UNITED PARCEL SERVICE INC
$112.40
+2.02 (+1.83%) · delayed · Nov 13, 2026
Five-year price
52w $90.84 to $122.41
- Market cap
- $95.5B
- Enterprise value
- $113.8B
- P/E
- 17.1×
- 16.0× on 3y avg EPS
- EV / EBIT
- 14.5×
- FCF yield
- 5.0%
- ROIC
- 17.7%
- Debt / equity
- 1.49
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 24.8%
- ●ROE > 15% (5y avg)5y avg ROE 51.3%
- ●Stable operating marginsMargin volatility 1.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 87% (5y avg)
- ○Growing revenueRevenue CAGR 5y 0.9%
- ●Shrinking share countDiluted shares -2.4% over 5y
Value
0
- ○P/E below 15P/E 17.1
- ○EV/EBIT below 12EV/EBIT 14.5
- ○FCF yield above 6%FCF yield 5.0%
- ○Price below Graham NumberGraham Number $53.08
- ○P/B below 3P/B 5.9
Safety
20
- ○Debt / equity below 0.5D/E 1.49
- ●Debt payable in < 4 yrs of earningsNet debt $18.3B
- ○Interest coverage > 8xCoverage 7.7x
- ○Current ratio > 1.5Current ratio 1.22
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $88.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.22
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 41%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 16.0
- ○P/E × P/B ≤ 22.5Product 94.0
Valuation lab
What do you have to believe?
At $112.40, the market is pricing in about 8.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $18.3B · 850M shares · 5y revenue CAGR 0.9%
Intrinsic value
$57.46
Price
$112.40
Premium paid
96%
What the price implies
The market is paying for 8.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
52% 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 | 61,610 | 66,585 | 71,861 | 74,094 | 84,628 | 97,287 | 100,338 | 90,958 | 91,070 | 88,661 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 7,688 | 7,529 | 7,024 | 7,798 | 7,684 | 12,810 | 13,094 | 9,141 | 8,468 | 7,867 |
| Operating margin | 12.5% | 11.3% | 9.8% | 10.5% | 9.1% | 13.2% | 13.0% | 10.0% | 9.3% | 8.9% |
| Pre-tax income | 5,121 | 7,137 | 6,019 | 5,652 | 1,844 | 16,595 | 14,825 | 8,573 | 7,442 | 7,164 |
| Income tax | 1,699 | 2,232 | 1,228 | 1,212 | 501 | 3,705 | 3,277 | 1,865 | 1,660 | 1,592 |
| Net income | 3,422 | 4,905 | 4,791 | 4,440 | 1,343 | 12,890 | 11,548 | 6,708 | 5,782 | 5,572 |
| EPS (diluted) | 3.86 | 5.61 | 5.51 | 5.11 | 1.54 | 14.68 | 13.20 | 7.80 | 6.75 | 6.56 |
| Diluted shares | 887 | 875 | 870 | 869 | 871 | 878 | 875 | 860 | 856 | 850 |
Who owns it