This indicates periods of declining market valuation relative to operating profits with subsequent partial recoveries.
- Price to Sales (P/S) ratio
- The P/S ratio started around 7 in early 2021, showing a downward trend to approximately 4.69 by year-end 2022. It then increased moderately toward the end of 2023, reaching 6.31, but continued to fluctuate between roughly 5 and 6 through mid-2025. This pattern shows a reduction in market valuation relative to sales followed by partial recovery and some volatility.
- Price to Book Value (P/BV) ratio
- This ratio exhibits more pronounced fluctuations. It increased from around 6.46 in early 2020 to a significant peak of 12.90 by the first quarter of 2022, indicating a substantial rise in market valuation compared to book value over that period. Post-peak, the ratio decreased to about 8.03 by mid-2025, signaling a considerable correction and stabilization at levels moderately higher than at the beginning of the period.
In summary, all four ratios demonstrate a common pattern of initial increase or high valuation followed by a decline through late 2022. Subsequent periods show some recovery and moderate fluctuations, suggesting shifts in investor sentiment and market valuation with respect to earnings, operating profits, sales, and book value. The P/BV ratio notably experienced the largest amplitude of change, while the other ratios showed more moderate but consistent trends of contraction and modest recovery.
Price to Earnings (P/E)
Union Pacific Corp., historical P/E calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||||||||
| Uber Technologies Inc. | |||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a generally upward movement from March 2020 through March 2022, rising from 152.29 US$ to a peak of 244.4 US$ in March 2022. However, after this peak, the price experienced a downward correction, dropping to 186.45 US$ by September 2022. Thereafter, the share price demonstrated some volatility but overall showed a recovery trend, reaching as high as 249.45 US$ by December 2023. In 2024 and early 2025, the share price fluctuated moderately, hovering mostly in the range between 215.45 US$ and 243.55 US$.
- Earnings Per Share (EPS) Trend
- Starting from March 2021, EPS exhibited consistent growth, from 7.99 US$ to 11.5 US$ by December 2022. Following this period, EPS values stabilized with minor fluctuations around the 11 US$ mark until early 2025. The EPS remained relatively steady, showing slight upward movement towards 11.69 US$ by June 2025, suggesting sustained profitability and moderate growth in earnings capacity.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio began at 25.57 in March 2021, indicating relatively higher market valuation compared to earnings. It declined steadily to a low of 16.21 by December 2022, driven primarily by rising EPS and a declining share price during the same period. Following this trough, the P/E ratio rebounded, increasing to above 23 by late 2023, reflecting improved share price movements relative to earnings. In 2024 and early 2025, the P/E ratio showed a tendency to moderate, fluctuating mostly between 18.86 and 23.85, indicating a balanced investor sentiment towards earnings and market pricing.
- Overall Insights
- The data reflects a company experiencing steady growth in earnings over the reported quarters, with EPS improving substantially from 2021 onward. The share price exhibits greater volatility, with peaks and troughs influenced by market conditions. The P/E ratio movements suggest changing market valuations, initially declining as earnings grew faster than the share price but later stabilizing. This combination of trends points to a maturing phase in the company's financial performance, where earnings growth is solid, but share price valuation is subject to external market fluctuations. The stability in EPS and the relatively stable P/E ratio in the recent quarters may signal market confidence in the company’s earning power.
Price to Operating Profit (P/OP)
Union Pacific Corp., historical P/OP calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| 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: 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), 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 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The quarterly data reveals several notable trends in share price, operating profit per share, and the price-to-operating profit ratio for the evaluated periods.
- Share Price
- The share price experienced an overall upward trajectory from March 2020 through December 2021, rising from approximately $152 to a peak near $244. This steady increase suggests growing investor confidence or positive market conditions during this period. Following this peak, the share price exhibited higher volatility and moderate declines, dipping below $211 in mid-2022 before fluctuating in the range of approximately $186 to $249 through 2023 and early 2024. From March 2024 onwards, the share price shows a mild downward trend, ending close to $220 by June 2025.
- Operating Profit per Share
- Operating profit per share data begins from March 2021, showing an initial value of about $11.7. There is a consistent upward trend throughout the available timeline, with values increasing steadily to around $16.59 by June 2025. This indicates improving operational profitability, with relatively smooth growth and no significant declines, implying effective cost management or revenue growth over time.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio displays a generally declining trend from March 2021 to the end of 2022, moving from approximately 17.46 to a low near 11.53. This trend can reflect a relative increase in operating profits compared to the price or a market revaluation. From 2023 onwards, the ratio fluctuates between roughly 12.5 and 16.75, indicating varying investor sentiment or changes in profit expectations. Towards June 2025, the ratio stabilizes around 13.2, lower than early 2021 levels, suggesting a potential market adjustment to a more moderate valuation relative to operating profits.
