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)
United Parcel Service Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The valuation ratios across the analyzed period demonstrate a general trend of contraction and subsequent cyclical volatility, with a notable peak in market valuation during the first half of 2024 followed by a period of compression in 2025.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both the P/E and P/OP ratios exhibit highly correlated movements, indicating a consistent relationship between net income and operating profit in the market's valuation. A moderate range was maintained throughout 2022, followed by a significant expansion that peaked in March 2024, where the P/E ratio reached 21.14 and the P/OP ratio reached 15.25. This was followed by a sharp correction throughout late 2024 and the first half of 2025, with the P/E ratio bottoming at 12.76 and the P/OP ratio at 8.70 in June 2025. A recovery trend is observed in the latter half of 2025 and into 2026, with the P/E ratio returning to 20.05 by June 2026.
- Price to Sales (P/S)
- A sustained downward trajectory is evident in the P/S ratio. From a peak of 1.68 in June 2022, the ratio declined steadily over several years, reaching a period low of 0.81 in June 2025. While a slight rebound occurred toward the end of 2025, the ratio remained significantly lower in 2026 compared to the 2022-2023 baseline, suggesting a long-term reduction in the premium the market is willing to pay per unit of revenue.
- Price to Book Value (P/BV)
- The P/BV ratio shows a pronounced long-term decline. Initial values in early 2022 exceeded 10.0, but a consistent downward trend led to a low of 4.64 by June 2025. This represents a substantial contraction in the market's valuation relative to the company's equity. A modest recovery is observed in 2026, with the ratio stabilizing around the 6.0 mark, although it remains well below the levels observed at the start of the analysis period.
Overall, the valuation data reveals a transition from high valuation multiples in 2022 to a more compressed state by 2025, specifically regarding asset and revenue-based metrics. The cyclical nature of the earnings-based ratios suggests that while the market's view of the underlying assets and sales has diminished, the valuation of profitability remains subject to periodic expansion and contraction.
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Price to Earnings (P/E)
United Parcel Service Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 850,781,582 | 850,006,279 | 849,101,714 | 848,385,599 | 847,569,642 | 846,797,806 | 854,171,950 | 853,369,558 | 856,577,824 | 855,558,947 | 852,653,061 | 851,925,589 | 854,449,889 | 858,886,345 | 858,740,988 | 864,918,158 | 868,668,033 | 873,766,348 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in millions) | 604) | 864) | 1,791) | 1,311) | 1,283) | 1,187) | 1,721) | 1,539) | 1,409) | 1,113) | 1,605) | 1,127) | 2,081) | 1,895) | 3,453) | 2,584) | 2,849) | 2,662) | ||||||
| Earnings per share (EPS)2 | 5.37 | 6.18 | 6.56 | 6.49 | 6.76 | 6.92 | 6.77 | 6.64 | 6.13 | 6.93 | 7.87 | 10.04 | 11.72 | 12.55 | 13.45 | 12.94 | 12.59 | 12.31 | ||||||
| Share price1, 3 | 107.70 | 99.89 | 115.51 | 92.91 | 86.25 | 93.96 | 115.42 | 133.92 | 123.32 | 146.43 | 148.64 | 139.80 | 180.55 | 175.83 | 178.46 | 164.58 | 193.42 | 183.80 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 20.05 | 16.18 | 17.60 | 14.33 | 12.76 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 15.57 | 12.97 | 13.01 | 15.06 | 17.09 | 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 | ||||||
| Uber Technologies Inc. | 14.54 | 18.87 | 14.33 | 11.82 | 14.74 | 14.24 | 16.83 | 34.47 | 67.77 | 99.82 | 89.56 | 97.47 | — | — | — | — | — | — | ||||||
| Union Pacific Corp. | 24.67 | 22.33 | 21.00 | 18.51 | 18.86 | 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 | ||||||
| United Airlines Holdings Inc. | 11.03 | 8.12 | 10.54 | 9.65 | 8.92 | 5.98 | 9.58 | 8.57 | 5.20 | 5.96 | 5.70 | 4.15 | 6.96 | 7.67 | 21.74 | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= (604,000,000 + 864,000,000 + 1,791,000,000 + 1,311,000,000)
÷ 850,781,582 = 5.37
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 107.70 ÷ 5.37 = 20.05
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a period of significant contraction in both share price and earnings per share, accompanied by fluctuating valuation multiples.
