Price to Earnings (P/E)
since 2005
Calculation
United Parcel Service Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | 17.60 | = | 115.51 | ÷ | 6.56 | 6.56 | = | 5,572 | ÷ | 849,101,714 | |
| Feb 18, 2025 | 17.05 | = | 115.42 | ÷ | 6.77 | 6.77 | = | 5,782 | ÷ | 854,171,950 | |
| Feb 20, 2024 | 18.89 | = | 148.64 | ÷ | 7.87 | 7.87 | = | 6,708 | ÷ | 852,653,061 | |
| Feb 21, 2023 | 13.27 | = | 178.46 | ÷ | 13.45 | 13.45 | = | 11,548 | ÷ | 858,740,988 | |
| Feb 22, 2022 | 14.11 | = | 208.97 | ÷ | 14.81 | 14.81 | = | 12,890 | ÷ | 870,391,403 | |
| Feb 22, 2021 | 104.33 | = | 161.60 | ÷ | 1.55 | 1.55 | = | 1,343 | ÷ | 867,038,529 | |
| Feb 20, 2020 | 20.59 | = | 106.48 | ÷ | 5.17 | 5.17 | = | 4,440 | ÷ | 858,487,676 | |
| Feb 21, 2019 | 20.07 | = | 111.76 | ÷ | 5.57 | 5.57 | = | 4,791 | ÷ | 860,228,976 | |
| Feb 21, 2018 | 18.37 | = | 104.70 | ÷ | 5.70 | 5.70 | = | 4,910 | ÷ | 861,614,779 | |
| Feb 21, 2017 | 27.32 | = | 107.72 | ÷ | 3.94 | 3.94 | = | 3,431 | ÷ | 870,029,643 | |
| Feb 25, 2016 | 17.84 | = | 97.72 | ÷ | 5.48 | 5.48 | = | 4,844 | ÷ | 884,391,616 | |
| Feb 27, 2015 | 30.28 | = | 101.73 | ÷ | 3.36 | 3.36 | = | 3,032 | ÷ | 902,538,724 | |
| Feb 28, 2014 | 20.22 | = | 95.77 | ÷ | 4.74 | 4.74 | = | 4,372 | ÷ | 922,908,378 | |
| Feb 28, 2013 | 97.65 | = | 82.65 | ÷ | 0.85 | 0.85 | = | 807 | ÷ | 953,449,942 | |
| Feb 27, 2012 | 19.35 | = | 76.77 | ÷ | 3.97 | 3.97 | = | 3,804 | ÷ | 958,720,394 | |
| Feb 28, 2011 | 20.89 | = | 73.80 | ÷ | 3.53 | 3.53 | = | 3,488 | ÷ | 987,118,374 | |
| Feb 26, 2010 | 27.10 | = | 58.74 | ÷ | 2.17 | 2.17 | = | 2,152 | ÷ | 992,852,360 | |
| Feb 27, 2009 | 13.65 | = | 41.18 | ÷ | 3.02 | 3.02 | = | 3,003 | ÷ | 995,438,686 | |
| Feb 29, 2008 | 190.19 | = | 70.24 | ÷ | 0.37 | 0.37 | = | 382 | ÷ | 1,034,363,321 | |
| Mar 1, 2007 | 17.80 | = | 70.12 | ÷ | 3.94 | 3.94 | = | 4,202 | ÷ | 1,066,456,567 | |
| Mar 14, 2006 | 22.04 | = | 78.10 | ÷ | 3.54 | 3.54 | = | 3,870 | ÷ | 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-earnings (P/E) ratio for the observed period exhibits considerable fluctuation. Initially, the ratio demonstrates a decline from 22.04 in 2006 to 17.80 in 2007. A significant spike to 190.19 occurs in 2008, followed by a substantial decrease to 13.65 in 2009. The subsequent years through 2011 show a moderate increase, stabilizing around the 20 range. A notable increase to 97.65 is observed in 2012, before returning to a value of 20.22 in 2013. The period from 2013 to 2015 shows volatility, with the ratio peaking at 30.28 in 2015 and then decreasing to 17.84 in 2016. From 2016 to 2021, the P/E ratio fluctuates, culminating in a peak of 104.33 in 2021. A sharp decline is then observed in 2022, falling to 14.11, followed by a slight increase to 13.27 in 2023. The most recent values, for 2024, 2025, and 2026, indicate a stabilization around 17 to 18.
- Initial Period (2006-2009)
- The initial period is characterized by a relatively stable P/E ratio, followed by extreme volatility. The dramatic increase in 2008 and subsequent drop in 2009 likely reflect significant shifts in earnings, particularly the substantial decline in earnings per share (EPS) during 2008. This suggests a period of economic uncertainty impacting profitability.
- Moderate Fluctuation (2010-2015)
- From 2010 through 2015, the P/E ratio experiences moderate fluctuations, generally remaining between 17 and 30. This period suggests a more stable, though not consistently increasing, valuation. The increase in 2012 is notable, coinciding with a lower EPS, indicating increased investor confidence or speculative activity.
- Recent Trends (2016-2026)
- The most recent period demonstrates a pattern of increased volatility, with a significant peak in 2021 and a subsequent decline. The high P/E ratio in 2021, coupled with a substantial increase in EPS, suggests strong investor optimism. The sharp decrease in the P/E ratio in 2022, despite still relatively high EPS, could indicate a correction in market valuation or changing investor sentiment. The stabilization in the latest years suggests a potential normalization of the valuation.
