Price to Book Value (P/BV)
since 2005
Calculation
United Parcel Service Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity for controlling interests1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 6.04 | = | 115.51 | ÷ | 19.11 | 19.11 | = | 16,227 | ÷ | 849,101,714 | |
| Feb 18, 2025 | 5.90 | = | 115.42 | ÷ | 19.57 | 19.57 | = | 16,718 | ÷ | 854,171,950 | |
| Feb 20, 2024 | 7.32 | = | 148.64 | ÷ | 20.30 | 20.30 | = | 17,306 | ÷ | 852,653,061 | |
| Feb 21, 2023 | 7.75 | = | 178.46 | ÷ | 23.04 | 23.04 | = | 19,786 | ÷ | 858,740,988 | |
| Feb 22, 2022 | 12.76 | = | 208.97 | ÷ | 16.38 | 16.38 | = | 14,253 | ÷ | 870,391,403 | |
| Feb 22, 2021 | 213.26 | = | 161.60 | ÷ | 0.76 | 0.76 | = | 657 | ÷ | 867,038,529 | |
| Feb 20, 2020 | 27.98 | = | 106.48 | ÷ | 3.81 | 3.81 | = | 3,267 | ÷ | 858,487,676 | |
| Feb 21, 2019 | 31.82 | = | 111.76 | ÷ | 3.51 | 3.51 | = | 3,021 | ÷ | 860,228,976 | |
| Feb 21, 2018 | 90.21 | = | 104.70 | ÷ | 1.16 | 1.16 | = | 1,000 | ÷ | 861,614,779 | |
| Feb 21, 2017 | 231.41 | = | 107.72 | ÷ | 0.47 | 0.47 | = | 405 | ÷ | 870,029,643 | |
| Feb 25, 2016 | 34.99 | = | 97.72 | ÷ | 2.79 | 2.79 | = | 2,470 | ÷ | 884,391,616 | |
| Feb 27, 2015 | 42.88 | = | 101.73 | ÷ | 2.37 | 2.37 | = | 2,141 | ÷ | 902,538,724 | |
| Feb 28, 2014 | 13.65 | = | 95.77 | ÷ | 7.01 | 7.01 | = | 6,474 | ÷ | 922,908,378 | |
| Feb 28, 2013 | 16.94 | = | 82.65 | ÷ | 4.88 | 4.88 | = | 4,653 | ÷ | 953,449,942 | |
| Feb 27, 2012 | 10.46 | = | 76.77 | ÷ | 7.34 | 7.34 | = | 7,035 | ÷ | 958,720,394 | |
| Feb 28, 2011 | 9.13 | = | 73.80 | ÷ | 8.08 | 8.08 | = | 7,979 | ÷ | 987,118,374 | |
| Feb 26, 2010 | 7.64 | = | 58.74 | ÷ | 7.68 | 7.68 | = | 7,630 | ÷ | 992,852,360 | |
| Feb 27, 2009 | 6.05 | = | 41.18 | ÷ | 6.81 | 6.81 | = | 6,780 | ÷ | 995,438,686 | |
| Feb 29, 2008 | 5.96 | = | 70.24 | ÷ | 11.78 | 11.78 | = | 12,183 | ÷ | 1,034,363,321 | |
| Mar 1, 2007 | 4.83 | = | 70.12 | ÷ | 14.52 | 14.52 | = | 15,482 | ÷ | 1,066,456,567 | |
| Mar 14, 2006 | 5.05 | = | 78.10 | ÷ | 15.46 | 15.46 | = | 16,884 | ÷ | 1,092,122,669 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of United Parcel Service Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates relative stability between 2006 and 2008, fluctuating between approximately 4.8 and 6.0. A significant increase is then observed in 2009, reaching 6.05, followed by further increases to a peak of 9.13 in 2011. Subsequently, the ratio experiences a dramatic surge in 2014, reaching 42.88, before declining sharply in the following years.
- Initial Stability (2006-2008)
- During this period, the P/BV ratio remained within a narrow range, suggesting a consistent market valuation relative to the company’s book value. The slight variations likely reflect normal market dynamics and investor sentiment.
- Increase and Peak (2009-2011)
- The upward trend from 2009 to 2011 indicates increasing investor confidence or expectations regarding the company’s future earnings potential relative to its book value. The peak of 9.13 in 2011 represents a period of relatively high valuation.
- Dramatic Surge and Subsequent Decline (2014-2015)
- The substantial increase in the P/BV ratio in 2014, reaching 42.88, is a notable outlier. This is followed by a significant decline in 2015 and 2016, suggesting a correction in market valuation. The extreme value in 2014 warrants further investigation into specific company events or market conditions that may have contributed to it.
- Volatility and Recent Trends (2017-2024)
- The period from 2017 to 2024 is characterized by considerable volatility. A high of 231.41 is observed in 2017, followed by a decrease to 7.75 in 2022. The ratio then stabilizes somewhat, fluctuating between 7.32 and 6.04 in the most recent years. This suggests a period of uncertainty and readjustment in market perception of the company’s value.
- Book Value per Share (BVPS) Correlation
- The fluctuations in the P/BV ratio are closely linked to changes in the book value per share. The dramatic P/BV increases often coincide with periods of lower BVPS, while decreases in P/BV often follow increases in BVPS. This indicates that both the market price and the underlying book value are influencing the ratio’s movements.