- Share Price Performance
- The share price exhibited a general downward trajectory over the observed period. After peaking at 193.42 US$ in June 2022, the price experienced a prolonged decline, reaching a nadir of 86.25 US$ in June 2025. A partial recovery is noted in the final year of the data, with the price ascending to 107.70 US$ by June 2026.
- Earnings Per Share (EPS) Trends
- Earnings per share demonstrated a consistent and substantial decline. From a high of 13.45 US$ in December 2022, EPS dropped steadily, breaking below the 10.00 US$ threshold in September 2023. Following a period of relative stabilization between 6.13 US$ and 6.93 US$ from mid-2024 through late 2025, a further decrease to 5.37 US$ was recorded by June 2026.
- Price-to-Earnings (P/E) Ratio Volatility
- The P/E ratio displayed three distinct phases. First, a period of relative stability occurred between March 2022 and June 2023, with the ratio fluctuating between 12.72 and 15.41. Second, a valuation expansion occurred between September 2023 and June 2024, where the ratio peaked at 21.14, indicating that the share price did not decline as rapidly as earnings during that window. Finally, after a correction back to 12.76 by June 2025, the ratio expanded again to 20.05 by June 2026, driven by a recovering share price despite continuing declines in earnings.
The divergence between the P/E ratio and the absolute values of share price and EPS suggests a shift in market sentiment. The increase in the valuation multiple during the final periods, despite the lowest recorded EPS levels, indicates a potential decoupling of the stock price from immediate earnings performance.
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Price to Operating Profit (P/OP)
United Parcel Service Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 850,781,582 | 850,006,279 | 849,101,714 | 848,385,599 | 847,569,642 | 846,797,806 | 854,171,950 | 853,369,558 | 856,577,824 | 855,558,947 | 852,653,061 | 851,925,589 | 854,449,889 | 858,886,345 | 858,740,988 | 864,918,158 | 868,668,033 | 873,766,348 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating profit (in millions) | 930) | 1,267) | 2,575) | 1,804) | 1,822) | 1,666) | 2,926) | 1,985) | 1,944) | 1,613) | 2,477) | 1,343) | 2,780) | 2,541) | 3,195) | 3,113) | 3,535) | 3,251) | ||||||
| Operating profit per share2 | 7.73 | 8.79 | 9.27 | 9.69 | 9.91 | 10.06 | 9.91 | 9.40 | 8.61 | 9.60 | 10.72 | 11.57 | 13.61 | 14.42 | 15.25 | 15.94 | 15.63 | 15.22 | ||||||
| Share price1, 3 | 107.70 | 99.89 | 115.51 | 92.91 | 86.25 | 93.96 | 115.42 | 133.92 | 123.32 | 146.43 | 148.64 | 139.80 | 180.55 | 175.83 | 178.46 | 164.58 | 193.42 | 183.80 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 13.93 | 11.37 | 12.47 | 9.59 | 8.70 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 11.95 | 10.04 | 10.21 | 11.85 | 13.48 | 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 | ||||||
| Uber Technologies Inc. | 20.79 | 25.74 | 25.88 | 43.13 | 41.26 | 45.38 | 59.27 | 56.59 | 67.67 | 89.86 | 152.26 | 325.09 | — | — | — | — | — | — | ||||||
| Union Pacific Corp. | 17.78 | 16.21 | 15.22 | 13.09 | 13.29 | 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 | ||||||
| United Airlines Holdings Inc. | 7.91 | 5.83 | 7.50 | 6.58 | 5.91 | 3.90 | 5.92 | 5.16 | 3.20 | 3.68 | 3.54 | 2.59 | 4.31 | 4.01 | 6.86 | 23.16 | 93.38 | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ No. shares of common stock outstanding
= (930,000,000 + 1,267,000,000 + 2,575,000,000 + 1,804,000,000)
÷ 850,781,582 = 7.73
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 107.70 ÷ 7.73 = 13.93
5 Click competitor name to see calculations.
An analysis of the financial data from March 31, 2022, to June 30, 2026, reveals a period of significant contraction in operating profitability coupled with high volatility in equity valuation. While both the share price and operating profit per share exhibited overall downward trajectories over the period, the Price to Operating Profit (P/OP) ratio fluctuated, indicating shifting market sentiment regarding the company's earnings power.
