Union Pacific Corporation (UNP) Key Metrics
UNP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $171.71B
- Enterprise value
- $192.08B
- P/E (TTM)
- 23.4 10-yr median 20.5
- Forward P/E
- 19.3
- PEG ratio
- 2.72
- Price / sales
- 6.8 10-yr median 5.7
- Price / book
- 7.9 10-yr median 7.8
- EV / EBITDA
- 14.4 10-yr median 13.3
- Dividend yield
- 1.97% $5.68 a year
- Beta
- 0.95
UNP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUNP valuation Price multiples at each fiscal year-end price.
UNP returns How much profit the business earns on the capital it uses.
UNP per-share figures Results divided by the shares outstanding at year-end.
UNP financial health Debt, liquidity and how easily interest is covered.
UNP efficiency & capital use Working capital cycle and where the cash goes.
UNP valuation history
UNP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UNP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UNP cash returned to shareholders
UNP price vs earnings per share
UNP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $137.29B | $138.79B | $149.88B | $129.21B | $165.11B | $141.40B | $127.66B | $104.27B | $107.51B | $86.61B |
| Enterprise value | $167.58B | $170.21B | $182.99B | $163.15B | $195.60B | $167.88B | $153.80B | $125.32B | $123.09B | $100.28B |
| P/E ratio | 19.2 | 20.6 | 23.5 | 18.5 | 25.3 | 26.4 | 21.6 | 17.5 | 10.0 | 20.5 |
| Price / sales | 5.6 | 5.7 | 6.2 | 5.2 | 7.6 | 7.2 | 5.9 | 4.6 | 5.1 | 4.3 |
| Price / book | 7.4 | 8.2 | 10.1 | 10.6 | 11.7 | 8.3 | 7.0 | 5.1 | 4.3 | 4.3 |
| Price / free cash flow | 25.0 | 23.5 | 31.4 | 22.5 | 27.1 | 25.2 | 24.8 | 19.9 | 27.1 | 21.5 |
| Price / operating cash flow | 14.8 | 14.8 | 17.9 | 13.8 | 18.3 | 16.6 | 14.8 | 12.0 | 14.9 | 11.5 |
| EV / sales | 6.8 | 7.0 | 7.6 | 6.6 | 9.0 | 8.6 | 7.1 | 5.5 | 5.8 | 5.0 |
| EV / EBITDA | 13.0 | 13.7 | 15.4 | 13.0 | 16.5 | 16.2 | 14.0 | 11.6 | 11.8 | 10.6 |
| EV / free cash flow | 30.5 | 28.9 | 38.3 | 28.4 | 32.1 | 29.9 | 29.8 | 23.9 | 31.0 | 24.9 |
| Earnings yield | 5.2% | 4.9% | 4.3% | 5.4% | 4.0% | 3.8% | 4.6% | 5.7% | 10.0% | 4.9% |
| Free cash flow yield | 4.0% | 4.2% | 3.2% | 4.4% | 3.7% | 4.0% | 4.0% | 5.0% | 3.7% | 4.6% |
| Dividend yield | 2.4% | 2.3% | 2.1% | 2.4% | 1.7% | 1.9% | 2.0% | 2.2% | 1.8% | 2.2% |
| Shareholder yield (dividends + buybacks) | 4.3% | 3.4% | 2.6% | 7.3% | 6.1% | 4.5% | 6.6% | 10.1% | 5.6% | 5.8% |
| Share price at fiscal year-end | $231.32 | $228.04 | $245.62 | $207.07 | $251.93 | $208.22 | $180.79 | $138.23 | $134.10 | $103.68 |
| Per share | ||||||||||
| Revenue per share | $41.30 | $39.85 | $39.53 | $39.86 | $33.27 | $28.76 | $30.74 | $30.27 | $26.49 | $23.87 |
| Earnings per share | $12.03 | $11.09 | $10.45 | $11.21 | $9.95 | $7.88 | $8.38 | $7.91 | $13.36 | $5.07 |
| Operating cash flow per share | $15.65 | $15.36 | $13.73 | $15.00 | $13.78 | $12.58 | $12.19 | $11.52 | $9.02 | $9.01 |
| Free cash flow per share | $9.27 | $9.68 | $7.82 | $9.20 | $9.30 | $8.27 | $7.30 | $6.96 | $4.96 | $4.81 |
| Cash per share | $2.57 | $1.70 | $1.76 | $1.63 | $1.53 | $2.74 | $1.26 | $1.77 | $1.70 | $1.60 |
| Book value per share | $31.12 | $27.75 | $24.23 | $19.49 | $21.61 | $24.97 | $25.67 | $27.08 | $31.00 | $23.86 |
| Tangible book value per share | $29.86 | $26.45 | $22.90 | $18.32 | $20.56 | $43.01 | $42.66 | $42.06 | $30.20 | $23.19 |
| Dividends per share | $5.45 | $5.28 | $5.20 | $5.06 | $4.27 | $3.87 | $3.68 | $3.05 | $2.47 | $2.25 |
| Capex per share | $6.39 | $5.67 | $5.91 | $5.80 | $4.48 | $4.31 | $4.89 | $4.56 | $4.06 | $4.20 |
| Debt per share | $53.60 | $53.34 | $56.01 | $56.02 | $48.04 | $41.72 | $38.28 | $29.68 | $21.14 | $17.96 |
