UNION PACIFIC CORP
$302.44
−1.76 (−0.58%) · delayed · Nov 13, 2026
Five-year price
52w $219.89 to $315.99
- Market cap
- $179.7B
- Enterprise value
- $210.3B
- P/E
- 25.2×
- 27.1× on 3y avg EPS
- EV / EBIT
- 21.4×
- FCF yield
- 3.1%
- ROIC
- 15.6%
- Debt / equity
- 1.72
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 16.1%
- ●ROE > 15% (5y avg)5y avg ROE 45.1%
- ●Stable operating marginsMargin volatility 1.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 83% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.6%
- ●Shrinking share countDiluted shares -12.3% over 5y
Value
0
- ○P/E below 15P/E 25.2
- ○EV/EBIT below 12EV/EBIT 21.4
- ○FCF yield above 6%FCF yield 3.1%
- ○Price below Graham NumberGraham Number $91.52
- ○P/B below 3P/B 9.7
Safety
20
- ○Debt / equity below 0.5D/E 1.72
- ○Debt payable in < 4 yrs of earningsNet debt $30.5B
- ○Interest coverage > 8xCoverage 7.5x
- ○Current ratio > 1.5Current ratio 0.91
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $24.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.91
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 27%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 27.1
- ○P/E × P/B ≤ 22.5Product 263.4
Valuation lab
What do you have to believe?
At $302.44, the market is pricing in about 14.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $30.5B · 594M shares · 5y revenue CAGR 4.6%
Intrinsic value
$124.77
Price
$302.44
Premium paid
142%
What the price implies
The market is paying for 14.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19,941 | 21,240 | 22,832 | 21,708 | 19,533 | 21,804 | 24,875 | 24,119 | 24,250 | 24,510 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 7,243 | 8,106 | 8,517 | 8,554 | 7,834 | 9,338 | 9,917 | 9,082 | 9,713 | 9,846 |
| Operating margin | 36.3% | 38.2% | 37.3% | 39.4% | 40.1% | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% |
| Pre-tax income | 6,766 | 7,632 | 7,741 | 7,747 | 6,980 | 8,478 | 9,072 | 8,233 | 8,794 | 9,166 |
| Income tax | 2,533 | (3,080) | 1,775 | 1,828 | 1,631 | 1,955 | 2,074 | 1,854 | 2,047 | 2,028 |
| Net income | 4,233 | 10,712 | 5,966 | 5,919 | 5,349 | 6,523 | 6,998 | 6,379 | 6,747 | 7,138 |
| EPS (diluted) | 5.07 | 13.36 | 7.91 | 8.38 | 7.88 | 9.95 | 11.21 | 10.45 | 11.09 | 11.98 |
| Diluted shares | 835 | 802 | 754 | 706 | 679 | 655 | 624 | 610 | 609 | 596 |
Who owns it