- Operating Profit per Share Trend
- A consistent and sustained decline in operating profitability is observed. Operating profit per share peaked at 15.94 US$ in September 2022 before entering a long-term descent. By June 30, 2026, this figure reached a period low of 7.73 US$, representing a total decrease of approximately 51.5% from its peak. The decline was most pronounced between late 2022 and mid-2024, suggesting a systemic compression of operating margins or a reduction in overall operational efficiency.
- Share Price Movement
- The share price followed a general downward trend, though it exhibited more volatility than the operating profit. From a high of 193.42 US$ in June 2022, the price declined to a trough of 86.25 US$ by June 30, 2025. A partial recovery is noted in the final quarters of the dataset, with the price climbing back to 107.70 US$ by June 30, 2026. This suggests that while the market priced in the declining profitability, a valuation floor was established in mid-2025.
- Price to Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio serves as a primary indicator of how the market values each dollar of operating profit. The ratio remained relatively stable between 10.32 and 13.86 through 2022 and 2023. However, a divergence occurred in March 2024, where the ratio peaked at 15.25, indicating that the share price did not decline as rapidly as the operating profit during that specific interval.
- A subsequent sharp contraction in the P/OP ratio occurred in early 2025, reaching a minimum of 8.70 in June 2025. This represents a period of maximum valuation compression, where the market assigned a lower multiple to the company's operating earnings. By June 30, 2026, the ratio expanded again to 13.93, driven by a recovery in share price that outpaced the continued decline in operating profit per share.
In summary, the period is characterized by a fundamental erosion of operating profitability. The market's reaction was non-linear, moving from a period of relative stability to an overvaluation peak in early 2024, a deep valuation trough in mid-2025, and a final recovery in the valuation multiple by mid-2026, despite the operating profit continuing to hit new lows.
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Price to Sales (P/S)
United Parcel Service Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 850,781,582 | 850,006,279 | 849,101,714 | 848,385,599 | 847,569,642 | 846,797,806 | 854,171,950 | 853,369,558 | 856,577,824 | 855,558,947 | 852,653,061 | 851,925,589 | 854,449,889 | 858,886,345 | 858,740,988 | 864,918,158 | 868,668,033 | 873,766,348 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 22,834) | 21,202) | 24,479) | 21,415) | 21,221) | 21,546) | 25,301) | 22,245) | 21,818) | 21,706) | 24,917) | 21,061) | 22,055) | 22,925) | 27,033) | 24,161) | 24,766) | 24,378) | ||||||
| Sales per share2 | 105.70 | 103.90 | 104.42 | 105.47 | 106.56 | 107.36 | 106.62 | 106.27 | 104.49 | 104.89 | 106.68 | 109.25 | 112.56 | 115.13 | 116.84 | 116.86 | 115.23 | 113.02 | ||||||
| Share price1, 3 | 107.70 | 99.89 | 115.51 | 92.91 | 86.25 | 93.96 | 115.42 | 133.92 | 123.32 | 146.43 | 148.64 | 139.80 | 180.55 | 175.83 | 178.46 | 164.58 | 193.42 | 183.80 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 1.02 | 0.96 | 1.11 | 0.88 | 0.81 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 0.75 | 0.60 | 0.61 | 0.67 | 0.76 | 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 | ||||||
| Uber Technologies Inc. | 2.52 | 3.00 | 2.77 | 3.97 | 3.93 | 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 | ||||||
| Union Pacific Corp. | 7.12 | 6.52 | 6.12 | 5.32 | 5.36 | 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 | ||||||
| United Airlines Holdings Inc. | 0.61 | 0.49 | 0.60 | 0.54 | 0.51 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (22,834,000,000 + 21,202,000,000 + 24,479,000,000 + 21,415,000,000)
÷ 850,781,582 = 105.70
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 107.70 ÷ 105.70 = 1.02
5 Click competitor name to see calculations.
The Price to Sales (P/S) ratio exhibits a sustained downward trajectory over the analyzed period, reflecting a significant contraction in market valuation relative to revenue generation. From a peak of 1.68 in June 2022, the ratio declined to a low of 0.81 by June 2025, indicating a fundamental shift in how the market values each dollar of sales.
- Share Price Volatility
- A pronounced decline in share price is the primary driver of the valuation contraction. The price peaked at 193.42 USD in June 2022 and entered a period of volatility before experiencing a sharp descent starting in 2024. The lowest valuation point occurred in June 2025 at 86.25 USD, followed by a moderate recovery to 107.70 USD by June 2026.
