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: 2026-03-31), 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 exhibit a period of moderate stability followed by a significant spike in market multiples during 2024, leading into a correction and subsequent partial recovery by early 2026. There is a distinct divergence between earnings-based multiples, which show cyclical volatility, and asset- or revenue-based multiples, which demonstrate a sustained long-term compression.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Earnings and operating profit multiples followed a similar trajectory, characterized by relative stability between 12.00 and 15.00 through 2022 and 2023. A sharp expansion occurred in early 2024, with the P/E ratio peaking at 21.14 and the P/OP ratio reaching 15.25 in March 2024. This valuation peak was followed by a contraction in 2025, where the P/E dropped to 12.76 and P/OP hit a period low of 8.70 by June 2025, before trending upward again toward the end of 2025 and into early 2026.
- Price to Sales (P/S)
- A consistent downward trend is observed in the price-to-sales ratio. Starting at a high of 1.68 in June 2022, the ratio steadily declined, breaking below the 1.00 threshold in March 2025. The ratio reached its lowest point of 0.81 in June 2025. Although a slight recovery occurred by March 2026, the overall movement indicates a significant reduction in the market premium attributed to each dollar of revenue over the analyzed period.
- Price to Book Value (P/BV)
- The price-to-book value ratio demonstrates the most aggressive and sustained decline of all measured metrics. From a peak of 10.42 in March 2022, the multiple contracted steadily, reaching a low of 4.64 in June 2025. This represents more than a 50% reduction in the book value multiple over the timeframe. While the ratio improved to 5.39 by March 2026, it remained substantially lower than the levels observed in 2022.
The convergence of declining P/S and P/BV ratios alongside the volatile P/E and P/OP ratios suggests that while earnings multiples reacted to short-term market sentiment or performance shifts, the fundamental valuation relative to assets and sales underwent a structural devaluation over the multi-year period.
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Price to Earnings (P/E)
United Parcel Service Inc., historical P/E calculation (quarterly data)
| 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 | 850,006,279 | 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) | 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 | 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 | 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 | 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. | 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. | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= (864,000,000 + 1,791,000,000 + 1,311,000,000 + 1,283,000,000)
÷ 850,006,279 = 6.18
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 99.89 ÷ 6.18 = 16.18
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a period of significant volatility in both equity pricing and profitability, resulting in fluctuating Price to Earnings (P/E) ratios over the observed timeframe.
- Share Price Trends
- A general downward trajectory is evident, with the share price declining from a peak of 193.42 USD in June 2022 to a period low of 86.25 USD in June 2025. Although a recovery occurred toward the end of 2025, reaching 115.51 USD in December, the price ended the period at 99.89 USD in March 2026.
- Earnings Per Share (EPS) Performance
- Profitability experienced a substantial contraction starting in 2023. EPS reached its highest point of 13.45 USD in December 2022 before entering a consistent decline, hitting a low of 6.13 USD in June 2024. From mid-2024 through March 2026, earnings stabilized, maintaining a range between 6.18 USD and 6.92 USD.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited three distinct phases. Initially, from March 2022 to September 2022, the ratio remained relatively stable between 12.72 and 15.37. A significant expansion occurred between December 2022 and March 2024, where the ratio peaked at 21.14; this suggests that during this window, the share price decreased more slowly than the underlying earnings. A valuation correction followed, driving the ratio down to 12.76 by June 2025, before it moderated to 16.18 by March 2026.
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Price to Operating Profit (P/OP)
United Parcel Service Inc., historical P/OP calculation (quarterly data)
| 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 | 850,006,279 | 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) | 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 | 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 | 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 | 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. | 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. | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025
+ Operating profitQ2 2025)
÷ No. shares of common stock outstanding
= (1,267,000,000 + 2,575,000,000 + 1,804,000,000 + 1,822,000,000)
÷ 850,006,279 = 8.79
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 99.89 ÷ 8.79 = 11.37
5 Click competitor name to see calculations.
A comprehensive analysis of the valuation metrics from March 2022 through March 2026 reveals a general downward trajectory in both market valuation and operational profitability, characterized by a period of significant valuation compression followed by a partial stabilization.
- Share Price Trends
- A sustained depreciation in share price is evident over the analyzed period. The valuation peaked in mid-2022 at 193.42 US$ before entering a long-term decline. While there was a temporary recovery in late 2025, reaching 115.51 US$, the overall trend remained bearish, concluding at 99.89 US$ in March 2026, representing a substantial decrease from the 2022 highs.
- Operating Profit per Share Analysis
- Operating profitability experienced a steady erosion. Profitability peaked in September 2022 at 15.94 US$ and declined consistently through June 2024, where it reached a low of 8.61 US$. Following this trough, operating profit per share exhibited a period of relative stabilization, fluctuating between 8.79 US$ and 10.06 US$ through the end of the series.
