Current EV
Historical EV

United Parcel Service Inc., current enterprise value calculation

Current share price (P)	$99.27
No. shares of common stock outstanding	846,797,806
US$ in millions
Common equity (market value)¹	84,062)
Add: Noncontrolling interests (per books)	25)
Total equity	84,087)
Add: Current maturities of long-term debt, commercial paper and finance leases (per books)	1,838)
Add: Long-term debt and finance leases, excluding current maturities (per books)	19,446)
Total equity and debt	105,371)
Less: Cash and cash equivalents	6,112)
Less: Marketable securities	206)
Enterprise value (EV)	99,053)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 99.27 × 846,797,806

United Parcel Service Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$115.42	$148.64	$178.46	$208.97	$161.60
No. shares of common stock outstanding¹	854,171,950	852,653,061	858,740,988	870,391,403	867,038,529
US$ in millions
Common equity (market value)³	98,589)	126,738)	153,251)	181,886)	140,113)
Add: Noncontrolling interests (book value)	25)	8)	17)	16)	12)
Total equity	98,614)	126,746)	153,268)	181,902)	140,125)
Add: Current maturities of long-term debt, commercial paper and finance leases (book value)	1,838)	3,348)	2,341)	2,131)	2,623)
Add: Long-term debt and finance leases, excluding current maturities (book value)	19,446)	18,916)	17,321)	19,784)	22,031)
Total equity and debt	119,898)	149,010)	172,930)	203,817)	164,779)
Less: Cash and cash equivalents	6,112)	3,206)	5,602)	10,255)	5,910)
Less: Marketable securities	206)	2,866)	1,993)	338)	406)
Enterprise value (EV)	113,580)	142,938)	165,335)	193,224)	158,463)

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of United Parcel Service Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 115.42 × 854,171,950

Equity Trends: The common equity, measured by market value, reached its peak in 2021 at approximately 181.9 billion US dollars, before experiencing a consistent decline over the following years, ending at about 98.6 billion in 2024. This downward trend is mirrored by the total equity figures, which followed a similar pattern of increase through 2021 followed by a marked decline through 2024.
Total Equity and Debt: The combined total of equity and debt grew from 164.8 billion US dollars in 2020 to reach a high point of 203.8 billion in 2021. Subsequently, it diminished steadily each year, falling to 119.9 billion by the end of 2024. This movement indicates a reduction in the overall capitalization of the company after 2021, suggesting possible debt repayments or equity reductions.
Enterprise Value (EV): The enterprise value increased from 158.5 billion US dollars in 2020, peaking at 193.2 billion in 2021, then progressively declined to 113.6 billion by the end of 2024. This pattern reflects the overall shrinking in company valuation on an enterprise basis, consistent with the decreases in total equity and combined equity and debt.
Overall Insights: Across the financial data, there is a clear peak in 2021 followed by a steady downward trajectory through 2024. This consistent decline in market value, total equity, combined equity and debt, and enterprise value suggests a contraction phase for the company post-2021. Possible factors may include market conditions impacting valuation, capital restructuring, or operational challenges affecting asset values and funding levels.

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United Parcel Service Inc. (NYSE:UPS)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)