- Sales per Share Stability
- Revenue efficiency, measured as sales per share, remained relatively stable compared to the equity price. While sales per share peaked at 116.86 USD in September 2022 and gradually drifted lower to 105.70 USD by June 2026, the magnitude of this decrease was marginal. This suggests that the decline in the P/S ratio was not caused by a collapse in operational revenue, but rather by a decrease in investor appetite or a repricing of the stock.
- P/S Ratio Trend Analysis
- The P/S ratio remained above 1.20 from March 2022 through September 2023. A critical threshold was breached in December 2024, when the ratio fell below 1.0 for the first time, reaching 1.08. The valuation remained largely depressed below 1.0 through mid-2026, with a temporary exception in December 2025 when it rose to 1.11. This pattern confirms a long-term compression of the valuation multiple.
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Price to Book Value (P/BV)
United Parcel Service Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 850,781,582 | 850,006,279 | 849,101,714 | 848,385,599 | 847,569,642 | 846,797,806 | 854,171,950 | 853,369,558 | 856,577,824 | 855,558,947 | 852,653,061 | 851,925,589 | 854,449,889 | 858,886,345 | 858,740,988 | 864,918,158 | 868,668,033 | 873,766,348 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Equity for controlling interests (in millions) | 15,067) | 15,763) | 16,227) | 15,823) | 15,750) | 15,660) | 16,718) | 16,857) | 17,030) | 16,909) | 17,306) | 19,168) | 20,019) | 20,038) | 19,786) | 16,968) | 16,289) | 15,416) | ||||||
| Book value per share (BVPS)2 | 17.71 | 18.54 | 19.11 | 18.65 | 18.58 | 18.49 | 19.57 | 19.75 | 19.88 | 19.76 | 20.30 | 22.50 | 23.43 | 23.33 | 23.04 | 19.62 | 18.75 | 17.64 | ||||||
| Share price1, 3 | 107.70 | 99.89 | 115.51 | 92.91 | 86.25 | 93.96 | 115.42 | 133.92 | 123.32 | 146.43 | 148.64 | 139.80 | 180.55 | 175.83 | 178.46 | 164.58 | 193.42 | 183.80 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 6.08 | 5.39 | 6.04 | 4.98 | 4.64 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 2.40 | 1.92 | 1.90 | 2.21 | 2.51 | 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 | ||||||
| Uber Technologies Inc. | 5.10 | 6.51 | 5.33 | 6.99 | 8.23 | 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 | ||||||
| Union Pacific Corp. | 8.75 | 8.29 | 8.12 | 7.54 | 8.04 | 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 | ||||||
| United Airlines Holdings Inc. | 2.31 | 1.87 | 2.31 | 2.22 | 2.21 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Equity for controlling interests ÷ No. shares of common stock outstanding
= 15,067,000,000 ÷ 850,781,582 = 17.71
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 107.70 ÷ 17.71 = 6.08
5 Click competitor name to see calculations.
The valuation of common stock exhibits a significant downward trajectory over the analyzed period, characterized by a substantial contraction in the Price to Book Value (P/BV) ratio. The multiple decreased from a peak of 10.42 in March 2022 to a period low of 4.64 in June 2025, before experiencing a moderate recovery toward mid-2026.
- Share Price Dynamics
- A sustained decline in share price is observed from March 2022, where the price stood at 183.80 US$, reaching a minimum of 86.25 US$ in June 2025. A subsequent recovery phase occurred between late 2025 and June 2026, with the price ascending to 107.70 US$.
- Book Value Per Share (BVPS) Trends
- BVPS experienced an initial growth phase, rising from 17.64 US$ in March 2022 to a peak of 23.43 US$ in June 2023. Following this peak, the book value per share entered a gradual decline, ending the period at 17.71 US$ in June 2026, which suggests a reduction in the underlying equity value per share from its mid-2023 high.
- P/BV Ratio Analysis
- The P/BV ratio reflects a significant decompression of the valuation multiple. The most pronounced contraction occurred between March 2022 and June 2025, during which the ratio fell from 10.42 to 4.64. This trend was primarily driven by the more aggressive decline in share price compared to the relatively more stable, albeit declining, book value per share. The movement from a double-digit multiple to a low single-digit multiple indicates a substantial reduction in the market premium attributed to the company's book value. A partial reversal of this trend is noted from December 2025 through June 2026, as the ratio climbed back to 6.08.
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