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Fundamentals snapshot

Union Pacific Corporation

UNP · NYQ · Industrials · Railroads

Current price

$292.87

52-week range

$215.53 - $315.99

Market cap

$173.99B

One-glance verdict

Overvalued

$191.56 our estimate vs market $292.87

Wall Street consensus: $330.04 (72.3% higher than our fair-value estimate)

Balance sheet

Stretched

7.52x Adequate

Net debt $28.03B. Interest coverage shows how many times profit covers the interest bill.

What this company does

Union Pacific Corporation

Union Pacific Corporation runs a railroad company, moving all sorts of goods like food, cars, and building materials across the United States. This is important because they are a key part of the supply chain (the way products get from where they are made to where they are sold), ensuring businesses can get their materials and customers can get their products. Their main income comes from charging for these long-distance shipping services.

Price history

How the share price has moved

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Earnings history

Last 8 quarters — what happened

Click any quarter to read the call summary and what the numbers say.

Free cash flow by quarter (oldest to newest)
FY2024 Q4 $1.74B FY2025 Q1 $1.30B FY2025 Q2 $1.40B FY2025 Q3 $1.57B FY2025 Q4 $1.23B FY2026 Q1 $1.50B FY2026 Q2 $2.20B FY2026 Q3 $1.76B
Revenue $7.20B
Net income $2.08B
Diluted EPS 3.49
Operating cash flow $2.79B
Free cash flow $1.76B
Revenue $6.86B
Net income $1.99B
Diluted EPS 3.36
Operating cash flow $3.08B
Free cash flow $2.20B
Revenue $6.22B
Net income $1.70B
Diluted EPS 2.87
Operating cash flow $2.44B
Free cash flow $1.50B
Revenue $6.08B
Net income $1.85B
Diluted EPS 3.12
Operating cash flow $2.23B
Free cash flow $1.23B
Revenue $6.24B
Net income $1.79B
Diluted EPS 3.01
Operating cash flow $2.52B
Free cash flow $1.57B
Revenue $6.15B
Net income $1.88B
Diluted EPS 3.15
Operating cash flow $2.33B
Free cash flow $1.40B
Revenue $6.03B
Net income $1.63B
Diluted EPS 2.70
Operating cash flow $2.21B
Free cash flow $1.30B
Revenue $6.12B
Net income $1.76B
Diluted EPS 2.91
Operating cash flow $2.66B
Free cash flow $1.74B

Is it cheap or expensive?

Fair value $191.56 vs current price $292.87

Wall Street consensus is the average analyst price target: $330.04 (72.3% higher than our fair-value estimate).

Our most-likely fair value is $191.56 a share — about 34.6% below today's price of $292.87, so the stock currently looks expensive (overvalued).

overvalued

We estimate the cash this business should generate over the next 10 years and beyond, then convert it to today's money for a fair value per share, in its trading currency. Cautious, middle and optimistic growth cases give a range. Not for banks/insurers.

Base

Growth 7.0% · Discount 7.9% · Terminal 2.5%

$191.56

Bear

Growth 4.0% · Discount 7.9% · Terminal 2.5%

$153.50

Bull

Growth 10.0% · Discount 7.9% · Terminal 2.5%

$236.24

Is it drowning in debt?

Stretched

Net debt $28.0B. Interest coverage 7.5x.

Net debt $28.03B
Interest coverage 7.52x

Union Pacific Corporation's profit covers its interest bill about 7.5 times over. which is stronger than every peer shown here.

Stretched
Worse cushion Baseline Better cushion
UNP BASELINE Union Pacific Corporation

Total debt $31.11B Interest coverage 7.52x This is the baseline the peer rows are being compared against.

7.52x
CSX CSX Corporation

Total debt $19.44B Interest coverage 5.59x -26% vs UNP Carries about 1.3x less debt cushion than UNP.

5.59x -26% vs UNP
CNI Canadian National Railway Company

Total debt $16.25B Interest coverage 7.21x -4% vs UNP Has roughly the same debt cushion as UNP.

7.21x -4% vs UNP
CP Canadian Pacific Kansas City Limited

Total debt $17.96B Interest coverage 6.40x -15% vs UNP Has roughly the same debt cushion as UNP.

6.40x -15% vs UNP
NSC Norfolk Southern Corporation

Total debt $16.61B Interest coverage 5.77x -23% vs UNP Carries about 1.3x less debt cushion than UNP.

5.77x -23% vs UNP

What you should know

The case for and against UNP

3 Rewards 1 Risk

Rewards

  • Revenue grew 7.6% last year.
  • Returns 38.7% on equity, ahead of 80% of its peers.
  • Free cash flow was positive in 10/10 years.

Risks

  • Stock trades 11.6% above its 5-year average P/E.

The numbers

All the key metrics, grouped by purpose

Tap any ? icon to learn what it means.

Valuation

How expensive the stock looks

P/E (TTM)
22.84x
Forward P/E
20.36x
P/B
7.90x
P/S
6.60x
EV/EBITDA
15.26x
PEG ratio
2.91x

Profitability

How much profit each dollar creates

Gross margin
55.6%
Operating margin
40.9%
Net margin
28.9%
ROE
38.7%
ROA
9.5%

Health

Liquidity and balance-sheet strength

Debt / equity
1.41x
Current ratio
1.16x
Quick ratio
0.55x
Total debt
$31.11B
Total cash
$3.09B

Growth

How the business has been compounding

Revenue TTM
$26.36B
Revenue 5Y CAGR
3.0%
EPS TTM
12.82
EPS 5Y CAGR
2.2%

Cash flow

How much cash the business throws off

Operating CF TTM
$10.53B
Free CF TTM
$5.50B
FCF margin
20.9%

Dividend

Shareholder payout

Yield
1.9%
Payout ratio
43.4%
Last ex-div date
2026-08-31