| Shares outstanding | 593.5M | 608.6M | 610.2M | 624.0M | 655.4M | 679.1M | 706.1M | 754.3M | 801.7M | 835.4M |
| Change in shares outstanding | −2.5% | −0.3% | −2.2% | −4.8% | −3.5% | −3.8% | −6.4% | −5.9% | −4.0% | −3.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 40.4% | 42.6% | 47.3% | 53.2% | 41.9% | 30.5% | 30.7% | 26.4% | 47.8% | 20.8% |
| Return on invested capital (ROIC) | 15.8% | 15.5% | 15.0% | 16.9% | 16.3% | 13.7% | 15.2% | 16.0% | 21.8% | 13.6% |
| Return on assets (ROA) | 10.4% | 10.0% | 9.6% | 10.9% | 10.4% | 8.6% | 9.8% | 10.2% | 18.9% | 7.7% |
| Return on tangible assets | 10.4% | 10.1% | 9.6% | 10.8% | 10.4% | 7.2% | 8.0% | 8.5% | 18.7% | 7.7% |
| Free cash flow margin | 22.4% | 24.3% | 19.8% | 23.1% | 28.0% | 28.7% | 23.8% | 23.0% | 18.7% | 20.2% |
| Income quality (OCF / net income) | 1.30 | 1.39 | 1.31 | 1.34 | 1.38 | 1.60 | 1.45 | 1.46 | 0.67 | 1.78 |
| Financial health | ||||||||||
| Total debt | $31.81B | $32.46B | $34.18B | $34.96B | $31.49B | $28.33B | $27.03B | $22.39B | $16.94B | $15.01B |
| Cash & short-term investments | $1.52B | $1.04B | $1.07B | $1.02B | $1.01B | $1.86B | $891.0M | $1.33B | $1.36B | $1.34B |
| Net debt | $30.29B | $31.43B | $33.11B | $33.94B | $30.48B | $26.47B | $26.14B | $21.06B | $15.58B | $13.67B |
| Debt / equity | 1.72 | 1.92 | 2.31 | 2.87 | 2.22 | 1.67 | 1.49 | 1.10 | 0.68 | 0.75 |
| Debt / assets | 0.46 | 0.48 | 0.51 | 0.53 | 0.50 | 0.45 | 0.44 | 0.38 | 0.29 | 0.27 |
| Net debt / EBITDA | 2.34 | 2.52 | 2.78 | 2.70 | 2.57 | 2.56 | 2.37 | 1.95 | 1.49 | 1.44 |
| Current ratio | 0.91 | 0.77 | 0.81 | 0.72 | 0.62 | 1.01 | 0.79 | 0.90 | 1.03 | 0.99 |
| Quick ratio | 0.75 | 0.62 | 0.67 | 0.58 | 0.51 | 0.86 | 0.62 | 0.74 | 0.83 | 0.79 |
| Interest coverage | 7.5 | 7.7 | 6.8 | 7.8 | 8.1 | 6.9 | 8.1 | 9.8 | 11.2 | 10.4 |
| Working capital | −$459.0M | −$1.23B | −$958.0M | −$1.57B | −$2.19B | $41.0M | −$892.0M | −$463.0M | $99.0M | −$44.0M |
| Invested capital | $48.76B | $48.32B | $47.90B | $46.10B | $44.64B | $43.43B | $44.27B | $41.48B | $40.44B | $33.60B |
| Tangible asset value | $17.72B | $16.10B | $13.97B | $11.43B | $13.47B | $29.20B | $30.12B | $31.73B | $24.21B | $19.37B |
| Net current asset value | −$46.68B | −$46.80B | −$48.20B | −$49.33B | −$45.81B | −$41.23B | −$40.09B | −$34.56B | −$28.91B | −$32.19B |
| Graham number | $91.76 | $83.20 | $75.50 | $70.13 | $69.56 | $66.52 | $69.59 | $69.41 | $96.55 | $52.16 |
| Graham net-net per share | −$80.74 | −$78.84 | −$80.87 | −$80.89 | −$71.34 | −$62.04 | −$58.18 | −$47.33 | −$37.53 | −$39.68 |
| Capital allocation | ||||||||||
| Dividends paid | $3.24B | $3.21B | $3.17B | $3.16B | $2.80B | $2.63B | $2.60B | $2.30B | $1.98B | $1.88B |
| Share buybacks (net) | $2.68B | $1.50B | $705.0M | $6.28B | $7.29B | $3.71B | $5.80B | $8.22B | $4.01B | $3.10B |
| Dividend payout ratio | 45.3% | 47.6% | 49.7% | 45.1% | 42.9% | 49.1% | 43.9% | 38.5% | 18.5% | 44.4% |
| Dividends + buybacks / free cash flow | 107.6% | 80.0% | 81.2% | 164.4% | 165.5% | 112.8% | 163.0% | 200.5% | 150.9% | 124.0% |
| Capex / revenue | 15.5% | 14.2% | 15.0% | 14.6% | 13.5% | 15.0% | 15.9% | 15.1% | 15.3% | 17.6% |
| Capex / operating cash flow | 40.8% | 36.9% | 43.0% | 38.7% | 32.5% | 34.3% | 40.1% | 39.6% | 45.0% | 46.6% |
| Capex / depreciation | 1.54 | 1.44 | 1.56 | 1.61 | 1.33 | 1.32 | 1.56 | 1.57 | 1.55 | 1.72 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.4% | −0.9% | −1.4% | 0.8% | 0.4% | 0.5% | 0.4% |
| SG&A / revenue | 13.7% | 24.0% | 23.9% | 22.3% | 23.0% | 27.3% | 25.8% | 26.6% | 27.9% | 28.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 28.0 | 29.9 | 30.0 | 26.5 | 27.0 | 29.0 | 28.2 | 26.0 | 23.6 | 23.9 |