- Price to Operating Profit (P/OP) Dynamics
- The P/OP ratio exhibited significant volatility, reflecting a decoupling between market sentiment and operational performance. Despite falling share prices and profits, the ratio peaked at 15.25 in March 2024, indicating that the share price had not yet fully corrected to reflect the decline in operating profits. This was followed by a sharp valuation contraction, reaching a minimum of 8.70 in June 2025, the point of maximum valuation compression. By late 2025 and early 2026, the ratio returned to a range of 11.37 to 12.47, aligning more closely with the levels observed in 2022.
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Price to Sales (P/S)
United Parcel Service Inc., historical P/S calculation (quarterly data)
| 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 | 850,006,279 | 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) | 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 | 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 | 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 | 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. | 0.60 | 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. | 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. | 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. | 0.49 | 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= (21,202,000,000 + 24,479,000,000 + 21,415,000,000 + 21,221,000,000)
÷ 850,006,279 = 103.90
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 99.89 ÷ 103.90 = 0.96
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits a sustained downward trajectory over the analysis period, reflecting a significant contraction in the market valuation of the company relative to its revenue generation. This compression is most pronounced from 2024 through early 2026, as the valuation multiple transitioned from a range of 1.40–1.68 to levels frequently falling below 1.00.
- Share Price Performance
- A marked decline in share price is evident, moving from a peak of 193.42 USD in June 2022 to a low of 86.25 USD in June 2025. Although a recovery to 115.51 USD was recorded in December 2025, the overall trend remained bearish, serving as the primary catalyst for the reduction in the P/S ratio.
- Sales per Share Trends
- Revenue per share remained comparatively stable but displayed a gradual long-term erosion. Values shifted from 113.02 USD in March 2022 to 103.90 USD by March 2026. Because the decline in sales per share was less severe than the decline in share price, the valuation contraction is attributed more to market sentiment and pricing than to a collapse in top-line performance.
- P/S Ratio Compression
- The P/S ratio fluctuated between 1.41 and 1.68 during 2022 and 2023, indicating a higher market premium during that period. A structural shift occurred in 2024, with the ratio dropping below 1.20. The ratio reached its minimum of 0.81 in June 2025, marking a period where the company was valued at less than one dollar of market capitalization for every dollar of sales. The period ended with a ratio of 0.96 in March 2026.
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Price to Book Value (P/BV)
United Parcel Service Inc., historical P/BV calculation (quarterly data)
| 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 | 850,006,279 | 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) | 15,763) | 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 | 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 | 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 | 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. | 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. | 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. | 8.29 | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
BVPS = Equity for controlling interests ÷ No. shares of common stock outstanding
= 15,763,000,000 ÷ 850,006,279 = 18.54
3 Closing price as at the filing date of United Parcel Service Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 99.89 ÷ 18.54 = 5.39
5 Click competitor name to see calculations.
A comprehensive analysis of the valuation metrics indicates a significant contraction in the market valuation of the common stock relative to its book value over the period from March 31, 2022, to March 31, 2026. The overall trend is characterized by a steady decompression of the Price to Book Value (P/BV) ratio, driven primarily by a sustained decline in share price that outpaced changes in the book value per share.
- Share Price Trajectory
- The share price experienced a peak of 193.42 US$ in June 2022, after which a general downward trend emerged. Significant volatility was observed between March 2024 and June 2025, during which the price declined to a period low of 86.25 US$. A moderate recovery occurred in late 2025, reaching 115.51 US$ in December, before settling at 99.89 US$ by March 31, 2026.
- Book Value per Share (BVPS) Trends
- The BVPS exhibited 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 entered a gradual decline, fluctuating within a narrow range between 18.49 US$ and 19.88 US$ from March 2024 through March 2026, suggesting a stabilization of the net asset value per share.
- P/BV Ratio Analysis
- The P/BV ratio demonstrates a pronounced long-term decline, falling from a high of 10.42 in March 2022 to a low of 4.64 in June 2025. This movement indicates a substantial reduction in the premium the market was willing to pay over the company's accounting book value. While the ratio saw a temporary spike to 6.04 in December 2025—corresponding with the share price recovery—it ultimately closed the period at 5.39, reflecting a persistent downward adjustment in valuation multiples.
The divergence between the BVPS and the share price highlights that the decline in the P/BV ratio was not caused by a collapse in book value, but rather by a correction or decline in market sentiment regarding the stock's pricing. The valuation multiple has effectively halved over the analyzed timeframe, moving from double-digit levels to a range between 4.6 and 6.0.
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