The most recent values indicate a P/BV ratio of 5.90 in 2023 and 6.04 in 2024, suggesting a return to levels observed earlier in the period. The projected value for 2025 and 2026 remains relatively stable at 6.04 and 6.04 respectively.
Comparison to Competitors
United Parcel Service Inc., P/BV, long-term trends, comparison to competitors
| United Parcel Service Inc. | FedEx Corp. | Uber Technologies Inc. | Union Pacific Corp. | United Airlines Holdings Inc. | |
|---|---|---|---|---|---|
| Feb 17, 2026 | 6.04 | 1.90 | 5.33 | 8.12 | 2.31 |
| Feb 18, 2025 | 5.90 | 2.70 | 7.70 | 8.66 | 2.38 |
| Feb 20, 2024 | 7.32 | 2.45 | 15.02 | 10.29 | 1.60 |
| Feb 21, 2023 | 7.75 | 2.27 | 9.36 | 10.34 | 2.32 |
| Feb 22, 2022 | 12.76 | 3.26 | 4.71 | 10.90 | 3.06 |
| Feb 22, 2021 | 213.26 | 2.35 | 8.24 | 8.07 | 2.85 |
| Feb 20, 2020 | 27.98 | 2.49 | 3.99 | 7.00 | 1.52 |
| Feb 21, 2019 | 31.82 | 3.15 | — | 5.72 | 2.34 |
| Feb 21, 2018 | 90.21 | 3.60 | — | 3.99 | 2.16 |
| Feb 21, 2017 | 231.41 | 3.10 | — | 4.43 | 2.71 |
| Feb 25, 2016 | 34.99 | 3.23 | — | 3.07 | 2.08 |
| Feb 27, 2015 | 42.88 | 2.82 | — | 5.07 | 10.91 |
| Feb 28, 2014 | 13.65 | 1.89 | — | 3.79 | 5.69 |
| Feb 28, 2013 | 16.94 | 1.98 | — | 3.14 | 18.18 |
| Feb 27, 2012 | 10.46 | 1.96 | — | 3.00 | 3.85 |
| Feb 28, 2011 | 9.13 | 1.76 | — | 2.61 | 4.65 |
| Feb 26, 2010 | 7.64 | 1.31 | — | 1.85 | — |
| Feb 27, 2009 | 6.05 | 1.65 | — | 1.61 | — |
| Feb 29, 2008 | 5.96 | 2.86 | — | 2.11 | 1.49 |
| Mar 1, 2007 | 4.83 | 2.90 | — | 1.84 | 2.02 |
| Mar 14, 2006 | 5.05 | 2.63 | — | 1.73 | — |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
United Parcel Service Inc., P/BV, long-term trends, comparison to sector (transportation)
| United Parcel Service Inc. | Transportation | |
|---|---|---|
| Feb 17, 2026 | 6.04 | 4.57 |
| Feb 18, 2025 | 5.90 | 5.40 |
| Feb 20, 2024 | 7.32 | 6.69 |
| Feb 21, 2023 | 7.75 | 5.91 |
| Feb 22, 2022 | 12.76 | 6.92 |
| Feb 22, 2021 | 213.26 | 8.09 |
| Feb 20, 2020 | 27.98 | 5.19 |
| Feb 21, 2019 | 31.82 | 5.63 |
| Feb 21, 2018 | 90.21 | 5.25 |
| Feb 21, 2017 | 231.41 | 5.80 |
| Feb 25, 2016 | 34.99 | 4.60 |
| Feb 27, 2015 | 42.88 | 6.55 |
| Feb 28, 2014 | 13.65 | 4.55 |
| Feb 28, 2013 | 16.94 | 4.51 |
| Feb 27, 2012 | 10.46 | 3.90 |
| Feb 28, 2011 | 9.13 | 3.67 |
| Feb 26, 2010 | 7.64 | 3.12 |
| Feb 27, 2009 | 6.05 | 2.64 |
| Feb 29, 2008 | 5.96 | 3.39 |
| Mar 1, 2007 | 4.83 | 3.16 |
| Mar 14, 2006 | 5.05 | 9.45 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
United Parcel Service Inc., P/BV, long-term trends, comparison to industry (industrials)
| United Parcel Service Inc. | Industrials | |
|---|---|---|
| Feb 17, 2026 | 6.04 | 8.00 |
| Feb 18, 2025 | 5.90 | 6.68 |
| Feb 20, 2024 | 7.32 | 6.85 |
| Feb 21, 2023 | 7.75 | 5.50 |
| Feb 22, 2022 | 12.76 | 5.44 |
| Feb 22, 2021 | 213.26 | 5.89 |
| Feb 20, 2020 | 27.98 | 6.28 |
| Feb 21, 2019 | 31.82 | 5.96 |
| Feb 21, 2018 | 90.21 | 5.37 |
| Feb 21, 2017 | 231.41 | 4.89 |
| Feb 25, 2016 | 34.99 | 3.68 |
| Feb 27, 2015 | 42.88 | 3.70 |
| Feb 28, 2014 | 13.65 | 3.14 |
| Feb 28, 2013 | 16.94 | 3.06 |
| Feb 27, 2012 | 10.46 | 3.09 |
| Feb 28, 2011 | 9.13 | 3.05 |
| Feb 26, 2010 | 7.64 | 2.43 |
| Feb 27, 2009 | 6.05 | 2.01 |
| Feb 29, 2008 | 5.96 | 3.45 |
| Mar 1, 2007 | 4.83 | 3.75 |
| Mar 14, 2006 | 5.05 | 3.95 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).