| Days of inventory on hand | 28.5 | 20.9 | 19.9 | 18.2 | 20.4 | 24.5 | 22.5 | 20.5 | 21.9 | 22.7 |
| Days payables outstanding | 30.3 | 23.5 | 22.0 | 20.5 | 22.0 | 24.0 | 24.5 | 25.9 | 29.4 | 26.5 |
| Cash conversion cycle (days) | 26.2 | 27.2 | 27.9 | 24.2 | 25.3 | 29.5 | 26.2 | 20.6 | 16.1 | 20.1 |
| Receivables turnover | 13.06 | 12.23 | 12.17 | 13.77 | 13.51 | 12.60 | 12.96 | 14.06 | 15.44 | 15.26 |
| Payables turnover | 12.06 | 15.51 | 16.57 | 17.80 | 16.55 | 15.22 | 14.92 | 14.10 | 12.43 | 13.75 |
| Inventory turnover | 12.80 | 17.47 | 18.32 | 20.07 | 17.93 | 14.91 | 16.20 | 17.83 | 16.69 | 16.07 |
| Asset turnover | 0.36 | 0.36 | 0.36 | 0.39 | 0.35 | 0.31 | 0.36 | 0.39 | 0.37 | 0.36 |
| Average receivables | $1.88B | $1.98B | $1.98B | $1.81B | $1.61B | $1.55B | $1.68B | $1.62B | $1.38B | $1.31B |
| Average payables | $825.5M | $851.5M | $820.0M | $768.0M | $682.0M | $680.5M | $810.5M | $942.5M | $984.0M | $849.0M |
| Average inventory | $778.0M | $756.0M | $742.0M | $681.0M | $629.5M | $694.5M | $746.5M | $745.5M | $733.0M | $726.5M |
| Intangibles / total assets | 1.1% | 1.2% | 1.2% | 1.1% | 1.1% | −19.6% | −19.4% | −19.1% | 1.1% | 1.0% |
Computed from UNP's annual financial statements (latest annual report filed February 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
UNP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Union Pacific traded at 19.2 times earnings, against a 10-year median of 20.5. Based on the latest twelve months, the trailing P/E is 23.4 and the forward P/E is 19.3. Union Pacific earned a return on equity of 40.4% and a return on invested capital of 15.8% in fiscal 2025. It ended the year with $31.8 billion of debt and $1.5 billion in cash and short-term investments, net debt of $30.3 billion. It returned $5.9 billion to shareholders: $3.2 billion in dividends and $2.7 billion in share buybacks, 108% of free cash flow. The share count fell 29.0% from 835.4M to 593.5M over 9 years.
See the UNP income statement, the UNP chart for price history, or the UNP stock overview for the latest quote and news.
UNP key metrics FAQ
What is Union Pacific's P/E ratio?
Union Pacific's trailing P/E ratio is 23.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.3. At the end of fiscal 2025 it was 19.2, compared with a 10-year median of 20.5.
What is Union Pacific's EV/EBITDA?
Union Pacific's enterprise value was 13.0 times EBITDA at the end of fiscal 2025 (enterprise value $167.6 billion, EBITDA $12.9 billion); the current EV/EBITDA is 14.4.
What is Union Pacific's return on equity?
Union Pacific's return on equity (ROE) was 40.4% in fiscal 2025: net income of $7.1 billion on average shareholders' equity of $17.7 billion.
What is Union Pacific's ROIC?
Union Pacific's return on invested capital was 15.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Union Pacific have?
Union Pacific had total debt of $31.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.72 and $30.3 billion of net debt (2.34 times EBITDA).
What is Union Pacific's dividend yield?
Union Pacific's forward dividend yield is 1.97%. Union Pacific paid $3.2 billion in dividends in fiscal 2025 ($5.45 per share), a payout ratio of 45.3%.
Does Union Pacific buy back its shares?
Yes. Union Pacific spent $2.7 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.5% over the year, to 593.5M..
What is Union Pacific's free cash flow yield?
Union Pacific generated $5.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.0% on its market value at year-end ($137.3 billion).
What is Union Pacific's current ratio?
Union Pacific's current ratio was 0.91 at the end of fiscal 2025: current assets were 0.91 times current liabilities.