Overall, the data illustrates a company experiencing increasing operational profitability alongside a volatile yet resilient share price. The decreasing P/OP ratio over time suggests that profit growth may be outpacing share price appreciation, resulting in more moderate valuation multiples in recent periods. Market conditions and investor appetite may have contributed to the observed fluctuations, particularly in share price.
Price to Sales (P/S)
Union Pacific Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 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), 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 Q2 2025 Calculation
Sales per share
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Union Pacific Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend beginning in early 2020, rising from $152.29 in March 2020 to a peak above $244 by the first quarter of 2022. However, this peak was followed by a noticeable decline through the next two quarters of 2022, hitting a low near $186. Subsequent quarters showed some recovery and fluctuation, with the price oscillating between approximately $200 and $250 through 2023 and early 2024. The price slightly declined towards the end of the period, closing near $220 by June 2025.
- Sales Per Share
- Sales per share data begins in March 2021 at $29.16 and shows a consistent upward movement over time, increasing steadily to $41.13 by June 2025. This trend indicates continuous growth in sales efficiency or revenue attributed per share, with no significant periods of decline or stagnation apparent in the data.
- Price-to-Sales (P/S) Ratio
- The P/S ratio started at 7.0 in March 2021, rising slightly to 7.5 in June 2021 before entering a decline phase throughout 2021 and 2022, dropping to a low near 4.69 by September 2022. Following this trough, the ratio generally rebounded, reaching values above 6.0 during 2023 and fluctuating moderately around that level into mid-2025. This pattern suggests changing investor sentiment or valuation adjustments relative to sales, with valuation compressing during mid-2022 and subsequently recovering somewhat.
- Overall Financial Trends and Insights
- The share price and P/S ratio illustrate periods of volatility, including sharp declines and recoveries, particularly from early 2022 through 2023, which may be influenced by broader market conditions or company-specific factors. Despite these valuation fluctuations, the steady increase in sales per share demonstrates underlying growth in revenue generation per share over the analyzed timeframe. This divergence between improving sales performance and fluctuating market valuation may signal external market pressures affecting share price independently from operational performance.
Price to Book Value (P/BV)
Union Pacific Corp., historical P/BV calculation (quarterly data)
| 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 | 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 | |||||||||||||||||||||||||||||
| 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: 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), 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 Q2 2025 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share price trends
- The share price exhibited an overall upward trajectory from March 31, 2020, starting at 152.29 US$, reaching a peak of 249.45 US$ by December 31, 2023. Thereafter, it showed volatility with oscillations, declining to 210.33 US$ by June 30, 2023, rebounding again near the end of 2023, and fluctuating moderately throughout 2024 and early 2025. The last recorded value was 220.52 US$ on June 30, 2025. This pattern indicates growth with intermittent corrections reflecting market adjustments or company-specific factors affecting valuation.
- Book value per share (BVPS) trends
- BVPS started at 23.57 US$ in March 2020 and followed a somewhat uneven path over the observed period. Initial increases were noted until around September 2020 at 25.52 US$, followed by a decline to as low as 18.94 US$ by March 2022. From that low point, it displayed a consistent recovery and growth trend, reaching 27.41 US$ by June 2025. This recovery phase indicates improvement in net asset value per share after a period of contraction.
- Price-to-Book Value (P/BV) ratio trends
- The P/BV ratio demonstrated significant fluctuations during the timeline. Initially, the ratio increased from 6.46 in March 2020 to a peak of 12.9 by March 31, 2022, suggesting that the share price appreciated faster than BVPS during this phase. Subsequently, the ratio trended downward, falling to around 8.03-8.04 in the later periods by mid-2025. This decline implies a partial convergence or correction where the price growth moderated relative to book value improvements.
- Overall insights
- The data indicates a period of strong elevated share price appreciation during 2020 to early 2022, accompanied by a rising P/BV ratio, suggesting market optimism that exceeded the growth in underlying book value. However, after early 2022, the share price saw corrections and volatility, and the P/BV ratio declined, signaling a rebalancing toward fundamental value as the book value per share strengthened notably. The recovery and growth in BVPS after its trough imply financial strengthening or improved asset base. The fluctuating share price coupled with relative P/BV shifts indicate market sensitivity to both internal developments and external macroeconomic or sector conditions over the observed quarters.