Overall, the P/E ratio demonstrates a lack of consistent trend, with periods of stability punctuated by significant fluctuations. These fluctuations appear closely correlated with changes in earnings per share, but also suggest the influence of broader market conditions and investor sentiment.
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Comparison to Competitors
United Parcel Service Inc., P/E, 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 | 17.60 | 13.01 | 14.33 | 21.00 | 10.54 |
| Feb 18, 2025 | 17.05 | 17.21 | 16.83 | 21.68 | 9.58 |
| Feb 20, 2024 | 18.89 | 16.11 | 89.56 | 23.85 | 5.70 |
| Feb 21, 2023 | 13.27 | 14.80 | — | 17.97 | 21.74 |
| Feb 22, 2022 | 14.11 | 15.07 | — | 23.67 | — |
| Feb 22, 2021 | 104.33 | 33.43 | — | 25.57 | — |
| Feb 20, 2020 | 20.59 | 82.00 | — | 21.44 | 5.82 |
| Feb 21, 2019 | 20.07 | 13.39 | — | 19.60 | 11.00 |
| Feb 21, 2018 | 18.37 | 19.29 | — | 9.26 | 8.91 |
| Feb 21, 2017 | 27.32 | 23.45 | — | 20.86 | 10.37 |
| Feb 25, 2016 | 17.84 | 46.06 | — | 13.31 | 2.54 |
| Feb 27, 2015 | 30.28 | 20.56 | — | 20.72 | 23.08 |
| Feb 28, 2014 | 20.22 | 21.03 | — | 18.35 | 29.73 |
| Feb 28, 2013 | 97.65 | 14.32 | — | 15.85 | — |
| Feb 27, 2012 | 19.35 | 20.54 | — | 16.93 | 8.28 |
| Feb 28, 2011 | 20.89 | 20.51 | — | 16.65 | 31.74 |
| Feb 26, 2010 | 27.10 | 182.81 | — | 16.53 | — |
| Feb 27, 2009 | 13.65 | 21.29 | — | 10.61 | — |
| Feb 29, 2008 | 190.19 | 17.96 | — | 17.75 | 8.95 |
| Mar 1, 2007 | 17.80 | 18.49 | — | 17.51 | 0.19 |
| Mar 14, 2006 | 22.04 | 17.42 | — | 23.08 | — |
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/E, long-term trends, comparison to sector (transportation)
| United Parcel Service Inc. | Transportation | |
|---|---|---|
| Feb 17, 2026 | 17.60 | 15.91 |
| Feb 18, 2025 | 17.05 | 17.26 |
| Feb 20, 2024 | 18.89 | 24.43 |
| Feb 21, 2023 | 13.27 | 30.10 |
| Feb 22, 2022 | 14.11 | 22.48 |
| Feb 22, 2021 | 104.33 | — |
| Feb 20, 2020 | 20.59 | 62.33 |
| Feb 21, 2019 | 20.07 | 17.05 |
| Feb 21, 2018 | 18.37 | 12.83 |
| Feb 21, 2017 | 27.32 | 21.13 |
| Feb 25, 2016 | 17.84 | 12.05 |
| Feb 27, 2015 | 30.28 | 23.46 |
| Feb 28, 2014 | 20.22 | 20.08 |
| Feb 28, 2013 | 97.65 | 29.57 |
| Feb 27, 2012 | 19.35 | 17.70 |
| Feb 28, 2011 | 20.89 | 19.66 |
| Feb 26, 2010 | 27.10 | 31.59 |
| Feb 27, 2009 | 13.65 | 80.82 |
| Feb 29, 2008 | 190.19 | 31.23 |
| Mar 1, 2007 | 17.80 | 4.61 |
| Mar 14, 2006 | 22.04 | — |
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/E, long-term trends, comparison to industry (industrials)
| United Parcel Service Inc. | Industrials | |
|---|---|---|
| Feb 17, 2026 | 17.60 | 29.14 |
| Feb 18, 2025 | 17.05 | 28.42 |
| Feb 20, 2024 | 18.89 | 24.85 |
| Feb 21, 2023 | 13.27 | 36.06 |
| Feb 22, 2022 | 14.11 | 35.59 |
| Feb 22, 2021 | 104.33 | — |
| Feb 20, 2020 | 20.59 | 43.95 |
| Feb 21, 2019 | 20.07 | 33.70 |
| Feb 21, 2018 | 18.37 | 29.83 |
| Feb 21, 2017 | 27.32 | 22.92 |
| Feb 25, 2016 | 17.84 | 22.89 |
| Feb 27, 2015 | 30.28 | 18.79 |
| Feb 28, 2014 | 20.22 | 19.13 |
| Feb 28, 2013 | 97.65 | 17.77 |
| Feb 27, 2012 | 19.35 | 15.75 |
| Feb 28, 2011 | 20.89 | 18.72 |
| Feb 26, 2010 | 27.10 | 19.17 |
| Feb 27, 2009 | 13.65 | 9.73 |
| Feb 29, 2008 | 190.19 | 16.93 |
| Mar 1, 2007 | 17.80 | 11.65 |
| Mar 14, 2006 | 22.04 | 50.62 |
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).